Four Corners Property Trust, Inc. (FCPT) 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

+216.9%

$72.73

vs $22.96 price

Levered DCF

$53.44

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

Distress zone

Rating

A-

Overall 4 / 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	21.16×	25.36×	23.43×	21.61×	26.26×	27.56×	26.59×	20.31×
P/B	1.45×	1.75×	1.78×	1.86×	2.34×	2.52×	2.68×	2.43×
P/S	8.05×	9.48×	8.94×	9.48×	11.31×	12.42×	12.04×	11.68×
EV / EBITDA	15.9×	17.98×	17.5×	17.55×	20.6×	21.06×	20.62×	17.54×
Gross margin	95.4%	84.9%	83.9%	84.0%	85.2%	88.5%	86.8%	86.8%
Operating margin	55.7%	55.6%	54.6%	56.4%	58.9%	62.5%	61.6%	60.6%
Net margin	38.2%	37.5%	38.0%	43.8%	42.9%	45.2%	45.3%	57.4%
Current ratio	0.3×	0.2×	0.61×	0.85×	0.3×	0.51×	0.31×	3.99×
Debt / equity	0.74×	0.79×	0.89×	0.88×	0.92×	0.91×	0.94×	0.89×
Interest coverage	3.16×	3.03×	3.07×	3.46×	3.6×	3.66×	3.73×	4.36×
Dividend yield	6.1%	5.0%	5.3%	5.1%	4.3%	4.1%	4.1%	4.1%
Payout ratio	128.1%	127.5%	125.6%	110.0%	113.2%	111.6%	108.1%	84.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.9%	6.9%	7.6%	8.6%	8.9%	9.2%	10.1%	11.9%
Return on invested capital	5.7%	5.7%	5.8%	5.8%	6.3%	6.5%	7.0%	6.6%
Return on assets	3.8%	3.8%	3.9%	4.4%	4.5%	4.6%	5.0%	6.1%
Free cash flow yield	8.1%	5.7%	7.4%	6.7%	5.4%	4.3%	5.4%	-9.9%
Earnings yield	4.7%	4.0%	4.3%	4.6%	3.8%	3.6%	3.8%	4.9%
Enterprise value	$3.6B	$3.7B	$3.3B	$3.1B	$3.1B	$2.9B	$2.6B	$2.2B
Net debt / EBITDA	5.34×	5.57×	5.77×	5.54×	5.78×	5.5×	5.31×	4.17×
Cash conversion cycle (days)	-6	-2	-5	76	-1	50	-10	-13