Industrial Logistics Properties Trust (ILPT) 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

+604.4%

$46.49

vs $6.60 price

Levered DCF

-$36.34

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.25

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	-5.54×	-2.5×	-2.85×	-0.94×	13.69×	18.48×	27.68×	16.96×
P/B	0.75×	0.43×	0.46×	0.27×	1.57×	1.51×	1.46×	1.23×
P/S	0.81×	0.54×	0.7×	0.55×	7.42×	5.96×	6.36×	7.76×
EV / EBITDA	13.44×	13.73×	14.27×	30.12×	14.79×	13.35×	17.46×	14.7×
Gross margin	12.6%	85.9%	86.3%	87.0%	86.3%	78.5%	86.8%	88.1%
Operating margin	33.0%	31.4%	29.5%	29.1%	47.2%	78.4%	44.5%	55.6%
Net margin	-14.7%	-21.6%	-24.7%	-58.4%	54.4%	32.2%	22.9%	45.8%
Current ratio	0.23×	4.56×	4.71×	3.16×	0.5×	6.46×	6×	0.16×
Debt / equity	8.63×	7.68×	6.45×	5.4×	0.81×	0.86×	1.41×	0.47×
Interest coverage	0.56×	0.47×	0.45×	0.4×	2.91×	3.87×	2.01×	5.62×
Dividend yield	2.2%	1.1%	0.9%	20.8%	5.3%	5.7%	5.9%	5.5%
Payout ratio	-12.0%	-2.8%	-2.4%	-19.6%	72.1%	104.9%	163.7%	93.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-13.5%	-17.0%	-16.1%	-28.7%	11.5%	8.2%	5.3%	7.2%
Return on invested capital	2.9%	2.6%	2.3%	2.0%	5.5%	10.5%	4.2%	8.2%
Return on assets	-1.3%	-1.8%	-1.9%	-4.0%	6.3%	4.3%	2.1%	4.8%
Free cash flow yield	11.5%	-1.6%	-2.4%	40.3%	6.5%	7.2%	7.4%	7.3%
Earnings yield	-18.1%	-39.9%	-35.1%	-106.3%	7.3%	5.4%	3.6%	5.9%
Enterprise value	$4.4B	$4.4B	$4.5B	$4.4B	$2.4B	$2.4B	$2.8B	$1.7B
Net debt / EBITDA	12.32×	12.99×	13.3×	28.67×	4.91×	4.77×	8.48×	3.99×
Cash conversion cycle (days)	42	-341	-271	-430	-210	48	-12	-96