# Brixmor Property (BRX.US)

Canonical: https://gigainvestors.com/s/BRX

Analysis as of: 2026-10-16T07:27:05.836Z. Financial observations: FY2010–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $27.43 per share; close as of 2026-10-15.

Estimated value: low $7.91 per share, central $8.93 per share, high $10.28 per share. Buy at or below the central value $8.93 per share. Valuation as of 2026-10-16T07:27:05.836Z; scenarios are not confidence intervals.

Expected annual return: 5.1% at the stated quote. About 5.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.34×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.21×

- FY2018: 0.38×

- FY2019: 0.66×

- FY2020: 0.64×

- FY2021: 0.37×

- FY2022: 0.36×

- FY2023: 0.65×

- FY2024: 0.37×

- FY2025: 0.37×

- LTM to Jun 2026: 0.37×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.2%

- ROIC, second-lowest year: 1.7%

- Typical minus recent gross margin: -0.5 pp

- Typical gross margin (annual median): 74.6%

- Recent gross margin (lower of latest and 3-year median): 75.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 27.5%

- ROIC including acquisitions, ten-year median: 3.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.5%

- FY2017: 1.7%

- FY2018: 3.7%

- FY2019: 6.6%

- FY2020: 5.4%

- FY2021: 3.5%

- FY2022: 3.6%

- FY2023: 10.4%

- FY2024: 5.9%

- FY2025: 4.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.64×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.1B

- Net income, five-year total: $1.7B

- Return on incremental invested capital: 41.3%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.4 pp

- Working capital / revenue, final three-year average: -3.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.36×

- FY2023: 1.06×

- FY2024: 0.41×

- FY2025: 0.52×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 1.7% vs 5.9%

- Per-share earnings: 0.90 to 1.12 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: $594M

- Cumulative retained earnings: -$6.3M

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.7%

- Per-share value change: $0.21

- Per-share value, starting three-year median: $0.90

- Per-share value, ending three-year median: $1.12

- Buybacks concentrated in cheaper years (correlation): -0.05

- Average buyback yield: 0.4%

- Buyback history: 9 years

- Debt-funded buybacks: No

- Acquisition spending: $81M

- Cumulative net income, 10 years: $3.0B

- ROIC, first three-year median: 1.7%

- ROIC, last three-year median: 5.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.90

- FY2017: $0.98

- FY2018: $1.21

- FY2019: $0.92

- FY2020: $0.41

- FY2021: $0.90

- FY2022: $1.17

- FY2023: $1.01

- FY2024: $1.12

- FY2025: $1.25

### accounting: pass

- Sloan accruals: -2.9%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 2.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.69×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.1%

- FY2017: -2.7%

- FY2018: -2.1%

- FY2019: -3.1%

- FY2020: -3.9%

- FY2021: -3.4%

- FY2022: -2.5%

- FY2023: -3.4%

- FY2024: -3.2%

- FY2025: -2.9%

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 15.7% a year for ten years · sales +2.3%

Story as of 2026-10-16T09:58:25.926Z; price observation 2026-10-15.

Price needs cash profits to grow 15.7% a year for ten years

- 2026-01-21: Brixmor (BRX) Expected to Benefit From Below-Market Lease Backlog ([finance.yahoo.com](https://finance.yahoo.com/news/brixmor-brx-expected-benefit-below-135508948.html))

- 2026-04-29: Brixmor forecasts 2026 FFO of $2.34-$2.37 as same-property NOI growth guidance rises to 4.75%-5.5% ([seekingalpha.com](https://seekingalpha.com/news/4581247-brixmor-forecasts-2026-ffo-of-2_34-2_37-as-same-property-noi-growth-guidance-rises-to-4_75?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-02: A Look At Brixmor Property Group’s Valuation As Guidance Rises On Strong 2026 Start ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/look-brixmor-property-group-valuation-031751820.html))

### Sales · FY2025–2026

sales +2.3%; source https://www.sec.gov/Archives/edgar/data/1581068/000158106826000007/brx-20251231.htm; observed 2026-02-09.

- FY2017: $1.3B 

- FY2018: $1.2B 

- FY2019: $1.2B 

- FY2020: $1.1B 

- FY2021: $1.2B 

- FY2022: $1.2B 

- FY2023: $1.2B 

- FY2024: $1.3B 

- FY2025: $1.4B 

- FY2026: $1.4B 

### Gross margin · FY2025

gross margin 75.2%; source https://www.sec.gov/Archives/edgar/data/1581068/000158106826000007/brx-20251231.htm; observed 2026-02-09.

- FY2016: 75.9% 

- FY2017: 75.4% 

- FY2018: 74.6% 

- FY2019: 74.7% 

- FY2020: 73.4% 

- FY2021: 74.2% 

- FY2022: 74.4% 

- FY2023: 74.3% 

- FY2024: 75.3% 

- FY2025: 75.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 1.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1581068/000158106826000007/brx-20251231.htm (filed 2026-02-09); FY2025: revenue 1371597000; grossProfit 1031081000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BRX.US: Brixmor Property Group Inc. owns and operates a high-quality, national portfolio of open-air shopping centers. The Company's 346 retail centers comprise approximately 63 million square feet of prime retail space in established trade areas. Brixmor's properties reflect their vision (to be the center of the communities we serve) and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a valued partner to a broad range of retailers, including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores. Brixmor Property Group Inc. was established on May 27, 2011 and is based in New York, United States.

### Why customers stay

Margins ranged from 74.3% to 75.3% during 2023–25; it earns 4.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2023: grossProfit / revenue = 74.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2024: grossProfit / revenue = 75.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1581068/000158106826000007/brx-20251231.htm (filed 2026-02-09); FY2025: grossProfit / revenue = 75.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); 10-year return on capital observations [[2016,0.015045153490511148],[2017,0.01732103628467922],[2018,0.037482696524367316],[2019,0.06608085185648216],[2020,0.05409883237661534],[2021,0.03487793384535256],[2022,0.03644808985224778],[2023,0.10378984315556278],[2024,0.05932439801228859],[2025,0.04667704453855592]]; median 0.042079870531461616. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 74% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1581068/000158106826000007/brx-20251231.htm (filed 2026-02-09); Gross margin observations: [[2021,0.7415649402833007],[2022,0.7440295088804129],[2023,0.7429873513697596]]; range within 2 percentage points.

### Where the cash goes

Spends 70.1% of cash earnings on expansion; earns 41.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2016: growth capex 0; upkeep 136357000; owner earnings 488843000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2017: growth capex 0; upkeep 202873000; owner earnings 442814000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2018: growth capex 0; upkeep 268689000; owner earnings 449840000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2019: growth capex 0; upkeep 184576000; owner earnings 403804000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2020: growth capex 0; upkeep 288181000; owner earnings 152080000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2021: growth capex 240230000; upkeep 327152000; owner earnings 270187000. Growth capex / owner earnings = 0.8891249393938272.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2022: growth capex 167925465.20529795; upkeep 572118534.794702; owner earnings 126805465.20529795. Growth capex / owner earnings = 1.3242762441936295.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2023: growth capex 0; upkeep 345157000; owner earnings 322207000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); FY2024: growth capex 65639148.55740023; upkeep 581480851.4425998; owner earnings 139189148.55740023. Growth capex / owner earnings = 0.47158237001738174.

- Source: https://www.sec.gov/Archives/edgar/data/1581068/000158106826000007/brx-20251231.htm (filed 2026-02-09); FY2025: growth capex 141719894.08620644; upkeep 598926105.9137936; owner earnings 202231894.08620644. Growth capex / owner earnings = 0.7007791462695532.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); Incremental return on capital 0.41291403323934145, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); Dividend observations: [[2016,295205000],[2017,317389000],[2018,333411000],[2019,334895000],[2020,170397000],[2021,257229000],[2022,289632000],[2023,315287000],[2024,331203000],[2025,354224000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1581068/000158106826000007/brx-20251231.htm (filed 2026-02-09); FY2025: cash repurchases 449000 USD.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BRX.US SharesStats.PercentInsiders = 0.9169999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 15.7% yearly over ten years; actual decline was 6.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-09); Ten-year compound average after fade. Initial solved rate 0.2136026324605368. Price 27.43; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.2326919483176348 → FY2025 0.6568828454139347. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $25.42 per share

- 2016-11: $24.35 per share

- 2016-12: $24.42 per share

- 2017-01: $24.13 per share

- 2017-02: $23.34 per share

- 2017-03: $21.46 per share

- 2017-04: $19.75 per share

- 2017-05: $18.04 per share

- 2017-06: $17.88 per share

- 2017-07: $19.59 per share

- 2017-08: $18.72 per share

- 2017-09: $18.80 per share

- 2017-10: $17.47 per share

- 2017-11: $18.07 per share

- 2017-12: $18.66 per share

- 2018-01: $16.23 per share

- 2018-02: $15.54 per share

- 2018-03: $15.25 per share

- 2018-04: $14.89 per share

- 2018-05: $15.88 per share

- 2018-06: $17.43 per share

- 2018-07: $17.69 per share

- 2018-08: $18.22 per share

- 2018-09: $17.51 per share

- 2018-10: $16.20 per share

- 2018-11: $16.50 per share

- 2018-12: $14.69 per share

- 2019-01: $17.13 per share

- 2019-02: $17.46 per share

- 2019-03: $18.37 per share

- 2019-04: $17.88 per share

- 2019-05: $17.15 per share

- 2019-06: $17.88 per share

- 2019-07: $18.98 per share

- 2019-08: $18.43 per share

- 2019-09: $20.29 per share

- 2019-10: $22.02 per share

- 2019-11: $21.94 per share

- 2019-12: $21.61 per share

- 2020-01: $19.96 per share

- 2020-02: $18.21 per share

- 2020-03: $9.50 per share

- 2020-04: $11.45 per share

- 2020-05: $11.16 per share

- 2020-06: $12.82 per share

- 2020-07: $11.51 per share

- 2020-08: $11.80 per share

- 2020-09: $11.69 per share

- 2020-10: $10.96 per share

- 2020-11: $15.27 per share

- 2020-12: $16.55 per share

- 2021-01: $16.93 per share

- 2021-02: $19.68 per share

- 2021-03: $20.23 per share

- 2021-04: $22.34 per share

- 2021-05: $22.71 per share

- 2021-06: $22.89 per share

- 2021-07: $23.02 per share

- 2021-08: $23.45 per share

- 2021-09: $22.11 per share

- 2021-10: $23.44 per share

- 2021-11: $22.74 per share

- 2021-12: $25.41 per share

- 2022-01: $25.36 per share

- 2022-02: $25.12 per share

- 2022-03: $25.81 per share

- 2022-04: $25.38 per share

- 2022-05: $24.38 per share

- 2022-06: $20.21 per share

- 2022-07: $23.18 per share

- 2022-08: $21.48 per share

- 2022-09: $18.47 per share

- 2022-10: $21.31 per share

- 2022-11: $23.18 per share

- 2022-12: $22.67 per share

- 2023-01: $23.53 per share

- 2023-02: $22.64 per share

- 2023-03: $21.52 per share

- 2023-04: $21.33 per share

- 2023-05: $20.03 per share

- 2023-06: $22.00 per share

- 2023-07: $22.74 per share

- 2023-08: $21.98 per share

- 2023-09: $20.78 per share

- 2023-10: $20.79 per share

- 2023-11: $21.52 per share

- 2023-12: $23.27 per share

- 2024-01: $22.44 per share

- 2024-02: $22.61 per share

- 2024-03: $23.45 per share

- 2024-04: $22.10 per share

- 2024-05: $22.51 per share

- 2024-06: $23.09 per share

- 2024-07: $25.47 per share

- 2024-08: $27.39 per share

- 2024-09: $27.86 per share

- 2024-10: $26.95 per share

- 2024-11: $30.07 per share

- 2024-12: $27.84 per share

- 2025-01: $26.06 per share

- 2025-02: $27.96 per share

- 2025-03: $26.55 per share

- 2025-04: $24.91 per share

- 2025-05: $25.41 per share

- 2025-06: $26.04 per share

- 2025-07: $26.13 per share

- 2025-08: $27.99 per share

- 2025-09: $27.68 per share

- 2025-10: $26.16 per share

- 2025-11: $26.14 per share

- 2025-12: $26.22 per share

- 2026-01: $26.79 per share

- 2026-02: $30.27 per share

- 2026-03: $28.80 per share

- 2026-04: $30.09 per share

- 2026-05: $30.56 per share

- 2026-06: $31.53 per share

- 2026-07: $31.51 per share

- 2026-08: $28.89 per share

- 2026-09: $27.60 per share

- 2026-10: $27.43 per share

## Annual estimated value (USD per share)

- FY2016: low $10.44 per share, central $11.86 per share, high $13.74 per share

- FY2017: low $13.84 per share, central $15.72 per share, high $18.22 per share

- FY2018: low $15.56 per share, central $17.68 per share, high $20.51 per share

- FY2019: low $14.79 per share, central $16.82 per share, high $19.53 per share

- FY2020: low $14.59 per share, central $16.43 per share, high $18.88 per share

- FY2021: low $15.53 per share, central $17.53 per share, high $20.20 per share

- FY2022: low $10.35 per share, central $11.77 per share, high $13.67 per share

- FY2023: low $10.55 per share, central $12.01 per share, high $13.94 per share

- FY2024: low $7.89 per share, central $8.81 per share, high $10.04 per share

- FY2025: low $8.27 per share, central $9.26 per share, high $10.57 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1581068/000158106826000007/brx-20251231.htm); period 2025-12-31, filed 2026-02-09.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.