Curbline Properties
CURB on NYSE. Real estate. Market value $3.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.38 of spare cash in the past 12 months. A savings account pays about $4.
You pay 65.5 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 23 of 100. Our list needs 70 on quality and 60 on price.
$27.89 a share, 25% above its 1-year low
Over the past year the price has ranged from $22.25 to $32.15.
Dividend: 2.2% a year
Paid in its latest year
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | ||
| Revenue | $121m | $183m |
| Operating margin | ||
| Operating margin | 9.2% | 28.6% |
| Debt to equity | ||
| Debt to equity | 0.00 | 0.22 |
| Shares outstanding | ||
| Shares outstanding | 0.11bn | 0.11bn |
Health checks
- Free cash flow positive2 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.22× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $63 million last quarter, up 53% on a year ago.
- Profit: $7 million, down 33% on a year ago.
- Spare cash over the past 12 months: $108 million, up from $67 million.
- 3% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $441 million more than cash. A year ago it had $331 million more cash than debt.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $30m |
| December 2024 | $35m |
| March 2025 | $39m |
| June 2025 | $41m |
| September 2025 | $49m |
| December 2025 | $54m |
| March 2026 | $58m |
| June 2026 | $63m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$15m |
| December 2024 | $11m |
| March 2025 | $11m |
| June 2025 | $10m |
| September 2025 | $9m |
| December 2025 | $10m |
| March 2026 | $4m |
| June 2026 | $7m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 10 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 283 funds in all.
- Diamond Hill Capital ManagementRic Dillon (founder)
- Value
- $6m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Land & BuildingsJonathan Litt | $33m | 5.7% | Added |
| Diamond Hill Capital ManagementRic Dillon (founder) | $6m | <0.1% |
Largest holders overall
- BlackRock$531mAdded
- T. Rowe Price Investment Management$405m
- Vanguard Portfolio Management$285m
- State Street$170mAdded
- Principal Financial Group$156m
- Vanguard Capital Management$131m
- Prudential Financial$125m
- FMR$114mCut
- Goldman Sachs Group$113mAdded
- Alyeska Investment Group, L.P.$105mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- BlackRock, Inc.Passive investor15.0%Since 30 June 2026
- T. Rowe Price Investment Management, Inc.Passive investor12.7%+2.6 ptsSince 31 December 2025
- Vanguard Portfolio ManagementPassive investor8.8%Since 31 March 2026
- Alexander OttoInsider or founder6.4%Since 12 August 2026
- STATE STREET CORPORATIONPassive investor5.3%Since 31 December 2024
- FMR LLCPassive investorat least 4.0%−1.2 pts(filed with 1 related holder)Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 15.0% | 30 June 2026 | |
T. Rowe Price Investment Management, Inc. Passive investor | 12.7%+2.6 pts | 31 December 2025 | |
Vanguard Portfolio Management Passive investor | 8.8% | 31 March 2026 | |
Alexander Otto Insider or founder | 6.4% | 12 August 2026 | |
STATE STREET CORPORATION Passive investor | 5.3% | 31 December 2024 | |
FMR LLC Passive investor | at least 4.0%−1.2 pts (filed with 1 related holder) | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $47m.
- Otto AlexanderDirectorSold
- Date
- 14 September 2026
- Shares
- 839
- Price
- $29.52
- Value
- $24,767
- Otto AlexanderDirectorSold
- Date
- 10 September 2026
- Shares
- 2,344
- Price
- $29.51
- Value
- $69,171
- Otto AlexanderDirectorSold
- Date
- 9 September 2026
- Shares
- 33,112
- Price
- $29.59
- Value
- $979,784
- Otto AlexanderDirectorSold
- Date
- 8 September 2026
- Shares
- 221,812
- Price
- $29.68
- Value
- $7m
- Otto AlexanderDirectorSold
- Date
- 1 September 2026
- Shares
- 100
- Price
- $30.02
- Value
- $3,002
- Otto AlexanderDirectorSold
- Date
- 31 August 2026
- Shares
- 3,600
- Price
- $30.05
- Value
- $108,180
- Otto AlexanderDirectorSold
- Date
- 28 August 2026
- Shares
- 110,144
- Price
- $30.11
- Value
- $3m
- Otto AlexanderDirectorSold
- Date
- 27 August 2026
- Shares
- 500
- Price
- $30.00
- Value
- $15,000
- Otto AlexanderDirectorSold
- Date
- 26 August 2026
- Shares
- 134,868
- Price
- $30.17
- Value
- $4m
- Otto AlexanderDirectorSold
- Date
- 25 August 2026
- Shares
- 174,293
- Price
- $30.12
- Value
- $5m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 September 2026 | Otto Alexander Director | Sold | 839 | $29.52 | $24,767 |
| 10 September 2026 | Otto Alexander Director | Sold | 2,344 | $29.51 | $69,171 |
| 9 September 2026 | Otto Alexander Director | Sold | 33,112 | $29.59 | $979,784 |
| 8 September 2026 | Otto Alexander Director | Sold | 221,812 | $29.68 | $7m |
| 1 September 2026 | Otto Alexander Director | Sold | 100 | $30.02 | $3,002 |
| 31 August 2026 | Otto Alexander Director | Sold | 3,600 | $30.05 | $108,180 |
| 28 August 2026 | Otto Alexander Director | Sold | 110,144 | $30.11 | $3m |
| 27 August 2026 | Otto Alexander Director | Sold | 500 | $30.00 | $15,000 |
| 26 August 2026 | Otto Alexander Director | Sold | 134,868 | $30.17 | $4m |
| 25 August 2026 | Otto Alexander Director | Sold | 174,293 | $30.12 | $5m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 10 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 8 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 65.5× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.