Franklin BSP Realty Trust, Inc. (FBRT) 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

+1760.5%

$112.93

vs $6.07 price

Levered DCF

$133.08

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.05

Distress zone

Rating

Overall 3 / 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	14.97×	15.29×	9.51×	-33.95×	-83×	19×	11.4×	15.41×
P/B	0.57×	0.68×	0.71×	0.59×	0.76×	1.9×	1.86×	2.08×
P/S	1.48×	1.87×	1.95×	2.52×	5.85×	8.24×	7.67×	9.99×
EV / EBITDA	12.71×	11.78×	30.62×	48.77×	70.71×	58.39×	67.56×	51.05×
Gross margin	92.1%	38.3%	46.3%	54.9%	72.6%	61.9%	53.0%	54.0%
Operating margin	68.4%	21.0%	27.2%	14.2%	74.4%	32.1%	11.5%	30.8%
Net margin	14.8%	12.5%	25.5%	3.9%	11.6%	29.7%	42.3%	34.7%
Current ratio	18.43×	17.09×	20.08×	11.01×	2.2×	13.53×	7.32×	42.19×
Debt / equity	2.95×	2.85×	2.68×	2.85×	4.44×	2.69×	3.04×	2.33×
Interest coverage	1.32×	0.34×	0.51×	0.32×	2.71×	0.89×	0.25×	0.67×
Dividend yield	17.7%	14.1%	13.0%	15.1%	5.2%	3.3%	4.0%	2.4%
Payout ratio	176.9%	210.4%	99.4%	966.1%	264.4%	90.9%	72.2%	70.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.7%	4.6%	9.3%	0.9%	1.5%	6.9%	10.3%	7.2%
Return on invested capital	6.1%	1.9%	2.6%	0.9%	1.5%	1.9%	0.6%	1.8%
Return on assets	1.4%	1.1%	2.4%	0.2%	0.3%	1.7%	2.4%	2.0%
Free cash flow yield	35.5%	5.6%	17.8%	16.4%	233.4%	7.6%	3.0%	0.5%
Earnings yield	10.0%	6.7%	13.1%	1.6%	2.0%	3.6%	5.5%	3.5%
Enterprise value	$4.9B	$5.2B	$5B	$5.2B	$8.7B	$3.6B	$3.9B	$3B
Net debt / EBITDA	10.58×	9.43×	23.75×	40.1×	60.18×	33.66×	41.33×	25.49×
Cash conversion cycle (days)	3,029	3,439	3,245	5,248	7,381	5,672	5,439	5,653