A Business at a Glance
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The following discussion should be read in conjunction with our consolidated financial statements and the related notes to the consolidated financial statements that appear elsewhere in this annual report on Form 10-K. As used in this annual report on Form 10-K and unless otherwise indicated, the terms the terms “Zoned Properties”, “Company,” “we,” “us,” or “our” refer to Zoned Properties, Inc. and its wholly owned subsidiaries as detailed below. Zoned Properties, Inc. (“Zoned Properties” or the “Company”) was incorporated in the State of Nevada on August 25, 2003. In October 2013, the Company changed its name to Zoned Properties, Inc. and in April 2014, the Company shifted its business model to address commercial real estate in the regulated cannabis industry. Zoned Properties is a technology-driven property investment company focused on acquiring value-add real estate within the regulated cannabis industry in the United States.
| Metric | TTM | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | 3.8M | 3.8M | 2.9M | 864K |
| Net Income | 574K | 574K | -540K | -574K |
| EPS | $0.06 | $0.06 | $-0.04 | $-0.05 |
| Free Cash Flow | 572K | 572K | 81K | 868K |
| ROIC | 18.8% | 19.9% | 3.2% | -1.9% |
| Gross Margin | 66.1% | 66.1% | 54.1% | -42.6% |
| Debt/Equity | 0.00 | 1.76 | 1.76 | 1.53 |
| Dividends/Share | $0.00 | - | - | - |
| Operating Income | 1.1M | 1.1M | 169K | -109K |
| Operating Margin | 29.1% | 29.1% | 5.9% | -12.6% |
| ROE | 9.8% | 10.3% | -10.3% | -10.1% |
| Shares Outstanding | 10M | 10M | 14M | 11M |
| Metric | 2022 | |||
|---|---|---|---|---|
| Income Statement | ||||
| Revenue | 864K | 2.9M | 3.8M | 3.8M |
| Gross Margin | -42.6% | 54.1% | 66.1% | 66.1% |
| R&D | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A |
| EBIT | -109K | 169K | 1.1M | 1.1M |
| Op. Margin | -12.6% | 5.9% | 29.1% | 29.1% |
| Net Income | -574K | -540K | 574K | 574K |
| Net Margin | -66.4% | -18.7% | 15.1% | 15.1% |
| Non-Recurring | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||
| ROIC | -1.9% | 3.2% | 19.9% | 18.8% |
| ROE | -10.1% | -10.3% | 10.3% | 9.8% |
| ROA | -4.0% | -3.7% | 3.7% | 3.5% |
| Cash Flow | ||||
| Op. Cash Flow | 872K | 83K | 578K | 578K |
| Free Cash Flow | 868K | 81K | 572K | 572K |
| Owner Earnings | 870K | -415K | 165K | 165K |
| CapEx | 4K | 1K | 6K | 6K |
| Maint. CapEx | 2K | 381K | 358K | 358K |
| Growth CapEx | 2K | 0 | 0 | 0 |
| D&A | 2K | 381K | 358K | 358K |
| CapEx/OCF | 0.4% | 1.3% | 1.1% | 1.1% |
| Capital Allocation | ||||
| Dividends Paid | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | N/A | 117K | 55K | 55K |
| Debt Repayment | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||
| Net Debt | N/A | N/A | N/A | 0 |
| Cash & Equiv. | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A |
| Debt/Equity | 1.53 | 1.76 | 1.76 | 0.00 |
| Interest Coverage | -0.7 | 0.3 | 1.6 | 1.6 |
| Equity | 5.7M | 5.2M | 5.9M | 5.9M |
| Total Assets | 14M | 14M | 16M | 16M |
| Total Liabilities | 8.7M | 9.2M | 10M | 10M |
| Intangibles | N/A | N/A | N/A | N/A |
| Retained Earnings | -16M | -16M | -16M | -16M |
| Working Capital | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A |
| Current Liabilities | 189K | 177K | 434K | 434K |
| Per Share Data | ||||
| EPS | -0.05 | -0.04 | 0.06 | 0.06 |
| Owner EPS | 0.08 | -0.03 | 0.02 | 0.02 |
| Book Value | 0.49 | 0.39 | 0.61 | 0.61 |
| Cash Flow/Share | 0.08 | 0.01 | 0.06 | 0.10 |
| Dividends/Share | N/A | N/A | N/A | 0.00 |
| Shares Out. | 11.5M | 13.5M | 9.6M | 9.6M |
| Valuation | ||||
| P/E Ratio | N/A | N/A | 7.6 | 6.9 |
| P/FCF | 10.5 | 76.8 | 7.6 | 7.0 |
| EV/EBIT | N/A | N/A | N/A | 3.6 |
| Price/Book | 1.6 | 1.2 | 0.7 | 0.7 |
| Price/Sales | 9.6 | 3.0 | 1.4 | 1.1 |
| FCF Yield | 9.5% | 1.3% | 13.2% | 14.3% |
| Market Cap | 9.1M | 6.3M | 4.3M | 4.0M |
| Avg. Price | 0.73 | 0.63 | 0.54 | 0.42 |
| Year-End Price | 0.80 | 0.46 | 0.45 | 0.42 |
Zoned Properties, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
Zoned Properties, Inc. trades at 6.9x trailing earnings, compared to its 15-year median P/E of 7.6x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 7.0x vs a median of 10.5x. The company's 5-year average ROIC is 7.1% with a gross margin of 25.8%. At current prices, the estimated annualized return to fair value is -13.5%.
Zoned Properties, Inc. (ZDPY) has a current P/E ratio of 6.9, compared to its historical median P/E of 7.6. The stock is currently considered Cheap based on its historical valuation range.
Zoned Properties, Inc. (ZDPY) has a 5-year average return on invested capital (ROIC) of 7.1%. This is below average and may indicate limited pricing power.
Zoned Properties, Inc. (ZDPY) has a market capitalization of $4M. It is classified as a small-cap stock.
Zoned Properties, Inc. (ZDPY) does not currently pay a regular dividend.
Based on historical P/E analysis, Zoned Properties, Inc. (ZDPY) appears cheap. The current P/E of 6.9 is 8% below its historical median of 7.6. The estimated fair value CAGR (P/E method) is 70.9%.
Zoned Properties, Inc. (ZDPY) operates in the Opeators Of Nonresidential Buildings industry, within the Real Estate sector.
Zoned Properties, Inc. (ZDPY) reported annual revenue of $4 million in its most recent fiscal year, based on SEC EDGAR filings.
Zoned Properties, Inc. (ZDPY) has a net profit margin of 15.1%. This is a healthy margin.
Zoned Properties, Inc. (ZDPY) generated $572 thousand in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Zoned Properties, Inc. (ZDPY) has a debt-to-equity ratio of 1.76. This indicates higher leverage, which may increase financial risk.
Zoned Properties, Inc. (ZDPY) reported earnings per share (EPS) of $0.06 in its most recent fiscal year.
Zoned Properties, Inc. (ZDPY) has a return on equity (ROE) of 10.3%. This indicates moderate shareholder returns.
Zoned Properties, Inc. (ZDPY) has a 5-year average gross margin of 25.8%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 3 years of financial data for Zoned Properties, Inc. (ZDPY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Zoned Properties, Inc. (ZDPY) has a book value per share of $0.61, based on its most recent annual SEC filing.
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