# Four Corners Property Trust, Inc. (FCPT)

> Source: Nexqual · https://nexqual.com/FCPT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Four Corners Property Trust, Inc. (FCPT), nexqual.com/FCPT" · informational, not investment advice.

**Price:** USD 22.05 (+4.06% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 21.19 · day 21.3–22.09 · 52w 20.86–26.86 · market cap $2.42B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $306M, net income $119M (38.7% margin) (SEC filings).
- Valuation: P/E 20.4x (avg 23.4x at the last 3 fiscal year-ends), net debt $1.23B.
- Total return with dividends: 1Y -4.8% vs S&P 500 +14.9%; 5Y -0.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.28, revenue estimate $84.4M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $199M | $223M | $251M | $268M | $294M | $306M |
| Net income | $85.6M | $97.8M | $95.3M | $100M | $112M | $119M |
| EPS (diluted) | $1.11 | $1.20 | $1.07 | $1.07 | $1.09 | — |
| Free cash flow | -$146M | -$154M | — | — | — | — |
| Net margin | 42.9% | 43.8% | 38.0% | 37.5% | 38.2% | 38.7% |
| Revenue growth | +16.6% | +11.9% | +12.3% | +7.0% | +9.7% | — |
| Cash + short-term investments | $6.3M | $26.3M | $16.3M | $4.1M | $12.1M | — |
| Total debt | — | — | $1.11B | $1.14B | $1.20B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.4x · P/S 7.9x · EV/Sales 11.9x · P/B 1.5x · Earnings yield 4.90% · Dividend yield (paid, TTM) 6.32% · Net debt $1.23B · EV $3.65B
P/E at fiscal year-ends: Dec 2025 21.1x, Dec 2024 25.4x, Dec 2023 23.6x.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Barclays | Target lowered | Equal-Weight | $30 → $25 |
| 2026-10-19 | Wells Fargo | Target lowered | Equal-Weight | $26 → $22 |
| 2026-10-06 | JP Morgan | Target lowered | Neutral | $29 → $26 |
| 2026-09-21 | Evercore ISI Group | Target lowered | In-Line | $28 → $26 |
| 2026-09-04 | Barclays | Target raised | Equal-Weight | $29 → $30 |
| 2026-08-25 | Citizens | Reiterated | Market Outperform | $28 |
| 2026-08-03 | Evercore ISI Group | Target raised | In-Line | $27 → $28 |
| 2026-07-22 | Barclays | Target lowered | Equal-Weight | $30 → $29 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -4.8% | -0.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -4.8% | -0.1% |
| Volatility (annualized) | 19.0% | 18.7% |
| Max drawdown | -19.4% (Jul 2026→Oct 2026) | -25.5% (Jan 2023→Oct 2023) |

## Peers (REIT - Retail)
IVT (InvenTrust Properties Corp.) USD 30.14 +2.55% · UE (Urban Edge Properties) USD 19.55 +2.30% · AKR (Acadia Realty Trust) USD 18.78 +3.19% · GTY (Getty Realty Corporation) USD 28.45 +3.57% · CURB (Curbline Properties Corp.) USD 28.86 +7.25% · NTST (NetSTREIT Corp.) USD 17.02 +3.34%

## More
Full page: https://nexqual.com/FCPT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FCPT's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/1650132/000119312526048898/fcpt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Kerrow Holdings | "Although we intend to derive the majority of our revenue from leasing properties on a net basis to restaurant and retail operators, the Kerrow Restaurant Operating Business will provide us with a diversified revenue stre…" |
| Partner | DARDEN RESTAURANTS INC (DRI) | "If we are unable to diversify our tenant and transaction partner base further beyond Darden, it may have a materially adverse effect on our ability to operate and grow our business and our ability to achieve our strategi…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Real Estate Operations | $70.3M | 89.6% | +8.6% |
| Restaurant Operations | $8.4M | 10.7% | +4.4% |
| Total revenue | $78.4M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Real Estate | $70.3M | 89.6% | +8.6% |
| Restaurant | $8.4M | 10.7% | +4.4% |
| Total revenue | $78.4M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 43.8%, 31.1% of revenue from unnamed direct customers (10-Q, filed 2026-07-30).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.28 | $0.29 | -2.5% | $84.4M | 3 |
| Next quarter (ends 2026-12-31) | $0.28 | $0.29 | -4.3% | $86.4M | 3 |
| Current fiscal year (ends 2026-12-31) | $1.11 | $1.14 | -2.5% | $323.3M | 3 |
| Next fiscal year (ends 2027-12-31) | $1.08 | $1.14 | -5.6% | $348.1M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±9.1%; last 8 reports averaged ±1.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 42.6% | ±9.1% |
| 2026-12-18 | 56 | 40.9% | ±20.2% |
| 2027-03-19 | 147 | 24.6% | ±12.8% |