Brandywine Realty Trust (BDN) intrinsic value & 10-year financials
Brandywine Realty Trust (BDN) has a Graham intrinsic value of $1.79 per share. At $2.63 on Oct 17, 2026, the stock trades 47% above that value. Over the last 10 fiscal years revenue shrank 0.9% a year to $484.5M, with an average return on invested capital of 2.8%.
- Graham intrinsic value
- $1.79
- Share price (Oct 17, 2026)
- $2.63
- Price vs Graham value
- 47% above
- Market cap
- $456.2M
- Revenue (FY2025)
- $484.5M
- Revenue growth (10-yr CAGR)
- -0.9%
- ROIC (10-yr avg)
- 2.8%
- Free cash flow (FY2025)
- —
BDN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $484.5M | -$178.2M | -$1.03 | — | 5.5% | 0.8% |
| FY2024 | $505.5M | -$195.9M | -$1.14 | — | 10.9% | 1.7% |
| FY2023 | $514.7M | -$196.8M | -$1.15 | — | -4.2% | -0.6% |
| FY2022 | $506.1M | $53.8M | $0.31 | — | 23.7% | 3.3% |
| FY2021 | $486.8M | $12.3M | $0.07 | — | 19.2% | 2.6% |
| FY2020 | $534.9M | $305.5M | $1.77 | — | 74.9% | 11.0% |
| FY2019 | $580.4M | $34.3M | $0.19 | — | 19.8% | 3.0% |
| FY2018 | $544.3M | $136.3M | $0.76 | — | 10.8% | 1.6% |
| FY2017 | $520.5M | $120.8M | $0.65 | — | 19.9% | 2.9% |
| FY2016 | $525.5M | $40.2M | $0.19 | — | 11.3% | 1.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
BRANDYWINE REALTY TRUST is facing top-line stagnation, with revenue contracting over the decade.
BRANDYWINE REALTY TRUST has historically struggled to out-earn its cost of capital, averaging just 2.8% ROIC.
BRANDYWINE REALTY TRUST has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, BRANDYWINE REALTY TRUST is modeled at -0.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1.79 per share.