Global Net Lease, Inc. (GNL) 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

+267.8%

$25.44

vs $6.92 price

Levered DCF

$13.09

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.42

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	-8.78×	-9.61×	-5.82×	104.75×	127.33×	142.83×	36.87×	110.13×
P/B	1.15×	0.77×	0.54×	0.91×	0.93×	1×	1.02×	0.86×
P/S	3.86×	2.09×	2.75×	3.44×	3.84×	4.65×	5.63×	4.33×
EV / EBITDA	13.99×	10.84×	30.55×	13.04×	13.63×	16.13×	14.66×	14.74×
Gross margin	12.9%	82.3%	70.8%	91.3%	91.6%	90.2%	79.5%	89.8%
Operating margin	33.8%	25.6%	-3.0%	26.5%	28.6%	30.1%	37.5%	24.1%
Net margin	-45.3%	-16.3%	-41.1%	3.2%	2.9%	3.3%	15.2%	3.9%
Current ratio	0.84×	0.23×	0.13×	0.24×	1.69×	4.33×	10.38×	0.69×
Debt / equity	1.55×	2.12×	2.01×	1.7×	1.53×	1.5×	1.12×	1.24×
Interest coverage	0.88×	0.63×	-0.09×	1.03×	1.19×	1.38×	1.79×	1.17×
Dividend yield	12.3%	18.8%	16.4%	14.4%	11.7%	11.2%	9.4%	12.9%
Payout ratio	-104.6%	-240.3%	-110.1%	1556.5%	1548.9%	1600.4%	347.5%	1443.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-13.6%	-6.0%	-8.0%	0.8%	0.7%	0.7%	2.7%	0.8%
Return on invested capital	3.9%	3.0%	-0.2%	1.3%	1.3%	1.7%	2.9%	1.9%
Return on assets	-5.2%	-1.9%	-2.6%	0.3%	0.3%	0.3%	1.3%	0.3%
Free cash flow yield	9.9%	15.1%	6.8%	11.7%	12.3%	11.1%	7.5%	11.7%
Earnings yield	-11.7%	-7.8%	-14.9%	0.9%	0.8%	0.7%	2.7%	0.9%
Enterprise value	$4.3B	$6.2B	$6.6B	$3.6B	$3.9B	$3.7B	$3.4B	$2.9B
Net debt / EBITDA	7.76×	7.88×	23.97×	8.37×	8.37×	9.47×	7.12×	8.51×
Cash conversion cycle (days)	37	-149	-180	-184	-219	-252	-71	-381