AH Realty Trust, Inc. (AHRT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+551.2%

$41.68

vs $6.40 price

Levered DCF

$12.56

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.52

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	94.57×	34.1×	137.44×	15.97×	126.83×	29.53×	44.76×	39.06×
P/B	0.85×	1.22×	1.91×	1.57×	2.29×	1.23×	2.39×	2.44×
P/S	1.86×	2.97×	1.64×	2.23×	4.47×	1.67×	3.78×	3.46×
EV / EBITDA	13.06×	11.92×	17.07×	10.57×	18.13×	15.14×	19.97×	17.6×
Gross margin	3.5%	2.3%	-0.8%	1.5%	-4.2%	7.4%	11.5%	0.8%
Operating margin	27.9%	31.7%	10.0%	16.1%	15.9%	15.1%	19.9%	14.7%
Net margin	2.0%	13.0%	1.2%	16.4%	7.7%	7.6%	9.3%	8.9%
Current ratio	0.58×	1.6×	2.3×	18.8×	5.76×	2.33×	20.01×	13.26×
Debt / equity	2.86×	2.35×	2.93×	1.94×	2×	2.13×	2.71×	2.63×
Interest coverage	0.95×	1.11×	1.24×	2.04×	1.33×	1.87×	1.64×	2.02×
Dividend yield	14.2%	10.3%	7.4%	7.1%	4.6%	7.4%	6.3%	7.6%
Payout ratio	1342.3%	235.4%	970.2%	97.1%	268.2%	163.3%	255.7%	295.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.9%	5.3%	1.4%	11.5%	3.9%	5.6%	5.9%	6.3%
Return on invested capital	3.1%	3.5%	2.2%	3.3%	2.3%	3.0%	2.8%	2.2%
Return on assets	0.2%	1.4%	0.3%	3.3%	1.1%	1.5%	1.3%	1.4%
Free cash flow yield	3.1%	6.2%	6.2%	9.7%	5.9%	12.5%	4.9%	6.6%
Earnings yield	1.1%	4.4%	0.8%	7.4%	1.7%	4.5%	2.5%	2.6%
Enterprise value	$2.3B	$2.4B	$2.7B	$2.2B	$2.3B	$1.7B	$2B	$1.4B
Net debt / EBITDA	10.01×	7.8×	10.26×	5.74×	8.28×	9.44×	10.42×	8.98×
Cash conversion cycle (days)	196	164	59	100	148	192	310	328