# Community Healthcare Trust (CHCT.US)

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

Analysis as of: 2026-10-16T07:27:23.753Z. Financial observations: FY2014–FY2025.

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: $13.26 per share; close as of 2026-10-15.

Estimated value: low $12.28 per share, central $13.98 per share, high $16.23 per share. Buy at or below the central value $13.98 per share. Valuation as of 2026-10-16T07:27:23.753Z; scenarios are not confidence intervals.

Expected annual return: 10.4% at the stated quote. About 10.4% 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

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 1

- Operating margin variation: 0.31×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.20×

- FY2018: 0.28×

- FY2019: 0.31×

- FY2020: 0.37×

- FY2021: 0.36×

- FY2022: 0.35×

- FY2023: 0.22×

- FY2024: 0.17×

- FY2025: 0.17×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 72.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: 2.7%

- ROIC, second-lowest year: 1.3%

- Typical minus recent gross margin: 72.1 pp

- Typical gross margin (annual median): 80.7%

- Recent gross margin (lower of latest and 3-year median): 8.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.3%

- ROIC including acquisitions, ten-year median: 5.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.0%

- FY2017: 1.3%

- FY2018: 2.9%

- FY2019: 2.8%

- FY2020: 4.1%

- FY2021: 4.4%

- FY2022: 4.0%

- FY2023: 2.6%

- FY2024: 1.7%

- FY2025: 2.1%

### economics: pass

- Owner earnings / net income, 5-yr: 3.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $165M

- Net income, five-year total: $54M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -2.8 pp

- Working capital / revenue, change between three-year averages: -14.7 pp

- Working capital / revenue, final three-year average: 33.9%

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

- FY2021: 2.07×

- FY2022: 2.04×

- FY2023: 3.78×

- FY2024: -4.99×

- FY2025: 5.51×

### management: fail

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 1.3% vs 2.1%

- Per-share earnings: 0.24 to 0.19 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 19.0%

- Ordinary dilution, 5-year annual growth: 4.5%

- Market cap gain: $168M

- Cumulative retained earnings: $111M

- Diluted shares, 10-year annual growth: 19.0%

- Diluted shares, 5-year annual growth: 4.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -2.7%

- Per-share value change: -$0.05

- Per-share value, starting three-year median: $0.24

- Per-share value, ending three-year median: $0.19

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.3%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: $346M

- Cumulative net income, 10 years: $92M

- ROIC, first three-year median: 1.3%

- ROIC, last three-year median: 2.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.24

- FY2017: $0.24

- FY2018: $0.25

- FY2019: $0.45

- FY2020: $0.88

- FY2021: $0.97

- FY2022: $0.93

- FY2023: $0.31

- FY2024: -$0.12

- FY2025: $0.19

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -5.2%

- Receivables to sales index (DSRI): 0.79×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 18.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 11.06×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.9%

- FY2017: -4.8%

- FY2018: -4.7%

- FY2019: -4.3%

- FY2020: -4.4%

- FY2021: -4.5%

- FY2022: -4.4%

- FY2023: -5.7%

- FY2024: -6.3%

- FY2025: -5.2%

## Holders

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

## Price story

Down 72% since Oct 2021 · sales +4.7%

Story as of 2026-10-16T09:58:29.891Z; price observation 2026-10-15.

Price needs cash profits to grow 0.2% a year for ten years

### Sales · FY2024–2025

sales +4.7%; source https://www.sec.gov/Archives/edgar/data/1631569/000163156926000012/chct-20251231.htm; observed 2026-02-17.

- FY2016: $25M 

- FY2017: $37M 

- FY2018: $49M 

- FY2019: $61M 

- FY2020: $76M 

- FY2021: $91M 

- FY2022: $98M 

- FY2023: $113M 

- FY2024: $116M 

- FY2025: $121M 

### Gross margin · FY2025

gross margin 8.7%; source https://www.sec.gov/Archives/edgar/data/1631569/000163156926000012/chct-20251231.htm; observed 2026-02-17.

- FY2016: 81.2% 

- FY2017: 76.8% 

- FY2018: 79.6% 

- FY2019: 79.9% 

- FY2020: 82.0% 

- FY2021: 83.3% 

- FY2022: 83.0% 

- FY2023: 81.6% 

- FY2024: 80.3% 

- FY2025: 8.7% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are USD 121.2 million.

- Source: https://www.sec.gov/Archives/edgar/data/1631569/000163156926000012/chct-20251231.htm (filed 2026-02-17); FY2025: revenue 121195000; grossProfit 10495000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 8.7% to 81.6% during 2023–25; it earns 2.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: grossProfit / revenue = 81.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: grossProfit / revenue = 80.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1631569/000163156926000012/chct-20251231.htm (filed 2026-02-17); FY2025: grossProfit / revenue = 8.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); 10-year return on capital observations [[2016,0.010330514009669774],[2017,0.012817908312132772],[2018,0.029190865691610668],[2019,0.02843053782214447],[2020,0.04133040952247622],[2021,0.04429765523932124],[2022,0.04030438787367288],[2023,0.026184578411158652],[2024,0.01652691820903718],[2025,0.020966711228923143]]; median 0.02730755811665156. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 83% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1631569/000163156926000012/chct-20251231.htm (filed 2026-02-17); Gross margin observations: [[2021,0.8326543680102452],[2022,0.8296870361080683],[2023,0.816447339270681]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2016: growth capex 0; upkeep 1579000; owner earnings 22470000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2017: growth capex 0; upkeep 1132000; owner earnings 32334000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2018: growth capex 0; upkeep 4557000; owner earnings 34963000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2019: growth capex 0; upkeep 4372000; owner earnings 26756000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2020: growth capex 0; upkeep 6995000; owner earnings 37596000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2021: growth capex 0; upkeep 7219000; owner earnings 46498000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2022: growth capex 0; upkeep 10376000; owner earnings 44835000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2023: growth capex 0; upkeep 18981000; owner earnings 29172000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); FY2024: growth capex 0; upkeep 24644000; owner earnings 15880000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1631569/000163156926000012/chct-20251231.htm (filed 2026-02-17); FY2025: growth capex 0; upkeep 20524000; owner earnings 28116000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Dividend observations: [[2016,17783000],[2017,24432000],[2018,29375000],[2019,31947000],[2020,38034000],[2021,42406000],[2022,44485000],[2023,48059000],[2024,51698000],[2025,53669000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1631569/000163156926000012/chct-20251231.htm (filed 2026-02-17); FY2025: cash repurchases 1792000 USD.

### Are managers owners

Insiders own 6.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); CHCT.US SharesStats.PercentInsiders = 6.419999999999999 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits grow 0.2% yearly over ten years; actual growth was 5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-17); Ten-year compound average after fade. Initial solved rate -0.009370256771950303. Price 13.26; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.6424895677422425 → FY2025 1.0468779089250475. Closing-price date 2026-10-15.

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

- 2016-10: $22.38 per share

- 2016-11: $21.78 per share

- 2016-12: $23.03 per share

- 2017-01: $21.57 per share

- 2017-02: $23.79 per share

- 2017-03: $23.90 per share

- 2017-04: $24.72 per share

- 2017-05: $24.70 per share

- 2017-06: $25.59 per share

- 2017-07: $25.37 per share

- 2017-08: $26.56 per share

- 2017-09: $26.96 per share

- 2017-10: $27.43 per share

- 2017-11: $27.26 per share

- 2017-12: $28.10 per share

- 2018-01: $26.64 per share

- 2018-02: $23.54 per share

- 2018-03: $25.74 per share

- 2018-04: $25.50 per share

- 2018-05: $27.70 per share

- 2018-06: $29.87 per share

- 2018-07: $30.00 per share

- 2018-08: $31.03 per share

- 2018-09: $30.98 per share

- 2018-10: $29.72 per share

- 2018-11: $31.54 per share

- 2018-12: $28.83 per share

- 2019-01: $33.02 per share

- 2019-02: $35.69 per share

- 2019-03: $35.89 per share

- 2019-04: $36.48 per share

- 2019-05: $39.13 per share

- 2019-06: $39.41 per share

- 2019-07: $41.09 per share

- 2019-08: $42.64 per share

- 2019-09: $44.55 per share

- 2019-10: $48.42 per share

- 2019-11: $47.60 per share

- 2019-12: $42.86 per share

- 2020-01: $47.17 per share

- 2020-02: $47.63 per share

- 2020-03: $38.28 per share

- 2020-04: $37.20 per share

- 2020-05: $36.42 per share

- 2020-06: $40.90 per share

- 2020-07: $45.73 per share

- 2020-08: $46.70 per share

- 2020-09: $46.76 per share

- 2020-10: $46.30 per share

- 2020-11: $45.16 per share

- 2020-12: $47.11 per share

- 2021-01: $44.72 per share

- 2021-02: $43.83 per share

- 2021-03: $46.12 per share

- 2021-04: $50.92 per share

- 2021-05: $47.28 per share

- 2021-06: $47.46 per share

- 2021-07: $49.83 per share

- 2021-08: $48.51 per share

- 2021-09: $45.19 per share

- 2021-10: $47.84 per share

- 2021-11: $43.03 per share

- 2021-12: $47.27 per share

- 2022-01: $45.34 per share

- 2022-02: $41.70 per share

- 2022-03: $42.21 per share

- 2022-04: $36.82 per share

- 2022-05: $37.68 per share

- 2022-06: $36.21 per share

- 2022-07: $38.95 per share

- 2022-08: $36.89 per share

- 2022-09: $32.75 per share

- 2022-10: $34.60 per share

- 2022-11: $35.26 per share

- 2022-12: $35.80 per share

- 2023-01: $42.88 per share

- 2023-02: $38.74 per share

- 2023-03: $36.60 per share

- 2023-04: $35.79 per share

- 2023-05: $32.80 per share

- 2023-06: $33.02 per share

- 2023-07: $35.24 per share

- 2023-08: $33.19 per share

- 2023-09: $29.70 per share

- 2023-10: $28.67 per share

- 2023-11: $27.10 per share

- 2023-12: $26.64 per share

- 2024-01: $25.59 per share

- 2024-02: $27.14 per share

- 2024-03: $26.55 per share

- 2024-04: $26.53 per share

- 2024-05: $23.46 per share

- 2024-06: $23.39 per share

- 2024-07: $21.76 per share

- 2024-08: $18.73 per share

- 2024-09: $18.15 per share

- 2024-10: $18.76 per share

- 2024-11: $18.90 per share

- 2024-12: $19.21 per share

- 2025-01: $19.83 per share

- 2025-02: $18.74 per share

- 2025-03: $18.16 per share

- 2025-04: $17.08 per share

- 2025-05: $16.34 per share

- 2025-06: $16.63 per share

- 2025-07: $15.37 per share

- 2025-08: $15.41 per share

- 2025-09: $15.30 per share

- 2025-10: $14.66 per share

- 2025-11: $15.58 per share

- 2025-12: $16.42 per share

- 2026-01: $17.28 per share

- 2026-02: $17.09 per share

- 2026-03: $15.89 per share

- 2026-04: $17.22 per share

- 2026-05: $17.22 per share

- 2026-06: $18.28 per share

- 2026-07: $18.31 per share

- 2026-08: $14.71 per share

- 2026-09: $14.18 per share

- 2026-10: $13.26 per share

## Annual estimated value (USD per share)

- FY2018: low $21.69 per share, central $24.67 per share, high $28.64 per share

- FY2019: low $25.62 per share, central $29.15 per share, high $33.84 per share

- FY2020: low $27.61 per share, central $31.41 per share, high $36.47 per share

- FY2021: low $21.87 per share, central $24.88 per share, high $28.89 per share

- FY2022: low $22.84 per share, central $25.93 per share, high $30.05 per share

- FY2023: low $22.51 per share, central $25.61 per share, high $29.73 per share

- FY2024: low $23.73 per share, central $29.27 per share, high $34.13 per share

- FY2025: low $12.79 per share, central $14.54 per share, high $16.88 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/1631569/000163156926000012/chct-20251231.htm); period 2025-12-31, filed 2026-02-17.

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.

## Reported holder observations

- [Christopher Davis](https://gigainvestors.com/DAV): 322,890 CHCT shares; USD 5,902,000 reported position value; 0.03% of portfolio; reduce; quarter 2026 Q2.

# CHCT — Community Healthcare Trust Inc.

Held by 1 investor · USD 5,902,000 total · 2026 Q2 · reported price USD 18.28 (split-adjusted).
Page: https://gigainvestors.com/s/CHCT

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Christopher Davis (https://gigainvestors.com/DAV) | USD 5,902,000 | <0.1% | reduce -2.17% |

## Total held by quarter

- 2023 Q1: USD 1,855,029 · 1 holder · USD 36.61
- 2023 Q2: USD 3,461,487 · 1 holder · USD 33.02
- 2023 Q3: USD 4,852,980 · 1 holder · USD 29.70
- 2023 Q4: USD 5,943,384 · 1 holder · USD 26.64
- 2024 Q1: USD 5,844,983 · 1 holder · USD 26.55
- 2024 Q2: USD 5,020,172 · 1 holder · USD 22.82
- 2024 Q3: USD 3,913,684 · 1 holder · USD 18.15
- 2024 Q4: USD 4,142,252 · 1 holder · USD 19.21
- 2025 Q1: USD 5,479,598 · 1 holder · USD 18.16
- 2025 Q2: USD 5,525,816 · 1 holder · USD 16.63
- 2025 Q3: USD 5,097,807 · 1 holder · USD 15.30
- 2025 Q4: USD 5,345,695 · 1 holder · USD 16.42
- 2026 Q1: USD 5,244,336 · 1 holder · USD 15.89
- 2026 Q2: USD 5,902,000 · 1 holder · USD 18.28