Latest Ratios: P/E Ratio 12.2x · EV/EBITDA 48.0x · ROE 5.4%. (2012–2025 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 | $603M | $865M | $1.0B | $1.1B | $924M | $1.3B | — | — | — | — | — |
| Enterprise Value | $4.7B | $4.9B | $5.2B | $5.0B | $5.2B | $8.7B | — | — | — | — | — |
| P/E Ratio → | 12.23 | 15.67 | 15.29 | 9.51 | — | — | — | — | — | — | — |
| P/S Ratio | — | — | 1.87 | 1.95 | 2.52 | 5.86 | — | — | — | — | — |
| P/B Ratio | 0.44 | 0.56 | 0.68 | 0.70 | 0.59 | 0.76 | — | — | — | — | — |
| P/FCF | 2.06 | 2.96 | 17.93 | 5.63 | 6.08 | 0.43 | — | — | — | — | — |
| P/OCF | 2.06 | 2.96 | 17.93 | 5.63 | 6.06 | 8.86 | — | — | — | — | — |
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 | — | — | 9.39 | 8.70 | 14.14 | 39.31 | — | — | — | — | — |
| EV / EBITDA | 48.03 | 50.71 | 42.59 | 30.38 | 28.49 | 42.18 | — | — | — | — | — |
| EV / EBIT | 53.26 | 58.19 | 11.93 | 32.03 | 51.34 | 71.94 | — | — | — | — | — |
| EV / FCF | — | 16.95 | 90.07 | 25.11 | 34.20 | 2.88 | — | — | — | — | — |
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 | — | — | 38.3% | 46.3% | 54.9% | 72.6% | 61.9% | 53.0% | 54.0% | 63.9% | 70.8% |
| Operating Margin | — | — | 21.0% | 27.2% | 14.2% | 74.4% | 32.1% | 11.5% | 30.8% | 40.7% | 44.8% |
| Net Profit Margin | — | — | 12.5% | 25.5% | 3.9% | 11.6% | 29.7% | 42.3% | 34.7% | 37.7% | 37.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.4% | 5.4% | 4.4% | 9.2% | 0.9% | 2.0% | 6.8% | 5.5% | 2.8% | 2.6% | 3.4% |
| ROA | 1.4% | 1.4% | 1.2% | 2.4% | 0.2% | 0.4% | 1.6% | 2.7% | 2.5% | 2.4% | 2.4% |
| ROIC | 1.2% | 1.2% | 1.6% | 2.1% | 0.5% | 2.1% | 1.5% | 0.5% | 1.2% | 1.4% | 1.9% |
| ROCE | 1.5% | 1.5% | 2.0% | 2.7% | 1.0% | 4.0% | 1.9% | 0.8% | 2.3% | 2.7% | 3.7% |
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 | 2.78 | 2.78 | 2.84 | 2.64 | 2.82 | 4.42 | 2.69 | 3.04 | 0.76 | 0.65 | 0.54 |
| Debt / EBITDA | 43.56 | 43.56 | 35.63 | 25.63 | 24.40 | 36.65 | 35.00 | 32.69 | 19.15 | 14.71 | 10.11 |
| Net Debt / Equity | — | 2.67 | 2.72 | 2.42 | 2.70 | 4.33 | 2.59 | 2.94 | 0.68 | 0.59 | 0.44 |
| Net Debt / EBITDA | 41.85 | 41.85 | 34.11 | 23.56 | 23.42 | 35.90 | 33.66 | 31.54 | 17.01 | 13.43 | 8.13 |
| Debt / FCF | — | 13.99 | 72.14 | 19.48 | 28.11 | 2.45 | 17.92 | 52.86 | 213.83 | 104.48 | 13.84 |
| Interest Coverage | — | — | 1.28 | 0.51 | 0.61 | 1.99 | 0.89 | 0.64 | 0.67 | 1.13 | 1.54 |
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 | 18.43 | 18.43 | 17.09 | 20.08 | 11.01 | 2.20 | 13.53 | 7.32 | 42.19 | 28.57 | 15.30 |
| Quick Ratio | 18.43 | 18.43 | 17.09 | 20.08 | 11.01 | 2.20 | 13.53 | 7.32 | 42.20 | 28.57 | 15.30 |
| Cash Ratio | 0.61 | 0.61 | 0.58 | 1.25 | 0.79 | 1.11 | 0.37 | 0.21 | 3.13 | 1.51 | 1.51 |
| Asset Turnover | — | — | 0.09 | 0.10 | 0.06 | 0.02 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| 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 | 21.6% | 16.8% | 14.1% | 13.0% | 15.1% | 5.2% | — | — | — | — | — |
| Payout Ratio | 176.9% | 176.9% | 210.4% | 99.4% | 966.1% | 264.4% | 90.9% | 72.2% | 70.0% | 114.9% | 134.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.2% | 6.4% | 6.5% | 10.5% | — | — | — | — | — | — | — |
| FCF Yield | 48.4% | 33.8% | 5.6% | 17.8% | 16.4% | 233.3% | — | — | — | — | — |
| Buyback Yield | 2.4% | 1.7% | 0.5% | 1.1% | 1.8% | 0.9% | — | — | — | — | — |
| Total Shareholder Yield | 24.0% | 18.5% | 14.6% | 14.1% | 16.9% | 6.1% | — | — | — | — | — |
| Shares Outstanding | — | $86M | $82M | $82M | $72M | $87M | $89M | $89M | $89M | $89M | $89M |
Maturity defaults on loans
As reported in financial statements, FBRT trades at a significant 0.46x price-to-book ratio, a valuation level that suggests the market is pricing in substantial potential impairments within the loan portfolio rather than relying on the company's stated book value as a reliable indicator of liquidation worth.
The persistent discount to book value indicates that investors remain skeptical of the underlying collateral quality, particularly given the high concentration of office assets. This valuation gap appears to be a direct response to the uncertainty surrounding the ultimate recovery of principal on transitional loans that are currently struggling to refinance.
Based on the provided quarterly data, NOI margins have exhibited extreme fluctuations, ranging from a negative 67.4% in 2024Q4 to a peak of 94.2% in 2024Q2, which indicates that property-level profitability is highly susceptible to lumpy REO expenses and potential operational inefficiencies within the portfolio.
The erratic nature of these margins suggests that FBRT's profitability is not driven by stable, organic growth but rather by the unpredictable timing of foreclosure-related costs and asset dispositions. Investors should monitor whether these margin swings continue to obscure the core earnings power of the lending platform.
According to recent SEC filings, the FFO payout ratio reached 160.9% in 2025Q4, a level that demonstrates the company is currently distributing cash far in excess of its core operational earnings, which warrants significant concern regarding the long-term sustainability of the current dividend policy for shareholders.
The inability to cover the dividend through FFO suggests that the company may be forced to rely on capital recycling or balance sheet liquidity to maintain distributions. This payout profile appears unsustainable and may indicate that a dividend adjustment is necessary to preserve capital for potential credit losses.
As reported in financial statements, FBRT maintains a debt-to-equity ratio of 3.09 as of 2026Q1, a level that suggests limited capacity for further balance sheet expansion without risking significant covenant breaches or further erosion of the company's already strained net interest margins in a high-rate environment.
High leverage levels leave the company with little margin for error if collateral values continue to decline. The reliance on CLO financing and warehouse facilities means that any tightening in credit markets could severely restrict the company's ability to manage its existing debt maturity profile effectively.
As indicated by the financial data, the market's reliance on P/E ratios for FBRT is fundamentally flawed because it fails to account for the non-cash depreciation and credit loss provisions that distort GAAP earnings, making P/FFO or P/AFFO the only appropriate metrics for assessing valuation.
Using P/E obscures the true cash-generating capacity of the mortgage portfolio by including accounting charges that do not reflect actual liquidity. Investors should prioritize FFO and AFFO, as these metrics provide a clearer view of the cash available for dividends and debt service, which is the primary concern for mortgage REIT stakeholders.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying FBRT stock.
Franklin BSP Realty Trust, Inc.'s current P/E ratio is 12.2x. The historical average is 13.5x. This places it at the 33th percentile of its historical range.
Franklin BSP Realty Trust, Inc.'s current EV/EBITDA is 48.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 38.9x.
Franklin BSP Realty Trust, Inc.'s return on equity (ROE) is 5.4%. The historical average is -0.0%.
Based on historical data, Franklin BSP Realty Trust, Inc. is trading at a P/E of 12.2x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Franklin BSP Realty Trust, Inc.'s current dividend yield is 21.57% with a payout ratio of 176.9%.
Franklin BSP Realty Trust, Inc.'s Debt/EBITDA ratio is 43.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.