Latest Ratios: P/E Ratio 21.5x · EV/EBITDA 25.4x · 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 | $423M | $711M | $719M | $945M | $806M | $1.3B | $964M | $1.7B | $1.9B | — | — |
| Enterprise Value | $2.8B | $3.1B | $2.9B | $4.3B | $3.7B | $5.9B | $5.1B | $7.7B | $7.4B | — | — |
| P/E Ratio → | 21.51 | — | — | — | 18.32 | — | — | — | — | — | — |
| P/S Ratio | 1.26 | 2.14 | 2.07 | 2.41 | 2.25 | 4.08 | 2.27 | 3.08 | 4.03 | — | — |
| P/B Ratio | 0.46 | 0.77 | 0.69 | 0.74 | 0.58 | 0.88 | 0.49 | 0.77 | 0.67 | — | — |
| P/FCF | 6.01 | 9.73 | 6.95 | 6.87 | 6.43 | — | 10.01 | 12.32 | 18.92 | — | — |
| P/OCF | 5.79 | 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 | 25.41 | 18.74 | — | 95.70 | 45.65 | 43.59 | 64.83 | — | 184.74 | — | — |
| EV / EBIT | 21.75 | 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 | 14.89 | 14.89 | — | 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 | 14.50 | 14.50 | — | 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 | 19.6% | 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 | 4.6% | — | — | — | 5.5% | — | — | — | — | — | — |
| FCF Yield | 16.6% | 10.3% | 14.4% | 14.6% | 15.6% | — | 10.0% | 8.1% | 5.3% | — | — |
| Buyback Yield | 3.5% | 2.1% | 1.6% | 0.3% | 5.6% | 0.2% | 0.2% | 0.1% | 0.0% | — | — |
| Total Shareholder Yield | 23.1% | 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 21.5x. The historical average is 18.3x. This places it at the 100th percentile of its historical range.
BrightSpire Capital, Inc.'s current EV/EBITDA is 25.4x. 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 21.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
BrightSpire Capital, Inc.'s current dividend yield is 19.59%.
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 14.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Credit losses and dividend coverage
Metrics are mathematically derived from official filings.
Deep Discount Prices Credit Stress Not Yet Resolved
Based on BRSP's reported figures, the stock trades at 0.46x book value and 1.27x sales, with a 19.6% dividend yield, while P/FFO has compressed from roughly 8.6x in 2024Q3 to 6.7x-7.1x in recent quarters. This discount implies that investors are doubting book value rather than the earnings power of the spread business.
The P/FFO multiple has tightened through the period as FFO recovered in 2026Q3 to $0.42 per share, yet the market still prices the equity well below book, which suggests skepticism about whether reported book value will hold up under further office marks. The implied valuation is therefore driven more by balance sheet credibility than by the trailing earnings stream. Investors should monitor whether the latest FFO recovery persists, since a single strong quarter does not establish a repriced earnings base.
Volatile FFO Obscures Underlying Spread Economics
As reported in financial statements, BRSP's NOI margin ranged from 34.9% to 64.8% across ten quarters and sits at 60.8% in 2026Q3, while FFO per share swung from -$0.46 to $0.42 over the same window. Such dispersion suggests that reserve and impairment timing, rather than steady spread income, is governing reported profitability.
The NOI margin itself is not the decisive signal, because the swings in FFO per share are much larger than the margin changes, indicating that non-cash credit provisions and mark-to-market items dominate the earnings line. Net margin of -9.39% alongside a positive FFO print in the latest quarter reinforces that GAAP earnings and distributable earnings are diverging. Analysts should treat the most recent quarter as a possible timing benefit until several consecutive quarters show FFO stability.
Dividend Coverage Depends on Recent Quarter Alone
According to recent SEC filings, the FFO payout ratio was 39.8% in 2026Q3 but exceeded 100% in 2026Q1 at 162.7% and 2025Q1 at 130.6%, leaving coverage of the 19.6% yield inconsistent across the window. The sustainability question therefore rests on whether the latest quarter reflects a durable run rate.
AFFO of $49.1M in 2026Q3 covered dividends at roughly 2.4x, but AFFO was not reported in most prior quarters, so coverage cannot be confirmed across the cycle. The gap between a 19.6% yield and the modest payout in the latest quarter suggests the market doubts the dividend's durability, which may indicate an expected reset. Investors should monitor whether FFO stays above dividend requirements over the next several reporting periods.
Elevated Leverage Constrains Balance Sheet Flexibility
Based on BRSP's reported figures, debt-to-equity climbed from 2.30 in 2025Q1 to 3.25 in 2026Q2 before easing to 3.03 in 2026Q3, while interest coverage has ranged from negative to 4.71x across the window, a pattern that signals meaningful sensitivity to credit costs.
The debt-to-equity figure is elevated relative to conservative mortgage REIT peers and rose as book equity contracted, meaning leverage increased partly because the equity base shrank rather than because debt was deliberately expanded. Interest coverage turning negative in several quarters suggests that earnings, not just cash, were insufficient to cover interest in those periods. Investors should monitor debt maturity and refinancing terms, as these details are not included in the supplied data and their absence limits conclusions on near-term refinancing risk.
Discount to Book Narrows Gap Versus Lagging Peers
As reported in peer comparisons, BRSP's 0.46x price-to-book sits above several distressed peers such as GPMT at 0.03x and RC at 0.09x, yet below BXMT at 0.54x and TRTX at 0.50x, while its 19.6% yield is well above TRTX's 14.6%. This positioning suggests the market prices BRSP as a mid-tier credit name rather than a distressed one.
BRSP's ROE of 5.5% in the latest quarter compares favorably to the negative ROE readings across most peers, which may indicate a relatively better recent operating print. However, its leverage of 3.03x sits well above TRTX at 3.08x only marginally and below KREF at 3.83x and RC at 3.55x, so leverage is not a clear differentiator. Investors should monitor whether BRSP's book value discount narrows as its earnings recovery is tested against peers over subsequent quarters.
Standard P/E Misreads Depreciation-Free Credit Earnings
The ratio most commonly misapplied to BRSP is trailing P/E, which reads -12.85 and appears meaningless here, because GAAP net income is distorted by CECL provisions and mark-to-market charges rather than by operating cash generation. Using FFO or distributable earnings instead gives a more meaningful earnings base.
A negative P/E obscures whether the business is earning its cost of capital on a cash basis, since credit reserve builds depress GAAP income without necessarily reducing collections. Substituting P/FFO and tracking FFO against dividend requirements better reflects the economic earnings stream for a credit REIT. Analysts should also adjust for non-cash provisions when comparing across periods, because headline net income volatility can exaggerate both the apparent losses and the apparent recovery.