New England Realty Associates Limited Partnership (NEN) 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

+1644.1%

$771.59

vs $44.24 price

Levered DCF

$426.91

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.5

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	37.5×	18.54×	29.29×	68.93×	-91.62×	128.62×	34.83×	49.96×
P/B	-3.07×	-4.74×	-3.87×	-4.32×	-5.07×	-4.46×	-6.08×	-5.92×
P/S	2.53×	3.64×	3.36×	3.75×	3.95×	2.95×	3.77×	3.6×
EV / EBITDA	15.17×	14.17×	15.65×	17.57×	18.91×	13.87×	15.55×	14.13×
Gross margin	16.4%	67.4%	64.7%	66.1%	65.6%	85.9%	67.9%	84.2%
Operating margin	24.4%	31.5%	26.6%	26.5%	22.7%	24.1%	28.6%	25.7%
Net margin	6.8%	19.4%	11.4%	5.5%	-4.3%	2.3%	10.8%	7.2%
Current ratio	2.01×	29.34×	37.19×	52.13×	36.19×	0×	0×	0×
Debt / equity	-7.18×	-6.57×	-6.32×	-6.93×	-7.59×	-7.32×	-8.01×	-7.21×
Interest coverage	1.17×	1.64×	1.26×	1.2×	1.04×	1.09×	1.42×	1.2×
Dividend yield	7.4%	3.8%	4.0%	3.6%	1.9%	2.6%	2.1%	2.1%
Payout ratio	278.4%	71.8%	117.8%	248.9%	-173.1%	328.2%	71.7%	107.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-8.2%	-25.3%	-13.1%	-6.3%	5.5%	-3.5%	-17.5%	-11.8%
Return on invested capital	4.4%	6.4%	5.1%	4.6%	4.0%	-131.8%	369.6%	775.4%
Return on assets	1.2%	4.0%	2.2%	1.0%	-0.8%	0.5%	2.2%	1.7%
Free cash flow yield	12.3%	12.5%	11.3%	6.1%	5.0%	9.5%	9.9%	10.3%
Earnings yield	2.7%	5.3%	3.4%	1.5%	-1.1%	0.8%	2.9%	2.0%
Enterprise value	$726.5M	$681.6M	$640.7M	$617.4M	$522M	$465.1M	$520M	$454.1M
Net debt / EBITDA	10.46×	8.08×	9.53×	10.28×	9.94×	8.4×	8.74×	7.64×
Cash conversion cycle (days)	-25	-108	-64	-101	-63	11	6	24