Ladder Capital Corp (LADR) 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

+260.6%

$33.40

vs $9.26 price

Levered DCF

-$3.73

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.28

Distress zone

Rating

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	21.55×	13.01×	14.21×	8.81×	26.07×	-75.23×	15.55×	8.36×
P/B	0.93×	0.92×	0.94×	0.81×	0.98×	0.7×	1.3×	1.04×
P/S	3.52×	2.75×	2.73×	2.3×	4.14×	3.03×	3.79×	2.5×
EV / EBITDA	17.7×	8.87×	11.17×	12.31×	18.63×	16.49×	17.59×	11.29×
Gross margin	71.8%	77.2%	79.1%	78.9%	68.9%	66.9%	78.3%	80.8%
Operating margin	62.0%	65.0%	64.4%	66.9%	66.8%	51.4%	27.6%	71.5%
Net margin	16.4%	21.2%	19.3%	26.2%	15.8%	-4.0%	24.4%	30.0%
Current ratio	0.35×	0×	2.2×	0×	1.84×	4.91×	8,075.27×	21.53×
Debt / equity	2.37×	2.05×	2.48×	2.77×	2.8×	2.73×	3.33×	2.62×
Interest coverage	1.39×	1.5×	1.38×	1.86×	1.31×	0.81×	0.68×	2.21×
Dividend yield	8.5%	8.4%	8.1%	8.6%	6.8%	10.9%	7.6%	8.2%
Payout ratio	182.9%	108.7%	115.1%	75.2%	177.9%	-823.0%	117.8%	68.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.3%	7.1%	6.6%	9.3%	3.8%	-0.9%	8.4%	12.5%
Return on invested capital	4.6%	-301.9%	6.0%	-352.4%	4.1%	1.6%	3.6%	6.6%
Return on assets	1.2%	2.2%	1.8%	2.4%	1.0%	-0.2%	1.8%	2.9%
Free cash flow yield	6.3%	9.5%	12.6%	8.6%	5.4%	10.3%	9.6%	13.3%
Earnings yield	4.7%	7.7%	7.0%	11.4%	3.8%	-1.3%	6.4%	12.0%
Enterprise value	$4.9B	$3.2B	$4.2B	$4.9B	$5.2B	$4B	$6.7B	$5.2B
Net debt / EBITDA	12.67×	5.02×	7.38×	9.17×	13.27×	12.06×	12.6×	8.04×
Cash conversion cycle (days)	15	1,099	2,163	2,595	14	2,357	12	-21,184