Cousins Properties Incorporated (CUZ) 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

+51.4%

$45.02

vs $29.73 price

Levered DCF

$14.28

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.58

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	107.42×	102.13×	44.27×	22.78×	21.54×	28.88×	52.15×	42.13×
P/B	0.93×	0.97×	0.82×	0.82×	1.31×	1.11×	1.21×	1.2×
P/S	4.36×	5.49×	4.6×	4.98×	7.93×	6.71×	8.02×	6.99×
EV / EBITDA	17.52×	14.68×	12.3×	11.54×	13.04×	12.23×	16.26×	14.53×
Gross margin	26.5%	67.2%	66.8%	66.1%	65.6%	66.1%	66.2%	65.3%
Operating margin	22.4%	20.4%	23.6%	23.6%	23.6%	0.0%	20.7%	14.2%
Net margin	4.1%	5.4%	10.3%	21.9%	36.9%	32.0%	15.4%	16.7%
Current ratio	0.34×	0.38×	0.44×	0.46×	0.53×	1×	1.59×	0.66×
Debt / equity	0.79×	0.65×	0.56×	0.52×	0.5×	0.5×	0.52×	0.38×
Interest coverage	1.4×	1.42×	1.79×	2.48×	2.66×	0×	2.52×	1.72×
Dividend yield	5.0%	4.2%	5.3%	5.1%	3.1%	3.5%	2.7%	3.2%
Payout ratio	532.8%	425.2%	234.3%	115.3%	65.6%	74.3%	140.7%	135.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.9%	0.9%	1.8%	3.6%	6.1%	5.3%	2.3%	2.9%
Return on invested capital	2.5%	2.1%	2.7%	2.5%	2.6%	0.0%	2.0%	1.7%
Return on assets	0.5%	0.5%	1.1%	2.2%	3.8%	3.3%	1.4%	1.9%
Free cash flow yield	3.1%	3.1%	2.4%	0.6%	6.5%	7.1%	5.7%	-0.1%
Earnings yield	0.9%	1.0%	2.2%	4.4%	4.7%	4.8%	1.9%	2.4%
Enterprise value	$8B	$7.8B	$6.2B	$6.2B	$8.3B	$7.2B	$7.5B	$4.4B
Net debt / EBITDA	8.04×	5.88×	4.97×	4.45×	3.6×	3.77×	4.89×	3.51×
Cash conversion cycle (days)	105	104	100	92	81	78	70	74