Net Lease Office Properties (NLOP) 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

+53.1%

$13.73

vs $8.97 price

Levered DCF

$29.22

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-2.63

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
P/E	-2.63×	-5.05×	-2.05×	17.48×	11.21×	17.32×	20×
P/B	1.3×	0.79×	0.4×	0.25×	0.26×	0.26×	0×
P/S	3.21×	3.24×	1.55×	1.77×	1.87×	1.91×	1.59×
EV / EBITDA	-3.05×	11.4×	-109.23×	5.06×	4.6×	7.32×	0×
Gross margin	70.0%	69.3%	78.4%	79.5%	79.7%	80.4%	80.4%
Operating margin	29.7%	24.2%	22.9%	27.6%	33.1%	0.0%	33.6%
Net margin	-122.2%	-64.3%	-75.3%	10.1%	1.0%	11.1%	7.9%
Current ratio	5.6×	0.46×	1.12×	0.46×	0.63×	0.38×	0×
Debt / equity	0.08×	0.29×	0.8×	0.25×	0.15×	0.5×	0×
Interest coverage	2.77×	0.51×	0.94×	1.61×	1.51×	0×	1.4×
Dividend yield	27.9%	0.2%	1.8%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-73.4%	-1.2%	-3.8%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-49.4%	-15.7%	-19.5%	1.4%	0.1%	1.5%	0.0%
Return on invested capital	7.8%	4.4%	3.2%	3.0%	1.8%	0.0%	0.0%
Return on assets	-32.0%	-11.4%	-10.1%	1.1%	0.1%	1.0%	0.0%
Free cash flow yield	15.7%	15.6%	22.1%	28.8%	25.7%	25.0%	6.5%
Earnings yield	-38.0%	-19.8%	-48.7%	5.7%	0.5%	5.8%	5.0%
Enterprise value	$284.7M	$605.9M	$796.1M	$552.8M	$427.1M	$797M	$0
Net debt / EBITDA	1.04×	2.72×	-72.13×	2.53×	1.62×	4.78×	0×
Cash conversion cycle (days)	-575	-3	-552	-481	-428	-716	0