| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 41 | 21.6x | 17.8x | Around median | |
Growth | 60 | 9.6% | 7.1% | Around median | |
Quality | 76 | 6.1% | 4.5% | Top tier | |
Safety | 47 | 5.2x | 2.6x | Around median | |
Capital Return | 44 | 6.07% | 2.12% | Around median | |
Momentum | 48 | -2.5% | 2.9% | Around median | |
Sentiment | 64 | 3 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Four Corners Property Trust is a real estate investment trust focused on commercial properties leased under triple-net leases, deriving its income primarily from cash rent paid by operators of restaurants, automotive services, medical retail, and veterinary services. Following the completion of the Mission Pet Health portfolio in July 2026, approximately 41% of cash rent came from sectors outside casual dining, distributed among medical retail at 16%, automotive services at 13%, and quick-service restaurants at 10%, while Darden represented approximately 41% of cash rent. The number of properties acquired by FCPT since its inception exceeded 1,000, and the original spin-off portfolio's share declined to 29% of the number of properties owned.
In Q2 fiscal 2026, revenue was $78.4 million, net income was $30.0 million, and earnings per share were $0.27, equivalent to a calculated net income margin of approximately 38.3%. AFFO per share was $0.45, representing year-over-year growth of 1.4%, while cash rental income rose 8.7% to $70 million, and annualized in-place cash base rent at quarter-end reached $270.5 million. Cash general and administrative expenses were $4.8 million, or 6.8% of cash rental income, compared with 6.9% a year earlier.
As of July 30, 2026, the portfolio maintained occupancy of 99.5%, with 99.7% of base rent collected and rent coverage of 5.2 times for the majority of properties that provide this metric. Rent coverage for Darden properties was approximately 6.0 times, while the portfolio's three largest restaurant brands, Olive Garden, LongHorn, and Chili's, recorded sales growth of 2.4%, 9.5%, and 4%, respectively. For the twelve months ended in 2026, FCPT recorded revenue of $306.4 million, net income of $118.6 million, and earnings per share of approximately $1.08.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $28.5, within a range of $27 to $30, compared with a 52-week share price range of $22.78 to $26.86; the average target is approximately 6.1% above the upper end of that range, while the lowest target exceeds it by a narrow margin. However, the analyst consensus is neutral rather than buy, balancing collection quality and the Mission Pet Health transaction on one hand against Darden concentration, AFFO per share growth of only 1.4% in Q2 fiscal 2026, and the sensitivity of expansion to the cost of equity capital on the other.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
Revenue in Q2 fiscal 2026 was approximately $78.4 million, net income was $30.0 million, and earnings per share were $0.27. AFFO per share was $0.45, representing a year-over-year increase of 1.4%. Cash rental income also rose 8.7% to $70 million, while cash general and administrative expenses were $4.8 million, or 6.8% of cash rental income.
In July 2026, FCPT completed the acquisition of 102 properties leased to Mission Pet Health for $268 million, the largest acquisition in the company's ten-year history. The portfolio generates annual cash rent of $17.4 million, with annual escalations of approximately 2% and rent coverage exceeding 6 times. 100 properties are covered by two primary triple-net leases with approximately ten years of remaining term, and Mission Pet Health became the third-largest brand in FCPT's portfolio.
Darden represented approximately 41% of cash rent on a pro forma basis following the addition of Mission Pet Health, despite the original spin-off portfolio's share declining to 29% of the number of properties. Rent coverage for Darden properties was approximately 6.0 times and remained above 5 times during the three years ended July 30, 2026. Notices to extend the first tranche of the original Darden leases must be sent by October 2026 for leases expiring in Q4 fiscal 2027, and renewal options are for five-year terms with rent growth of 1.5% over the prior year.
Darden informed the company in 2026 that it would close four of the ten Bahama Breeze properties, while the other six properties would be renovated and converted to other Darden brands. The four properties represent approximately 0.5% of annual base rent and benefit from leases with between one and four years remaining, with Darden entities continuing to be obligated to make payments until expiration. As of July 30, 2026, FCPT was advanced in letters of intent and re-leasing negotiations, and management therefore expected a limited or no impact on AFFO, but completion of those leases had not been reported as finalized.
Since April 2026, FCPT closed two new debt financings totaling $600 million, representing more than one-third of outstanding debt. They included a $200 million seven-year facility at SOFR plus 125 basis points and a $400 million five-year loan at SOFR plus 90 basis points, with an estimated all-in cost of between 4.5% and 4.9% at July 30, 2026 SOFR levels. On a pro forma basis following the Mission Pet Health transaction, the $350 million revolving credit facility became fully undrawn, and leverage remained below the upper end of the 6 times target, with a $50 million private note remaining due in December 2026.
FCPT announced that the first payment under the monthly distribution system would occur in August 2026, replacing the previous distribution schedule. Management linked this decision to aligning the timing of shareholder distributions with the rents the company receives from tenants. In Q2 fiscal 2026, base rent collection was 99.7%, occupancy as of July 30, 2026 reached 99.5%, and fixed-charge coverage was 4.6 times.
