Angel Oak Mortgage, Inc. (AOMR) 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

-1397.9%

-$92.80

vs $7.15 price

Levered DCF

-$90.74

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.11

Distress zone

Rating

B-

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	4.63×	7.86×	7.79×	-0.62×	19.5×	678.18×	93.25×	-77.71×
P/B	0.76×	0.94×	1.02×	0.49×	0.7×	1.18×	5.15×	11.1×
P/S	1.54×	4.36×	4.78×	-0.74×	8.18×	28.24×	41.44×	-362.67×
EV / EBITDA	16.09×	599.7×	0×	0×	0×	0×	2,256.71×	-71.48×
Gross margin	90.1%	100.0%	100.0%	100.0%	100.0%	39.3%	55.6%	429.7%
Operating margin	110.8%	0.0%	0.0%	0.0%	0.0%	7.1%	43.6%	459.6%
Net margin	33.2%	55.9%	61.5%	118.9%	50.6%	7.1%	43.6%	459.6%
Current ratio	0.22×	0×	0×	0×	0×	0.89×	0.6×	0.6×
Debt / equity	8.51×	7.41×	5.7×	6.95×	2.99×	1.05×	3.82×	8.76×
Interest coverage	1.43×	0×	0×	0×	0×	0.1×	0.65×	0×
Dividend yield	15.2%	14.0%	12.2%	35.9%	3.6%	26.2%	0.0%	0.0%
Payout ratio	70.3%	109.1%	94.7%	-22.2%	57.7%	10423.2%	0.3%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.5%	12.0%	13.2%	-79.4%	4.3%	0.3%	5.4%	-14.1%
Return on invested capital	5.7%	0.0%	0.0%	0.0%	0.0%	0.1%	1.1%	-1.4%
Return on assets	1.6%	1.3%	1.5%	-6.4%	0.8%	0.1%	1.1%	-1.4%
Free cash flow yield	9.1%	-98.7%	116.9%	-285.2%	-459.0%	11.7%	13.5%	-188.7%
Earnings yield	21.6%	12.8%	12.9%	-161.8%	6.2%	0.3%	1.1%	-1.3%
Enterprise value	$2.4B	$2B	$1.7B	$1.7B	$1.8B	$510.1M	$844M	$873.7M
Net debt / EBITDA	14.74×	530.85×	0×	0×	0×	0×	949.56×	-31.49×
Cash conversion cycle (days)	-5,553	58	50	-40	227	5,255	5,677	-62,134