LTC Properties, Inc. (LTC) 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

+276.0%

$170.01

vs $45.21 price

Levered DCF

$132.73

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.01

Grey zone

Rating

Overall 4 / 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	13.48×	16.69×	14.87×	14.27×	24.21×	16.08×	22.05×	10.61×
P/B	1.48×	1.57×	1.5×	1.71×	1.81×	1.99×	2.28×	1.99×
P/S	6.05×	7.2×	6.72×	8.09×	8.61×	9.57×	9.56×	9.76×
EV / EBITDA	12.27×	12.74×	12.49×	12.83×	16.85×	13.17×	16.33×	10.27×
Gross margin	75.1%	93.8%	93.3%	91.2%	90.1%	90.5%	91.0%	100.0%
Operating margin	48.2%	44.0%	45.6%	56.6%	35.3%	60.0%	44.2%	90.3%
Net margin	44.9%	43.4%	45.5%	57.1%	36.0%	59.8%	43.5%	91.9%
Current ratio	1.63×	4.29×	2.42×	16.21×	12.13×	2.32×	3.43×	10.19×
Debt / equity	0.79×	0.71×	1.01×	0.93×	0.98×	0.85×	0.89×	0.78×
Interest coverage	3.59×	2.29×	1.91×	3.15×	2×	3.22×	2.68×	5.04×
Dividend yield	6.8%	6.7%	7.1%	6.5%	6.8%	5.9%	5.1%	5.5%
Payout ratio	91.0%	110.4%	105.6%	91.5%	162.0%	94.7%	112.9%	58.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.0%	9.5%	10.2%	12.1%	7.6%	12.4%	10.4%	18.8%
Return on invested capital	6.1%	5.3%	5.0%	6.1%	3.7%	6.7%	5.5%	10.3%
Return on assets	5.7%	5.1%	4.8%	6.0%	3.7%	6.5%	5.3%	10.2%
Free cash flow yield	8.6%	8.3%	7.9%	6.8%	6.8%	7.6%	6.7%	6.9%
Earnings yield	7.4%	6.0%	6.8%	7.1%	4.2%	6.3%	4.5%	9.4%
Enterprise value	$2.4B	$2.2B	$2.2B	$2.2B	$2.1B	$2.2B	$2.5B	$2.3B
Net debt / EBITDA	4.21×	3.94×	4.95×	4.47×	5.89×	3.9×	4.57×	2.88×
Cash conversion cycle (days)	96	1,416	2,005	1,490	1,032	56	90	160