Easterly Government Properties, Inc. (DEA) 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

+680.8%

$178.84

vs $22.91 price

Levered DCF

$157.22

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.18

Distress zone

Rating

C+

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	73.07×	61.74×	70×	41.96×	65.86×	153.05×	593.3×	140×
P/B	0.72×	0.89×	0.96×	1.04×	1.51×	1.55×	1.55×	0.94×
P/S	2.83×	3.89×	4.41×	4.4×	7.06×	7.28×	7.41×	5.22×
EV / EBITDA	12.97×	15.36×	15.8×	14×	19.16×	19.55×	20.83×	18.3×
Gross margin	-0.9%	66.5%	64.3%	66.7%	68.3%	68.3%	66.8%	70.0%
Operating margin	24.9%	26.0%	23.1%	24.8%	26.5%	59.9%	57.7%	19.4%
Net margin	3.9%	6.5%	6.5%	10.7%	10.9%	4.9%	3.3%	3.6%
Current ratio	0.23×	0.27×	0.36×	0.35×	0.49×	0.27×	0.59×	0.36×
Debt / equity	1.26×	1.21×	0.98×	1.01×	0.94×	0.85×	0.85×	0.86×
Interest coverage	1.13×	1.26×	1.35×	1.54×	1.89×	4.14×	3.82×	1.36×
Dividend yield	9.9%	9.9%	7.9%	8.4%	4.5%	4.5%	5.0%	6.6%
Payout ratio	727.4%	592.8%	533.6%	346.9%	293.6%	676.3%	1136.3%	971.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.0%	1.5%	1.4%	2.5%	2.3%	1.0%	0.7%	0.6%
Return on invested capital	2.7%	2.6%	2.4%	2.7%	2.7%	6.3%	6.0%	1.8%
Return on assets	0.4%	0.6%	0.7%	1.1%	1.1%	0.5%	0.3%	0.3%
Free cash flow yield	27.2%	13.8%	9.0%	9.7%	6.1%	8.1%	8.7%	7.5%
Earnings yield	1.4%	1.7%	1.5%	2.4%	1.5%	0.7%	0.4%	0.7%
Enterprise value	$2.6B	$2.8B	$2.6B	$2.5B	$3.1B	$2.8B	$2.5B	$1.6B
Net debt / EBITDA	8.21×	8.81×	7.96×	6.86×	7.32×	6.88×	7.32×	8.69×
Cash conversion cycle (days)	-25	-239	-202	-178	-177	-161	-165	-219