Alpine Income Property Trust, Inc. (PINE) 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

+133.5%

$39.22

vs $16.80 price

Levered DCF

-$45.14

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.56

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	FY2018
P/E	-76×	111.93×	80.52×	7.69×	19.65×	115.31×	42.29×	43.18×
P/B	0.86×	0.92×	0.94×	0.87×	1×	0.9×	1.09×	1.4×
P/S	3.96×	4.46×	5.16×	5.06×	6.51×	5.91×	11.35×	14.8×
EV / EBITDA	15.43×	13.81×	13.34×	7.46×	15.1×	18.25×	14.79×	20.16×
Gross margin	-10.9%	77.0%	84.9%	79.5%	77.2%	88.0%	84.6%	86.2%
Operating margin	30.5%	26.8%	28.8%	96.2%	50.3%	13.6%	27.4%	34.3%
Net margin	-4.4%	4.0%	6.4%	65.8%	33.1%	5.1%	27.1%	34.3%
Current ratio	0.33×	14.87×	10.31×	3.71×	2.8×	1.13×	8.36×	0.01×
Debt / equity	1.41×	1.22×	1.12×	1.05×	1.39×	0.87×	0.01×	0.01×
Interest coverage	1.14×	1.17×	1.29×	4.56×	4.1×	1.78×	87.97×	0×
Dividend yield	7.6%	7.2%	6.5%	5.8%	5.4%	6.3%	0.4%	0.0%
Payout ratio	-688.4%	812.5%	525.1%	44.6%	107.1%	731.3%	14.7%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.9%	0.8%	1.2%	11.4%	5.1%	0.8%	2.6%	3.2%
Return on invested capital	46.4%	2.3%	2.3%	7.6%	3.0%	1.0%	2.2%	3.0%
Return on assets	-0.4%	0.3%	0.5%	5.2%	2.0%	0.4%	2.2%	3.2%
Free cash flow yield	-34.6%	11.0%	-25.0%	-72.0%	8.8%	8.3%	5.5%	3.2%
Earnings yield	-1.1%	0.9%	1.2%	13.0%	5.1%	0.9%	2.4%	2.3%
Enterprise value	$629.2M	$540.6M	$513.5M	$493.3M	$460.4M	$222M	$139.8M	$175.1M
Net debt / EBITDA	9.56×	7.87×	7.23×	4×	8.67×	8.9×	-1.1×	0.2×
Cash conversion cycle (days)	18	636	-31	9	5	-66	-83	-19