The company has significantly de-risked its capital structure, successfully lowering its debt-to-equity ratio from 1.35 in 2024Q2 to 0.72 by 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Assets | 2.95B | 2.92B | 2.65B | 2.45B | 2.2B | 1.9B | 1.67B | 1.45B | 1.34B | 1.07B | 937.15M | 929.44M | 11.95M | 12.81M |
| Asset Growth % | 40.75% | 10.09% | 8.21% | 11.51% | 15.53% | 14.08% | 15.36% | 7.67% | 25.68% | 14.03% | 0.83% | 7678.37% | -6.7% | - |
| Real Estate & Other Assets | -2.8B | 2.76B | 70.17M | 2.21B | 2.01B | 56.09M | 1.55B | -591.21M | -3.11B | -2.6B | -2.4B | 2.67M | 7K | 7K |
| PP&E (Net) | 2.82B | 4.8M | 3.4M | 3.92M | 4.43M | 4.92M | 5.4M | 3.81M | 1.19B | 966.11M | 894.26M | 828.69M | 11.72M | 12.54M |
| Investment Securities | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 1000K | 1000K | 1000K | 165K | 0 | 0 |
| Total Current Assets | 102.19M | 20.91M | 10.52M | 30.55M | 40.13M | 12.29M | 19.34M | 10.72M | 96.82M | 71.94M | 26.64M | 98.07M | 182K | 224K |
| Cash & Equivalents | 29.65M | 12.14M | 4.08M | 16.32M | 26.3M | 6.3M | 11.06M | 5.08M | 92.04M | 64.47M | 26.64M | 98.07M | 7K | 7K |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 380K | 782K | 383K | 162K | 70K | 0 | 0 |
| Other Current Assets | 0 | 0 | 0 | 8.46M | 0 | 0 | 0 | 0 | 1.2M | 4.91M | 0 | 0 | 0 | 0 |
| Intangible Assets | 126.59M | 129.37M | 123.61M | 118.03M | 106.21M | 104.25M | 96.29M | 57.92M | 19M | 3.87M | 1.77M | 0 | 0 | 0 |
| Total Liabilities | 1.29B | 1.29B | 1.2B | 1.19B | 1.06B | 939.09M | 823.68M | 719.33M | 644.13M | 546.39M | 467.03M | 487.8M | 2.95M | 2.94M |
| Total Debt | 1.2B | 1.21B | 1.14B | 1.12B | 1B | 885.15M | 762.3M | 674.34M | 615.89M | 515.54M | 438.89M | 392.3M | 0 | 0 |
| Net Debt | 1.18B | 1.2B | 1.14B | 1.1B | 974.32M | 878.85M | 751.24M | 669.26M | 523.85M | 451.07M | 412.25M | 294.23M | -7K | -7K |
| Long-Term Debt | 1.2B | 1.2B | 1.14B | 1.06B | 995.48M | 877.59M | 753.88M | 669.94M | 615.89M | 515.54M | 438.89M | 392.3M | 0 | 0 |
| Short-Term Borrowings | 0 | 0 | 0 | 50M | 9K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 19.61M | 6.4M | 5.1M | 5.84M | 6.59M | 7.56M | 8.42M | 6.17M | 0 | 0 | -10.59M | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 70.13M | 53.28M | 49.71M | 47.18M | 40.87M | 38.18M | 34.55M | 24.25M | 27.97M | 14.52M | 3.89M | 1.33M | 1.21M |
| Accounts Payable | 0 | 751K | 931K | 1.26M | 766K | 550K | 376K | 799K | 986K | 1.05M | 726K | 922K | 450K | 432K |
| Deferred Revenue | 16.37M | 17.94M | 6.74M | 14.31M | 11.71M | 11.31M | 11.93M | 10.46M | 1.61M | 8.29M | 7.97M | 7.94M | 484K | 406K |
| Other Liabilities | 66.41M | 10.18M | 5.96M | 65.93M | 11.03M | 13.07M | 11.27M | 1.75M | 2.28M | 9.63M | -5.14M | 10.87M | 99K | 99K |
| Total Equity | 1.67B | 1.63B | 1.45B | 1.26B | 1.14B | 963.89M | 844.5M | 726.74M | 698.96M | 522.27M | 470.12M | 441.64M | 9M | 9.87M |
| Equity Growth % | 59.88% | 12.49% | 15.15% | 10.68% | 18.1% | 14.14% | 16.2% | 3.97% | 33.83% | 11.09% | 6.45% | 4808.22% | -8.85% | - |
| Shareholders Equity | 1.66B | 1.63B | 1.45B | 1.26B | 1.14B | 961.67M | 841.44M | 721.05M | 691.1M | 514.49M | 465.02M | 441.64M | 9M | 9.87M |
| Minority Interest | 2.11M | 2.11M | 2.18M | 2.21M | 2.26M | 2.22M | 3.06M | 5.69M | 7.87M | 7.78M | 5.1M | 0 | 0 | 0 |
| Common Stock | 11K | 11K | 10K | 9K | 9K | 8K | 8K | 7K | 7K | 6K | 6K | 4K | 9M | 9.87M |
| Additional Paid-in Capital | 1.75B | 1.71B | 1.48B | 1.26B | 1.1B | 958.74M | 840.46M | 686.18M | 639.12M | 473.69M | 438.86M | 436.7M | 0 | 0 |
| Retained Earnings | -103.35M | -93.56M | -57.73M | -26.28M | 576K | 12.75M | 26.67M | 38.4M | 46.02M | 36.32M | 25.94M | 5.26M | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46.02M | 36.32M | 25.94M | 0 | 0 | 0 |
| Return on Assets (ROA) | 4.06% | 4.03% | 3.94% | 4.1% | 4.77% | 4.79% | 4.97% | 5.21% | 6.83% | 7.12% | 16.8% | 1.21% | 0.26% | 0.23% |
| Return on Equity (ROE) | 7.38% | 7.29% | 7.41% | 7.95% | 9.3% | 9.46% | 9.84% | 10.19% | 13.49% | 14.39% | 34.4% | 2.53% | 0.34% | 0.29% |
| Debt / Assets | 40.82% | 41.45% | 43.08% | 45.62% | 45.51% | 46.51% | 45.7% | 46.63% | 45.86% | 48.24% | 46.83% | 42.21% | - | - |
| Debt / Equity | 0.72x | 0.74x | 0.79x | 0.89x | 0.88x | 0.92x | 0.90x | 0.93x | 0.88x | 0.99x | 0.93x | 0.89x | - | - |
| Net Debt / EBITDA | 5.09x | 5.34x | 5.59x | 5.87x | 5.82x | 5.78x | 5.51x | 5.35x | 3.69x | 3.98x | 3.80x | 20.15x | -0.01x | -0.01x |
| Book Value per Share | 15.21 | 15.85 | 15.42 | 14.20 | 13.91 | 12.54 | 11.79 | 10.59 | 10.86 | 8.60 | 7.89 | 8.61 | 0.21 | 0.23 |
Casual dining credit concentration
As reported in recent financial statements, FCPT has successfully reduced its debt-to-equity ratio from 1.35 in 2024Q2 to 0.72 by 2026Q1, signaling a deliberate shift toward a more conservative capitalization strategy while simultaneously expanding the total asset base to $3.0 billion.
The reduction in leverage appears to be a strategic pivot to enhance balance sheet flexibility, potentially positioning the trust to navigate higher interest rate environments with greater resilience. This trajectory suggests that management is prioritizing long-term solvency over aggressive debt-fueled acquisition, which may serve to mitigate risks associated with its concentrated tenant base.
Based on the provided quarterly data, FCPT has significantly improved its leverage profile, with total debt declining from a peak of $1.7 billion in 2024Q2 to $1.2 billion in 2026Q1, indicating a proactive approach to managing interest rate exposure and balance sheet volatility.
The contraction in total debt relative to the growing asset base suggests that the company is effectively utilizing retained cash flow to pay down obligations. Investors should monitor whether this deleveraging trend continues, as it may imply a more cautious outlook on the cost of capital for future property acquisitions.
According to historical balance sheet figures, equity has grown from $1.3 billion in 2024Q2 to $1.7 billion in 2026Q1, reflecting a consistent accumulation of retained earnings that strengthens the trust's net asset value and provides a buffer against potential portfolio-level impairments.
The steady expansion of the equity base appears to be driven by disciplined capital allocation and the reinvestment of FFO, which supports the company's ability to fund growth without excessive reliance on dilutive equity issuances. This trend warrants further investigation into the sustainability of internal growth rates as the portfolio matures.
As noted in the reported financial data, the net property, plant, and equipment (PPE) figures show significant volatility, jumping from $4.9 million in 2025Q3 to $2.8 billion in 2026Q1, which warrants further investigation into the accounting treatment of asset acquisitions and potential reclassifications.
Such dramatic shifts in reported PPE suggest that the balance sheet may be subject to significant accounting adjustments that could mask the underlying quality or age of the property portfolio. Analysts should monitor whether these fluctuations represent genuine capital investment or merely changes in how the trust accounts for its long-term real estate holdings.
Quick answers to the most common questions about buying FCPT stock.
As of 2025, Four Corners Property Trust, Inc. (FCPT) had total assets of $2.92B including $20.9M in current assets.
Four Corners Property Trust, Inc. (FCPT) carries total debt of $1.21B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Four Corners Property Trust, Inc. (FCPT) has total shareholders' equity (book value) of $1.63B ($15.85 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Four Corners Property Trust, Inc. (FCPT) reported a current ratio of 0.30x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.