Acadia Realty Trust (AKR) 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

-26.5%

$14.15

vs $19.26 price

Levered DCF

$8.58

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.94

Distress zone

Rating

C-

Overall 1 / 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	216.21×	127.16×	84.95×	-37.76×	83.96×	-129×	103.72×	62.53×
P/B	1.21×	1.27×	0.99×	0.8×	1.26×	0.85×	1.42×	1.34×
P/S	6.55×	7.27×	4.78×	4.16×	6.54×	4.89×	7.56×	7.44×
EV / EBITDA	21.46×	17.49×	15.52×	21.04×	17.6×	19.88×	18.55×	20.55×
Gross margin	50.5%	68.8%	68.0%	68.8%	66.2%	60.9%	69.5%	68.8%
Operating margin	12.0%	18.3%	14.5%	20.9%	10.5%	-45.9%	25.2%	10.5%
Net margin	3.3%	6.0%	5.9%	-10.9%	8.1%	-3.6%	18.5%	12.0%
Current ratio	1.24×	1.87×	0.87×	0.89×	1.45×	0.9×	1.19×	1.86×
Debt / equity	0.86×	0.77×	1.18×	1.08×	1.27×	1.25×	1.19×	1.11×
Interest coverage	0.52×	0.71×	0.53×	0.85×	0.45×	-1.65×	1.06×	0.39×
Dividend yield	3.8%	2.9%	4.2%	4.8%	2.1%	4.1%	4.3%	4.6%
Payout ratio	746.2%	352.5%	345.0%	-182.2%	167.6%	-559.1%	174.8%	282.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.6%	1.0%	1.2%	-2.1%	1.5%	-0.6%	3.5%	2.2%
Return on invested capital	1.1%	1.5%	1.2%	1.6%	0.7%	-2.9%	1.7%	0.7%
Return on assets	0.3%	0.5%	0.5%	-0.8%	0.6%	-0.2%	1.2%	0.8%
Free cash flow yield	6.2%	2.3%	5.3%	5.5%	3.1%	8.5%	4.0%	4.6%
Earnings yield	0.5%	0.8%	1.2%	-2.6%	1.2%	-0.7%	2.5%	1.6%
Enterprise value	$4.6B	$4.2B	$3.5B	$3.2B	$3.8B	$3B	$4B	$3.6B
Net debt / EBITDA	8.83×	6.59×	8.42×	12.05×	8.81×	11.78×	8.44×	9.26×
Cash conversion cycle (days)	53	4	15	7	73	46	-41	-10