Cedar Realty Trust, Inc. (CDR.PB) 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

-163.6%

-$10.96

vs $17.25 price

Levered DCF

-$13.66

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-6.82

Distress zone

Rating

D+

Overall 1 / 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	-127.43×	107.14×	-20.2×	-8.02×	-5.35×	-12.29×	-10.36×	54.9×
P/B	38.46×	3.66×	2.41×	2.37×	0.78×	0.41×	0.46×	0.38×
P/S	8.2×	5.96×	5.12×	5.74×	2.67×	1.48×	1.61×	1.41×
EV / EBITDA	25.45×	14.59×	14.86×	-6.62×	48.91×	11.7×	12.13×	12.57×
Gross margin	12.6%	61.4%	62.0%	58.6%	63.6%	66.4%	66.4%	68.5%
Operating margin	29.2%	39.5%	29.0%	0.6%	18.5%	15.8%	17.4%	20.6%
Net margin	-6.3%	13.2%	5.8%	-71.4%	-50.0%	-17.0%	-15.6%	2.6%
Current ratio	89.41×	2.31×	1.44×	1.18×	0.98×	0.17×	0.28×	0.28×
Debt / equity	22.17×	2.54×	1.91×	1.6×	1.2×	1.32×	1.24×	1.12×
Interest coverage	0.95×	1.5×	1.25×	0.02×	1.27×	0.98×	1.07×	1.41×
Dividend yield	2.7%	5.1%	6.1%	209.1%	4.3%	8.9%	12.3%	13.8%
Payout ratio	-350.4%	229.7%	535.7%	-1680.7%	-23.0%	-77.7%	-127.3%	760.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-29.4%	8.1%	2.7%	-29.5%	-14.6%	-4.8%	-4.4%	0.7%
Return on invested capital	73.2%	6.8%	4.6%	0.1%	2.4%	1.9%	2.2%	2.6%
Return on assets	-1.1%	2.1%	0.9%	-10.4%	-6.3%	-2.0%	-1.9%	0.3%
Free cash flow yield	1.8%	-1.0%	1.0%	-22.0%	4.9%	1.5%	9.4%	12.9%
Earnings yield	-0.8%	2.2%	1.1%	-12.4%	-18.7%	-11.5%	-9.6%	1.8%
Enterprise value	$380.7M	$325.6M	$311.3M	$322.7M	$864.9M	$837.2M	$860.3M	$836.6M
Net debt / EBITDA	9.09×	5.37×	6.4×	-2.62×	29.63×	8.9×	8.85×	9.36×
Cash conversion cycle (days)	-21	-132	-166	-196	-7,649	59	56	9