Federal Realty Investment Trust (FRT) 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

+17.3%

$129.98

vs $110.84 price

Levered DCF

$17.85

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.23

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	21.04×	32.73×	36.8×	21.45×	41.82×	52.54×	27.92×	37.12×
P/B	2.66×	2.95×	2.83×	2.73×	4.09×	2.61×	3.8×	3.69×
P/S	6.77×	7.78×	7.4×	7.51×	11.08×	7.69×	10.29×	9.45×
EV / EBITDA	13.96×	16.77×	17.39×	14.92×	21.53×	19.09×	18.31×	19.58×
Gross margin	9.7%	67.4%	67.9%	66.8%	66.7%	65.3%	68.1%	68.6%
Operating margin	35.9%	39.3%	35.9%	49.0%	41.5%	34.7%	50.3%	39.5%
Net margin	32.1%	24.6%	20.9%	35.9%	27.5%	15.8%	37.8%	26.4%
Current ratio	1.02×	1.16×	1.55×	0.95×	0.98×	3×	0.87×	0.86×
Debt / equity	1.55×	1.44×	1.58×	1.51×	1.62×	1.8×	1.38×	1.38×
Interest coverage	2.54×	2.69×	2.42×	3.84×	3.09×	2.12×	4.3×	3.28×
Dividend yield	4.5%	4.0%	4.3%	4.3%	3.2%	5.0%	3.3%	3.5%
Payout ratio	94.4%	125.9%	151.6%	90.1%	128.4%	246.5%	88.6%	124.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.7%	9.3%	8.0%	13.0%	10.1%	5.3%	14.0%	10.3%
Return on invested capital	480.3%	5.8%	5.0%	6.6%	5.4%	4.0%	7.3%	6.0%
Return on assets	4.5%	3.5%	2.8%	4.7%	3.4%	1.7%	5.2%	3.8%
Free cash flow yield	3.8%	3.5%	2.9%	1.2%	0.3%	-2.1%	0.5%	1.7%
Earnings yield	4.8%	3.2%	2.8%	4.8%	2.5%	2.0%	3.7%	2.8%
Enterprise value	$13.6B	$13.8B	$12.8B	$12.5B	$14.6B	$10.1B	$13B	$11.8B
Net debt / EBITDA	5.06×	5.4×	6.02×	5.26×	5.96×	6.9×	4.75×	5.25×
Cash conversion cycle (days)	4	-99	-108	-124	-203	-200	-241	-157