FSP Financials FRANKLIN STREET PROPERTIES CORP /MA/
15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has declined 15.3% per year over the past 5 years.
Financial health
The company is unprofitable; at its current free-cash-flow burn it has roughly 2.4 years of cash runway.
Shareholder returns
Dividends have been paid for 15 consecutive years.
The dividend has declined 36.0% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
2025
$107M
-$45M
60.8%
0.0%
-7.4%
-5.0%
-$13M
—
$31M
2024
$120M
-$53M
62.5%
0.0%
-8.0%
-5.6%
-$16M
—
$41M
2023
$146M
-$48M
65.2%
0.0%
-6.7%
-4.1%
-$14M
—
$126M
2022
$166M
$1M
68.1%
0.0%
0.1%
0.1%
-$40M
—
$4M
2021
$209M
$93M
70.9%
0.0%
11.8%
6.8%
-$28M
—
$34M
2020
$246M
$33M
72.8%
0.0%
4.2%
1.8%
-$9M
—
$3M
2019
$269M
$6M
73.1%
0.0%
0.8%
0.4%
$11M
—
$10M
2018
$269M
$13M
73.7%
2.5%
1.6%
0.7%
$29M
—
$11M
2017
$273M
-$16M
73.9%
3.1%
-1.8%
-0.8%
$42M
—
$10M
2016
$250M
$8M
0.0%
4.3%
0.9%
0.4%
$57M
—
$9M
2015
$244M
$35M
0.0%
5.4%
3.7%
1.8%
$81M
—
$18M
2014
$250M
—
0.0%
5.8%
0.0%
0.0%
$85M
—
$8M
2013
$214M
—
0.0%
8.9%
0.0%
0.0%
$73M
—
$20M
2012
$162M
—
0.0%
13.1%
0.0%
0.0%
$55M
—
$21M
2011
$138M
—
0.0%
11.5%
0.0%
0.0%
—
—
$24M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Return on equity & assets (ROE / ROA)
ROEROA
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
ROE
ROA
FCF
Total debt
Cash
Mar '26
$26M
-$10M
60.8%
0.0%
-1.6%
-1.1%
-$8M
—
$24M
Dec '25
$26M
-$7M
59.4%
0.0%
-1.2%
-0.8%
$24000
—
$31M
Sep '25
$27M
-$8M
60.9%
0.0%
-1.4%
-0.9%
$3M
—
$31M
Jun '25
$27M
-$8M
59.9%
0.0%
-1.3%
-0.9%
-$6M
—
$29M
Mar '25
$27M
-$21M
62.8%
0.0%
-3.4%
-2.3%
-$10M
—
$30M
Dec '24
$28M
-$9M
59.7%
0.0%
-1.3%
-0.9%
-$4M
—
$41M
Sep '24
$30M
-$16M
61.0%
0.0%
-2.3%
-1.6%
$9M
—
$41M
Jun '24
$31M
-$21M
64.2%
0.0%
-3.1%
-2.1%
-$5M
—
$30M
Mar '24
$31M
-$8M
64.7%
0.0%
-1.1%
-0.7%
-$16M
—
$34M
Dec '23
$35M
$4M
62.3%
0.0%
0.5%
0.3%
$708000
—
$126M
Sep '23
$37M
-$46M
65.3%
0.0%
-6.4%
-4.0%
$3M
—
$13M
Jun '23
$36M
-$8M
66.5%
0.0%
-1.1%
-0.7%
-$5M
—
$6M
Mar '23
$38M
$2M
66.4%
0.0%
0.3%
0.2%
-$13M
—
$10M
Dec '22
$41M
-$3M
65.4%
0.0%
-0.4%
-0.2%
-$11M
—
$4M
Sep '22
$41M
$17M
67.3%
0.0%
2.2%
1.4%
$3M
—
$6M
Jun '22
$41M
-$9M
70.1%
0.0%
-1.2%
-0.7%
-$12M
—
$4M
Mar '22
$42M
-$4M
69.6%
0.0%
-0.5%
-0.3%
-$20M
—
$8M
Dec '21
$43M
$79M
64.9%
0.0%
10.0%
5.8%
-$424000
—
$34M
Sep '21
$51M
$4M
71.7%
0.0%
0.6%
0.3%
$3M
—
$5M
Jun '21
$56M
$16M
72.7%
0.0%
2.1%
1.0%
-$16M
—
$19M
Valuation over time
How the market has priced FSP against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 148.3× (Mar '23) to 242.6× (Dec '23).
The price-to-sales ratio has fallen from 1.0× (Mar '23) to 0.4× (Sep '26).
The dividend yield has fallen from 33.3% (Mar '23) to 9.9% (Sep '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is FSP growing its revenue and profit?
Over the past 5 years, FRANKLIN STREET PROPERTIES CORP /MA/'s revenue has declined 15.3% per year. These are computed facts, not advice.
How much debt does FSP have?
As of FY2025, FRANKLIN STREET PROPERTIES CORP /MA/ reported — of total debt against $31M of cash.
What is FSP's profit margin?
In FY2025, gross margin was 60.8%, operating margin —, and net margin -42.0%.
What is FSP's P/E ratio?
As of Sep '26, FRANKLIN STREET PROPERTIES CORP /MA/ traded at a price-to-earnings ratio of about 242.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.