One-glance verdict
Overvalued
$23.85 our estimate vs market $56.83
Wall Street consensus: $64.68 (171.2% higher than our fair-value estimate)
138% above our estimate, beyond the bull case
Fundamentals snapshot
EPR Properties
EPR · NYQ · Real Estate · REIT - Specialty
Current price
$56.83
52-week range
$48.11 - $64.97
Market cap
$4.35B
Balance sheet
Stretched
3.02x Stretched
Net debt $3.51B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 3.4% last year.
- Reward Returns 11.3% on equity, ahead of 50% of its peers.
- Risk Net debt grew 3.4% over 3 years.
- Risk Operating margin compressed from 56.0% to 54.3% over 3 years.
What this company does
EPR Properties
EPR Properties is a special type of company called a Real Estate Investment Trust (a company that owns properties and uses the rent it collects to pay its investors) that focuses on fun places like movie theaters, ski resorts, and water parks. It acts as the landlord for these properties, making money from the steady rent paid by the companies that run them. This means EPR's success is tied to people having money to spend on out-of-home entertainment and experiences.
How the company got here
EPR Properties started in 1997 with a specific focus on owning movie theater buildings. It was originally called Entertainment Properties Trust and provided money to theater operators like AMC to build new megaplexes. Over time, the company realized that betting only on movie theaters was risky, so it began buying other types of properties where people spend their leisure time. To reflect this broader focus, it changed its name to EPR Properties in 2012 and expanded into owning everything from ski resorts and water parks to private schools.
What it actually does
EPR Properties is a special type of company called a real estate investment trust, or REIT (a company that owns and often operates income-producing real estate). Think of them as a landlord for businesses focused on experiences. Instead of renting apartments, they own the buildings for places like movie theaters, Topgolf locations, amusement parks, and ski resorts. The businesses that run these attractions pay rent to EPR, usually through a long-term agreement called a triple-net lease, where the tenant (the business running the attraction) also pays for maintenance, insurance, and taxes.
Experiential
This is the company's main business, making up about 95% of its properties. This segment owns the physical real estate for a wide range of leisure and recreation businesses where people go to have an experience. This includes movie theaters, 'eat & play' venues that combine dining with activities like bowling or golf, water parks, ski resorts, and fitness centers. The operators of these venues, like Six Flags or Topgolf, pay EPR rent to use the properties, which provides a steady stream of income for the company.
Education
This is a much smaller, legacy part of the company, representing about 5% of its investments. This segment owns the buildings for early childhood education centers and private schools. Just like with the experiential properties, the schools that operate in these buildings pay rent to EPR. While the company's main focus is now on experiential properties, this segment provides an additional source of rental income from a different type of tenant.
What management is betting on now
The company's main strategy is to continue diversifying its portfolio of experiential properties to be less dependent on any single type of activity, especially movie theaters. Management is actively investing in a wider range of attractions, fitness centers, and other experience-based real estate. They are betting that as people, particularly younger generations, continue to prioritize spending money on experiences over material goods, the demand for these types of properties will remain strong and provide reliable returns for investors.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$121.49M
FY2024 Q4
$89.62M
FY2025 Q1
$84.70M
FY2025 Q2
$82.45M
FY2025 Q3
$132.11M
FY2025 Q4
$-30.05M
FY2026 Q1
$76.93M
FY2026 Q2
$-328.75M
Revenue
$196.08M
Net income
$67.17M
Diluted EPS
0.79
Operating cash flow
$93.17M
Free cash flow
$-328.75M
Fetching…
Sources
Revenue
$181.25M
Net income
$62.61M
Diluted EPS
0.74
Operating cash flow
$113.37M
Free cash flow
$76.93M
Fetching…
Sources
Revenue
$182.95M
Net income
$66.90M
Diluted EPS
0.80
Operating cash flow
$97.78M
Free cash flow
$-30.05M
Fetching…
Sources
Revenue
$182.31M
Net income
$66.59M
Diluted EPS
0.79
Operating cash flow
$136.48M
Free cash flow
$132.11M
Fetching…
Sources
Revenue
$178.07M
Net income
$75.64M
Diluted EPS
0.91
Operating cash flow
$87.32M
Free cash flow
$82.45M
Fetching…
Sources
Revenue
$175.03M
Net income
$65.80M
Diluted EPS
0.78
Operating cash flow
$99.37M
Free cash flow
$84.70M
Fetching…
Sources
Revenue
$177.23M
Net income
$-8.39M
Diluted EPS
-0.19
Operating cash flow
$92.94M
Free cash flow
$89.62M
Fetching…
Sources
Revenue
$180.51M
Net income
$46.65M
Diluted EPS
0.53
Operating cash flow
$122.00M
Free cash flow
$121.49M
Fetching…
Sources
Is it cheap or expensive?
Fair value $23.85 vs current price $56.83
Wall Street consensus is the average analyst price target: $64.68 (171.2% higher than our fair-value estimate).
Our most-likely fair value is $23.85 a share — about 58.0% below today's price of $56.83, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Stretched
Net debt $3.5B. Interest coverage 3.0x.
Net debt
$3.51B
Interest coverage
3.02x
EPR Properties's profit covers its interest bill about 3.0 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Stretched
Worse cushion
Baseline
Better cushion
EPR
BASELINE
EPR Properties
Total debt $3.52B Interest coverage 3.02x This is the baseline the peer rows are being compared against.
Total debt $2.92B Interest coverage 3.32x +10% vs EPR Has roughly the same debt cushion as EPR.
Total debt $17.84B Interest coverage 4.33x +43% vs EPR Carries about 1.4x more debt cushion than EPR.
Total debt $8.38B Interest coverage 3.23x +7% vs EPR Has roughly the same debt cushion as EPR.
Total debt $4.13B Interest coverage 2.04x -33% vs EPR Carries about 1.5x less debt cushion than EPR.
Total debt $4.10B Interest coverage 0.85x -72% vs EPR Carries about 3.6x less debt cushion than EPR.
What you should know
The case for and against EPR
3 Rewards
3 Risks
Rewards
-
Revenue grew 3.4% last year.
-
Returns 11.3% on equity, ahead of 50% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
-
Net debt grew 3.4% over 3 years.
-
Operating margin compressed from 56.0% to 54.3% over 3 years.
-
Insider ownership is only 2.3% (peer median: 2.9%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
18.21x
Forward P/E
17.87x
P/B
1.88x
P/S
5.89x
EV/EBITDA
13.71x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
91.9%
Operating margin
54.3%
Net margin
35.6%
ROE
11.3%
ROA
4.2%
Health
Liquidity and balance-sheet strength
Debt / equity
1.52x
Current ratio
1.67x
Quick ratio
1.25x
Total debt
$3.52B
Total cash
$16.28M
Growth
How the business has been compounding
Revenue TTM
$742.59M
Revenue 5Y CAGR
7.8%
EPS TTM
3.12
EPS 5Y CAGR
17.3%
Cash flow
How much cash the business throws off
Operating CF TTM
$440.80M
Free CF TTM
$269.20M
FCF margin
36.3%
Dividend
Shareholder payout
Yield
6.6%
Payout ratio
115.4%
Last ex-div date
2026-09-30