Independence Realty Trust, Inc. (IRT) 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

+47.3%

$22.18

vs $15.06 price

Levered DCF

$3.18

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.82

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	72.83×	116.71×	-199.22×	112.4×	342.57×	83.94×	189.5×	30.6×
P/B	1.18×	1.3×	1×	1.04×	0.81×	1.78×	2.06×	1.28×
P/S	6.22×	6.97×	5.19×	5.95×	11.2×	5.94×	6.22×	4.18×
EV / EBITDA	16.64×	20.09×	20.48×	13.81×	34.46×	19.88×	21.71×	16.47×
Gross margin	-14.9%	58.5%	58.9%	59.2%	58.9%	56.8%	57.0%	56.4%
Operating margin	18.4%	20.2%	22.4%	14.8%	20.8%	0.0%	50.8%	27.1%
Net margin	8.6%	6.1%	-2.6%	18.7%	17.8%	7.0%	22.6%	13.7%
Current ratio	0.05×	0.16×	2.26×	0.08×	0.93×	0.34×	0.06×	2.57×
Debt / equity	0.66×	0.68×	0.74×	0.73×	0.78×	1.38×	1.61×	1.58×
Interest coverage	1.53×	1.7×	1.64×	1.07×	1.43×	0×	2.63×	1.44×
Dividend yield	3.8%	3.2%	3.9%	2.8%	1.8%	4.5%	5.1%	6.6%
Payout ratio	273.0%	366.5%	-782.9%	90.3%	111.8%	380.2%	141.1%	199.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.6%	1.1%	-0.5%	3.3%	1.3%	2.1%	7.5%	4.2%
Return on invested capital	2.1%	2.2%	2.4%	1.5%	0.8%	0.0%	6.4%	3.2%
Return on assets	0.9%	0.6%	-0.3%	1.8%	0.7%	0.9%	2.8%	1.6%
Free cash flow yield	3.6%	1.9%	3.4%	2.8%	0.3%	3.0%	2.3%	3.5%
Earnings yield	1.4%	0.9%	-0.5%	3.1%	1.6%	1.2%	3.6%	3.3%
Enterprise value	$6.3B	$6.8B	$6B	$6.4B	$5.5B	$2.2B	$2.2B	$1.8B
Net debt / EBITDA	5.88×	6.86×	8.68×	5.68×	16.81×	8.65×	9.46×	9.05×
Cash conversion cycle (days)	-45	-130	-147	-156	-378	-101	-106	-83