Whitestone Reit (WSR) intrinsic value & 10-year financials
Whitestone Reit (WSR) has a Graham intrinsic value of $31.55 per share. Over the last 10 fiscal years revenue grew 4.9% a year to $160.9M, with an average return on invested capital of 2.2%.
- Graham intrinsic value
- $31.55
- Revenue (FY2025)
- $160.9M
- Revenue growth (10-yr CAGR)
- 4.9%
- ROIC (10-yr avg)
- 2.2%
- Free cash flow (FY2025)
- $50.5M
WSR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $160.9M | $49.9M | $0.95 | $50.5M | — | 4.6% |
| FY2024 | $154.3M | $36.9M | $0.72 | $58.0M | — | 3.5% |
| FY2023 | $147.0M | $19.2M | $0.38 | $47.5M | — | 1.8% |
| FY2022 | $139.4M | $35.3M | $0.71 | $44.3M | — | 3.4% |
| FY2021 | $125.4M | $12.0M | $0.26 | $46.7M | — | 1.2% |
| FY2020 | $117.9M | $6.0M | $0.14 | $42.8M | — | 0.6% |
| FY2019 | $119.3M | $23.7M | $0.57 | — | — | 2.5% |
| FY2018 | $119.9M | $21.4M | $0.52 | — | — | 2.2% |
| FY2017 | $126.0M | $8.3M | $0.22 | — | — | 0.9% |
| FY2016 | $104.4M | $7.9M | $0.26 | — | — | 1.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Whitestone REIT has demonstrated mature, steady growth, with revenue compounding at 4.9% annually over the past decade.
Whitestone REIT has historically struggled to out-earn its cost of capital, averaging just 2.2% ROIC.
Whitestone REIT 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, Whitestone REIT is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $31.55 per share.