Sabra Health Care REIT, Inc. (SBRA) 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

+171.6%

$53.56

vs $19.72 price

Levered DCF

$62.48

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.86

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	29.59×	32.07×	239.83×	-36.56×	-26.04×	25.93×	57.68×	10.5×
P/B	1.62×	1.48×	1.18×	0.94×	0.88×	1.05×	1.14×	0.9×
P/S	5.9×	5.75×	5.1×	4.59×	5.21×	5.98×	5.98×	4.71×
EV / EBITDA	15.43×	15.58×	18.3×	24.76×	31.88×	14.3×	12.2×	9.86×
Gross margin	65.0%	67.7%	69.8%	74.0%	75.2%	78.0%	83.6%	92.1%
Operating margin	34.1%	36.5%	34.2%	37.6%	37.0%	0.0%	79.0%	49.2%
Net margin	20.1%	18.0%	2.1%	-12.4%	-19.9%	23.1%	10.3%	44.8%
Current ratio	0.56×	0.88×	0.78×	0.59×	1.78×	0×	0×	3.12×
Debt / equity	0.9×	0.89×	0.87×	0.83×	0.72×	0.71×	0.71×	0.99×
Interest coverage	2.35×	2.23×	1.96×	2.23×	2.14×	0×	4.17×	2.09×
Dividend yield	6.3%	6.9%	8.4%	9.7%	8.9%	7.8%	8.4%	11.1%
Payout ratio	186.0%	221.1%	2016.9%	-357.1%	-232.1%	201.1%	486.2%	116.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.5%	4.6%	0.5%	-2.5%	-3.4%	4.1%	2.0%	8.6%
Return on invested capital	4.9%	4.9%	3.7%	4.2%	3.6%	0.0%	8.3%	4.6%
Return on assets	2.8%	2.4%	0.3%	-1.4%	-1.9%	2.3%	1.1%	4.2%
Free cash flow yield	7.6%	7.7%	9.1%	11.0%	10.9%	7.0%	9.3%	15.4%
Earnings yield	3.4%	3.1%	0.4%	-2.7%	-3.8%	3.9%	1.7%	9.5%
Enterprise value	$7B	$6.4B	$5.7B	$5.4B	$5.3B	$6B	$6.4B	$6.1B
Net debt / EBITDA	5.43×	5.78×	7.71×	11.53×	14.03×	5.7×	4.63×	5.13×
Cash conversion cycle (days)	52	68	75	86	89	134	117	-560