First Real Estate Investment Trust Of New JERSEY, Inc. (FREVS) intrinsic value & 10-year financials
First Real Estate Investment Trust Of New JERSEY, Inc. (FREVS) has a Graham intrinsic value of $4.05 per share. At $18.54 on Oct 17, 2026, the stock trades 358% above that value. Over the last 10 fiscal years revenue shrank 4.9% a year to $29.3M, with an average return on invested capital of 5.7%.
- Graham intrinsic value
- $4.05
- Share price (Oct 17, 2026)
- $18.54
- Price vs Graham value
- 358% above
- Market cap
- $138.5K
- Revenue (FY2025)
- $29.3M
- Revenue growth (10-yr CAGR)
- -4.9%
- ROIC (10-yr avg)
- 5.7%
- Free cash flow (FY2025)
- —
FREVS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $29.3M | $3.5M | $0.47 | — | 51.7% | 10.4% |
| FY2024 | $28.7M | $15.9M | $2.13 | — | 52.5% | 10.7% |
| FY2023 | $28.3M | $760.0K | $0.10 | — | 51.8% | 0.6% |
| FY2022 | $31.3M | $46.0M | $6.45 | — | 51.1% | 22.2% |
| FY2021 | $50.3M | $927.0K | $0.13 | — | 26.8% | 0.3% |
| FY2020 | $52.7M | $20.6M | $2.94 | — | 7.1% | 6.5% |
| FY2019 | $60.3M | $1.8M | — | — | 31.2% | 0.5% |
| FY2018 | $58.0M | $1.5M | — | — | 33.3% | 0.4% |
| FY2017 | $51.6M | $13.1M | — | — | 23.2% | 4.0% |
| FY2016 | $46.3M | $3.0M | — | — | 31.5% | 0.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. is facing top-line stagnation, with revenue contracting over the decade.
FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. has historically struggled to out-earn its cost of capital, averaging just 5.7% ROIC.
Over the decade, FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. shows that management has aggressively returned capital to shareholders by retiring 99.9% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC. is modeled at 0.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $4.05 per share.