CTO Realty Growth, Inc. (CTO) 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

+373.7%

$94.86

vs $20.03 price

Levered DCF

$45.71

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.91

Distress zone

Rating

A-

Overall 4 / 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	230.13×	-56.31×	515.77×	-208.44×	13.12×	2.53×	14.75×	6.33×
P/B	1.05×	0.82×	0.85×	0.67×	0.84×	0.57×	0.86×	1.11×
P/S	3.97×	4.01×	3.58×	4.11×	5.15×	3.52×	5.45×	2.71×
EV / EBITDA	12.35×	13.46×	12.22×	16.42×	11.42×	20.13×	19.4×	10.78×
Gross margin	-5.6%	73.3%	72.3%	72.2%	68.1%	73.0%	84.2%	77.3%
Operating margin	22.1%	14.1%	24.3%	21.5%	33.2%	21.8%	76.1%	73.2%
Net margin	6.7%	-1.6%	5.1%	3.8%	42.6%	139.2%	255.8%	42.9%
Current ratio	6.5×	2.44×	2.1×	1.65×	2.27×	1.72×	2.13×	1.48×
Debt / equity	1.09×	0.85×	1.08×	0.88×	0.66×	0.85×	1.1×	1.3×
Interest coverage	1.23×	0.78×	1.19×	1.59×	2.61×	1.13×	2.74×	6.09×
Dividend yield	9.5%	9.4%	10.0%	10.0%	7.2%	7.3%	0.9%	0.6%
Payout ratio	560.4%	-2396.6%	705.9%	1066.4%	86.5%	18.4%	1.9%	4.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.8%	-0.3%	1.2%	0.6%	7.0%	22.4%	40.3%	17.6%
Return on invested capital	2.6%	1.3%	2.4%	1.8%	3.2%	-29.4%	3.7%	8.5%
Return on assets	0.8%	-0.2%	0.6%	0.3%	4.1%	11.8%	16.3%	6.7%
Free cash flow yield	10.9%	12.0%	11.9%	-76.2%	7.6%	-76.1%	-54.8%	-25.9%
Earnings yield	1.7%	-0.4%	1.4%	0.9%	8.3%	39.6%	46.9%	15.8%
Enterprise value	$1.2B	$1B	$876M	$764.6M	$637.3M	$492.3M	$552.4M	$507.6M
Net debt / EBITDA	6.26×	6.8×	6.77×	9.16×	4.94×	12.02×	10.79×	5.79×
Cash conversion cycle (days)	312	332	233	150	240	282	-23	10