Genesis Energy, L.P. (GEL) 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

-217.0%

-$16.64

vs $14.22 price

Levered DCF

-$27.74

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.77

Distress zone

Rating

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	-21.37×	-8.15×	52.64×	-272.27×	-5.46×	-1.9×	113.78×	-372.38×
P/B	8.02×	1.12×	1.06×	0.85×	0.92×	0.47×	1.13×	0.93×
P/S	1.17×	0.42×	0.45×	0.45×	0.62×	0.42×	1.01×	0.78×
EV / EBITDA	9.05×	10.01×	8.14×	8.44×	10.83×	12.17×	9.48×	10.71×
Gross margin	21.1%	10.6%	12.4%	22.9%	6.4%	22.4%	13.1%	11.0%
Operating margin	15.8%	7.2%	10.4%	11.3%	3.6%	-13.5%	11.0%	5.8%
Net margin	-0.5%	-2.2%	3.7%	2.7%	-7.8%	-22.8%	3.9%	-0.2%
Current ratio	0.98×	1.06×	1×	1.2×	1.09×	1.51×	1.43×	1.33×
Debt / equity	12.79×	3.95×	2.98×	2.45×	2.19×	2.2×	1.62×	1.41×
Interest coverage	0.98×	0.74×	1.35×	1.39×	0.32×	-1.17×	1.24×	0.74×
Dividend yield	8.0%	13.2%	11.8%	11.8%	11.3%	25.9%	12.5%	11.4%
Payout ratio	-1856.3%	-254.7%	142.3%	196.5%	-89.8%	-47.4%	326.2%	-4237.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.4%	-5.8%	8.8%	5.1%	-11.6%	-25.9%	4.3%	-0.2%
Return on invested capital	6.0%	3.4%	5.4%	5.4%	1.4%	-4.4%	4.4%	2.8%
Return on assets	-0.2%	-0.9%	1.7%	1.2%	-2.8%	-7.0%	1.5%	-0.1%
Free cash flow yield	4.6%	-15.8%	-7.0%	-7.2%	2.8%	20.0%	8.7%	8.6%
Earnings yield	-0.4%	-5.2%	8.3%	6.0%	-12.6%	-54.7%	3.8%	-0.3%
Enterprise value	$5B	$5.6B	$5.4B	$4.8B	$4.4B	$4.3B	$6.1B	$5.7B
Net debt / EBITDA	5.56×	7.79×	6×	6.25×	7.61×	10.01×	5.55×	6.45×
Cash conversion cycle (days)	13	39	28	35	37	53	35	33