InvenTrust Properties

IVT · NYSE · Real Estate · Financials, fiscal 2016 to 2025

IVT · Last close · November 6, 2026

$31.51

InvenTrust Properties' revenue rose 9.2% to $299 million in fiscal 2025. Its operating margin was 20.1%, up from −12.2% a year earlier. Free cash flow was $111 million, up 10.1%. It paid out $73 million in dividends and buybacks, 66% of free cash flow. The diluted share count rose 10.3%.

INVENTRUST PROPERTIES CORP. Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001307748-26-000045 Updated November 5, 2026

Revenue

$299M

9.2%

Operating margin

20.1%

32.2 pts

Net income

$111M

715.8%

Free cash flow

$111M

10.1%

Return on capital

2.4%

3.8 pts

Market cap

$2.5B

Nov 6 close

P/E

85.2x

On $0.37 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (1-for-10), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

What InvenTrust Properties does

InvenTrust Properties is a real estate investment trust (REIT) that owns, leases, redevelops, buys and manages shopping centers. It focuses on grocery-anchored neighborhood and community centers, and on power centers, which are larger centers with big stores, in the Sun Belt region of the United States. Its shares have traded on the New York Stock Exchange since October 2021.

It earns money from rent paid by the stores that lease space. At the end of 2025 it owned 73 retail properties with about 11.6 million square feet of leasable space. Its strategy is to buy retail properties in Sun Belt markets, sell some when the chance arises, and keep a flexible balance sheet.

The company began in 2004 as Inland American Real Estate Trust and took its present name in 2015. It had 103 full-time employees at the end of 2025.

Its biggest risks, as it describes them

A downturn that leads retail tenants to default on rent.
Shoppers moving from stores to online buying.
Geographic concentration, which ties its results to a few regional economies.
Its success depends on its anchor tenants staying and succeeding.
Struggling small shop tenants, and delays in re-leasing empty space.

From InvenTrust Properties's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 7.6% a year and net income 8.7% a year, while buybacks cut the share count by 8%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	45	138	100	91	40
Debt incl. finance leases	533	755	815	740	834
Net debt (negative means net cash)	488	617	715	649	793
Net debt to EBITDA	6.2x	5.5x	8.6x	8.1x	4.2x
Debt to equity	0.3x	0.5x	0.5x	0.4x	0.5x
Interest coverage	−0.5x	0.6x	−0.8x	−0.9x	1.7x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project InvenTrust Properties' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open InvenTrust Properties' projections

Insider trades

No officer, director or 10% owner of InvenTrust Properties reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	45.6%	42.7%	46.3%
Altman Z''	—	—	—
Accruals ratio	−5.0%	−4.8%	−1.6%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put InvenTrust Properties side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
InvenTrust Properties	FY25	9.2%	20.1%	37.1%	2.4%	4.2x	—
Saul Centers	FY25	7.8%	67.4%	—	16.4%	1.8x	—	Compare
Getty Realty	FY25	9.0%	57.2%	57.3%	5.1%	5.2x	—	Compare
Acadia Realty Trust	FY25	14.2%	12.0%	—	0.9%	9.0x	—	Compare
NETSTREIT	FY25	19.8%	—	56.1%	2.5%	7.5x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	243	252	243	226	198	212	237	259	274	299
Revenue growth	−5.8%	3.8%	−3.6%	−6.7%	−12.7%	7.2%	11.7%	9.3%	5.9%	9.2%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	28	17	47	36	−28	−8	17	−30	−33	60
Net income	253	62	84	38	−10	−5	52	5	14	111
Diluted EPS (US$)	2.90	0.70	1.10	0.53	−0.14	−0.08	0.77	0.08	0.19	1.42
Diluted shares (millions)	86	78	76	73	72	71	68	68	71	78
Cash flow
Cash from operations	133	118	125	106	94	90	126	130	137	155
Capital expenditure	14	16	27	18	13	15	33	36	36	44
Free cash flow	119	102	97	88	81	75	93	94	101	111
Dividends paid	99	53	54	53	54	56	55	58	63	73
Share buybacks	241	0	0	20	5	116	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	2	3	4	6	4	9	6	9	10	11
Balance sheet at fiscal year end
Cash and short-term investments	397	163	260	255	223	45	138	100	91	40
Debt incl. finance leases	435	—	—	—	—	533	755	815	740	834
Total assets	2,787	2,699	2,536	2,507	2,407	2,212	2,473	2,487	2,636	2,789
Total liabilities	837	793	684	688	668	641	869	933	876	994
Shareholders' equity	1,950	1,906	1,852	1,820	1,739	1,572	1,604	1,554	1,760	1,794
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	11.4%	6.6%	19.4%	16.1%	−14.3%	−3.8%	7.2%	−11.8%	−12.2%	20.1%
Net margin	104.1%	24.5%	34.5%	16.9%	−5.1%	−2.5%	22.1%	2.0%	5.0%	37.2%
Free cash flow margin	49.2%	40.6%	40.1%	39.0%	41.1%	35.2%	39.1%	36.3%	36.8%	37.1%
Rule of 40 (growth + FCF margin)	43.4%	44.4%	36.5%	32.3%	28.4%	42.3%	50.8%	45.6%	42.7%	46.3%
Return on capital	—	—	—	—	—	—	0.6%	−1.2%	−1.4%	2.4%
Return on equity	12.3%	3.2%	4.5%	2.1%	−0.6%	−0.3%	3.3%	0.3%	0.8%	6.3%
Return on assets	7.2%	2.2%	3.2%	1.5%	−0.4%	−0.2%	2.2%	0.2%	0.5%	4.1%
Net debt to EBITDA	0.3x	—	—	—	—	6.2x	5.5x	8.6x	8.1x	4.2x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: InvenTrust Properties' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with InvenTrust Properties.