Chicago Atlantic Real Estate Finance, Inc. (REFI) 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

+127.6%

$20.16

vs $8.86 price

Levered DCF

$88.05

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.09

Distress zone

Rating

S-

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
P/E	7.17×	8.03×	7.56×	8.23×	30.83×
P/B	0.84×	0.96×	1.08×	1.01×	1.1×
P/S	4.08×	5.43×	5.1×	5.45×	20.09×
EV / EBITDA	9.47×	0×	0×	0.56×	2,079.66×
Gross margin	86.9%	100.0%	100.0%	100.0%	98.5%
Operating margin	57.1%	0.0%	0.0%	0.0%	87.5%
Net margin	57.1%	67.6%	67.5%	66.1%	87.5%
Current ratio	0.28×	21.74×	18.53×	17.34×	22.75×
Debt / equity	0.32×	0.34×	0.24×	0.22×	0×
Interest coverage	4.77×	0×	0×	0×	166.91×
Dividend yield	17.0%	14.0%	13.4%	10.6%	2.4%
Payout ratio	121.8%	112.4%	101.1%	87.2%	54.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	11.7%	12.0%	14.2%	12.2%	4.8%
Return on invested capital	8.8%	0.0%	0.0%	0.0%	4.8%
Return on assets	8.5%	8.5%	10.8%	9.4%	4.6%
Free cash flow yield	11.2%	7.8%	9.7%	6.4%	2.3%
Earnings yield	14.0%	12.5%	13.2%	12.1%	4.4%
Enterprise value	$341M	$375M	$350.7M	$318.3M	$210.4M
Net debt / EBITDA	2.32×	0×	0×	0.09×	-793.38×
Cash conversion cycle (days)	-36	2,688	2,220	2,505	4,618