# Inventrust Properties (IVT.US)

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

Analysis as of: 2026-10-16T07:29:26.918Z. Financial observations: FY2005–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: $29.88 per share; close as of 2026-10-15.

Estimated value: low $15.71 per share, central $17.75 per share, high $20.48 per share. Buy at or below the central value $17.75 per share. Valuation as of 2026-10-16T07:29:26.918Z; scenarios are not confidence intervals.

Expected annual return: 7.0% at the stated quote. About 7.0% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 0.41×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.06×

- FY2018: 0.14×

- FY2019: 0.12×

- FY2020: 0.09×

- FY2021: 0.01×

- FY2022: 0.15×

- FY2023: 0.14×

- FY2024: 0.17×

- FY2025: 0.17×

- LTM to Jun 2026: 0.16×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 84.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 1.0%

- ROIC, second-lowest year: 0.1%

- Typical minus recent gross margin: 84.6 pp

- Typical gross margin (annual median): 70.5%

- Recent gross margin (lower of latest and 3-year median): -14.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.3%

- ROIC including acquisitions, ten-year median: 4.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -0.1%

- FY2017: 0.6%

- FY2018: 1.5%

- FY2019: 1.2%

- FY2020: 0.7%

- FY2021: 0.1%

- FY2022: 1.0%

- FY2023: 1.0%

- FY2024: 1.9%

- FY2025: 2.0%

### economics: pass

- Owner earnings / net income, 5-yr: 3.09×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $547M

- Net income, five-year total: $177M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -3.3 pp

- Working capital / revenue, change between three-year averages: -2.5 pp

- Working capital / revenue, final three-year average: -6.0%

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

- FY2021: -11.64×

- FY2022: 2.26×

- FY2023: 15.11×

- FY2024: 6.70×

- FY2025: 1.75×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 0.6% vs 1.9%

- Per-share earnings: 0.80 to 0.19 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.9%

- Ordinary dilution, 5-year annual growth: 1.7%

- Market cap gain: $2.0B

- Cumulative retained earnings: -$160M

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: 1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -16.3%

- Per-share value change: -$0.61

- Per-share value, starting three-year median: $0.80

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

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 30.7%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $166M

- Cumulative net income, 10 years: $604M

- ROIC, first three-year median: 0.6%

- ROIC, last three-year median: 1.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.96

- FY2017: $0.80

- FY2018: $1.10

- FY2019: $0.53

- FY2020: -$0.14

- FY2021: -$0.08

- FY2022: $0.77

- FY2023: $0.08

- FY2024: $0.19

- FY2025: $1.42

### accounting: pass

- Sloan accruals: -1.6%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.39×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 4.7%

- FY2017: -2.1%

- FY2018: -1.6%

- FY2019: -2.7%

- FY2020: -4.3%

- FY2021: -4.3%

- FY2022: -3.0%

- FY2023: -5.0%

- FY2024: -4.7%

- FY2025: -1.6%

## Holders

## Price story

Price needs cash profits to grow 7.7% a year for ten years · sales +5.9%

Story as of 2026-10-16T09:58:58.511Z; price observation 2026-10-15.

Price needs cash profits to grow 7.7% a year for ten years

### Sales · FY2025–2026

sales +5.9%; source https://www.sec.gov/Archives/edgar/data/1307748/000130774826000045/ivtp-20251231.htm; observed 2026-02-12.

- FY2017: $252M 

- FY2018: $243M 

- FY2019: $226M 

- FY2020: $198M 

- FY2021: $212M 

- FY2022: $237M 

- FY2023: $259M 

- FY2024: $274M 

- FY2025: $299M 

- FY2026: $317M 

### Gross margin · FY2024

gross margin 70.9%; source https://www.sec.gov/Archives/edgar/data/1307748/000130774826000045/ivtp-20251231.htm; observed 2026-02-12.

- FY2016: 72.1% 

- FY2017: 73.2% 

- FY2018: 71.1% 

- FY2019: 70.8% 

- FY2020: 70.3% 

- FY2021: 69.8% 

- FY2022: 69.1% 

- FY2023: 70.0% 

- FY2024: 70.9% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are USD 299.2 million.

- Source: https://www.sec.gov/Archives/edgar/data/1307748/000130774826000045/ivtp-20251231.htm (filed 2026-02-12); FY2025: revenue 299169000; grossProfit -42168000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); IVT.US: InvenTrust Properties Corp. is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component. Management pursues the Company's business strategy by acquiring retail properties in Sun Belt markets, opportunistically disposing of retail properties, and maintaining a flexible capital structure. A trusted, local operator bringing real estate expertise to its tenant relationships, IVT has built a strong reputation with market participants across its portfolio. InvenTrust Properties Corp. was established on 4th October, 2004 and is incorporated in Maryland.

### Why customers stay

It earns 1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 70%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 70.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1307748/000130774826000045/ivtp-20251231.htm (filed 2026-02-12); FY2025: grossProfit / revenue = -14.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2016,-0.000633632402187833],[2017,0.005775271180811528],[2018,0.015439894458967977],[2019,0.012408372776044514],[2020,0.006928233602046555],[2021,0.0010526454785101387],[2022,0.01025140995841154],[2023,0.010243342764609345],[2024,0.0187329584670982],[2025,0.01982534422616126]]; median 0.010247376361510442. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 69% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1307748/000130774826000045/ivtp-20251231.htm (filed 2026-02-12); Gross margin observations: [[2021,0.6976115558616656],[2022,0.6909090140975974],[2023,0.6998523249161113]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2016: growth capex 0; upkeep 39305000; owner earnings 417276000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2017: growth capex 0; upkeep 66117000; owner earnings 204904000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2018: growth capex 0; upkeep 48631000; owner earnings 241105000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2019: growth capex 0; upkeep 52977000; owner earnings 82851000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2020: growth capex 0; upkeep 18669000; owner earnings 58912000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 0; upkeep 19416000; cash acquisitions 0; owner earnings 62367000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2022: growth capex 0; upkeep 23722000; owner earnings 117874000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: growth capex 0; upkeep 35744000; owner earnings 79612000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: growth capex 0; upkeep 36116000; owner earnings 91490000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1307748/000130774826000045/ivtp-20251231.htm (filed 2026-02-12); FY2025: growth capex 0; upkeep 44522000; owner earnings 195396000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,98606000],[2017,53358000],[2018,54194000],[2019,53250000],[2020,54214000],[2021,55561000],[2022,55302000],[2023,57491000],[2024,62779000],[2025,72847000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); IVT.US SharesStats.PercentInsiders = 0.941 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 7.7% yearly over ten years; actual growth was 5.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Ten-year compound average after fade. Initial solved rate 0.0974479154164748. Price 29.88; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.4577321381951092 → FY2025 2.494254130561099. Closing-price date 2026-10-15.

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

- 2016-10: $1.76 per share

- 2016-11: $2.06 per share

- 2016-12: $2.06 per share

- 2017-01: $2.06 per share

- 2017-02: $2.06 per share

- 2017-03: $1.75 per share

- 2017-04: $1.63 per share

- 2017-05: $1.25 per share

- 2017-06: $1.50 per share

- 2017-07: $1.50 per share

- 2017-08: $1.50 per share

- 2017-09: $1.50 per share

- 2017-10: $1.50 per share

- 2017-11: $1.50 per share

- 2017-12: $1.50 per share

- 2018-01: $1.50 per share

- 2018-02: $1.50 per share

- 2018-03: $1.50 per share

- 2018-04: $1.50 per share

- 2018-05: $1.50 per share

- 2018-06: $1.50 per share

- 2018-07: $1.50 per share

- 2018-08: $2.10 per share

- 2018-09: $1.80 per share

- 2018-10: $1.80 per share

- 2018-11: $1.55 per share

- 2018-12: $1.55 per share

- 2019-01: $1.55 per share

- 2019-02: $1.55 per share

- 2019-03: $1.55 per share

- 2019-04: $1.55 per share

- 2019-05: $1.55 per share

- 2019-06: $1.55 per share

- 2019-07: $1.55 per share

- 2019-08: $1.55 per share

- 2019-09: $1.55 per share

- 2019-10: $1.55 per share

- 2019-11: $1.55 per share

- 2019-12: $1.55 per share

- 2020-01: $1.25 per share

- 2020-02: $1.25 per share

- 2020-03: $2.25 per share

- 2020-04: $1.10 per share

- 2020-05: $1.10 per share

- 2020-06: $1.10 per share

- 2020-07: $1.10 per share

- 2020-08: $1.10 per share

- 2020-09: $1.10 per share

- 2020-10: $1.10 per share

- 2020-11: $1.10 per share

- 2020-12: $1.10 per share

- 2021-01: $1.10 per share

- 2021-02: $1.20 per share

- 2021-03: $1.26 per share

- 2021-04: $1.40 per share

- 2021-05: $1.51 per share

- 2021-06: $1.30 per share

- 2021-07: $1.25 per share

- 2021-08: $1.27 per share

- 2021-09: $19.75 per share

- 2021-10: $23.73 per share

- 2021-11: $24.09 per share

- 2021-12: $27.26 per share

- 2022-01: $26.94 per share

- 2022-02: $25.95 per share

- 2022-03: $30.78 per share

- 2022-04: $30.29 per share

- 2022-05: $29.64 per share

- 2022-06: $25.79 per share

- 2022-07: $28.67 per share

- 2022-08: $26.26 per share

- 2022-09: $21.33 per share

- 2022-10: $25.20 per share

- 2022-11: $25.71 per share

- 2022-12: $23.67 per share

- 2023-01: $24.87 per share

- 2023-02: $24.19 per share

- 2023-03: $23.40 per share

- 2023-04: $22.55 per share

- 2023-05: $21.49 per share

- 2023-06: $23.14 per share

- 2023-07: $24.34 per share

- 2023-08: $23.91 per share

- 2023-09: $23.81 per share

- 2023-10: $25.10 per share

- 2023-11: $24.12 per share

- 2023-12: $25.34 per share

- 2024-01: $24.83 per share

- 2024-02: $25.25 per share

- 2024-03: $25.71 per share

- 2024-04: $25.34 per share

- 2024-05: $24.77 per share

- 2024-06: $24.76 per share

- 2024-07: $28.17 per share

- 2024-08: $29.68 per share

- 2024-09: $28.37 per share

- 2024-10: $29.45 per share

- 2024-11: $30.97 per share

- 2024-12: $30.13 per share

- 2025-01: $29.74 per share

- 2025-02: $29.78 per share

- 2025-03: $29.37 per share

- 2025-04: $27.86 per share

- 2025-05: $28.09 per share

- 2025-06: $27.40 per share

- 2025-07: $27.57 per share

- 2025-08: $29.77 per share

- 2025-09: $28.62 per share

- 2025-10: $27.40 per share

- 2025-11: $28.54 per share

- 2025-12: $28.21 per share

- 2026-01: $29.39 per share

- 2026-02: $31.20 per share

- 2026-03: $30.46 per share

- 2026-04: $32.12 per share

- 2026-05: $33.13 per share

- 2026-06: $35.40 per share

- 2026-07: $35.41 per share

- 2026-08: $32.31 per share

- 2026-09: $30.15 per share

- 2026-10: $29.88 per share

## Annual estimated value (USD per share)

- FY2016: low $19.67 per share, central $21.46 per share, high $23.83 per share

- FY2017: low $20.99 per share, central $23.59 per share, high $27.06 per share

- FY2018: low $31.67 per share, central $35.58 per share, high $40.78 per share

- FY2019: low $31.03 per share, central $34.84 per share, high $39.90 per share

- FY2020: low $27.46 per share, central $30.83 per share, high $35.31 per share

- FY2021: low $12.50 per share, central $14.14 per share, high $16.33 per share

- FY2022: low $15.99 per share, central $17.92 per share, high $20.49 per share

- FY2023: low $14.18 per share, central $15.95 per share, high $18.30 per share

- FY2024: low $14.19 per share, central $15.98 per share, high $18.36 per share

- FY2025: low $14.38 per share, central $16.30 per share, high $18.86 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/1307748/000130774826000045/ivtp-20251231.htm); period 2025-12-31, filed 2026-02-12.

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.