Revenue growth reached 12.0% in 2026Q1, yet this top-line expansion is currently offset by a dramatic contraction in NOI margins to 2.8% from historical levels exceeding 80%.
| Revenue | 69.06M | 67.11M | 59.92M | 48.27M | 39.86M | 33.9M | 1.25M |
| Revenue Growth % | 14.03% | 12.01% | 24.14% | 21.08% | 17.58% | 2605.89% | - |
| Property Operating Expenses | 91.25M | 75.95M | 12.6M | 11.58M | 9.05M | 6.84M | 347.21K |
| Net Operating Income (NOI) | -22.2M | -8.84M | 47.32M | 36.69M | 30.81M | 27.07M | 905.7K |
| NOI Margin % | -32.14% | -13.17% | 78.98% | 76.01% | 77.29% | 79.84% | 72.29% |
| Operating Expenses | -34.84M | -20.17M | 62.03M | 51.16M | 36.08M | 30.09M | 105.18K |
| G&A Expenses | 10.1M | 12.94M | 4.91M | 8.05M | 1.18M | 1.2M | 105.18K |
| EBITDA | 49.81M | 44.44M | 15.78M | 11.72M | 17.08M | 16.29M | 0 |
| EBITDA Margin % | 72.13% | 66.21% | 26.33% | 24.29% | 42.85% | 48.04% | 0% |
| Depreciation & Amortization | 37.17M | 33.11M | 30.49M | 26.2M | 22.35M | 19.31M | -800.52K |
| D&A / Revenue % | 53.83% | 49.33% | 50.88% | 54.28% | 56.07% | 56.96% | -63.89% |
| Operating Income | 12.64M | 11.33M | -14.71M | -14.47M | -5.27M | -3.02M | 800.52K |
| Operating Margin % | 18.31% | 16.88% | -24.55% | -29.99% | -13.22% | -8.92% | 63.89% |
| Interest Expense | 4M | 18.02M | 23.35M | 18.38M | 12.46M | 9.38M | 0 |
| Interest Coverage | - | 0.71x | -0.31x | 0.23x | 0.61x | 0.70x | - |
| Non-Operating Income | -1.58M | -1.47M | -7.43M | -18.69M | -12.89M | -9.58M | 0 |
| Pretax Income | -3.51M | -5.21M | -30.63M | -1.21M | -4.95M | -2.68M | 799.4K |
| Pretax Margin % | -5.08% | -7.77% | -51.12% | -2.5% | -12.42% | -7.91% | 63.8% |
| Income Tax | 318K | 350K | 580K | 316K | 430.23K | 207.8K | 247.36K |
| Effective Tax Rate % | -9.06% | -6.71% | -1.89% | -26.16% | -8.69% | -7.75% | 30.94% |
| Net Income | -2.52M | -3.83M | -22.21M | -1.1M | -4.47M | -2.8M | 552.05K |
| Net Margin % | -3.64% | -5.71% | -37.07% | -2.28% | -11.21% | -8.25% | 44.06% |
| Net Income Growth % | 70.21% | 82.76% | -1919.36% | 75.39% | -59.82% | -606.69% | - |
| Funds From Operations (FFO) | 34.66M | 29.28M | 8.27M | 25.1M | 17.88M | 16.51M | -248.47K |
| FFO Margin % | 50.19% | 43.62% | 13.81% | 52% | 44.86% | 48.71% | -19.83% |
| FFO Growth % | 237.24% | 253.86% | -67.03% | 40.36% | 8.28% | 6746.15% | - |
| FFO per Share | 1.56 | 1.05 | 0.51 | 1.68 | 1.19 | 1.10 | -0.11 |
| FFO Payout Ratio % | 36.74% | 0% | 18.13% | 66.29% | 87.68% | 81.34% | -412.61% |
| EPS (Diluted) | -0.11 | -0.22 | -1.47 | -0.07 | -0.30 | -0.19 | 0.24 |
| EPS Growth % | 89.88% | 85.03% | -1902.72% | 75.53% | -57.89% | -179.17% | - |
| EPS (Basic) | - | -0.19 | -1.47 | -0.07 | -0.30 | -0.19 | 0.24 |
| Diluted Shares Outstanding | 22.28M | 27.84M | 16.07M | 14.98M | 14.98M | 14.98M | 2.28M |
Volatile Property-Level Profitability
According to the latest quarterly filings, FrontView REIT achieved a 12.0% year-over-year revenue growth rate in 2026Q1, signaling that the company's aggressive acquisition strategy for high-visibility outparcel assets is successfully scaling the top line despite significant fluctuations in property-level net operating income performance across recent periods.
The consistent revenue growth suggests that the company is effectively deploying capital into its niche retail strategy. However, the wide variance in NOI suggests that the portfolio may be experiencing inconsistent property-level performance or that acquisition-related costs are periodically suppressing margins.
As reported in the provided financial data, FrontView REIT's NOI margin collapsed to 2.8% in 2026Q1 from historical levels exceeding 80%, a trend that warrants further investigation into whether this reflects structural changes in property-level expenses or temporary accounting distortions related to the company's recent growth phase.
The sharp contraction in NOI margins is highly atypical for a triple-net lease REIT and suggests that either property-level operating expenses are rising disproportionately or that non-cash charges are being misclassified. Investors should monitor whether this margin compression persists, as it may indicate a fundamental shift in the cost structure of the underlying assets.
Based on the company's reported figures, FFO per share has demonstrated significant instability, ranging from $0.16 to $0.94 over the last ten quarters, which suggests that the REIT's earnings quality is currently sensitive to non-recurring items or the timing of portfolio-level capital deployment and financing activities.
The lack of consistent FFO growth makes it difficult to assess the long-term dividend safety or the true earnings power of the portfolio. The wide swings in FFO suggest that management's current strategy may be prioritizing rapid asset accumulation over the stabilization of recurring cash flows.
While the company maintains a fortress-like balance sheet with a 0.03% debt-to-equity ratio, as noted in the financial statements, this conservative leverage profile appears to contrast sharply with the persistent net losses and erratic NOI margins that characterize the REIT's current income statement and operational performance.
The negligible debt load provides a significant competitive advantage in the current interest rate environment, yet it raises questions about why the company is not translating this capital efficiency into more stable profitability. This discrepancy suggests that the primary challenge for FrontView REIT is operational execution rather than capital structure management.
Quick answers to the most common questions about buying FVR stock.
For fiscal year 2025, FrontView REIT, Inc. (FVR) reported total revenue of $67.1M. This represents a 5256.7% increase compared to $1.3M in 2020.
FrontView REIT, Inc. (FVR) reported a net loss of $3.8M for the fiscal year ending 2025.
FrontView REIT, Inc. (FVR) reported an operating income of $11.3M, resulting in an operating profit margin of 16.9%. This margin reflects the operational efficiency of the business before interest and taxes.
FrontView REIT, Inc. (FVR) generated $-8.8M in gross profit for the year, representing a gross profit margin of -13.2%. This demonstrates the company's core pricing power and production efficiency.