Four Corners Property (FCPT) AI Stock Analysis

• Market Cap: $2.71B
• Dividend Yield: 6.1%
• Average Volume (3M): 829.61K
• Price to Earnings (P/E): 22.6
• Beta (1Y): 0.24
• Revenue Growth: 8.28%
• EPS Growth: 1.49%
• Country: US
• Employees: 536
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Retail
• EPS (TTM): 0.28
• Shares Outstanding: 109,745,040
• 10 Day Avg. Volume: 737,051
• 30 Day Avg. Volume: 829,610
• PEG Ratio: 11.28
• Price to Book (P/B): 1.45
• Price to Sales (P/S): 8.05
• P/FCF Ratio: 12.32
• Enterprise Value/Market Cap: 1.46
• Enterprise Value/Revenue: 13.50
• Enterprise Value/Gross Profit: 14.15
• Enterprise Value/Ebitda: 17.64
• 1Y Price Target: $27.00
• Price Target Upside: 12.78% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 75 Outperform
• Price Target: $28.00 ▲(16.96% Upside)
• Action: Reiterated Date: 02/13/26
• Date: Action: Reiterated 02/13/26

The score is driven primarily by solid fundamentals (steady growth, strong margins, and healthy cash generation) and a notably positive earnings-call backdrop highlighting portfolio strength and conservative financing. Technicals are supportive but not emphatically long-term bullish, while valuation is balanced by a strong dividend yield against a not-cheap P/E.

Positive Factors

High occupancy & rent collections

Near-perfect occupancy and collection rates underpin very stable, predictable rental cash flows that support AFFO and the dividend. Over multiple quarters this reduces downside from tenant cash-flow volatility, improves underwriting confidence, and sustains long-term distributable income.

Conservative balance sheet and liquidity

Leverage comfortably inside target ranges, high fixed-rate debt, and sizeable revolver availability materially lower refinancing and rate risk. This durable financial flexibility lets management pursue accretive acquisitions and absorb shocks without forced asset sales, supporting steady capital deployment.

Active, accretive acquisition program and diversification

Sustained, scale-building acquisitions at mid-single-digit cap rates expand the rent base and improve operating leverage. Combined with selective moves into grocery and equipment rental, this durable growth pipeline broadens tenant mix and revenue resilience across economic cycles.

Negative Factors

Tenant concentration risk

Having a majority of rent from a handful of casual-dining tenants creates persistent single-sector exposure. If those operators face structural traffic declines or renegotiate leases, FCPT's cash flow and negotiation leverage could be meaningfully affected for multiple years despite current strong collections.

Rising absolute debt level

Even with improving ratios, higher absolute debt raises refinancing and interest-cost risk over the medium term. It narrows capital allocation flexibility, may increase required covenant headroom, and could constrain opportunistic investments or dividend support if macro rates or tenant stress rise.

Cap-rate expansion pressure

Widening cap rates make new purchases less accretive and signal higher market yields for similar assets. Persisting cap-rate expansion would structurally reduce future acquisition returns, potentially slow NAV growth and compress future AFFO per share even as portfolio size expands.

Four Corners Property Business Overview & Revenue Model

Company Description

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries.

How the Company Makes Money

FCPT generates revenue primarily through rental income from its leased properties. The company enters into long-term net lease agreements with tenants, where the responsibility for property expenses, such as maintenance and taxes, falls on the tenant, thereby enhancing FCPT's revenue stability. Key revenue streams include the collection of base rent and, in some cases, percentage rent tied to tenant sales performance. Additionally, FCPT may benefit from strategic acquisitions of new properties and partnerships with established brands in the retail and restaurant sectors, contributing to its portfolio growth and overall earnings.

Four Corners Property Financial Statement Overview

Summary

Strong multi-year revenue growth and consistently high profitability, supported by robust operating/free cash flow. Offsetting factors include mild margin compression versus earlier peaks, rising absolute debt despite improving leverage ratios, and uncertainty created by an apparent anomaly in the latest cash coverage datapoint.

Income Statement

Revenue has expanded steadily from $171M (2020) to $294M (2025), with a clear re-acceleration in 2025. Profitability remains very strong for a retail REIT, with consistently high gross and operating margins and net margins holding in the high-30% range in 2024–2025. The main weakness is that margins have drifted down from 2020–2022 peaks, suggesting modest pressure on profitability even as the top line grows.

Balance Sheet

The balance sheet shows improving capitalization: equity has grown meaningfully since 2020 and leverage has trended down, with debt-to-equity improving from ~0.91–0.92 (2020–2021) to ~0.74 (2025). However, total debt has still increased over time (to ~$1.20B in 2025), and returns on equity are solid but not expanding (roughly ~7% recently vs. higher in earlier years), indicating moderate balance-sheet risk and only average efficiency in generating shareholder returns.

Cash Flow

Cash generation is healthy: operating cash flow rose to $192M in 2025 from $91M in 2020, and free cash flow matches operating cash flow in each year provided, indicating strong conversion of earnings into cash. Free cash flow growth improved in 2025 (+8.23%) after a decline in 2024. A key watch item is the 2025 operating cash flow coverage ratio showing as 0.0 in the data (while it was strong in prior years), which creates uncertainty around that specific coverage measure despite otherwise solid cash flow trends.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	294.13M	268.07M	250.61M	223.19M	199.38M
Gross Profit	280.57M	227.47M	210.35M	187.38M	169.78M
EBITDA	225.09M	204.65M	190.93M	176.02M	152.16M
Net Income	112.36M	100.47M	95.34M	97.77M	85.58M
Balance Sheet
Total Assets	2.92B	2.65B	2.45B	2.20B	1.90B
Cash, Cash Equivalents and Short-Term Investments	12.14M	4.08M	16.32M	26.30M	6.30M
Total Debt	1.21B	1.14B	1.12B	1.00B	885.15M
Total Liabilities	1.29B	1.20B	1.19B	1.06B	939.09M
Stockholders Equity	1.63B	1.45B	1.26B	1.14B	961.67M
Cash Flow
Free Cash Flow	192.28M	144.10M	165.10M	142.00M	122.42M
Operating Cash Flow	192.28M	144.10M	165.10M	142.00M	122.42M
Investing Cash Flow	-325.25M	-272.92M	-312.79M	-270.90M	-264.92M
Financing Cash Flow	141.03M	108.11M	146.18M	148.90M	137.74M

Four Corners Property Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 23.94
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FCPT, the sentiment is Positive. The current price of 23.94 is below the 20-day moving average (MA) of 24.76, below the 50-day MA of 24.11, and below the 200-day MA of 25.00, indicating a bullish trend. The MACD of 0.24 indicates Positive momentum. The RSI at 58.66 is Neutral, neither overbought nor oversold. The STOCH value of 62.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FCPT.

Four Corners Property Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WSR	77 Outperform	$1.52B	17.37	10.34%	3.97%	4.44%	107.23%
IVT	76 Outperform	$2.37B	21.49	6.65%	3.26%	9.40%	1433.20%
FCPT	75 Outperform	$2.71B	22.65	7.56%	6.10%	8.28%	1.49%
GTY	74 Outperform	$1.88B	23.32	7.79%	6.77%	8.17%	9.96%
NTST	69 Neutral	$2.19B	242.68	0.50%	4.61%	19.92%	―
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
AKR	62 Neutral	$2.70B	213.47	0.57%	3.83%	8.85%	27.38%

Four Corners Property Corporate Events

Four Corners Property Trust Posts Strong Q4 2025 Results

Four Corners Property Trust reported solid financial and operating performance for the fourth quarter and full year 2025, highlighted by 11.6% year-over-year growth in quarterly rental revenue to $67.8 million and an increase in net income attributable to common shareholders to $29.4 million, or $0.28 per diluted share. For 2025, net income rose to $112.4 million, or $1.09 per diluted share, with AFFO and NAREIT-defined FFO per diluted share also showing modest gains, supported by near-perfect rent collection of 99.8% for the year.

The company invested approximately $317.9 million across 105 properties in 2025, emphasizing auto service, medical retail and restaurant assets under long-term net leases, and ended the year with a 1,303-property portfolio that was 99.6% occupied and had a weighted average remaining lease term of 6.9 years. FCPT strengthened its balance sheet and liquidity position by raising $172.7 million of equity through its ATM program at accretive pricing, maintaining leverage around 5x net debt to adjusted EBITDAre and entering 2026 with over $350 million of revolver capacity, positioning the REIT for continued acquisition-driven growth.

Management highlighted that acquisitions were largely funded with equity, contributing to an over-equitized capital structure and meaningful remaining leverage capacity as of year-end 2025. The board also underscored confidence in cash flow durability by increasing the quarterly dividend to $0.3665 per share, up 3.2% from the prior quarter, while keeping cash G&A expenses relatively stable as a percentage of rental income, signaling disciplined cost control amid portfolio expansion.

The most recent analyst rating on (FCPT) stock is a Buy with a $28.00 price target. To see the full list of analyst forecasts on Four Corners Property stock, see the FCPT Stock Forecast page.

Four Corners Property Highlights Growth in Investor Presentations

In December 2025, Four Corners Property Trust announced its participation in upcoming investor presentations, highlighting its growth since its spin-off from Darden Restaurants in 2015. Over the past decade, FCPT has expanded its portfolio from 418 to 1,273 properties, increased its annual base rent from $94 million to $256 million, and grown its enterprise value from $1.3 billion to $3.8 billion. The company emphasizes its strategic focus on high-quality, credit-worthy tenants and maintaining a conservative financial position, which has resulted in consistent investment growth and strong industry positioning.

The most recent analyst rating on (FCPT) stock is a Hold with a $25.00 price target. To see the full list of analyst forecasts on Four Corners Property stock, see the FCPT Stock Forecast page.