Rexford Industrial Realty, Inc. (REXR) 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

-63.6%

$14.08

vs $38.66 price

Levered DCF

$8.24

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.44

Distress zone

Rating

C+

Overall 2 / 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	45.02×	32.22×	50.09×	59.39×	101.39×	96.29×	97.17×	70.17×
P/B	1.06×	1.01×	1.47×	1.42×	2.36×	1.83×	1.9×	1.36×
P/S	8.97×	9.01×	14.27×	14.76×	24.98×	17.98×	18.19×	12.04×
EV / EBITDA	19.26×	19.1×	26.78×	29.23×	45.23×	34.7×	34.77×	25.06×
Gross margin	77.3%	77.5%	76.9%	76.2%	76.2%	75.9%	76.3%	75.7%
Operating margin	37.9%	68.8%	67.5%	66.0%	65.3%	64.7%	65.0%	63.7%
Net margin	21.1%	29.2%	29.8%	26.5%	28.4%	23.1%	23.2%	21.7%
Current ratio	7.16×	0.83×	0.73×	0.56×	0.74×	2.02×	1.42×	3.12×
Debt / equity	0.41×	0.4×	0.29×	0.3×	0.29×	0.4×	0.38×	0.46×
Interest coverage	3.63×	6.53×	8.77×	8.59×	7.36×	6.92×	6.46×	5.32×
Dividend yield	4.7%	4.5%	2.8%	2.4%	1.3%	2.0%	1.8%	2.6%
Payout ratio	199.3%	138.6%	132.2%	133.0%	118.2%	156.7%	144.4%	141.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.5%	3.3%	3.1%	2.6%	2.7%	2.4%	2.4%	2.5%
Return on invested capital	3.0%	5.3%	5.1%	4.6%	4.5%	4.4%	4.8%	4.9%
Return on assets	1.7%	2.2%	2.2%	1.8%	1.9%	1.5%	1.7%	1.7%
Free cash flow yield	2.3%	1.3%	1.4%	2.1%	1.1%	1.8%	1.9%	1.8%
Earnings yield	2.4%	3.2%	2.1%	1.8%	1.1%	1.3%	1.3%	1.8%
Enterprise value	$12.3B	$11.7B	$13.6B	$11.2B	$12.7B	$7B	$5.8B	$3.2B
Net debt / EBITDA	5.2×	5.36×	4.33×	4.95×	4.85×	5.45×	5.42×	5.28×
Cash conversion cycle (days)	-79	-143	-134	-177	-165	-151	-131	-102