Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Mixed evidenceCoverage 4/5 core metricsLatest reported annual revenue changed -13.1% from the prior reported annual observation.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Revenue contracted
Latest reported annual revenue changed -13.1% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- Operating margin compressed
Operating margin changed -10.6 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
- 1 filing risk check flagged
Flagged areas: Dilution.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
- Free cash flow was positive
Latest reported free cash flow was $129M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2019-12-31.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Dilution
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-10-21
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- Real Estate Investing$495Mshare n/a-13.1% yoy
- Industrial And Distribution Segment$226Mshare n/a-5.0% yoy
- Office Segment$137Mshare n/a-4.7% yoy
- Single Tenant Retail Segment$133Mshare n/a-19.8% yoy
- Multi Tenant Retail Segment$0share n/a-100.0% yoy
member sum exceeds the consolidated figure: this axis carries more than one breakdown, so shares are not computed.
- Industrial And Distribution Segment$207Mshare n/a-4.2% yoy
- Office Segment$119Mshare n/a-4.3% yoy
- Single Tenant Retail Segment$118Mshare n/a-21.1% yoy
- Multi Tenant Retail Segment$0share n/a-100.0% yoy
member sum exceeds the consolidated figure: this axis carries more than one breakdown, so shares are not computed.
- Real Estate Investing$112Mshare n/a-10.0% yoy
- Industrial And Distribution Segment$51.7Mshare n/a-6.0% yoy
- Office Segment$30.8Mshare n/a-10.9% yoy
- Single Tenant Retail Segment$30Mshare n/a-15.2% yoy
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 4,060 US-listed filers · 883 in Financials| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $495M | 43rdof 3,247 middle third | 51stof 528 middle third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | -13.1% | 10thof 3,083 bottom third | 8thof 505 bottom third |
Operating margin operating income ÷ revenue | 22.4% | 87thof 2,777 top third | 65thof 230 middle third |
Net margin net income ÷ revenue | -45.5% | 19thof 3,212 bottom third | 15thof 522 bottom third |
Return on equity net income ÷ stockholders' equity (positive equity only) | -13.6% | 31stof 3,520 bottom third | 12thof 752 bottom third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 2.5% | 47thof 2,852 middle third | 56thof 413 middle third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -7.9% | 65thof 3,845 middle third | 88thof 837 top third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | -31.0% | 84thof 3,301 top third | 90thof 770 top third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 18 changed periods| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Share repurchases PaymentsForRepurchaseOfCommonStock | fiscal year 2023-12-31 | $1.19M 10-K 2024-02-27 | $0 10-K 2026-02-25 | -100.0% | first · latest · 3 filings carry it |
| Share repurchases PaymentsForRepurchaseOfCommonStock | quarter 2024-03-31 | $55K 10-Q 2024-05-08 | $0 10-Q 2025-05-08 | -100.0% | first · latest |
| Share repurchases PaymentsForRepurchaseOfCommonStock | fiscal year 2024-12-31 | $1.04M 10-K 2025-02-27 | $0 10-K 2026-02-25 | -100.0% | first · latest |
| Depreciation and amortization DepreciationAndAmortization | quarter 2024-09-30 | $85.4M 10-Q 2024-11-06 | $52.7M 10-Q 2025-11-06 | -38.3% | first · latest |
| Depreciation and amortization DepreciationAndAmortization | fiscal year 2024-12-31 | $350M 10-K 2025-02-27 | $217M 10-K 2026-02-25 | -38.0% | first · latest |
| Depreciation and amortization DepreciationAndAmortization | quarter 2024-03-31 | $92M 10-Q 2024-05-08 | $57.2M 10-Q 2025-05-08 | -37.9% | first · latest |
| Depreciation and amortization DepreciationAndAmortization | quarter 2024-06-30 | $89.5M 10-Q 2024-08-07 | $56.7M 10-Q 2025-08-07 | -36.7% | first · latest |
| Revenue Revenues | quarter 2024-09-30 | $197M 10-Q 2024-11-06 | $139M 10-Q 2025-11-06 | -29.5% | first · latest |
| Revenue Revenues | fiscal year 2024-12-31 | $805M 10-K 2025-02-27 | $570M 10-K 2026-02-25 | -29.2% | first · latest |
| Revenue Revenues | quarter 2024-06-30 | $203M 10-Q 2024-08-07 | $145M 10-Q 2025-08-07 | -28.4% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2024-09-30 | $17.9M 10-Q 2024-11-06 | $12.8M 10-Q 2025-11-06 | -28.4% | first · latest |
| Revenue Revenues | quarter 2024-03-31 | $206M 10-Q 2024-05-08 | $148M 10-Q 2025-05-08 | -28.2% | first · latest |
| Depreciation and amortization DepreciationAndAmortization | fiscal year 2023-12-31 | $222M 10-K 2024-02-27 | $179M 10-K 2026-02-25 | -19.3% | first · latest · 3 filings carry it |
| Revenue Revenues | fiscal year 2023-12-31 | $515M 10-K 2024-02-27 | $446M 10-K 2026-02-25 | -13.5% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | fiscal year 2024-12-31 | $206M 10-K 2025-02-27 | $188M 10-K 2026-02-25 | -8.9% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2024-06-30 | $65.9M 10-Q 2024-08-07 | $61.9M 10-Q 2025-08-07 | -6.0% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2024-03-31 | $58.8M 10-Q 2024-05-08 | $57.1M 10-Q 2025-05-08 | -3.0% | first · latest |
| Operating income OperatingIncomeLoss | fiscal year 2023-12-31 | -$15.4M 10-K 2024-02-27 | -$15.3M 10-K 2026-02-25 | +0.6% | first · latest · 3 filings carry it |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for GNL yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.