Árima Real Estate SOCIMI, S.A. (ARM.MC) 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

-1194.3%

-€134.60

vs €12.30 price

Levered DCF

-€101.80

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.95

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	FY2018
P/E	21.76×	-6.86×	-5.12×	19.23×	9.77×	17.66×	10.76×	27.27×
P/B	0.55×	0.8×	0.57×	0.61×	0.78×	0.77×	0.55×	0.32×
P/S	6.52×	17.22×	16.54×	25.07×	42.22×	37.76×	28.86×	2,591.87×
EV / EBITDA	21.93×	-11.78×	-9.62×	-256.66×	-214.29×	14.67×	5.23×	53.01×
Gross margin	82.0%	100.0%	65.5%	100.0%	76.3%	76.7%	75.6%	100.0%
Operating margin	61.1%	-226.3%	-28.8%	146.8%	453.7%	230.3%	281.1%	-4141.7%
Net margin	30.2%	-251.6%	-323.6%	129.8%	434.5%	213.3%	268.1%	9366.7%
Current ratio	0.65×	0.81×	2.2×	6.31×	10.7×	21.81×	35.66×	41.93×
Debt / equity	0.73×	0.41×	0.39×	0.37×	0.33×	0.35×	0.24×	0.01×
Interest coverage	1.63×	-5.89×	-0.71×	8.09×	23.17×	13.52×	21.68×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.6%	-11.7%	-11.1%	3.2%	8.0%	4.3%	5.1%	1.2%
Return on invested capital	2.9%	-7.4%	-0.7%	2.6%	6.3%	3.5%	4.3%	-0.5%
Return on assets	1.4%	-8.0%	-7.8%	2.3%	5.9%	3.2%	4.1%	1.1%
Free cash flow yield	4.2%	-12.9%	-5.3%	1.0%	-0.0%	-3.3%	0.5%	-1.1%
Earnings yield	4.6%	-14.6%	-19.6%	5.2%	10.3%	5.7%	9.3%	3.6%
Enterprise value	€411.2M	€305M	€273.4M	€273.1M	€270.9M	€207.7M	€84.5M	-€26.2M
Net debt / EBITDA	12.28×	-3.68×	-3.76×	-66.48×	-13.47×	-1.69×	-5.03×	115.84×
Cash conversion cycle (days)	31	80	53	170	275	384	39,904	11,224