Phillips Edison & Co. (PECO) 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

+191.4%

$115.62

vs $39.68 price

Levered DCF

$80.53

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.03

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	39.52×	73.45×	76×	75.81×	220.27×	349.9×	-25.75×	28.75×
P/B	1.93×	1.99×	1.87×	1.64×	1.57×	0.99×	0.9×	0.58×
P/S	6.03×	6.97×	7.09×	6.39×	6.35×	3.36×	3.04×	2.67×
EV / EBITDA	13.9×	16.04×	16.6×	15.66×	16.42×	13.26×	12.64×	14.97×
Gross margin	-1.4%	71.2%	71.3%	71.6%	70.3%	69.0%	70.0%	69.2%
Operating margin	27.2%	64.3%	64.0%	63.8%	61.1%	60.7%	60.9%	57.5%
Net margin	15.2%	9.5%	9.3%	8.4%	2.8%	1.0%	-11.8%	9.1%
Current ratio	0.66×	0.74×	0.4×	0.55×	1.72×	1.11×	0.72×	0.84×
Debt / equity	1.09×	0.91×	0.9×	0.9×	0.93×	1.42×	1.36×	1.26×
Interest coverage	1.8×	4.45×	4.66×	5.15×	4.27×	3.54×	3.17×	3.41×
Dividend yield	3.6%	2.9%	3.1%	3.5%	3.2%	2.9%	7.5%	7.0%
Payout ratio	141.3%	213.8%	238.8%	263.0%	705.6%	1033.8%	-193.8%	206.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.9%	2.7%	2.5%	2.2%	0.7%	0.3%	-3.5%	2.0%
Return on invested capital	3.9%	8.5%	8.2%	8.0%	7.2%	6.7%	7.0%	4.8%
Return on assets	2.1%	1.2%	1.2%	1.0%	0.3%	0.1%	-1.3%	0.8%
Free cash flow yield	4.8%	5.2%	4.5%	5.1%	5.6%	8.8%	9.3%	9.1%
Earnings yield	2.5%	1.4%	1.3%	1.3%	0.4%	0.3%	-3.9%	3.4%
Enterprise value	$6.9B	$6.7B	$6.4B	$5.7B	$5.3B	$4B	$4.1B	$3.6B
Net debt / EBITDA	5.01×	5.04×	5.38×	5.52×	5.92×	7.66×	7.58×	10.25×
Cash conversion cycle (days)	-22	-213	-178	-196	-167	-360	-216	-287