Curbline Properties (CURB) has put fresh numbers on the table for FY 2025, with Q4 revenue of US$54.1 million, funds from operations of US$30.3 million and basic EPS of US$0.09 framing the latest update. The company has seen total revenue move from US$34.9 million in Q4 2024 to US$54.1 million in Q4 2025, while trailing twelve month EPS sits at US$0.38 and net income reaches US$39.8 million, giving you a clearer line of sight on how earnings and cash flow are feeding into the current margin profile.

With the headline figures set, the next step is to see how these results compare with the widely held narratives around Curbline Properties and to identify where the numbers start to challenge the prevailing views.

FFO and cash generation doing the heavy lifting

• Across FY 2025, funds from operations moved from US$24.95 million in Q1 to US$30.31 million in Q4, with trailing twelve month FFO reaching US$110.77 million and FFO per share at US$1.06.
• Consensus narrative highlights Curbline’s focus on scaling a convenience retail portfolio, and the current FFO trend ties directly into that story:
  • Analysts are working off trailing earnings of US$39.83 million and a 21.8% net margin while also expecting revenue to grow about 18.9% per year, which leans on the idea that more properties can keep feeding FFO and earnings.
  • At the same time, forecasts that earnings grow about 7.9% per year and that profit margins could settle lower than today show that, even with higher FFO, the consensus narrative is not assuming everything simply scales without pressure.

Stronger FFO and a bigger property base are central to why some investors see room for this story to keep building, but the margin assumptions in the consensus view keep expectations in check.

Margins and earnings jump versus last year

• Over the last twelve months, Curbline reported a net profit margin of 21.8% on US$182.89 million of revenue, up from 8.3% the prior year, while earnings growth over that period was described as very large at about 3x year over year and five year annualised earnings growth sits at 5.1%.
• Consensus narrative leans bullish on the underlying business model, and the recent margin and earnings profile feeds directly into that case:
  • Supporters point to high earnings quality and the 21.8% net margin as evidence that the current property mix and rent levels are working well based on the latest data.
  • However, the same consensus also builds in an expectation that margins could move lower over time, which is less aggressive than simply extrapolating the recent 3x earnings jump and suggests that the bullish view already allows for some compression from today’s profitability.

High P/E meets discounted DCF value

• Curbline trades at US$25.73 with a trailing P/E of 68.1x, above both the peer average of 62.6x and the US Retail REITs industry at 27.1x, while the stock price sits well below a DCF fair value of about US$59.66 based on the provided model.
• What stands out in the more cautious, bearish style arguments is the tension between a rich multiple and the growth assumptions baked into forecasts:
  • Critics focus on the 68.1x P/E and analysts’ expectation that earnings grow about 7.9% per year, which is below the 15.7% per year forecast for the broader US market, as a reason to question how much investors are currently paying for each dollar of profit.
  • On the other hand, the same data set shows the share price is about 56.9% below the DCF fair value of US$59.66 and revenue is projected to grow around 18.9% per year, so the bearish concern about an expensive headline multiple sits alongside a valuation model that suggests the market price is still well under that DCF estimate.

If you want to see how other investors are framing that tension between the rich P/E and the gap to DCF fair value, the latest bear and cautious takes on Curbline can be helpful context.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Curbline Properties on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

See the numbers through a different lens and, if you think the story reads differently to you, shape your own view in just a few minutes with Do it your way

A good starting point is our analysis highlighting 3 key rewards investors are optimistic about regarding Curbline Properties.

See What Else Is Out There

Curbline’s rich 68.1x P/E, together with earnings forecasts that trail broader market expectations and margin pressure concerns, may leave you questioning its value for the price.

If that trade off feels uncomfortable, take a few minutes to scan 51 high quality undervalued stocks, where the focus is on companies that pair stronger value support with solid fundamentals so your shortlist feels more grounded.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.