CareTrust REIT, Inc. (CTRE) 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

+135.9%

$85.65

vs $36.31 price

Levered DCF

$93.63

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.85

Safe zone

Rating

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	23.03×	33.4×	44.76×	-232.25×	45.66×	36.97×	103.15×	25.29×
P/B	1.82×	1.44×	1.67×	2.12×	2.39×	2.31×	2.07×	1.91×
P/S	15.45×	18.34×	11.94×	9.58×	11.53×	12.02×	12.07×	9.43×
EV / EBITDA	17.44×	20.65×	18.32×	34.34×	18.84×	16.77×	19.43×	14.81×
Gross margin	59.1%	94.1%	95.2%	95.0%	98.1%	97.3%	96.3%	90.4%
Operating margin	67.2%	54.3%	58.4%	55.4%	54.9%	58.0%	53.5%	52.9%
Net margin	67.3%	54.8%	27.1%	-4.0%	37.8%	46.0%	29.1%	37.3%
Current ratio	1.54×	3.33×	4.39×	0.15×	0.21×	0.41×	0.71×	0.44×
Debt / equity	0.22×	0.14×	0.42×	0.85×	0.74×	0.6×	0.6×	0.64×
Interest coverage	7.32×	4.09×	2.84×	3.46×	4.41×	4.31×	3.02×	2.95×
Dividend yield	3.5%	4.1%	4.9%	5.9%	4.6%	4.4%	4.2%	4.3%
Payout ratio	80.9%	137.6%	214.9%	-1414.0%	140.0%	115.2%	173.9%	108.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.9%	4.3%	3.8%	-0.9%	7.9%	8.8%	5.0%	7.5%
Return on invested capital	6.4%	3.7%	5.8%	6.6%	6.6%	7.0%	5.7%	6.6%
Return on assets	6.2%	3.6%	2.6%	-0.5%	4.4%	5.4%	3.1%	4.5%
Free cash flow yield	5.1%	5.6%	6.1%	7.6%	6.9%	6.5%	6.4%	-0.6%
Earnings yield	4.4%	3.0%	2.3%	-0.4%	3.3%	3.8%	2.4%	4.0%
Enterprise value	$8.1B	$4.4B	$2.7B	$2.5B	$2.8B	$2.6B	$2.5B	$1.9B
Net debt / EBITDA	1.51×	0.87×	2.06×	9.69×	4.33×	3.35×	4.23×	3.5×
Cash conversion cycle (days)	-147	-1,361	-1,293	-948	-2,590	-1,515	-913	-365