Greystone Housing Impact Investors LP (GHI) 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

-434.2%

-$16.08

vs $4.81 price

Levered DCF

-$15.46

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.15

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	-13.78×	13.31×	8.08×	6.69×	12.72×	37.35×	18.86×	8.35×
P/B	0.42×	0.62×	0.88×	0.95×	0.88×	0.59×	1.11×	0.86×
P/S	2.21×	2.36×	2.63×	2.96×	4.91×	4.68×	6.15×	5.51×
EV / EBITDA	-179.48×	64.81×	25.09×	21.42×	30.29×	92.24×	30.28×	12.82×
Gross margin	30.4%	40.0%	52.5%	67.5%	73.9%	62.7%	68.5%	91.5%
Operating margin	-9.4%	21.3%	37.2%	48.9%	45.5%	12.8%	38.9%	-14.5%
Net margin	-10.5%	21.3%	37.2%	48.9%	45.4%	12.7%	38.9%	66.0%
Current ratio	3.58×	4.13×	9.24×	12.31×	7.99×	9.1×	5.56×	5.46×
Debt / equity	2.89×	3.04×	2.43×	2.67×	1.92×	1.56×	1.33×	1.43×
Interest coverage	-0.13×	0.36×	0.78×	1.5×	1.74×	0.34×	1.24×	-0.36×
Dividend yield	22.3%	15.9%	11.1%	11.8%	7.0%	9.5%	7.3%	10.5%
Payout ratio	-468.4%	176.0%	78.6%	71.1%	75.2%	352.6%	115.9%	87.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.0%	5.6%	12.5%	15.7%	8.2%	1.6%	7.0%	10.3%
Return on invested capital	-0.5%	1.4%	3.6%	4.2%	2.8%	0.6%	3.0%	-0.9%
Return on assets	-0.5%	1.3%	3.6%	4.2%	2.7%	0.6%	3.0%	4.2%
Free cash flow yield	23.5%	7.6%	6.3%	4.9%	8.2%	5.8%	3.7%	7.3%
Earnings yield	-4.8%	9.0%	14.1%	16.5%	9.2%	2.7%	6.3%	12.0%
Enterprise value	$1.2B	$1.4B	$1.4B	$1.5B	$1.2B	$931.5M	$1B	$879.8M
Net debt / EBITDA	-155.92×	53.75×	18.22×	15.61×	20.21×	65.86×	15.94×	7.82×
Cash conversion cycle (days)	136	115	228	347	33	11	-82	-559