Apartment Investment and Management Company (AIV) 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

-1183.0%

-$18.30

vs $1.69 price

Levered DCF

-$32.19

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.03

Distress zone

Rating

A+

Overall 5 / 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	1.5×	-12.28×	-6.75×	14.24×	-231.83×	-136.08×	2,752×	268.35×
P/B	2.27×	10.24×	3.22×	1.94×	2.31×	1.57×	1.61×	0.14×
P/S	5.93×	6.03×	6.01×	5.59×	6.79×	5.18×	5.71×	6.59×
EV / EBITDA	12.74×	47.01×	-35.71×	5.9×	21.3×	17.46×	17.23×	12.19×
Gross margin	-33.5%	56.4%	60.6%	62.3%	60.2%	59.4%	60.2%	59.5%
Operating margin	-21.1%	-0.7%	6.2%	-42.1%	-9.2%	0.0%	55.3%	17.8%
Net margin	394.8%	-49.1%	-88.9%	39.8%	-3.5%	-3.3%	0.2%	2.5%
Current ratio	3.21×	1.51×	1.79×	2.73×	3.19×	4.64×	0.44×	0.34×
Debt / equity	2.41×	9.77×	3.62×	2.12×	3.23×	2.14×	1.09×	0.01×
Interest coverage	-0.49×	-0.02×	0.31×	-1.08×	-0.3×	0×	4.3×	1.19×
Dividend yield	50.6%	0.0%	0.0%	0.3%	0.0%	23.8%	7.9%	28.3%
Payout ratio	76.0%	0.0%	0.0%	4.0%	0.0%	-3705.1%	21549.6%	7588.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	151.1%	-83.3%	-47.5%	13.8%	-1.2%	-1.0%	0.1%	0.1%
Return on invested capital	15.4%	-0.1%	0.5%	-3.2%	-0.2%	0.0%	-0.2%	0.4%
Return on assets	32.6%	-5.2%	-8.0%	3.5%	-0.2%	-0.3%	0.0%	1.3%
Free cash flow yield	-11.1%	-9.0%	-19.7%	-3.1%	-14.3%	3.1%	2.3%	1.8%
Earnings yield	66.5%	-8.1%	-14.8%	7.1%	-0.5%	-0.6%	0.0%	0.4%
Enterprise value	$1.3B	$2.3B	$2.3B	$2B	$2.5B	$1.6B	$1.4B	$885.9M
Net debt / EBITDA	4.67×	21.49×	-18.01×	2.79×	11.61×	8.7×	6.92×	0.21×
Cash conversion cycle (days)	352	142	152	116	142	138	6	443