Apple Hospitality REIT, Inc. (APLE) 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

+82.8%

$34.13

vs $18.68 price

Levered DCF

$17.91

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.48

Distress zone

Rating

A-

Overall 4 / 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	16.01×	17.25×	21.57×	25.05×	194.11×	-16.77×	21.1×	15.84×
P/B	0.89×	1.13×	1.15×	1.14×	1.16×	0.95×	1.11×	0.96×
P/S	2×	2.59×	2.83×	2.92×	3.91×	4.79×	2.87×	2.58×
EV / EBITDA	9.93×	10.92×	12.26×	13.1×	19.16×	46.89×	12.12×	10.54×
Gross margin	6.4%	35.6%	36.0%	36.7%	34.2%	20.2%	36.7%	36.9%
Operating margin	17.7%	20.5%	18.4%	16.7%	9.3%	-17.0%	18.5%	20.3%
Net margin	12.4%	15.0%	13.2%	11.7%	2.0%	-28.8%	13.6%	16.2%
Current ratio	0.27×	0.47×	0.73×	0.75×	0.47×	0.3×	0.45×	0.58×
Debt / equity	0.56×	0.48×	0.45×	0.47×	0.49×	0.56×	0.47×	0.41×
Interest coverage	2.8×	3.77×	3.59×	3.46×	1.28×	-1.44×	3.82×	5.04×
Dividend yield	8.5%	6.6%	6.3%	3.9%	0.2%	2.3%	7.4%	8.4%
Payout ratio	137.1%	113.9%	134.3%	96.3%	36.1%	-38.9%	156.3%	133.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.6%	6.6%	5.3%	4.6%	0.6%	-5.7%	5.2%	6.0%
Return on invested capital	5.1%	6.0%	5.1%	4.4%	1.8%	-2.2%	4.8%	5.3%
Return on assets	3.6%	4.3%	3.6%	3.0%	0.4%	-3.6%	3.5%	4.2%
Free cash flow yield	10.0%	8.8%	8.6%	8.6%	5.5%	-0.8%	8.4%	10.1%
Earnings yield	6.2%	5.8%	4.7%	4.0%	0.5%	-6.0%	4.7%	6.3%
Enterprise value	$4.6B	$5.3B	$5.3B	$5.1B	$5.2B	$4.6B	$5.2B	$4.7B
Net debt / EBITDA	3.78×	3.25×	3.42×	3.8×	5.7×	17.36×	3.6×	3.12×
Cash conversion cycle (days)	9	-39	-45	-41	-39	-61	-53	-15