SRC Stock Overview
Spirit Realty Capital, Inc. (NYSE: SRC) is a premier net-lease REIT that primarily invests in single-tenant, operationally essential real estate assets, subject to long-term leases.
Spirit Realty Capital Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||US$42.27|
|52 Week High||US$52.29|
|52 Week Low||US$38.74|
|1 Month Change||-8.13%|
|3 Month Change||-9.37%|
|1 Year Change||-7.85%|
|3 Year Change||-1.10%|
|5 Year Change||16.93%|
|Change since IPO||-9.29%|
Recent News & Updates
Spirit Realty Capital: Spirit-Lifting Dividends And Upside Potential
Spirit Realty Capital is a net-lease REIT that benefits from stable cash flows and long-dated maturities. The company's portfolio is protected by significant diversification and increased exposure to higher quality assets and tenants. Shares in SRC are down significantly YTD and are currently trading near their lows, with a dividend yield of over 6.5%. At just 11.4x forward AFFO, shares are discounted to historical averages and the sector median.
Spirit Realty Capital: Buy This 5.6% Yielding Recession-Resistant Trust
Spirit Realty Capital has a strong AFFO forecast in place. Historical occupancy trends, including during the pandemic period, make SRC a top quality REIT to bet on. Low valuation and low payout ratio make SRC a must-buy REIT.
Spirit Realty: My Oh My, Another Strong Buy
What’s most interesting about Spirit Realty right now is the divergence between the direction that the stock’s fundamentals are headed and the direction of the company’s share price. SRC’s share price is down mid-single digits thus far throughout 2022; however, Spirit Realty is expected to post high single digit AFFO growth this year. We give SRC stock a “Safe Strong Buy” rating, making it one of the most intriguing opportunities that we see in the REIT space today.
|SRC||US REITs||US Market|
Return vs Industry: SRC underperformed the US REITs industry which returned 0.7% over the past year.
Return vs Market: SRC exceeded the US Market which returned -10.4% over the past year.
|SRC Average Weekly Movement||4.2%|
|REITs Industry Average Movement||4.4%|
|Market Average Movement||7.8%|
|10% most volatile stocks in US Market||16.8%|
|10% least volatile stocks in US Market||2.9%|
Stable Share Price: SRC is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.
Volatility Over Time: SRC's weekly volatility (4%) has been stable over the past year.
About the Company
Spirit Realty Capital, Inc. (NYSE: SRC) is a premier net-lease REIT that primarily invests in single-tenant, operationally essential real estate assets, subject to long-term leases. As of September 30, 2020, our diverse portfolio of 1,778 owned properties, with an aggregate leasable area of 37.2 million square feet in 48 states, included retail, industrial and office buildings leased to 296 tenants across 28 retail industries.
Spirit Realty Capital Fundamentals Summary
|SRC fundamental statistics|
Is SRC overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|SRC income statement (TTM)|
|Cost of Revenue||US$27.97m|
Last Reported Earnings
Mar 31, 2022
Next Earnings Date
|Earnings per share (EPS)||1.63|
|Net Profit Margin||34.02%|
How did SRC perform over the long term?See historical performance and comparison
6.0%Current Dividend Yield
Is Spirit Realty Capital undervalued compared to its fair value and its price relative to the market?
Valuation Score 4/6
Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PB vs Industry
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: SRC ($42.27) is trading below our estimate of fair value ($158.31)
Significantly Below Fair Value: SRC is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: SRC is good value based on its PE Ratio (26x) compared to the US REITs industry average (33.9x).
PE vs Market: SRC is poor value based on its PE Ratio (26x) compared to the US market (15.5x).
Price to Earnings Growth Ratio
PEG Ratio: SRC is poor value based on its PEG Ratio (3.8x)
Price to Book Ratio
PB vs Industry: SRC is good value based on its PB Ratio (1.4x) compared to the US REITs industry average (1.7x).
How is Spirit Realty Capital forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?
Future Growth Score2/6
Future Growth Score 2/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: SRC's forecast earnings growth (6.9% per year) is above the savings rate (1.9%).
Earnings vs Market: SRC's earnings (6.9% per year) are forecast to grow slower than the US market (12.6% per year).
High Growth Earnings: SRC's earnings are forecast to grow, but not significantly.
Revenue vs Market: SRC's revenue (11.4% per year) is forecast to grow faster than the US market (8% per year).
High Growth Revenue: SRC's revenue (11.4% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: SRC's Return on Equity is forecast to be low in 3 years time (4.8%).
How has Spirit Realty Capital performed over the past 5 years?
Past Performance Score5/6
Past Performance Score 5/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: SRC has high quality earnings.
Growing Profit Margin: SRC's current net profit margins (34%) are higher than last year (6.1%).
Past Earnings Growth Analysis
Earnings Trend: SRC's earnings have grown by 15.1% per year over the past 5 years.
Accelerating Growth: SRC's earnings growth over the past year (626%) exceeds its 5-year average (15.1% per year).
Earnings vs Industry: SRC earnings growth over the past year (626%) exceeded the REITs industry 69.5%.
Return on Equity
High ROE: SRC's Return on Equity (5.4%) is considered low.
How is Spirit Realty Capital's financial position?
Financial Health Score2/6
Financial Health Score 2/6
Short Term Liabilities
Long Term Liabilities
Financial Position Analysis
Short Term Liabilities: SRC's short term assets ($234.5M) exceed its short term liabilities ($146.9M).
Long Term Liabilities: SRC's short term assets ($234.5M) do not cover its long term liabilities ($3.4B).
Debt to Equity History and Analysis
Debt Level: SRC's net debt to equity ratio (75.5%) is considered high.
Reducing Debt: SRC's debt to equity ratio has reduced from 101.5% to 76.1% over the past 5 years.
Debt Coverage: SRC's debt is not well covered by operating cash flow (13.1%).
Interest Coverage: SRC's interest payments on its debt are not well covered by EBIT (3x coverage).
What is Spirit Realty Capital current dividend yield, its reliability and sustainability?
Dividend Score 4/6
Future Dividend Coverage
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: SRC's dividend (6.04%) is higher than the bottom 25% of dividend payers in the US market (1.54%).
High Dividend: SRC's dividend (6.04%) is in the top 25% of dividend payers in the US market (4.05%)
Stability and Growth of Payments
Stable Dividend: SRC has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: SRC has only been paying a dividend for 9 years, and since then payments have fallen.
Earnings Payout to Shareholders
Earnings Coverage: With its reasonable payout ratio (70.6%), SRC's dividend payments are covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: At its current cash payout ratio (80.7%), SRC's dividend payments are covered by cash flows.
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Jackson Hsieh (60 yo)
Mr. Jackson Hsieh has been the President, Chief Executive Officer & Director of Spirit Realty Capital since 2019. Mr. Hsieh has been the President and Chief Executive Officer of Spirit Realty Capital, Inc....
CEO Compensation Analysis
Compensation vs Market: Jackson's total compensation ($USD12.55M) is above average for companies of similar size in the US market ($USD8.23M).
Compensation vs Earnings: Jackson's compensation has increased by more than 20% in the past year.
Experienced Management: SRC's management team is considered experienced (3.2 years average tenure).
Experienced Board: SRC's board of directors are considered experienced (4.4 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: SRC insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 16.8%.
Spirit Realty Capital, Inc.'s employee growth, exchange listings and data sources
- Name: Spirit Realty Capital, Inc.
- Ticker: SRC
- Exchange: NYSE
- Founded: 2003
- Industry: Retail REITs
- Sector: Real Estate
- Implied Market Cap: US$5.677b
- Shares outstanding: 134.31m
- Website: https://www.spiritrealty.com
Number of Employees
- Spirit Realty Capital, Inc.
- 2727 North Harwood Street
- Suite 300
- United States
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/05/16 00:00|
|End of Day Share Price||2022/05/16 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.