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Seritage Growth Properties (SRG) Fair Value & Analysis

Real Estate · US · Market cap $148M · ISIN US81752R1005

What is Seritage Growth Properties really worth?

SG Seritage Growth Properties logo Seritage Growth Properties SRG · US
Price$2.17
Fair Value$3.94
Upside+81.6%
Quality44/100

Below-average quality, trading 45% below our fair value of $3.94.

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Risks

!Weak Growth (revenue 5y −31.0 %/yr)
!Thin margins · 0.0% net margin
!Low debt · negative free cash flow
!Mixed vs. peers (4/10)
!Narrow moat 6/100
!Evidence only low, so the estimate is less certain
Evidence: Low Range $2.94 – $5.88

Fair value as of: Aug 13, 2026

From 3 valuation models · updated 22 days ago

Share price −11.1% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case ($2.94). The market is more pessimistic than our downside scenario.
  • The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
  • A fairly wide model range ($2.94 to $5.88) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

$19.33 $2.02 Fair Value $3.94 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range $2.02 – $19.33 · fair‑value band $2.94 – $5.88 · the $2.17 price screens below the $3.94 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Seritage Growth Properties (SRG) currently trades at $2.17, while our model-based Fair Value estimate is $3.94, implying the stock looks roughly 44.9% undervalued today. The Quality Score stands at 44/100 (below-average quality), in the Real Estate sector. Bull case: the Asset-Based group reads highest at a median of $3.94 per share, and 1 of the 3 models we run sit above the $2.17 price. Bear case: the Dividend Discount group reads lowest at $0.6500, and 2 of the 3 models stay below the price. Evidence for this calculation is low.

Trailing-twelve-month revenue stands at $15.5M. It earns a return on equity of −22.3%. Fundamentals as of Aug 13, 2026

Our scenario range runs from $2.94 (bear case) to $5.88 (bull case); at $2.17, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 52% below its 52-week high, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −23% fair-value upside, at 82%, SRG screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Gordon GGM best evidence $0.6100 $0.6500 $0.7100 69
DDM Multi-Stage $0.6100 $0.7000 $0.8200 67
NCAV (Graham) $2.94 $3.94 $5.88 54
All 3 models by family
Dividend Discount
Gordon GGM best evidence $0.6100 $0.6500 $0.7100 69
DDM Multi-Stage $0.6100 $0.7000 $0.8200 67
Asset-Based
NCAV (Graham) $2.94 $3.94 $5.88 54

Widest divergence: Asset-Based ($3.94) versus Dividend Discount ($0.6500). Highest evidence: Gordon GGM (69).

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Key figures & financial health

P/S ratio 9.51 TTM
EPS (TTM) $−1.44
Dividend yield 3.3%
Return on equity −22.3% TTM
Return on assets (EBIT) −5.6% avg 5y
Operating margin −8,919% TTM
More key figures
Growth
Revenue (TTM) $15.5M TTM
Revenue growth (YoY) −98.4% 3y avg −44.6%
EPS growth (YoY) −97.6%
Balance sheet & cash flow
Free cash flow −$34.9M FY2025
Net cash $411K FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 45 · Market factors (momentum, volatility) 10

Profitability 0
Margins and returns on capital today
Quality Growth 78
Are margins and returns improving?
Cashflow 25
Earnings quality: real cash, not paper profit
Fin. Strength 47
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 18
Calm price path (market factor)
Momentum 10
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 59
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Seritage Growth Properties was principally engaged in the ownership, development, redevelopment, management, sale and leasing of diversified retail and mixed-use properties throughout the United States.

Full company description

Seritage Growth Properties was principally engaged in the ownership, development, redevelopment, management, sale and leasing of diversified retail and mixed-use properties throughout the United States. As of March 31, 2026, the Company's portfolio consisted of interests in 10 properties comprised of approximately 0.8 million square feet of gross leasable area or build-to-suit leased area and 154 acres of land. The portfolio encompasses five consolidated properties consisting of approximately 0.3 million square feet of GLA and 71 acres (such properties, the Consolidated Properties) and five unconsolidated entities consisting of approximately 0.5 million square feet of GLA and 83 acres (such properties, the Unconsolidated Properties). Seritage Growth Properties was incorporated in 2015 in Maryland, USA.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Seritage Growth Properties reported revenue of $18.2M in FY2025 versus $117M in FY2021, a compound −37.2%/yr. Reported net income was −$68.2M in FY2025.

Growth Quality 6/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
$18.2M
Latest YoY
+3.3%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−44.6%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−31.0%
Avg. revenue growth/yr (11Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−21.8%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue −37.2%/yr
FY21 $117M
FY22 $107M
FY23 $20.8M
FY24 $17.6M
FY25 $18.2M
Net income
FY21 −$28.1M
FY22 −$73.9M
FY23 −$155M
FY24 −$154M
FY25 −$68.2M

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Cite: Fair Value Calculator (2026). "Seritage Growth Properties Fair Value". https://www.fairvalue-calculator.com/stock/SRG

Peer Group

Real Estate Services · 523 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 46 · Below median
Fair Value upside +82% · Top 25%
Return on assets −3% · Bottom 25%
Net margin (TTM) 0% · Below median
Revenue growth −98% · Bottom 25%
Dividend yield (TTM) 3.3% · Above median
Debt / equity 0.14× · Lower than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/B 0.45× · Cheaper than median
P/S (TTM) 9.51× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 30
FUTURE0 · sector 11
PAST0 · sector 17
HEALTH93 · sector 84
DIVIDEND66 · sector 63

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
CBRE Group CBRE $148.74 $69.47 −53%
Vonovia SE VNA €19.85 €36.67 +85%
Cellnex Telecom, S.A CLNX €27.47 €25.46 −7%
KE Holdings BEKE $17.42 $6.57 −62%
Jones Lang LaSalle Incorporated JLL $378.01 $290.25 −23%
Swire Properties Limited 1972 HK$24.84 HK$5.12 −79%
CoStar Group CSGP $32.22 $4.64 −86%
China Resources Mixc Lifestyle Services Limited 1209 HK$39.84 HK$34.95 −12%
CapitaLand Investment Limited 9CI 2.66 SGD 0.4900 SGD −82%
Plaza S.A MALLPLAZA 4,040 CLP 4,571 CLP +13%

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Frequently asked questions

Is Seritage Growth Properties (SRG) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of $3.94 versus a price of $2.17, about +82% upside (undervalued).
What is the fair value of SRG?
Our model-based fair value for Seritage Growth Properties is $3.94 (as of Aug 13, 2026), built from audited fundamentals. The current price: $2.17.
What is the quality score of SRG?
Seritage Growth Properties has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Seritage Growth Properties (SRG)?
Seritage Growth Properties reported trailing-twelve-month revenue of about $15.5M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of SRG?
The net profit margin of Seritage Growth Properties is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.
Does Seritage Growth Properties pay a dividend?
Seritage Growth Properties currently shows a dividend yield of about 3.31% relative to its recent price (as of Aug 13, 2026).
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