American Realty Investors, Inc. (ARL) 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

+143.0%

$45.58

vs $18.76 price

Levered DCF

-$71.31

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.94

Grey 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	FY2018
P/E	16.56×	-16.13×	69.64×	1.11×	60.24×	19.46×	-17.13×	1.11×
P/B	0.42×	0.39×	0.46×	0.68×	0.85×	0.74×	1.14×	0.75×
P/S	5.19×	5.01×	5.57×	11.04×	4.86×	2.96×	4.65×	1.59×
EV / EBITDA	11.3×	121.08×	13.88×	1.33×	16.2×	13.31×	28.06×	2.13×
Gross margin	-25.1%	42.8%	44.8%	51.2%	50.4%	58.7%	56.4%	50.7%
Operating margin	-12.9%	-14.0%	-22.3%	-24.7%	-49.0%	-0.2%	-0.7%	11.5%
Net margin	31.4%	-31.1%	7.9%	994.4%	8.0%	15.3%	-27.1%	143.6%
Current ratio	166.96×	10.13×	28.43×	10.2×	6.38×	9.93×	8.62×	9.94×
Debt / equity	0.35×	0.31×	0.3×	0.82×	2.32×	3.05×	3.02×	1.71×
Interest coverage	-0.94×	-0.85×	-1.18×	-0.53×	-0.88×	-0×	-0.01×	0.21×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.5%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.5%	-2.4%	0.6%	60.9%	1.4%	3.8%	-6.7%	67.2%
Return on invested capital	-0.5%	-0.5%	-0.9%	-0.6%	-2.3%	-0.0%	-0.0%	1.7%
Return on assets	1.4%	-1.4%	0.4%	31.2%	0.4%	1.0%	-1.9%	21.0%
Free cash flow yield	-2.1%	0.5%	-11.0%	-11.0%	-66.2%	2.0%	-14.8%	-91.2%
Earnings yield	6.1%	-6.2%	1.4%	90.1%	1.6%	5.2%	-5.8%	90.0%
Enterprise value	$459.6M	$402.6M	$427.1M	$806.1M	$709.8M	$861.4M	$945.8M	$597.1M
Net debt / EBITDA	4.92×	49.77×	4.74×	0.65×	11.53×	10.61×	19.93×	1.44×
Cash conversion cycle (days)	2,371	1,401	1,599	1,398	1,281	1,198	1,005	436