W. P. Carey Inc. (WPC) 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

+148.5%

$160.01

vs $64.40 price

Levered DCF

$143.15

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.82

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	30.5×	26.07×	19.7×	25.5×	35.7×	26.48×	44.02×	18.28×
P/B	1.75×	1.42×	1.6×	1.7×	1.93×	1.75×	1.93×	1.1×
P/S	8.27×	7.61×	8.04×	10.37×	11.61×	10.3×	11.05×	8.14×
EV / EBITDA	17.07×	14.71×	14.78×	17.78×	18.45×	17.87×	17.51×	16.65×
Gross margin	28.6%	92.4%	92.0%	94.7%	95.4%	95.4%	93.6%	95.4%
Operating margin	44.4%	83.5%	84.4%	86.3%	87.0%	87.4%	85.2%	85.0%
Net margin	27.2%	29.2%	40.8%	40.7%	32.5%	38.9%	25.2%	44.6%
Current ratio	0.18×	1.14×	3.4×	0.27×	1.71×	1.78×	2.41×	0.51×
Debt / equity	1.07×	0.97×	0.95×	0.88×	0.92×	1×	0.89×	0.93×
Interest coverage	2.62×	4.74×	5.02×	5.8×	5.58×	4.87×	4.43×	4.4×
Dividend yield	5.6%	6.4%	6.6%	5.5%	5.2%	6.0%	5.3%	5.9%
Payout ratio	169.4%	166.0%	129.4%	139.4%	186.4%	159.6%	230.8%	107.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.7%	5.5%	8.1%	6.7%	5.4%	6.6%	4.4%	6.0%
Return on invested capital	24.8%	7.3%	8.0%	7.0%	6.9%	7.3%	7.1%	5.6%
Return on assets	2.6%	2.6%	3.9%	3.3%	2.6%	3.1%	2.2%	2.9%
Free cash flow yield	7.7%	14.2%	6.8%	5.9%	5.5%	4.9%	4.8%	5.3%
Earnings yield	3.3%	3.8%	5.1%	3.9%	2.8%	3.8%	2.3%	5.5%
Enterprise value	$22.8B	$19.5B	$21.6B	$23B	$21.4B	$18.7B	$19.3B	$13.7B
Net debt / EBITDA	6.42×	5.68×	5.23×	5.97×	5.83×	6.33×	5.38×	7.5×
Cash conversion cycle (days)	50	-1,177	-900	-2,926	-2,408	-2,643	-1,552	-3,433