Postal Realty Trust
PSTL on NYSE. Postal Realty Trust leases post offices and industrial space to the USPS. Market value $677m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Real estate stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $6.11 of spare cash in the past 12 months. A savings account pays about $4.
You pay 26.5 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 2 cents a year. Above 10 is good.
Quality score: 70 of 100. Price score: 54 of 100. Our list needs 70 on quality and 60 on price.
$22.38 a share, 57% above its 1-year low
Over the past year the price has ranged from $14.25 to $25.22.
Dividend: 4.5% a year
Paid every year for at least 5 years
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $40m | $53m | $64m | $76m | $96m |
| Operating margin | |||||
| Operating margin | 14.8% | 18.2% | 22.0% | 27.7% | 35.8% |
| Debt to equity | |||||
| Debt to equity | 0.43 | 0.86 | 0.99 | 1.18 | 1.27 |
| Shares outstanding | |||||
| Shares outstanding | 0.02bn | 0.02bn | 0.02bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive2 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- Debt1.27× equity
- Revenue growth, five yearsStrong, 31.4% a year
- Buying back its own sharesNo, 59% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $29 million last quarter, up 22% on a year ago.
- Profit: $5 million, up 40% on a year ago.
- It keeps 38 cents of each $1 of sales as operating profit, up from 34 cents a year earlier.
- 18% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $380 million more than cash, up from $328 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $20m |
| December 2024 | $21m |
| March 2025 | $22m |
| June 2025 | $23m |
| September 2025 | $24m |
| December 2025 | $26m |
| March 2026 | $27m |
| June 2026 | $29m |
| Quarter to | Amount |
|---|---|
| September 2024 | $1m |
| December 2024 | $5m |
| March 2025 | $2m |
| June 2025 | $4m |
| September 2025 | $4m |
| December 2025 | $5m |
| March 2026 | $4m |
| June 2026 | $5m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 24 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
None of the long-term investors we follow own it. 222 funds in all.
Largest holders overall
- FMR$78mAdded
- BlackRock$73mAdded
- Federated Hermes$33mAdded
- Vanguard Capital Management$29mAdded
- TWO Sigma Investments, LP$26mAdded
- Marshall Wace, LLP$23mCut
- Geode Capital Management$20mAdded
- State Street$15mAdded
- CSM Advisors$12mAdded
- North Star Investment Management$12mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- FMR LLCPassive investorat least 11.4%+1.1 pts(filed with 1 related holder)Since 30 June 2026
- BlackRock, Inc.Passive investor6.7%Since 30 June 2025
- Andrew SpodekInsider or founderSold down below 5%Since 4 September 2026
What they said
Item 4 of the Original Schedule 13D is hereby amended and supplemented by incorporating the information set forth in Items 5 and 6 below into this Item 4 by reference.
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
FMR LLC Passive investor | at least 11.4%+1.1 pts (filed with 1 related holder) | 30 June 2026 | |
BlackRock, Inc. Passive investor | 6.7% | 30 June 2025 | |
Andrew Spodek Insider or founder | Sold down below 5% | 4 September 2026 | What they saidItem 4 of the Original Schedule 13D is hereby amended and supplemented by incorporating the information set forth in Items 5 and 6 below into this Item 4 by reference. Read the filing |
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. 1 sold $409,983, $409,983 of it under preset trading plans.
- Garber JeremyPres., Treasurer & SecretarySoldunder a preset trading plan
- Date
- 4 March 2026
- Shares
- 19,914
- Price
- $20.59
- Value
- $409,983
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 4 March 2026 | Garber Jeremy Pres., Treasurer & Secretary | Sold under a preset trading plan | 19,914 | $20.59 | $409,983 |
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 24 Feb 2026, plus the 10-Q filed 4 Aug 2026 and 9 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: 26.5× 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.