# Trinity Place Holdings (TPHS.US)

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

Analysis as of: 2026-10-15T06:38:13.798Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $0.03 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 8

- Operating margin variation: 0.91×

Chart: Operating margin; fiscal year observations.

- FY2016: -3.87×

- FY2017: -4.95×

- FY2018: -1.91×

- FY2019: -2.81×

- FY2020: -10.18×

- FY2021: -0.38×

- FY2022: -0.18×

- FY2023: -0.27×

- FY2024: -2.22×

- FY2025: -7.08×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: -3.6%

- ROIC, second-lowest year: -8.3%

- Typical minus recent gross margin: 2.2 pp

- Typical gross margin (annual median): 1.8%

- Recent gross margin (lower of latest and 3-year median): -0.4%

- Years with nonpositive capital: 1

- Capital spending / revenue: 342.6%

- ROIC including acquisitions, ten-year median: -10.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -7.9%

- FY2017: -8.3%

- FY2018: -3.3%

- FY2019: -4.0%

- FY2020: -5.7%

- FY2021: -2.6%

- FY2022: -2.1%

- FY2023: -3.1%

- FY2024: -234.6%

- FY2025: 0.0%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$86M

- Net income, five-year total: -$80M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -88.2 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$17M

- FY2022: -$21M

- FY2023: -$50M

- FY2024: $6.4M

- FY2025: -$4.8M

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -7.9% vs -3.1%

- Per-share earnings: -0.29 to -0.07 (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: 12.3%

- Ordinary dilution, 5-year annual growth: 14.7%

- Market cap gain: -$235M

- Cumulative retained earnings: -$90M

- Diluted shares, 10-year annual growth: 12.3%

- Diluted shares, 5-year annual growth: 14.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $0.22

- Per-share value, starting three-year median: -$0.29

- Per-share value, ending three-year median: -$0.07

- Buybacks concentrated in cheaper years (correlation): -0.09

- Average buyback yield: 1.0%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: $11M

- Cumulative net income, 10 years: -$95M

- ROIC, first three-year median: -7.9%

- ROIC, last three-year median: -3.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.29

- FY2017: -$0.07

- FY2018: -$0.25

- FY2019: -$0.07

- FY2020: $0.13

- FY2021: -$0.62

- FY2022: -$0.56

- FY2023: -$1.02

- FY2024: $0.09

- FY2025: -$0.07

### accounting: pass

- Sloan accruals: -1056.0%

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2016: 8.7%

- FY2017: 2.2%

- FY2018: -2.0%

- FY2019: 0.4%

- FY2020: 4.5%

- FY2021: -4.0%

- FY2022: -7.2%

- FY2023: -12.5%

- FY2024: 363.4%

- FY2025: -1056.0%

## Holders

## Price story

Down 99% since Oct 2021 · sales -89.3%

Story as of 2026-10-16T09:59:42.847Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -89.3%; source https://www.sec.gov/Archives/edgar/data/724742/000155837025003553/tphs-20241231x10k.htm; observed 2025-03-24.

- FY2016: $1.9M 

- FY2017: $1.9M 

- FY2018: $3.7M 

- FY2019: $4.1M 

- FY2020: $1.8M 

- FY2021: $27M 

- FY2022: $43M 

- FY2023: $34M 

- FY2024: $2.2M 

- FY2025: $239K 

### Gross margin · FY2025

gross margin 86.2%; source https://www.sec.gov/Archives/edgar/data/724742/000155837025003553/tphs-20241231x10k.htm; observed 2025-03-24.

- FY2016: 51.6% 

- FY2017: 35.6% 

- FY2018: 40.1% 

- FY2022: 3.9% 

- FY2025: 86.2% 

## Owner memo

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

### How it makes money

Operates in real estate development; annual sales are USD 239000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-24); FY2025: revenue 239000; grossProfit 206000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); TPHS.US: Trinity Place Holdings Inc. operates as a real estate holding, investment, development, and asset management company in the United States. Its assets are located at 77 Greenwich Street in Lower Manhattan; and a property occupied by a retail tenant in Paramus, New Jersey. The company also controls various intellectual property assets focuses on the consumer sector, including FilenesBasement.com, its rights to the Stanley Blacker brand, as well as the intellectual property associated with the running of the Brides event and An Educated Consumer. Trinity Place Holdings Inc. was incorporated in 2012 and is headquartered in New York, New York.

### Why customers stay

It lost 3.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-24); FY2023: grossProfit / revenue = -0.4%.

- Source: https://www.sec.gov/Archives/edgar/data/724742/000155837025003553/tphs-20241231x10k.htm (filed 2025-03-24); FY2024: grossProfit / revenue = -1.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-24); FY2025: grossProfit / revenue = 86.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-24); 10-year return on capital observations [[2016,-0.07870177094320768],[2017,-0.08258879161752698],[2018,-0.03278321342363666],[2019,-0.03957894968042347],[2020,-0.05672893056774604],[2021,-0.026201604530438887],[2022,-0.02085949151711631],[2023,-0.03054842350879853],[2024,-2.345565996734778],[2025,0]]; median -0.036181081552030064. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 9 years; bought back USD 52000 of shares.

- Source: https://www.sec.gov/Archives/edgar/data/724742/000155837025003553/tphs-20241231x10k.htm (filed 2025-03-24); FY2024: growth capex 0; upkeep 0; owner earnings 6374000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-24); Dividend observations: [[2016,0],[2017,32302000],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-24); FY2025: cash repurchases 52000 USD.

### Are managers owners

Insiders own 1.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); TPHS.US SharesStats.PercentInsiders = 1.503 percentage points; cache date 2026-10-05.

### What the price says

The price is 7.5 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-03-24); Closing price 0.0276 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.0036698656429942416; price multiple 7.52071129707113. FY2025 cash earnings/share -0.07362763915547026. Closing-price date 2026-10-15.

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

- 2016-10: $9.62 per share

- 2016-11: $9.96 per share

- 2016-12: $9.23 per share

- 2017-01: $8.04 per share

- 2017-02: $8.52 per share

- 2017-03: $7.28 per share

- 2017-04: $7.10 per share

- 2017-05: $6.66 per share

- 2017-06: $7.08 per share

- 2017-07: $6.92 per share

- 2017-08: $6.88 per share

- 2017-09: $6.99 per share

- 2017-10: $7.17 per share

- 2017-11: $7.01 per share

- 2017-12: $6.92 per share

- 2018-01: $6.73 per share

- 2018-02: $5.98 per share

- 2018-03: $6.47 per share

- 2018-04: $6.52 per share

- 2018-05: $6.95 per share

- 2018-06: $6.52 per share

- 2018-07: $6.40 per share

- 2018-08: $6.07 per share

- 2018-09: $6.06 per share

- 2018-10: $5.32 per share

- 2018-11: $4.91 per share

- 2018-12: $4.32 per share

- 2019-01: $4.13 per share

- 2019-02: $4.05 per share

- 2019-03: $3.98 per share

- 2019-04: $3.90 per share

- 2019-05: $4.06 per share

- 2019-06: $3.93 per share

- 2019-07: $4.18 per share

- 2019-08: $3.80 per share

- 2019-09: $3.98 per share

- 2019-10: $3.96 per share

- 2019-11: $3.07 per share

- 2019-12: $3.00 per share

- 2020-01: $3.29 per share

- 2020-02: $3.28 per share

- 2020-03: $1.81 per share

- 2020-04: $1.47 per share

- 2020-05: $1.71 per share

- 2020-06: $1.37 per share

- 2020-07: $1.32 per share

- 2020-08: $1.42 per share

- 2020-09: $1.40 per share

- 2020-10: $1.38 per share

- 2020-11: $1.35 per share

- 2020-12: $1.24 per share

- 2021-01: $1.68 per share

- 2021-02: $2.22 per share

- 2021-03: $2.08 per share

- 2021-04: $1.93 per share

- 2021-05: $1.90 per share

- 2021-06: $2.10 per share

- 2021-07: $2.36 per share

- 2021-08: $2.11 per share

- 2021-09: $1.95 per share

- 2021-10: $2.00 per share

- 2021-11: $1.91 per share

- 2021-12: $1.84 per share

- 2022-01: $1.80 per share

- 2022-02: $1.88 per share

- 2022-03: $1.90 per share

- 2022-04: $1.32 per share

- 2022-05: $1.35 per share

- 2022-06: $1.01 per share

- 2022-07: $1.05 per share

- 2022-08: $0.96 per share

- 2022-09: $0.88 per share

- 2022-10: $0.76 per share

- 2022-11: $0.49 per share

- 2022-12: $0.74 per share

- 2023-01: $0.86 per share

- 2023-02: $0.86 per share

- 2023-03: $0.48 per share

- 2023-04: $0.31 per share

- 2023-05: $0.50 per share

- 2023-06: $0.54 per share

- 2023-07: $0.50 per share

- 2023-08: $0.38 per share

- 2023-09: $0.37 per share

- 2023-10: $0.38 per share

- 2023-11: $0.18 per share

- 2023-12: $0.11 per share

- 2024-01: $0.17 per share

- 2024-02: $0.15 per share

- 2024-03: $0.15 per share

- 2024-04: $0.14 per share

- 2024-05: $0.14 per share

- 2024-06: $0.12 per share

- 2024-07: $0.06 per share

- 2024-08: $0.04 per share

- 2024-09: $0.04 per share

- 2024-10: $0.03 per share

- 2024-11: $0.06 per share

- 2024-12: $0.07 per share

- 2025-01: $0.04 per share

- 2025-02: $0.06 per share

- 2025-03: $0.05 per share

- 2025-04: $0.05 per share

- 2025-05: $0.05 per share

- 2025-06: $0.05 per share

- 2025-07: $0.04 per share

- 2025-08: $0.04 per share

- 2025-09: $0.05 per share

- 2025-10: $0.04 per share

- 2025-11: $0.04 per share

- 2025-12: $0.04 per share

- 2026-01: $0.03 per share

- 2026-02: $0.03 per share

- 2026-03: $0.03 per share

- 2026-04: $0.03 per share

- 2026-05: $0.03 per share

- 2026-06: $0.02 per share

- 2026-07: $0.02 per share

- 2026-08: $0.04 per share

- 2026-09: $0.03 per share

- 2026-10: $0.03 per share

## Annual estimated value (USD 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

Prior published observations retained from 2026-10-15T06:38:13.798Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/724742/000155837025003553/tphs-20241231x10k.htm); period 2024-12-31, filed 2025-03-24.

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.