Latest Ratios: P/E Ratio -20.7x · EV/EBITDA 18.6x · ROE -3.2%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $700M | $711M | $719M | $945M | $806M | $1.3B | $964M | $1.7B | $1.9B | — | — |
| Enterprise Value | $3.1B | $3.1B | $2.9B | $4.3B | $3.7B | $5.9B | $5.1B | $7.7B | $7.4B | — | — |
| P/E Ratio → | -20.65 | — | — | — | 18.32 | — | — | — | — | — | — |
| P/S Ratio | 2.11 | 2.14 | 2.07 | 2.41 | 2.25 | 4.08 | 2.27 | 3.08 | 4.03 | — | — |
| P/B Ratio | 0.73 | 0.77 | 0.69 | 0.74 | 0.58 | 0.88 | 0.49 | 0.77 | 0.67 | — | — |
| P/FCF | 9.58 | 9.73 | 6.95 | 6.87 | 6.43 | — | 10.01 | 12.32 | 18.92 | — | — |
| P/OCF | 9.58 | 9.73 | 6.95 | 6.87 | 6.43 | — | 10.01 | 12.32 | 18.92 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.45 | 8.44 | 11.08 | 10.29 | 18.36 | 12.14 | 14.01 | 15.68 | — | — |
| EV / EBITDA | 18.57 | 18.63 | — | 95.70 | 45.65 | 43.59 | 64.83 | — | 184.74 | — | — |
| EV / EBIT | 23.87 | 42.00 | — | 1890.88 | 47.35 | 91.16 | — | — | — | — | — |
| EV / FCF | — | 42.92 | 28.36 | 31.56 | 29.45 | — | 53.44 | 56.10 | 73.69 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.6% | 49.6% | 45.9% | 49.0% | 53.9% | 59.4% | 50.0% | 43.5% | 46.5% | 82.3% | 81.0% |
| Operating Margin | 39.5% | 39.5% | -14.9% | 3.0% | 13.0% | 30.8% | 4.6% | -28.6% | -10.7% | 80.4% | 85.1% |
| Net Profit Margin | -9.4% | -9.4% | -38.0% | -4.0% | 12.8% | -31.3% | -83.3% | -75.5% | -35.6% | 54.0% | 53.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.2% | -3.2% | -11.4% | -1.2% | 3.2% | -5.9% | -17.0% | -16.4% | -7.9% | 6.7% | 6.2% |
| ROA | -0.9% | -0.9% | -3.3% | -0.3% | 0.9% | -1.7% | -5.2% | -5.2% | -3.2% | 4.9% | 4.2% |
| ROIC | 3.0% | 3.0% | -1.0% | 0.2% | 0.7% | 1.2% | 0.2% | -1.4% | -0.8% | 5.7% | 5.2% |
| ROCE | 3.7% | 3.7% | -1.4% | 0.3% | 0.9% | 1.7% | 0.3% | -2.1% | -1.1% | 7.5% | 6.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.68 | 2.68 | 2.41 | 2.86 | 2.30 | 3.27 | 2.38 | 2.76 | 1.97 | 0.28 | 0.41 |
| Debt / EBITDA | 14.81 | 14.81 | — | 80.55 | 39.47 | 35.81 | 58.67 | — | 139.24 | 2.76 | 4.16 |
| Net Debt / Equity | — | 2.61 | 2.12 | 2.66 | 2.08 | 3.09 | 2.14 | 2.73 | 1.94 | 0.26 | 0.40 |
| Net Debt / EBITDA | 14.41 | 14.41 | — | 74.87 | 35.68 | 33.90 | 52.69 | — | 137.31 | 2.58 | 4.05 |
| Debt / FCF | — | 33.19 | 21.41 | 24.69 | 23.02 | — | 43.44 | 43.79 | 54.77 | 3.41 | 5.52 |
| Interest Coverage | 0.59 | 0.59 | -3.98 | 0.09 | 2.71 | 2.02 | -4.14 | -7.96 | -2.78 | 21.68 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 19.52 | 19.52 | 18.15 | 18.87 | 49.61 | 27.72 | 41.06 | 26.99 | 1.87 | 33.43 | 25.31 |
| Quick Ratio | 19.52 | 19.52 | 18.15 | 18.90 | 49.40 | 27.72 | 41.06 | 26.99 | 1.87 | 64.43 | 25.31 |
| Cash Ratio | 0.46 | 0.46 | 1.91 | 1.47 | 3.87 | 1.52 | 4.08 | 1.79 | 0.26 | 0.60 | 0.22 |
| Asset Turnover | — | 0.09 | 0.09 | 0.09 | 0.08 | 0.06 | 0.07 | 0.07 | 0.05 | 0.09 | 0.08 |
| Inventory Turnover | — | — | — | — | 9.85 | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 12.2% | 11.7% | 13.8% | 11.0% | 12.3% | 3.9% | 5.4% | 12.9% | 9.7% | — | — |
| Payout Ratio | — | — | — | — | 217.1% | — | — | — | — | 338.2% | 160.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 5.5% | — | — | — | — | — | — |
| FCF Yield | 10.4% | 10.3% | 14.4% | 14.6% | 15.6% | — | 10.0% | 8.1% | 5.3% | — | — |
| Buyback Yield | 2.1% | 2.1% | 1.6% | 0.3% | 5.6% | 0.2% | 0.2% | 0.1% | 0.0% | — | — |
| Total Shareholder Yield | 14.3% | 13.8% | 15.3% | 11.3% | 17.9% | 4.1% | 5.5% | 13.0% | 9.8% | — | — |
| Shares Outstanding | — | $127M | $127M | $127M | $129M | $128M | $129M | $128M | $121M | $113M | $128M |
Legacy office asset impairment
As reported in financial statements, BRSP trades at a price-to-book ratio of 0.76, which suggests that the market is applying a significant discount to the company's assets, likely due to persistent concerns regarding the underlying quality of its legacy office loan portfolio and overall earnings visibility.
The current valuation discount appears to be a direct response to the market's skepticism regarding the recovery value of the company's transitional loan assets. Investors should monitor whether the internalized management structure can eventually drive a re-rating, though current pricing suggests the market remains unconvinced of a near-term turnaround.
Based on BRSP's reported figures, NOI margins have experienced significant instability, dropping from 64.8% in 2024Q4 to 37.2% in 2026Q1, which indicates that property-level operating expenses are becoming increasingly difficult to manage amidst a challenging macroeconomic environment and a shifting asset mix.
The contraction in margins suggests that the company's profitability is highly sensitive to the performance of its underlying collateral. This volatility may indicate that the transition toward multifamily and industrial assets has not yet stabilized the company's core operating profitability.
According to recent SEC filings, the debt-to-equity ratio has compressed from 2.86 in 2023Q4 to 0.46 in 2026Q1, reflecting a rapid reduction in leverage that may indicate a defensive posture necessitated by the need to mitigate risks associated with distressed commercial real estate exposures.
While the lower leverage ratio may appear to improve the balance sheet profile, it likely reflects a forced contraction rather than a strategic choice. This shift warrants further investigation into whether the company retains sufficient liquidity to pursue new, higher-yielding originations in the current environment.
As indicated by historical data, the use of a standard P/E ratio for BRSP is deeply misleading, as it fails to account for the significant non-cash CECL provisions that distort GAAP earnings and mask the company's actual cash-generating capacity available for dividend distributions.
Analysts should prioritize FFO and AFFO metrics over P/E to better understand the company's operational performance. Relying on P/E ignores the fundamental reality that REITs are cash-flow vehicles where depreciation and credit loss reserves are non-cash items that do not reflect the true economic health of the portfolio.
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Quick answers to the most common questions about buying BRSP stock.
BrightSpire Capital, Inc.'s current P/E ratio is -20.7x. The historical average is 18.3x.
BrightSpire Capital, Inc.'s current EV/EBITDA is 18.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 53.7x.
BrightSpire Capital, Inc.'s return on equity (ROE) is -3.2%. The historical average is -4.7%.
Based on historical data, BrightSpire Capital, Inc. is trading at a P/E of -20.7x. Compare with industry peers and growth rates for a complete picture.
BrightSpire Capital, Inc.'s current dividend yield is 12.18%.
BrightSpire Capital, Inc. has 49.6% gross margin and 39.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
BrightSpire Capital, Inc.'s Debt/EBITDA ratio is 14.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.