Brandywine Realty Trust (BDN) 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

-451.2%

-$10.66

vs $3.04 price

Levered DCF

-$11.71

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.68

Distress zone

Rating

C+

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	-2.83×	-4.91×	-4.7×	19.84×	193.37×	6.73×	82.89×	17.16×
P/B	0.64×	0.93×	0.7×	0.65×	1.36×	1.14×	1.66×	1.31×
P/S	1.05×	1.91×	1.8×	2.08×	4.71×	3.83×	4.79×	4.18×
EV / EBITDA	22.18×	30.22×	33.22×	10.25×	16.18×	6.74×	14.78×	10.91×
Gross margin	-11.1%	62.9%	63.1%	61.6%	61.3%	61.6%	61.1%	59.9%
Operating margin	16.7%	10.9%	-4.2%	23.7%	19.2%	74.9%	19.8%	10.4%
Net margin	-37.0%	-38.8%	-38.2%	10.6%	2.5%	57.1%	5.9%	24.7%
Current ratio	1.31×	1.53×	1.53×	1.09×	0.9×	1.26×	1.58×	0.77×
Debt / equity	3.26×	2.15×	1.64×	1.28×	1.11×	1.03×	1.29×	1.17×
Interest coverage	0.58×	0.45×	-0.22×	1.67×	1.43×	5.21×	1.36×	0.7×
Dividend yield	18.4%	10.8%	13.4%	12.4%	5.7%	6.4%	4.8%	5.7%
Payout ratio	-51.8%	-53.3%	-63.1%	242.9%	1059.9%	42.9%	391.5%	96.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-22.6%	-18.9%	-14.9%	3.3%	0.7%	17.0%	2.0%	7.7%
Return on invested capital	83.5%	1.7%	-0.6%	3.2%	2.6%	10.8%	2.9%	1.5%
Return on assets	-5.0%	-5.6%	-5.3%	1.4%	0.3%	7.8%	0.8%	2.4%
Free cash flow yield	0.7%	5.3%	2.2%	-5.1%	2.4%	3.2%	1.3%	0.6%
Earnings yield	-35.4%	-20.3%	-21.2%	5.1%	0.5%	14.9%	1.2%	5.9%
Enterprise value	$3.1B	$3.1B	$3B	$3.1B	$4.1B	$3.9B	$4.9B	$4.3B
Net debt / EBITDA	18.5×	20.84×	23.05×	6.78×	7.22×	3.16×	6.31×	5.11×
Cash conversion cycle (days)	57	-110	-97	-111	-157	-101	-63	-101