Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price22.62 USD
Fair value21.37
Ethical score70.0/100
Our investment reviews on this name
2026-08-28Read Distribution25.30-10.6% to today ✓
2026-07-02Read Markdown25.27-10.5% to today ✓
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Four Corners Property Trust, Inc. holds its Markdown at $22.62. Consolidating, no directional conviction, held for 21 days.
As held on the ledger · 2026-09-18
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 21 days
Price at the screen
$22.62
Valuation
21.36 trailing · 20.47 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.81
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
41.45%
Below 33%
Interest-bearing debt is 41.4% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
0.61%
Below 49%
Money owed to the company is 0.6% of assets, under the 49% limit.
Pass
Revenue purity
0.00%
Below 5%
Only 0.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-09-18 screen. The gold marker is the market price at the same screen. The price runs 5.5% above the base estimate.
Third-party analyst targets: 9 covering, consensus Buy. The average target sits +24% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-18 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Restaurant Landlord Sits Above Fair Value
Every time a chain restaurant fills its tables or a retail unit opens its doors, the property underneath often sits in a REIT portfolio. Four Corners Property Trust owns and leases these sites on a net basis, generating steady rental income with 7% revenue growth and a 39% profit margin. Yet the shares trade at $26.33 against a fair value of $21.31, leaving a negative margin of safety and a forward P/E of 23.1 times.
We pass because the numbers do not justify the premium. Return on equity sits at just 8%, the moat remains unknown, and the stock already prices in the modest growth profile. Analyst targets cluster near $28, but that consensus ignores the gap between current price and intrinsic worth.
Interest-rate moves and shifts in dining habits could pressure occupancy and valuations further. The ethical screen clears, yet the valuation leaves little room for error. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
FCPT trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markdown to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 3.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading neutral. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 7%. The street (9 analysts) rates it buy, with a mean price target of $28.
2026-07-28Markdown$26.33+4.2%Entry 4
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 4.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading neutral. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 7%. The street (9 analysts) rates it buy, with a mean price target of $28.
2026-07-18Markdown$25.27+0.0%Entry 3
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading neutral. Over the past year the shares are down 3%. Our forward projection puts the odds of a 10% gain over the next month near 7%. The street (9 analysts) rates it buy, with a mean price target of $28.
2026-07-03Markdown$25.27+0.0%Entry 2
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markdown$25.27Entry 1
The framework reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.