Angel Oak Mortgage REIT, Inc. 9 (AOMN) 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

+1124.1%

$297.22

vs $24.28 price

Levered DCF

$359.10

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.06

Distress zone

Rating

B-

Overall 3 / 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
P/E	13.72×	21.52×	18.27×	-3.25×	29.58×	903.64×	124.25×
P/B	2.26×	2.57×	2.4×	2.58×	1.28×	2.62×	6.87×
P/S	4.55×	6.07×	10.51×	5.71×	11.27×	32.53×	34.53×
EV / EBITDA	18.33×	6.9×	21.79×	-17.67×	77.62×	105.11×	76.77×
Gross margin	90.1%	84.6%	72.4%	77.1%	73.9%	60.5%	72.2%
Operating margin	110.8%	104.3%	174.6%	-120.1%	61.5%	41.1%	69.4%
Net margin	33.2%	28.4%	57.7%	-175.8%	38.0%	3.7%	27.3%
Current ratio	0.13×	0.27×	0×	0×	0×	0×	0×
Debt / equity	7.98×	0.74×	6.46×	7.17×	4.23×	1.05×	3.82×
Interest coverage	1.43×	1.44×	0×	0×	0×	0×	0×
Dividend yield	5.1%	5.1%	5.2%	6.8%	1.9%	11.8%	0.0%
Payout ratio	70.3%	109.1%	94.7%	-22.2%	57.7%	10423.2%	0.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.5%	12.0%	13.2%	-79.4%	4.3%	0.3%	5.4%
Return on invested capital	5.8%	4.2%	-24.8%	12.4%	-481.9%	-864.1%	-779.5%
Return on assets	1.6%	1.3%	1.5%	-6.4%	0.8%	0.1%	1.1%
Free cash flow yield	3.1%	5.7%	7.0%	20.6%	3.7%	1.2%	0.1%
Earnings yield	7.3%	4.7%	5.5%	-30.8%	3.4%	0.1%	0.8%
Enterprise value	$2.7B	$750.3M	$2.2B	$2.3B	$2.7B	$865.6M	$1B
Net debt / EBITDA	14.22×	1.25×	15.77×	-12.91×	59.29×	26.01×	27×
Cash conversion cycle (days)	28	29	47	60	170	92	81