Latest Ratios: P/E Ratio -15.6x · EV/EBITDA 17.5x · 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 | $512M | $711M | $719M | $945M | $806M | $1.3B | $964M | $1.7B | $1.9B | — | — |
| Enterprise Value | $2.9B | $3.1B | $2.9B | $4.3B | $3.7B | $5.9B | $5.1B | $7.7B | $7.4B | — | — |
| P/E Ratio → | -15.58 | — | — | — | 18.32 | — | — | — | — | — | — |
| P/S Ratio | 1.55 | 2.14 | 2.07 | 2.41 | 2.25 | 4.08 | 2.27 | 3.08 | 4.03 | — | — |
| P/B Ratio | 0.55 | 0.77 | 0.69 | 0.74 | 0.58 | 0.88 | 0.49 | 0.77 | 0.67 | — | — |
| P/FCF | 7.02 | 9.73 | 6.95 | 6.87 | 6.43 | — | 10.01 | 12.32 | 18.92 | — | — |
| P/OCF | 7.02 | 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 | 17.45 | 18.63 | — | 95.70 | 45.65 | 43.59 | 64.83 | — | 184.74 | — | — |
| EV / EBIT | 22.43 | 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 | 16.2% | 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 | 14.3% | 10.3% | 14.4% | 14.6% | 15.6% | — | 10.0% | 8.1% | 5.3% | — | — |
| Buyback Yield | 2.9% | 2.1% | 1.6% | 0.3% | 5.6% | 0.2% | 0.2% | 0.1% | 0.0% | — | — |
| Total Shareholder Yield | 19.0% | 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 |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying BRSP stock.
BrightSpire Capital, Inc.'s current P/E ratio is -15.6x. The historical average is 18.3x.
BrightSpire Capital, Inc.'s current EV/EBITDA is 17.5x. 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 -15.6x. Compare with industry peers and growth rates for a complete picture.
BrightSpire Capital, Inc.'s current dividend yield is 16.15%.
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.
Key Metrics
Top Statement Risk
Office credit deterioration
Metrics are mathematically derived from official filings.
Discount Widens on Earnings Miss
BRSP trades at 0.70x book value, a steep discount to peers like BXMT at 0.71x, reflecting market skepticism about office credit quality and earnings volatility, per recent filings.
The P/FFO multiple is not calculable due to negative FFO in the latest quarter, but the P/B of 0.70x suggests the market is pricing in further asset value erosion. Compared to TRTX at 0.60x and ACRE at 0.46x, BRSP's discount is less severe, yet its negative earnings trajectory and office exposure warrant a wider discount. The implied cap rate, derived from NOI and enterprise value, likely exceeds private market transactions, indicating potential undervaluation if the portfolio stabilizes.
NOI Margin Swings Signal Instability
NOI margin swung from 58.5% in 2025Q1 to 34.9% in 2026Q1, then recovered to 50.3% in 2026Q2, indicating significant earnings instability, as reported in financial statements.
The volatility in NOI margin reflects the lumpy nature of credit provisions and the performance of the net lease portfolio. The negative net margin of -9.39% in 2026Q2, despite a 50.3% NOI margin, underscores that non-cash charges, particularly CECL reserves, are overwhelming operational profitability. This suggests that FFO growth, when positive, is not organic but rather a result of reserve releases or one-time gains, which is not sustainable.
Dividend Coverage Under Pressure
With FFO per share at -$0.08 in 2026Q2 and dividends paid of $20.8M, the FFO payout ratio is negative, indicating the dividend is not covered by earnings, based on reported figures.
The FFO payout ratio exceeded 100% in quarters with positive FFO (e.g., 162.7% in 2026Q1), and in negative FFO quarters, the dividend is funded by cash reserves or external sources. This pattern suggests the dividend is not sustainable from core operations alone. The 12.8% dividend yield, while attractive, may be a value trap if the company is forced to cut the dividend to preserve capital. Investors should monitor the gap between FFO and dividends closely.
Leverage Creeps Higher as Equity Erodes
Debt-to-equity climbed from 2.19 in 2024Q1 to 3.25 in 2026Q2, while equity fell 28% to $863M, signaling rising financial risk, as disclosed in quarterly reports.
The increase in leverage is driven by both rising debt (to $2.8B) and shrinking equity, the latter due to net losses and dividend payments. Interest coverage turned negative in 2026Q2 at 0.42x, indicating that operating income is insufficient to cover interest expense, a critical red flag. The company's reliance on short-term warehouse facilities and securitizations exposes it to refinancing risk, especially if credit markets tighten. The fixed-rate exposure is not disclosed, but the floating-rate nature of its debt likely amplifies sensitivity to rate changes.
Office Exposure Weighs on Portfolio
NOI remained volatile, swinging from $54.1M in 2024Q4 to $28.7M in 2026Q1, reflecting instability in the underlying property portfolio, as reported in financial statements.
The portfolio's concentration in office assets, particularly in coastal and Sunbelt markets, exposes it to secular declines in office demand. The strategic pivot toward multifamily and industrial lending may reduce risk over time, but the transition is slow, and the legacy office book continues to require reserve builds. G&A efficiency appears improved due to internalization, but the overall portfolio quality remains strained, as evidenced by the negative ROE and the need for aggressive de-risking.
P/E Misleads on Earnings Power
The standard P/E ratio of -19.73 is meaningless for BRSP due to depreciation and credit provisions, obscuring the underlying cash-generating ability of the loan portfolio, per SEC filings.
For a mortgage REIT, P/E is distorted by non-cash charges like CECL provisions and depreciation on real estate, which do not reflect the company's ability to pay dividends. The appropriate metric is P/FFO or P/AFFO, but these are currently negative or unavailable. Analysts should focus on distributable earnings, which adjust for non-cash items, to assess true cash flow. The negative P/E may mislead investors into thinking the company is unprofitable when the core lending spread is actually positive, but the credit costs are overwhelming it.