Dividend coverage remains stable with a payout ratio consistently between 0.81 and 0.87, supported by an FFO/NI ratio averaging 1.5x over the last ten quarters.
| 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 |
|---|
| Cash from Operations | 187.89M | 192.28M | 144.1M | 165.1M | 142M | 122.42M | 91.46M | 104.67M | 80.88M | 78.94M | 70.94M | 21.69M | 961K | 914K |
| Operating CF Growth % | 58.29% | 33.43% | -12.72% | 16.27% | 16% | 33.85% | -12.63% | 29.41% | 2.45% | 11.29% | 227.01% | 2157.34% | 5.14% | - |
| Operating CF / Revenue % | 62.46% | 65.37% | 53.76% | 65.88% | 63.62% | 61.4% | 53.5% | 65.33% | 56.31% | 59.26% | 57.2% | 64.84% | 5.43% | 5.41% |
| Net Income | 116.54M | 112.49M | 100.59M | 95.46M | 97.91M | 85.75M | 77.57M | 72.94M | 82.93M | 71.89M | 156.85M | 5.7M | 32K | 29K |
| Depreciation & Amortization | 61.28M | 59.6M | 54.51M | 50.73M | 41.47M | 34.83M | 29.43M | 26.31M | 22.35M | 21.81M | 20.58M | 3.76M | 863K | 875K |
| Stock-Based Compensation | 8.71M | 8.85M | 6.99M | 6.27M | 4.98M | 3.95M | 3.38M | 3.6M | 3.97M | 2.68M | 1.55M | 101K | 117K | 118K |
| Other Non-Cash Items | 2.75M | 5.91M | 4.67M | 2.03M | -3.88M | 4.06M | 3.43M | 2.21M | 1.83M | -8.24M | -15.03M | 290K | 15K | 14K |
| Working Capital Changes | -1.31M | 5.67M | -22.46M | 10.87M | 1.65M | -5.29M | -22.35M | -388K | -16.23M | -8.99M | -12.32M | 10.65M | 128K | 64K |
| Cash from Investing | -294.43M | -325.25M | -272.92M | -312.79M | -270.9M | -264.92M | -229.07M | -207.35M | -247.05M | -85.32M | -59.32M | -556K | -55K | -26K |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -813K | 0 | 0 | 96.47M | 76.18M | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | -268.39M | -230.53M | 0 | -268.27M | -97.42M | -76.18M | -556K | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 3.34M | 0 | 0 | 21.14M | 15.64M | 24.09M | 0 | 0 | 0 |
| Other Investing | -294.43M | -325.25M | -272.92M | -312.79M | -270.9M | 129K | 2.27M | -207.35M | 81K | -4.91M | -150K | 556K | -55K | -26K |
| Cash from Financing | 113.93M | 141.03M | 108.11M | 146.18M | 148.9M | 137.74M | 143.6M | 14.52M | 190.03M | 44.2M | -83.05M | 76.93M | -906K | -888K |
| Dividends Paid | -108.62M | -143.98M | -128.11M | -119.72M | -107.54M | -96.9M | -86.33M | -78.49M | -69.49M | -58.7M | -121.6M | -314.99M | 0 | 0 |
| Common Dividends | -108.62M | -143.98M | -128.11M | -119.72M | -107.54M | -96.9M | -86.33M | -78.49M | -69.49M | -58.7M | -121.6M | -314.99M | 0 | 0 |
| Debt Issuance (Net) | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -393K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.69M | -10.22M | -3.69M | -3.51M | -4.39M | -7.87M | -4.82M | -6.22M | -2.33M | -6.95M | 0 | -8.09M | -906K | -888K |
| Net Change in Cash | 7.38M | 8.06M | -20.7M | -1.51M | 20M | -4.76M | 5.98M | -88.16M | 23.87M | 37.82M | -71.43M | 98.07M | 0 | 0 |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 12.14M | 4.08M | 24.78M | 26.3M | 6.3M | 11.06M | 5.08M | 93.24M | 69.37M | 26.64M | 98.07M | 7K | 7K | 7K |
| Cash at End | 29.65M | 12.14M | 4.08M | 24.78M | 26.3M | 6.3M | 11.06M | 5.08M | 93.24M | 64.47M | 26.64M | 98.07M | 7K | 7K |
| Free Cash Flow | 187.89M | 192.28M | 144.1M | 165.1M | 142M | 122.42M | 91.46M | 104.67M | -166.16M | -16.17M | -12.32M | 21.14M | 906K | 888K |
| FCF Growth % | 11.81% | 33.43% | -12.72% | 16.27% | 16% | 33.85% | -12.63% | 162.99% | -927.8% | -31.18% | -158.31% | 2233% | 2.03% | - |
| FCF / Revenue % | 62.46% | 65.37% | 53.76% | 65.88% | 63.62% | 61.4% | 53.5% | 65.33% | -115.68% | -12.14% | -9.94% | 63.18% | 5.12% | 5.25% |
Casual dining credit concentration
As reported in recent financial statements, FCPT consistently generates FFO that tracks closely with GAAP operating cash flow, with the FFO/NI ratio averaging approximately 1.5x over the last ten quarters, suggesting that non-cash depreciation charges are the primary driver of the divergence between GAAP and cash earnings.
The stability of the FFO/NI ratio indicates that the company's earnings quality is not being artificially inflated by aggressive accounting adjustments. Investors should monitor this relationship to ensure that future acquisitions do not introduce volatility into the cash conversion process.
Based on reported figures, FCPT maintains a disciplined dividend payout ratio, with the Div/AFFO metric consistently hovering between 0.81 and 0.87 over the observed periods, which suggests that the company retains a meaningful buffer of distributable cash to support ongoing portfolio growth and capital reinvestment.
This payout profile appears sustainable, providing management with sufficient internal capital to fund minor property improvements without immediate reliance on external equity. The consistency of this coverage ratio implies a conservative approach to capital allocation that prioritizes long-term dividend stability over aggressive short-term distribution growth.
According to historical data, the significant gap between GAAP Net Income and FFO highlights the substantial impact of non-cash depreciation on reported profitability, as FFO consistently exceeds Net Income by a wide margin, reflecting the capital-intensive nature of the underlying real estate assets held by the trust.
Relying on GAAP Net Income to evaluate FCPT's performance would likely lead to an undervaluation of its true cash-generative capacity. Analysts should continue to prioritize FFO and AFFO as the primary metrics for assessing the company's ability to service debt and fund shareholder distributions.
While the provided data shows zero reported property CapEx, this warrants further investigation as it may suggest that maintenance costs are being capitalized or shifted to tenants under triple-net lease structures, potentially obscuring the true long-term capital requirements necessary to maintain the portfolio's competitive positioning.
The absence of visible CapEx on the cash flow statement may imply that the company is successfully offloading the majority of building maintenance to tenants. However, investors should remain cautious, as this could mask deferred maintenance risks that might surface during periods of tenant turnover or lease restructuring.
Quick answers to the most common questions about buying FCPT stock.
Four Corners Property Trust, Inc. (FCPT) generated $192.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Four Corners Property Trust, Inc. (FCPT) generated $192.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Four Corners Property Trust, Inc. (FCPT) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Four Corners Property Trust, Inc. (FCPT) returned $144.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.