Douglas Emmett, Inc. (DEI) 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

+1345.2%

$148.20

vs $10.26 price

Levered DCF

$72.89

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.15

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	113.18×	142.77×	-55.77×	28.51×	90.54×	104.21×	21×	50.19×
P/B	0.97×	1.51×	1.11×	1.08×	2.43×	2.1×	2.81×	2.41×
P/S	1.83×	3.15×	2.41×	2.77×	6.4×	5.76×	8.07×	6.58×
EV / EBITDA	10.88×	13.16×	12.62×	12.41×	18.38×	18.4×	21.39×	17.8×
Gross margin	63.4%	64.5%	19.5%	66.4%	67.0%	65.6%	68.4%	68.1%
Operating margin	19.0%	21.0%	14.7%	24.3%	21.9%	61.1%	64.4%	28.6%
Net margin	1.6%	2.4%	-4.2%	9.8%	7.1%	5.7%	38.5%	13.2%
Current ratio	3.05×	4.81×	5.25×	3.91×	2.55×	1.19×	1.8×	1.28×
Debt / equity	2.92×	2.68×	2.5×	2.03×	2.08×	1.95×	1.91×	1.72×
Interest coverage	0.71×	0.9×	0.71×	1.61×	1.36×	3.8×	4.24×	1.89×
Dividend yield	6.9%	4.1%	5.3%	7.1%	3.3%	3.8%	2.4%	2.9%
Payout ratio	782.3%	540.8%	-304.2%	202.6%	301.1%	389.4%	49.4%	146.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.9%	1.1%	-1.9%	3.8%	2.7%	2.1%	13.4%	4.8%
Return on invested capital	2.1%	2.2%	1.6%	2.5%	2.2%	6.0%	6.2%	3.1%
Return on assets	0.2%	0.3%	-0.4%	1.0%	0.7%	0.5%	3.9%	1.4%
Free cash flow yield	10.6%	5.4%	9.7%	9.4%	2.6%	2.4%	3.0%	3.2%
Earnings yield	0.9%	0.8%	-1.7%	3.5%	1.1%	1.0%	4.8%	2.0%
Enterprise value	$7.1B	$8.2B	$7.5B	$7.7B	$10.6B	$9.7B	$12.6B	$9.8B
Net debt / EBITDA	8.05×	8.15×	8.48×	7.96×	8.15×	8.69×	8.52×	7.25×
Cash conversion cycle (days)	10	57	87	64	-37	-37	-27	-54