Claros Mortgage Trust, Inc. (CMTG) 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

-1404.4%

-$14.61

vs $1.12 price

Levered DCF

$26.67

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.45

Distress zone

Rating

B-

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	-0.88×	-2.82×	806.51×	18.39×	12.91×	11.81×	14.17×	18.22×
P/B	0.28×	0.31×	0.82×	0.83×	0.86×	0.98×	1×	1.29×
P/S	1×	3.69×	14.55×	7.58×	10.26×	8.95×	9.59×	14.33×
EV / EBITDA	-7.13×	-28.68×	39.09×	59.43×	36.41×	0×	0×	26.65×
Gross margin	-86.9%	-28.6%	61.9%	100.0%	100.0%	100.0%	100.0%	83.2%
Operating margin	-113.6%	-111.5%	82.8%	0.0%	0.0%	77.1%	69.7%	80.6%
Net margin	-113.6%	-129.6%	4.6%	41.5%	79.3%	75.6%	67.6%	78.6%
Current ratio	1.8×	21.87×	16.89×	15.74×	7.55×	5.64×	7.06×	2.58×
Debt / equity	2.05×	2.43×	2.42×	2.2×	1.78×	1.53×	1.43×	0.77×
Interest coverage	-1.45×	-0.41×	0.22×	0×	0×	1.2×	1.24×	0×
Dividend yield	0.0%	19.2%	10.2%	10.2%	9.3%	9.2%	7.7%	4.6%
Payout ratio	0.0%	-54.5%	3188.3%	185.7%	120.2%	108.7%	109.9%	83.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-31.9%	-11.0%	0.3%	4.6%	6.6%	8.3%	7.1%	7.1%
Return on invested capital	-10.4%	-2.7%	1.4%	0.0%	0.0%	3.1%	2.7%	3.5%
Return on assets	-10.4%	-3.2%	0.1%	1.4%	2.3%	2.9%	2.6%	3.4%
Free cash flow yield	-7.7%	13.2%	5.8%	5.3%	9.2%	5.9%	5.4%	4.7%
Earnings yield	-113.7%	-35.2%	0.3%	5.5%	7.7%	8.5%	7.0%	5.5%
Enterprise value	$3.4B	$5.4B	$7.3B	$7.1B	$6.5B	$5.7B	$5.5B	$3.8B
Net debt / EBITDA	-6.23×	-25.35×	28.92×	42.38×	23.98×	0×	0×	9.68×
Cash conversion cycle (days)	3,065	12,719	19,365	9,943	11,300	8,831	9,012	8,169