NexPoint Diversified Real Estate Trust (NXDT) 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

+9.3%

$4.31

vs $3.95 price

Levered DCF

$3.92

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-0.41

Distress zone

Rating

B-

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	-1.36×	-4.77×	-2.44×	8.56×	2.06×	-3.98×	10.93×	16.2×
P/B	0.25×	0.29×	0.34×	0.41×	0.51×	0.61×	0.74×	0.84×
P/S	1.93×	6.5×	-5×	4.58×	1.96×	-4.38×	8.65×	12.92×
EV / EBITDA	-4.37×	-15.01×	-4.75×	8.79×	2.19×	-4.33×	15.92×	22.2×
Gross margin	8.5%	24.9%	126.8%	92.9%	99.1%	104.2%	86.8%	87.3%
Operating margin	-105.4%	-146.2%	192.9%	64.7%	96.5%	110.0%	79.2%	79.8%
Net margin	-136.0%	-123.8%	197.5%	53.8%	96.5%	110.0%	79.2%	79.8%
Current ratio	40.42×	0.6×	3.09×	0.36×	64.25×	1,034.38×	4.1×	0.35×
Debt / equity	0.43×	0.43×	0.23×	0.17×	0.04×	0.06×	0.34×	0.31×
Interest coverage	-3.64×	-1.95×	-7.2×	9.12×	102.69×	-25.97×	6.02×	6.27×
Dividend yield	6.0%	3.9%	6.1%	5.6%	4.0%	11.1%	12.8%	10.3%
Payout ratio	-8.5%	-20.5%	-15.4%	47.4%	8.0%	-44.2%	139.4%	166.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-17.4%	-5.6%	-13.2%	4.8%	25.1%	-15.3%	6.8%	5.2%
Return on invested capital	-399.7%	-4.6%	-10.5%	3.9%	23.9%	-14.3%	4.5%	3.8%
Return on assets	-11.6%	-3.8%	-10.7%	4.0%	23.9%	-14.1%	4.9%	3.8%
Free cash flow yield	5.2%	-4.8%	-8.2%	16.8%	7.5%	71.2%	-29.3%	-54.9%
Earnings yield	-70.6%	-19.0%	-39.5%	11.7%	49.4%	-25.1%	9.1%	6.2%
Enterprise value	$478.6M	$594.5M	$477.7M	$580.7M	$546.8M	$523.5M	$1B	$884.1M
Net debt / EBITDA	-2.76×	-8.82×	-1.8×	2.48×	0.16×	-0.36×	4.99×	6.01×
Cash conversion cycle (days)	-160	-309	-294	-776	-8	801	1,470	-517