Seritage Growth Properties (SRG) 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

-107.3%

-$0.13

vs $1.73 price

Levered DCF

-$0.84

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-3.56

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	-2.5×	-1.46×	-3.28×	-4.89×	-14.42×	-3.68×	-16.1×	-15.62×
P/B	0.55×	0.57×	0.93×	0.82×	0.82×	0.87×	2×	1.47×
P/S	10.05×	13.15×	25.27×	5.5×	4.82×	4.83×	8.65×	5.35×
EV / EBITDA	-4.38×	-3.4×	-7.93×	176.22×	15.89×	62.11×	27.05×	11×
Gross margin	9.7%	-15.0%	-31.9%	38.6%	31.2%	33.1%	52.1%	66.9%
Operating margin	-200.3%	-259.9%	-322.9%	-44.3%	-48.6%	-74.1%	-33.1%	-55.0%
Net margin	-374.7%	-871.3%	-745.5%	-69.1%	-24.1%	-90.2%	-35.2%	-34.2%
Current ratio	3.89×	3.3×	4.97×	7.66×	1.77×	1.67×	2.65×	5.6×
Debt / equity	0.14×	0.59×	0.65×	1.43×	2.12×	2.49×	2.2×	2.05×
Interest coverage	-1.8×	-1.83×	-1.51×	-0.55×	-0.53×	-0.94×	-0.59×	-1.31×
Dividend yield	2.7%	2.1%	0.9%	0.8%	0.9%	0.9%	1.6%	3.5%
Payout ratio	-7.2%	-3.2%	-3.2%	-6.6%	-17.4%	-4.7%	-38.5%	-54.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-20.6%	-38.0%	-27.6%	-10.3%	-4.1%	-16.2%	-8.1%	-9.4%
Return on invested capital	-94.4%	-7.1%	-7.2%	-2.7%	-2.5%	-3.4%	-2.1%	-4.3%
Return on assets	-17.3%	-22.7%	-15.9%	-4.0%	-1.2%	-4.0%	-2.2%	-2.6%
Free cash flow yield	-19.1%	-23.1%	-149.7%	-117.6%	-68.3%	-15.8%	16.7%	4.8%
Earnings yield	-37.3%	-66.2%	-29.5%	-12.6%	-5.0%	-18.7%	-4.1%	-6.4%
Enterprise value	$182.6M	$386.6M	$758.6M	$1.5B	$1.9B	$2B	$2.9B	$2.2B
Net debt / EBITDA	0.01×	-1.36×	-2.44×	106.48×	11.23×	44.98×	13.56×	5.29×
Cash conversion cycle (days)	73	-412	-348	-338	-347	-494	-38	-71