Blackstone Mortgage Trust, Inc. (BXMT) 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

+2128.9%

$253.54

vs $11.38 price

Levered DCF

$32.88

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.12

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	29.89×	-14.88×	14.87×	14.5×	11.05×	28.38×	15.84×	12.74×
P/B	0.93×	0.8×	0.84×	0.8×	1.01×	1×	1.29×	1.08×
P/S	2.15×	1.71×	1.82×	2.74×	5.47×	5.03×	5.48×	4.79×
EV / EBITDA	16.27×	16.74×	13.94×	23.41×	27.35×	31.7×	21.63×	22.41×
Gross margin	76.9%	93.3%	94.1%	91.6%	89.6%	90.0%	91.1%	90.1%
Operating margin	71.6%	61.6%	80.4%	73.2%	89.2%	62.4%	34.8%	37.8%
Net margin	7.2%	-11.5%	12.2%	18.8%	49.4%	17.7%	34.6%	37.7%
Current ratio	0.06×	0×	0×	0×	0×	87.79×	0×	0×
Debt / equity	4.62×	4.15×	4.42×	4.52×	3.9×	3.32×	3.35×	3.26×
Interest coverage	1.1×	0.84×	1.18×	1.36×	2.22×	1.39×	0.67×	0.8×
Dividend yield	9.9%	13.4%	11.6%	11.7%	8.0%	8.9%	6.6%	7.6%
Payout ratio	294.5%	-198.0%	173.2%	169.5%	88.4%	253.4%	105.0%	97.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.1%	-5.4%	5.6%	5.5%	9.1%	3.5%	8.1%	8.5%
Return on invested capital	5.3%	11.2%	12.5%	7.0%	6.2%	2.9%	204.4%	0.8%
Return on assets	0.5%	-1.0%	1.0%	1.0%	1.8%	0.8%	1.8%	2.0%
Free cash flow yield	8.4%	12.1%	12.5%	11.0%	8.2%	8.6%	6.3%	8.0%
Earnings yield	3.4%	-6.7%	6.7%	6.9%	9.0%	3.5%	6.3%	7.9%
Enterprise value	$19B	$18.4B	$22.6B	$23.8B	$22B	$16.5B	$17.3B	$14.5B
Net debt / EBITDA	13.46×	13.99×	11.68×	19.85×	21.58×	24.21×	15.57×	16.8×
Cash conversion cycle (days)	-29	-206	-261	-213	-86	7,738	6,710	-146