TPG RE Finance Trust, Inc. (TRTX) 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

+112.5%

$14.48

vs $6.82 price

Levered DCF

-$14.54

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.12

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	15.11×	11.33×	-3.85×	-7.15×	13.39×	-5.23×	11.72×	10.75×
P/B	0.64×	0.61×	0.45×	0.4×	0.65×	0.56×	0.98×	0.87×
P/S	2.05×	1.93×	1.29×	1.72×	3.94×	10.07×	4.32×	4.32×
EV / EBITDA	14.8×	10.47×	20.55×	38.13×	19.56×	-144.52×	18.81×	11.8×
Gross margin	79.3%	80.3%	91.5%	90.0%	90.4%	72.8%	91.1%	90.1%
Operating margin	73.0%	78.7%	38.9%	28.8%	86.8%	-36.2%	37.1%	87.4%
Net margin	18.1%	21.2%	-29.9%	-19.6%	57.6%	-169.3%	37.0%	40.1%
Current ratio	0.18×	0×	0×	90.56×	117.05×	92.47×	92.85×	0.12×
Debt / equity	3.08×	2.31×	2.7×	3.15×	2.53×	2.31×	2.88×	1.25×
Interest coverage	1.28×	1.37×	0.55×	0.55×	2.46×	-0.27×	0.73×	1.85×
Dividend yield	13.3%	13.3%	17.5%	17.7%	10.4%	11.9%	8.5%	9.0%
Payout ratio	151.0%	121.7%	-75.8%	-154.6%	70.9%	-70.9%	98.7%	96.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.6%	6.7%	-10.4%	-4.5%	9.5%	-9.3%	8.4%	8.1%
Return on invested capital	5.5%	0.0%	0.0%	1.6%	4.0%	-0.6%	2.2%	6.8%
Return on assets	1.4%	2.0%	-2.8%	-1.1%	2.7%	-2.8%	2.1%	2.4%
Free cash flow yield	12.3%	15.7%	14.8%	18.2%	13.9%	16.2%	8.3%	9.3%
Earnings yield	8.8%	11.0%	-23.1%	-11.4%	14.6%	-16.8%	8.6%	9.3%
Enterprise value	$3.9B	$3.1B	$3.3B	$4.4B	$4.4B	$3.9B	$5.7B	$2.8B
Net debt / EBITDA	12.2×	8.15×	17.45×	33.61×	15.34×	-114.22×	13.97×	6.89×
Cash conversion cycle (days)	-4	-6	-20	5,709	7,380	20,128	5,322	75