LendingTree, Inc. (TREE) 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

-71.4%

$7.75

vs $27.08 price

Levered DCF

$28.20

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.32

Distress zone

Rating

A-

Overall 4 / 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	4.77×	-12.34×	-3.21×	-1.45×	23.4×	-73.8×	218.3×	28.44×
P/B	2.51×	4.72×	3.16×	1.31×	3.61×	9.76×	9.68×	7.93×
P/S	0.65×	0.57×	0.58×	0.28×	1.47×	3.91×	3.52×	3.59×
EV / EBITDA	10.41×	13.02×	25.28×	52.01×	34.76×	67.16×	35.76×	34.41×
Gross margin	94.3%	96.0%	94.2%	94.1%	94.8%	94.0%	93.8%	95.2%
Operating margin	7.3%	5.0%	-6.0%	-3.3%	0.7%	-0.7%	4.6%	7.3%
Net margin	13.5%	-4.6%	-18.2%	-19.1%	6.3%	-5.3%	1.6%	12.6%
Current ratio	1.75×	0.99×	2.6×	5.02×	1.36×	2.65×	0.82×	0.89×
Debt / equity	1.53×	5×	4.92×	4.39×	1.67×	1.94×	0.91×	1.09×
Interest coverage	1.75×	1.6×	0×	-1.26×	0.17×	-0.18×	2.5×	4.52×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	52.8%	-38.3%	-98.6%	-90.4%	15.4%	-13.2%	4.4%	27.9%
Return on invested capital	11.3%	6.8%	-5.4%	-2.9%	0.6%	-0.3%	6.3%	7.4%
Return on assets	17.7%	-5.4%	-15.2%	-15.7%	5.3%	-4.1%	1.9%	10.8%
Free cash flow yield	8.4%	9.9%	14.0%	11.6%	5.5%	-0.1%	3.2%	3.5%
Earnings yield	21.0%	-8.1%	-31.2%	-68.9%	4.3%	-1.4%	0.5%	3.5%
Enterprise value	$1.1B	$951.7M	$891.5M	$886.8M	$2.1B	$4.1B	$4.2B	$3B
Net debt / EBITDA	3.46×	5.98×	14.16×	36.01×	8.18×	8.83×	2.62×	3.09×
Cash conversion cycle (days)	-2	-37	11	22	22	-32	22	109