BrightSpire Capital, Inc. (BRSP) 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

+190.7%

$10.45

vs $3.60 price

Levered DCF

-$5.26

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.38

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	-21.54×	-5.37×	-62×	17.8×	-12.99×	-2.73×	-3.38×	-11.2×
P/B	0.76×	0.69×	0.74×	0.57×	0.91×	0.58×	0.79×	0.7×
P/S	2.14×	2.07×	2.41×	2.21×	4.08×	2.27×	3.06×	4.03×
EV / EBITDA	28.25×	-43.81×	120.96×	32.83×	58.4×	-36.11×	-22.76×	-250.38×
Gross margin	49.6%	45.9%	49.0%	53.9%	59.4%	50.0%	43.5%	46.5%
Operating margin	39.5%	-14.9%	3.0%	13.0%	30.8%	4.6%	-28.6%	-10.7%
Net margin	-9.4%	-38.0%	-4.0%	12.8%	-31.3%	-83.3%	-75.5%	-35.6%
Current ratio	19.52×	18.15×	18.87×	49.61×	27.72×	41.06×	26.99×	1.87×
Debt / equity	2.65×	2.4×	2.86×	2.3×	3.35×	2.8×	2.87×	2.07×
Interest coverage	1.03×	-1.92×	0.45×	1.63×	3.09×	0.4×	-2.83×	-1.17×
Dividend yield	11.7%	13.8%	11.0%	12.5%	3.9%	5.4%	13.0%	9.7%
Payout ratio	-266.5%	-75.1%	-668.5%	217.1%	-51.4%	-14.6%	-52.5%	-110.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.3%	-12.6%	-1.2%	3.3%	-6.9%	-21.2%	-19.6%	-6.2%
Return on invested capital	2.3%	-1.5%	0.2%	0.9%	1.6%	0.3%	-1.9%	-1.2%
Return on assets	-0.9%	-3.5%	-0.4%	1.0%	-1.8%	-5.7%	-5.6%	-1.9%
Free cash flow yield	10.3%	14.4%	14.6%	15.8%	-1.6%	10.0%	8.2%	5.3%
Earnings yield	-4.4%	-18.4%	-1.6%	5.8%	-7.7%	-36.6%	-24.7%	-8.8%
Enterprise value	$3.1B	$2.9B	$4.3B	$3.7B	$5.9B	$5.1B	$7.7B	$7.4B
Net debt / EBITDA	21.84×	-33.07×	94.63×	25.75×	45.43×	-29.35×	-17.79×	-186.1×
Cash conversion cycle (days)	2,860	2,497	-4	45	3,931	1,907	1,724	-4