Franklin Street Properties Corp. (FSP) 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

+75.8%

$0.75

vs $0.43 price

Levered DCF

-$3.72

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-1.34

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	-2.2×	-3.59×	-5.45×	257.55×	6.84×	14.57×	141.72×	51.92×
P/B	0.16×	0.29×	0.37×	0.37×	0.81×	0.61×	1.17×	0.8×
P/S	0.91×	1.58×	1.82×	1.7×	3.03×	1.91×	3.41×	2.48×
EV / EBITDA	12.5×	18.28×	16.14×	7.71×	5.24×	8.77×	13.71×	11.62×
Gross margin	43.8%	43.6%	46.5%	47.2%	51.3%	53.1%	55.3%	56.6%
Operating margin	-7.6%	-5.2%	-0.7%	0.3%	6.2%	0.0%	50.0%	16.7%
Net margin	-42.0%	-43.9%	-33.0%	0.7%	44.3%	13.3%	2.4%	4.9%
Current ratio	2.43×	2.17×	1.52×	1.18×	0.98×	1.05×	0×	2.54×
Debt / equity	0.41×	0.38×	0.57×	0.54×	0.61×	1.22×	1.23×	1.18×
Interest coverage	-0.33×	-0.24×	-0.04×	0.02×	0.4×	0×	3.66×	1.17×
Dividend yield	4.2%	2.2%	1.6%	19.1%	6.1%	8.2%	4.2%	7.4%
Payout ratio	-9.2%	-7.9%	-8.6%	4934.9%	41.5%	118.4%	596.2%	377.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-7.4%	-8.0%	-6.7%	0.1%	11.8%	4.2%	0.8%	1.6%
Return on invested capital	-0.9%	-0.7%	-0.1%	0.0%	1.0%	0.0%	-162.5%	2.4%
Return on assets	-5.0%	-5.6%	-4.1%	0.1%	6.8%	1.8%	0.4%	0.7%
Free cash flow yield	-12.9%	-8.6%	-5.2%	-14.1%	-4.5%	-2.0%	1.2%	4.4%
Earnings yield	-45.9%	-27.8%	-18.2%	0.4%	14.6%	7.0%	0.7%	2.0%
Enterprise value	$316M	$395.9M	$543.8M	$691.4M	$1.1B	$1.4B	$1.9B	$1.6B
Net debt / EBITDA	8.62×	9.53×	8.29×	4.56×	2.16×	5.85×	7.01×	6.9×
Cash conversion cycle (days)	134	-65	-89	-89	-232	-116	96	-57