Wheeler Real Estate Investment Trust, Inc. (WHLR) 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

+54382149630.4%

$332,274,934.85

vs $0.61 price

Levered DCF

$55,027,872.16

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.21

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	-0.02×	-0×	-0×	-0×	-0×	-0×	-0×	-0×
P/B	0.01×	0×	0×	0×	0×	0×	0×	0×
P/S	0.01×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	6.69×	8.08×	7.82×	14.72×	8.49×	9.36×	9.29×	8.54×
Gross margin	66.8%	66.4%	65.9%	66.4%	68.0%	69.0%	69.7%	30.7%
Operating margin	31.9%	35.9%	28.7%	32.1%	31.8%	30.3%	17.2%	21.5%
Net margin	8.8%	-9.2%	-4.6%	-16.2%	-15.4%	0.4%	-12.8%	-25.1%
Current ratio	2.95×	2.67×	1.52×	1.64×	2.9×	2.61×	2.61×	0×
Debt / equity	7.63×	8.32×	6.71×	5.86×	3.7×	3.15×	3.17×	3.11×
Interest coverage	1.02×	0×	1.06×	1.15×	0.59×	0×	0×	0×
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%	-88.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.8%	-16.2%	-6.2%	-14.4%	-10.0%	0.2%	-7.2%	-13.9%
Return on invested capital	5.4%	5.8%	4.5%	3.7%	4.3%	4.0%	2.3%	-85.1%
Return on assets	1.5%	-1.5%	-0.7%	-1.8%	-2.0%	0.1%	-1.7%	-3.2%
Free cash flow yield	738.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings yield	1608.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Enterprise value	$460.6M	$449.8M	$487.3M	$478M	$326.8M	$339.8M	$347.4M	$352.2M
Net debt / EBITDA	6.68×	8.08×	7.82×	14.72×	8.49×	9.36×	9.29×	8.54×
Cash conversion cycle (days)	58	-127	-132	-196	-151	-162	-142	-39