SL Green Realty Corp. (SLG) 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

-176.6%

-$39.16

vs $51.15 price

Levered DCF

-$18.76

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.36

Distress zone

Rating

C-

Overall 1 / 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	-28.49×	849×	-4.95×	-22.63×	11.25×	12.95×	30.55×	30.5×
P/B	0.83×	1.12×	0.76×	0.45×	1.08×	0.94×	1.5×	1.31×
P/S	3.22×	4.99×	3.15×	2.61×	6.39×	4.48×	6.76×	6.28×
EV / EBITDA	26.03×	21.32×	-35.89×	35.82×	27.75×	18.63×	21.19×	18.96×
Gross margin	48.0%	48.8%	48.7%	59.0%	54.6%	58.8%	61.9%	63.1%
Operating margin	16.1%	4.0%	-33.4%	20.8%	42.8%	49.8%	53.5%	55.6%
Net margin	-9.7%	2.5%	-61.8%	-9.4%	56.7%	37.0%	23.4%	20.9%
Current ratio	1.03×	2.15×	0.74×	0.79×	0.91×	1.44×	1.64×	2.81×
Debt / equity	2.06×	1.15×	1.17×	1.37×	1.04×	1.1×	1.09×	0.95×
Interest coverage	0.63×	0.2×	-2.1×	1.76×	4.78×	4.31×	3.31×	3.26×
Dividend yield	8.2%	5.0%	8.0%	12.2%	5.3%	6.4%	3.8%	4.0%
Payout ratio	-272.4%	994.2%	-40.9%	-335.8%	59.3%	77.4%	108.9%	121.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.5%	0.6%	-14.9%	-1.6%	9.6%	7.7%	5.2%	4.4%
Return on invested capital	1.5%	0.3%	-3.3%	1.5%	3.3%	4.6%	5.3%	5.5%
Return on assets	-0.9%	0.2%	-5.9%	-0.6%	4.1%	3.2%	2.2%	2.0%
Free cash flow yield	2.6%	1.8%	8.0%	5.4%	5.0%	12.1%	4.6%	5.7%
Earnings yield	-3.0%	0.5%	-19.6%	-3.6%	8.9%	8.3%	3.5%	3.3%
Enterprise value	$10.9B	$8.8B	$7.1B	$8.5B	$9.9B	$9.8B	$13.9B	$13.2B
Net debt / EBITDA	18.29×	10.56×	-21.29×	26.7×	13.27×	9.84×	8.78×	7.83×
Cash conversion cycle (days)	125	332	5	-25	-10	5	-27	2