Hudson Pacific Properties, Inc. (HPP) 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

+1426.1%

$156.96

vs $10.29 price

Levered DCF

$39.73

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.02

Distress zone

Rating

B-

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	-0.85×	-1.17×	-6.85×	-24.95×	617.75×	9,608×	134.46×	46.13×
P/B	0.16×	0.15×	0.43×	0.42×	1×	1.06×	1.7×	1.27×
P/S	0.58×	0.51×	1.38×	1.36×	4.18×	4.57×	7.11×	6.2×
EV / EBITDA	-87.96×	33.3×	12.62×	12.36×	16.21×	17.68×	21.55×	17.16×
Gross margin	-42.1%	46.1%	52.7%	59.7%	62.6%	62.7%	63.0%	63.2%
Operating margin	-5.7%	-5.4%	3.0%	15.6%	16.3%	53.1%	54.2%	20.4%
Net margin	-66.4%	-40.8%	-18.3%	-3.4%	1.1%	0.3%	5.4%	13.6%
Current ratio	1.83×	0.51×	0.58×	1.05×	2.09×	2.41×	1.51×	2.16×
Debt / equity	1.27×	1.62×	1.43×	1.53×	1.13×	1.12×	1.04×	0.8×
Interest coverage	-0.28×	-0.26×	0.14×	1.07×	1.2×	0×	0×	1.79×
Dividend yield	4.3%	8.5%	5.8%	12.1%	4.1%	4.2%	2.7%	3.5%
Payout ratio	-3.8%	-10.5%	-43.6%	-482.5%	1535.1%	7642.8%	359.8%	158.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-18.6%	-12.0%	-5.6%	-1.1%	0.3%	0.1%	1.3%	2.8%
Return on invested capital	-0.7%	-0.6%	0.4%	1.8%	1.7%	5.3%	5.9%	2.2%
Return on assets	-7.6%	-4.2%	-2.1%	-0.4%	0.1%	0.0%	0.6%	1.4%
Free cash flow yield	20.4%	33.1%	17.3%	25.0%	5.1%	-7.9%	4.6%	-3.3%
Earnings yield	-114.0%	-80.3%	-13.3%	-2.5%	0.3%	0.1%	0.8%	2.2%
Enterprise value	$4.1B	$5B	$5.6B	$6.2B	$7.9B	$7.4B	$9.3B	$7.3B
Net debt / EBITDA	-77.6×	30.45×	9.67×	9.57×	8.5×	8.93×	8.13×	6.53×
Cash conversion cycle (days)	92	93	94	110	110	112	93	-160