Stock fact sheet · data as of
Brandywine Realty Trust (BDN): fair value, margin of safety and Wheel Score
Real Estate · REIT - Office · United States · Speculative / Distressed
Is BDN undervalued?
BDN has a margin of safety of 61%: the stock closed at 2.63 on 16 Oct 2026 against a GLS average fair value of 6.81. 2 of the 2 valuation models that produced a number sit above the price. Our screens treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
Only 2 of the nine models produced a value (10 Cap, DDM); the others need a dividend, positive free cash flow or positive book value the company does not have yet, so the average rests on a narrow base.
The nightly engine files BDN under Speculative / Distressed - negative earnings or a Piotroski score of 3 or less - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for BDN
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | 8.92 | +239% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 4.71 | +79% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | -14.77 | -662% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 3.00 | +14% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is weak: BDN passes 3 of the nine Piotroski tests. Our screens drop the stock at the health rule; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is low at 1.1 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.
Returns on capital are thin or negative - ROIC -5.3%, ROE -22.6%, ROA -5.0% - with debt at 3.26 times equity and a free-cash-flow yield of 11.4%. Debt of 3.26 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
The dividend yield is high at 12.17% (payout ratio -48%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Rents 95%, Third Party Management Revenue 3%, Real Estate, Other 2% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 9/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 3 / 9 | ROIC | -5.3% |
|---|---|---|---|
| GLS Moat | 1.1 / 10 | ROE | -22.6% |
| Debt / equity | 3.26 | ROA | -5.0% |
| Free-cash-flow yield | 11.4% | Payout ratio | -48% |
| Institutions | 10 / 10 | Insiders · Congress | 9 · 5 / 10 |
Wheel Score 45: Weak
BDN scores 45 out of 100 on the Wheel Score, in the Weak band (under 50), capped at 45 because the engine files it as Speculative / Distressed. Value 25/25, Health 7/20, Moat 2/15, Premium 20/20, Stability 14/20. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 61% on the near-the-money contracts 20-60 days out - above the 60% ceiling of the sweet spot. Premiums are large, but the Wheel Score tapers the Premium points (20 of 20) because volatility this high usually comes with a reason. Chain open interest is 6,296 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 2.2M shares a day on a market cap of $454M, with a beta of 1.28 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score gives that 14 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 61% margin of safety | |
| Health | 7 / 20 | Piotroski 3/9 | |
| Moat | 2 / 15 | moat 1.1/10 | |
| Premium | 20 / 20 | implied volatility 61% | |
| Stability | 14 / 20 | 2.2M shares/day, $454M cap, beta 1.28 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
Brandywine Realty Trust reports earnings on 21 Oct 2026 (after the close) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in REIT - Office
The 12 companies below are the closest to Brandywine Realty Trust by market cap within the REIT - Office industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| HPP Hudson Pacific Properties, Inc. | 11.17 | 87.37 | +87% | 45Weak | $606M |
| OPI Office Properties Income Trust | 13.93 | - | - | 19No options | $306M |
| PSTL Postal Realty Trust, Inc. | 22.03 | 29.08 | +24% | 80Prime | $877M |
| DEA Easterly Government Properties, Inc. | 21.99 | 37.35 | +41% | 74Good | $1.0B |
| PDM Piedmont Office Realty Trust, Inc. | 8.79 | 6.56 | -34% | 42Weak | $1.1B |
| NLOP Net Lease Office Properties | 9.71 | 120.41 | +92% | 45Weak | $144M |
| DEI Douglas Emmett, Inc. | 9.60 | 61.13 | +84% | 45Weak | $1.6B |
| ONL Orion Properties Inc. | 2.06 | 1.18 | -75% | 34Weak | $118M |
| HIW Highwoods Properties, Inc. | 29.21 | 37.68 | +22% | 72Good | $3.2B |
| SLG SL Green Realty Corp. | 46.04 | 34.84 | -32% | 45Weak | $3.3B |
| CDP COPT Defense Properties | 33.21 | 24.08 | -38% | 53Fair | $3.8B |
| KRC Kilroy Realty Corporation | 34.63 | 40.02 | +13% | 74Good | $4.0B |
Screen the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the same eight-rule screen, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about BDN
Is BDN undervalued right now?
By the GLS models, yes: at 2.63 the stock is 61% below the average fair value of 6.81 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of BDN and what does it mean?
BDN scores 45 out of 100 (Weak). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for BDN?
6.81 per share as of 16 Oct 2026 - the simple average of the 2 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Brandywine Realty Trust report earnings next?
The next earnings report is due on 21 Oct 2026 (after the close), 5 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does BDN have listed options, and how liquid are they?
Yes. The nightly snapshot found 62 listed contracts with 6,296 open interest across all expiries and implied volatility of 61% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.