Diversified Healthcare Trust (DHC) 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

-26.9%

$5.66

vs $7.74 price

Levered DCF

-$6.14

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.16

Distress zone

Rating

C-

Overall 1 / 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	-4.08×	-1.48×	-3.04×	-9.77×	4.23×	-6.98×	-22.81×	9.69×
P/B	0.7×	0.28×	0.38×	0.06×	0.28×	0.39×	0.73×	0.88×
P/S	0.76×	0.37×	0.63×	0.12×	0.53×	0.6×	1.93×	2.49×
EV / EBITDA	18.99×	14.43×	17.41×	6.02×	5.39×	12.35×	11.22×	11.27×
Gross margin	-16.0%	17.1%	16.0%	13.6%	21.1%	24.2%	51.7%	59.6%
Operating margin	-2.6%	15.4%	14.1%	-7.1%	-1.0%	22.3%	48.2%	51.9%
Net margin	-18.6%	-24.8%	-20.8%	-1.2%	12.6%	-8.5%	-8.5%	25.7%
Current ratio	100.72×	11.29×	8.77×	0.95×	36.83×	0.94×	0.46×	0.42×
Debt / equity	1.45×	1.49×	1.21×	1.17×	1.38×	1.4×	1.31×	1.17×
Interest coverage	-0.19×	0.98×	1.04×	-0.44×	-0.05×	1.81×	2.78×	3.23×
Dividend yield	0.8%	1.7%	1.1%	6.2%	1.3%	4.4%	10.0%	13.3%
Payout ratio	-3.4%	-2.6%	-3.3%	-60.7%	5.5%	-30.7%	-226.4%	129.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-17.2%	-18.9%	-12.6%	-0.6%	6.6%	-5.6%	-3.2%	9.0%
Return on invested capital	-0.9%	4.5%	3.7%	-1.5%	-0.2%	5.6%	7.6%	7.8%
Return on assets	-6.6%	-7.2%	-5.4%	-0.3%	2.6%	-2.2%	-1.3%	4.0%
Free cash flow yield	-1.7%	20.4%	1.2%	-26.2%	-8.6%	16.2%	13.3%	17.7%
Earnings yield	-24.5%	-67.2%	-32.9%	-10.2%	23.7%	-14.2%	-4.4%	10.3%
Enterprise value	$3.5B	$3.3B	$3.5B	$2.6B	$3.8B	$4.4B	$5.5B	$6.5B
Net debt / EBITDA	12.6×	12.03×	12.92×	5.66×	4.35×	9.61×	7.17×	6.41×
Cash conversion cycle (days)	16	1	2	2	22	23	1	-9