olivLaw · US equity research
FrontView REIT, Inc. FVR
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
FrontView REIT is a US net-lease real estate investment trust that owns properties with frontage on high-traffic roads, leased mainly to service and necessity tenants. At June 30, 2026 it owned 316 properties with annualized base rent of 66.9 million USD, and in 2026 it raised its net investment guidance to 120.0 million USD.
At the close of 02 Nov 2026, FrontView REIT, Inc. (FVR) stock was 18.80 USD (+1.40% on the day), with market capitalisation 459.8 m USD, P/E 259.1 on diluted EPS of 0.07 USD over the last 12 months, dividend yield 4.57%, beta 0.62, 52-week range 13.02–21.92 USD. Latest reported quarter (Q2 2026): revenue of 18.0 m USD (+2.6% YoY), net income of 1.2 m USD, diluted EPS 0.03 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 67.4
- strong (55–70)
- Bollinger (20, 2)
- 15.92 – 18.75
- above the upper band · %B 1.02 · band width 16.3%
- SMA 50 / 200
- 17.92 / 17.99
- mixed trend
- MACD (12, 26, 9)
- 0.21 / -0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.7% | −2.3% | +15.1 pp | — |
| 3 months | −7.1% | −0.8% | −6.3 pp | — |
| 6 months | +7.7% | +4.7% | +2.9 pp | — |
| Year to date | +27.4% | +10.2% | +17.2 pp | — |
| 1 year | +41.4% | +10.3% | +31.1 pp | +4.0% |
| 3 years | unavailable | +73.0% | unavailable | +18.9% |
| 5 years | unavailable | +61.8% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14.5 m | 15.2 m | 16.2 m | 17.6 m | 16.8 m | 16.5 m | 18.2 m | 18.0 m |
| Operating income | — | -4.8 m | — | — | — | — | — | — |
| Depreciation & amortisation | 7.1 m | 7.4 m | 7.8 m | 9.5 m | 7.4 m | 8.5 m | 7.7 m | 8.2 m |
| Interest expense | 6.5 m | 3.5 m | 4.5 m | 4.6 m | 4.6 m | 4.3 m | 4.2 m | 4.2 m |
| Income tax | 63.0 k | 231.0 k | 102.0 k | 194.0 k | 52.0 k | 2.0 k | 70.0 k | 94.0 k |
| Net income | -2.4 m | -3.0 m | -833.0 k | -2.9 m | 4.0 m | -4.1 m | 320.0 k | 1.2 m |
| Diluted EPS | — | -0.19 | -0.06 | -0.16 | 0.19 | -0.15 ≈ | 0.00 | 0.03 |
| Operating cash flow | 10.1 m ≈ | 2.7 m | 8.1 m | 9.3 m ≈ | 8.3 m ≈ | 16.5 m | 7.1 m | 11.4 m ≈ |
| Dividends paid | 0 ≈ | — | 3.8 m | 3.8 m ≈ | 4.4 m ≈ | 4.6 m | 4.8 m | 4.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 278.8, median 278.8, max 278.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2025 |
|---|---|---|
| Revenue | 48.3 m | 67.1 m |
| Revenue YoY | unavailable | unavailable |
| Net income | -1.1 m | -3.8 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | unavailable | -0.22 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -2.3% | -5.7% |
| Free cash flow | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.5 m USD
- Financial debt
- 314.3 m USD
- Net debt
- 300.7 m USD
- Equity
- 493.2 m USD
- Total assets
- 854.4 m USD
- Debt / equity
- 0.64x
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- -0.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 48.3 m | 67.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | -14.5 m | -5.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 24.7 m | 33.1 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 10.3 m ≈ | 27.5 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 18.4 m | 18.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 316.0 k | 350.0 k | SEC (XBRL)· 25 Feb 2026verified |
| Net income | -1.1 m | -3.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | — | -0.22 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | — | 27.8 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2023 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 17.1 m | 13.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 119.4 m | 99.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 772.0 m | 854.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 436.5 m | 314.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 471.3 m | 361.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 197.1 m | 493.2 m | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2023 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 17.2 m | 42.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Investing cash flow | -93.8 m | -56.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 52.6 m | 22.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividends paid | — | 16.6 m | SEC (XBRL)· 25 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 31 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 459.8 m USD
Key indicators
Coverage and freshness
Score by group
- Quality19
- Returns47
- Balance sheet0
- Valuation56
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 20.44 – 47.31 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
- Peers: P/B20.44 – 47.31 (Mid 34.87)33 companies used · median multiple 2.0x · quartiles 1.1x – 2.6xAPLE, ARE, BDN, CMCT, CTO, CTRE, CUBE, CUZ, DLR, DRH, ESS, EXR, FRT, GLPI, HIW, HST, IOR, KIM, KRG, LAND, MAC, NHI, O, PLD, PSA, REFI, REG, SUI, VICI, VMRK, VTR, WELL, WY
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 31/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 0.4% | 19 (vs peers) | 7% |
| EBITDA margin · Quality | 37.7% | 19 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 12.3x | 0 (vs peers) | 17% |
| Interest coverage · Balance sheet | -0.3x | 0 (on a fixed band) | 14% |
| P/B · Valuation | 1.1x | 80 (vs peers) | 21% |
| P/E (TTM) · Valuation | 259.1x | 3 (vs peers) | 10% |
| Dividend yield · Returns | 4.6% | 61 (vs peers) | 17% |
| Payout ratio (EPS) · Returns | 1,185.3% | 0 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet0/100 · 2/2 factors with a value
- Growth· partialunavailable · 0/1 factors with a value
- Quality19/100 · 2/2 factors with a value
- Returns47/100 · 2/2 factors with a value
- Valuation56/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FRONTVIEW REIT, INC. (FVR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 67.1 m USD in 2025; net margin 2.1%; ROE 0.4%; net debt/EBITDA 12.3x.
The estimated value range is 20.44–47.31 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 34.87 USD, the price of 18.80 USD leaves a potential of 85.5% (value / price − 1) and a margin of safety of 46.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 31/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/B: 1.1x
- The price is below the estimated value range
What contradicts it
- ROE: 0.4%
- EBITDA margin: 37.7%
- Net debt / EBITDA: 12.3x
- Interest coverage: -0.3x
- P/E (TTM): 259.1x
- Payout ratio (EPS): 1,185.3%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y.
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 175.3 bn | 102.3 | 4.0% | 12.7% | +35.6% | +15% / +168% |
| PLDPrologis, Inc. | 120.9 bn | 32.7 | 7.1% | 42.5% | +7.2% | +1% / +13% |
| EQIXEquinix Inc | 98.4 bn | 59.7 | 11.5% | 16.4% | +5.4% | +32% / +22% |
| AMTAmerican Tower Corporation | 87.3 bn | 26.4 | 90.6% | 30.7% | +5.1% | +4% / −10% |
| PSAPublic Storage | 62.3 bn | 33.9 | 16.0% | 37.8% | +2.7% | +21% / +29% |
| DLRDigital Realty Trust, Inc. | 61.8 bn | 45.9 | 6.2% | 21.7% | +10.0% | +10% / +27% |
| ORealty Income Corporation | 54.5 bn | 42.0 | 3.3% | 21.5% | +9.1% | −0% / +7% |
| VTRVentas, Inc. | 45.9 bn | 163.1 | 1.9% | 4.0% | +18.5% | +8% / +89% |
| CCICrown Castle Inc. | 37.0 bn | 44.2 | — | 20.7% | −4.4% | −5% / −26% |
| IRMIron Mountain Inc | 34.3 bn | 81.6 | — | 5.7% | +12.2% | +33% / +80% |
| EXRExtra Space Storage Inc. | 32.6 bn | 31.7 | 7.9% | 29.9% | +3.7% | +17% / +20% |
| VICIVICI Properties Inc. | 27.5 bn | 11.5 | 8.3% | 56.5% | +4.1% | −13% / −16% |
| VMRKVivmark Residential | 23.3 bn | 27.2 | 8.1% | — | +4.8% | +1% / +9% |
| SBACSba Communications Corporation | 19.6 bn | 19.9 | — | 34.5% | +5.1% | −5% / −25% |
| HSTHost Hotels & Resorts, Inc. | 17.5 bn | 17.1 | 15.8% | 16.5% | +7.6% | +45% / +46% |
| ESSEssex Property Trust, Inc. | 17.1 bn | 40.8 | 8.0% | 22.7% | +6.4% | +1% / +24% |
| KIMKimco Realty Corporation | 16.8 bn | 27.7 | 5.8% | 27.8% | +5.1% | +21% / +30% |
| WYWeyerhaeuser Company | 15.3 bn | 33.7 | 4.8% | 6.5% | −3.1% | −4% / −32% |
| SUISun Communities, Inc | 13.9 bn | — | -12.8% | -32.4% | +2.0% | −9% / −10% |
| REGRegency Centers Corporation | 13.8 bn | 25.3 | 8.0% | 34.5% | +6.9% | +6% / +20% |
| GLPIGaming and Leisure Properties, Inc. | 11.4 bn | 12.0 | 19.6% | 55.2% | +4.1% | −10% / −16% |
| CUBECubesmart | 10.0 bn | 31.2 | 11.8% | 28.7% | +5.3% | +19% / +11% |
| FRTFederal Realty Investment Trust | 9.6 bn | 19.4 | 15.6% | 38.6% | +6.4% | +13% / +17% |
| CTRECareTrust REIT, Inc. | 8.5 bn | 22.8 | 9.1% | 62.2% | +60.8% | −4% / +57% |
| AREAlexandria Real Estate Equities, Inc. | 7.4 bn | — | -9.1% | -51.8% | −2.9% | −21% / −61% |
1- and 3-year price returns: for FVR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
FrontView REIT is a US net-lease real estate investment trust that owns properties with frontage on high-traffic roads, leased mainly to service and necessity tenants. At June 30, 2026 it owned 316 properties with annualized base rent of 66.9 million USD, and in 2026 it raised its net investment guidance to 120.0 million USD.
SWOT
Strengths
- Very high occupancy and long-term net leases with rent escalators in most contracts give relatively predictable revenue.
- A clear real estate first strategy focused on visible properties on high-traffic roads can attract tenants from varied sectors.
- Available liquidity and equity proceeds from recent offerings support the acquisition plan for the current year.
Weaknesses
- Relatively high leverage against adjusted EBITDA and net losses in recent years limit financial flexibility.
- The average remaining lease term is shorter than some competitors', which can mean more frequent re-leasing.
- Concentration in a few states and a small number of tenant brands increases exposure to local or sector-specific developments.
Opportunities
- If acquisition markets remain accessible, the company could expand its portfolio in larger markets and active retail corridors.
- A rising share of investment grade tenants could reduce credit risk and improve access to financing.
- Lower interest rates could reduce the cost of debt and make acquisitions more attractive on a yield basis.
Threats
- Higher interest rates could reduce property values and raise refinancing costs on floating rate debt.
- Tenant failure to pay rent, particularly among non-investment grade tenants, could significantly affect revenue.
- Competition for acquisitions from institutional investors could compress yields and limit future growth.
Risks
- Tenant default riskhigh
Most revenue comes from individual tenants, and the insolvency of one tenant could sharply reduce income from that property.
- Leverage and refinancinghigh
Floating rate debt and facility covenants could become a problem if market conditions worsen or refinancing cannot be done on acceptable terms.
- Concentration by state and brandmedium
A large share of properties and income comes from a few states and brands, and negative developments there could affect results.
- Acquisitions at lower yieldsmedium
If future acquisitions are made at lower yields or funded with share issuance, the effect on per-share returns could be negative.
- Dividend sustainabilitylow
The company cannot guarantee it will pay distributions at the expected levels or times, particularly if income or cash flows decline.
Investment thesis
What would need to be true (bull case)
- If occupancy stays high and recapture continues, the company could keep growing income from existing properties even without major acquisitions.
- The raised AFFO per share guidance for 2026 and available capital could support growth in later years if acquisition markets remain favorable.
- An acquisition strategy in larger markets and active corridors could build a more diversified portfolio that is more resilient to local shocks.
What would break the thesis
- If interest rates stay high, financing costs could erode margins and make acquisitions less profitable.
- Recent net losses and the level of leverage could limit the company's flexibility in an economic slowdown.
- Strong competition for acquisitions and relatively short leases could lead to more frequent re-leasing and higher re-tenanting costs.
What to watch
- Delivery of the raised AFFO per share guidance and net investment targetQ3 2026
- Trends in occupancy and tenant recapture ratesQ3 2026
- Net debt level and leverage relative to adjusted EBITDAnext 10-K
- Share of investment grade tenants and state-level concentration2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
FrontView is an internally managed REIT that acquires, owns and manages properties with frontage, leased under long-term net leases in which the tenant generally pays customary operating costs 1. Its real estate first strategy targets visible locations on high-traffic roads in active retail corridors, with adaptable spaces that can suit several uses 1. At December 31, 2025 it had 303 properties in 37 states, 98.7% occupancy and a weighted average remaining lease term of 7.4 years, excluding renewal options 1.
The company was formed in Maryland in 2023 as the successor to a private predecessor created in 2016 that focused on outparcel acquisitions 1. Its initial public offering on the NYSE under the symbol FVR was completed in October 2024, when it also internalized management and eliminated fees previously paid to the predecessor 1. Operations run through FrontView Operating Partnership LP, and the company employed 22 people directly at year end 2025, supplemented by an outsourcing agreement for property accounting and HR support 1.
In the second quarter of 2026 the company acquired 17 properties and sold 10, funding growth partly through at-the-market equity sales 3. Management states it is fully funded through 2027, though leverage and dividend policy remain items to monitor 3.
Segments
Service and necessity tenants
The portfolio is weighted toward medical and dental providers, quick-service and casual dining restaurants, financial institutions, cellular stores, automotive services, fitness operators, car washes and discount retail 12. Many of the largest brands sell everyday needs, which may support demand even in weaker economic periods 1.
Acquisitions and dispositions
Acquisitions focus on larger populated markets and active corridors, and the second quarter 2026 acquisitions carried an average capitalization rate of 7.34% 13. Dispositions are used selectively, and in the second quarter of 2026 the company sold 10 properties for 22.9 million USD in gross proceeds 13.
Market context
The US net-lease market for frontage properties is highly competitive for both tenants and acquisitions, with REITs, institutional investors, funds, banks and private investors all active 1. The company notes that interest rates and capitalization rates directly affect acquisition costs, and a narrow spread over borrowing costs could make growth through acquisitions harder 1.
Financing conditions depend on credit availability and inflation, and changes in interest rates could affect both the cost of debt and property values 12. The company carries floating rate debt, so its results are exposed to fluctuations in reference rates 1.
Trends
- Acquisition-led growth and equity fundingmixed
Net investment guidance was raised to 120.0 million USD, pointing to active acquisition demand backed by equity raised in the second quarter 3. If acquisition prices stay high, yields could decline and shareholder dilution could offset the benefit of growth 1.
- High occupancy and recapturetailwind
Occupancy of 99.4% at June 30, 2026 and recapture rates described by management as sector-leading suggest the portfolio is stable, although some leases expire in the coming years 23.
- Cost of capital and interest ratesheadwind
The company reported that the cost of capital for acquisitions rose in 2024 and 2025, and this could continue, particularly if rates stay elevated 1.
- Inflation and rent escalatorsmixed
Most leases carry fixed rent increases, so high inflation could outpace them, while low inflation could limit the effect of the few CPI-linked clauses 1.
Competitive position
The company competes for tenants with other owners and operators of commercial real estate and with owner-occupied businesses, weighing location, size, tenant type and how the property is run 1. In acquisitions it competes with REITs, funds, sovereign wealth funds, banks and private investors, which may limit the number of suitable opportunities 1.
FrontView differentiates through its real estate first strategy, visible properties on high-traffic roads and long-term net leases, while rivals may have different tenant mixes or geographic footprints 12.
- Realty IncomeO
A large net-lease REIT with a diversified portfolio, a comparison point for tenants who prefer longer lease durations and more stability.
- Other public net-lease REITs
The sources refer generally to other publicly traded net-lease REITs without naming them, and their competition for acquisitions can compress yields.
- Institutional investors and private funds
Funds, sovereign wealth funds and private investors bid for the same properties, which can raise prices and reduce acquisition yields.
- Banks and specialty finance lenders
Banks and specialty lenders are competitors for property financing and influence the cost of capital available to the company.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report19 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report01 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report30 Sept 2026Item 3.02 · Financial statements and exhibits
- Current report14 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report19 Aug 2026Material agreement · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report01 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)05 Jun 2026Departure or appointment of officers
- Current report01 Jun 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / FrontView REIT, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / FrontView REIT, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / FrontView REIT, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.