Latest Ratios: P/E Ratio 11.7x · EV/EBITDA 12.1x · 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 | $620M | $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 → | 11.66 | 15.67 | 15.29 | 9.51 | — | — | — | — | — | — | — |
| P/S Ratio | 1.11 | 1.55 | 1.87 | 1.95 | 2.52 | 5.86 | — | — | — | — | — |
| P/B Ratio | 0.42 | 0.56 | 0.68 | 0.70 | 0.59 | 0.76 | — | — | — | — | — |
| P/FCF | 2.12 | 2.96 | 17.93 | 5.63 | 6.08 | 0.43 | — | — | — | — | — |
| P/OCF | 2.12 | 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 | — | 8.90 | 9.39 | 8.70 | 14.14 | 39.31 | — | — | — | — | — |
| EV / EBITDA | 12.06 | 12.69 | 42.59 | 30.38 | 28.49 | 42.18 | — | — | — | — | — |
| EV / EBIT | 12.36 | 13.15 | 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 | 92.1% | 92.1% | 38.3% | 46.3% | 54.9% | 72.6% | 61.9% | 53.0% | 54.0% | 63.9% | 70.8% |
| Operating Margin | 68.4% | 68.4% | 21.0% | 27.2% | 14.2% | 74.4% | 32.1% | 11.5% | 30.8% | 40.7% | 44.8% |
| Net Profit Margin | 14.8% | 14.8% | 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 | 5.1% | 5.1% | 1.6% | 2.1% | 0.5% | 2.1% | 1.5% | 0.5% | 1.2% | 1.4% | 1.9% |
| ROCE | 6.6% | 6.6% | 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 | 10.90 | 10.90 | 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 | 10.47 | 10.47 | 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 | 1.31 | 1.31 | 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 | 0.09 | 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 | 22.6% | 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 | 8.6% | 6.4% | 6.5% | 10.5% | — | — | — | — | — | — | — |
| FCF Yield | 47.1% | 33.8% | 5.6% | 17.8% | 16.4% | 233.3% | — | — | — | — | — |
| Buyback Yield | 2.3% | 1.7% | 0.5% | 1.1% | 1.8% | 0.9% | — | — | — | — | — |
| Total Shareholder Yield | 25.0% | 18.5% | 14.6% | 14.1% | 16.9% | 6.1% | — | — | — | — | — |
| Shares Outstanding | — | $86M | $82M | $82M | $72M | $87M | $89M | $89M | $89M | $89M | $89M |
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 11.7x. 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 12.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 31.3x.
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 11.7x. 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 22.64% with a payout ratio of 176.9%.
Franklin BSP Realty Trust, Inc. has 92.1% gross margin and 68.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Franklin BSP Realty Trust, Inc.'s Debt/EBITDA ratio is 10.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Dividend funded by capital, not cash flow
Metrics are mathematically derived from official filings.
Distorted Yield and Depressed Book Value
FBRT's 20.2% dividend yield and 0.47x P/B ratio signal deep market skepticism, with its P/E of 13.09 appearing misleading given the underlying FFO and NOI volatility reported in recent financial statements.
The extreme dividend yield is a classic distress signal, suggesting the market is pricing in a significant cut to the $36 million quarterly dividend that far exceeds reported FFO. The 0.47x price-to-book value indicates the market believes the stated book value of the loan portfolio is not realizable, which aligns with the severe NOI margin swings and negative GAAP income observed.
NOI Volatility Undermines Earnings Quality
NOI margin has been wildly inconsistent, collapsing to -117.1% in Q2 2026 after being 90.4% in the prior quarter, indicating that core lending profitability is highly unstable and potentially driven by non-cash adjustments.
The erratic NOI margins, including the sharp negative reading, suggest that the reported earnings are not driven by stable net interest income but by mark-to-market adjustments or credit reserve actions on the loan portfolio. This level of volatility makes it impossible to ascertain a sustainable earnings trend and points to significant underlying credit or valuation stress in the portfolio.
Payout Ratio Signals Impending Cut
Based on Q2 2026 results, FBRT's FFO payout ratio is effectively infinite as dividends are vastly exceeding FFO, with the company appearing to fund the distribution from capital rather than operating cash flow.
The dividend of approximately $36 million per quarter is not covered by the reported quarterly FFO of around $17.6 million. This severe shortfall, persisted for multiple quarters, indicates the dividend is being sustained through external funding sources like credit facilities or asset sales, making a significant reduction or suspension highly likely absent a sharp improvement in core performance.
High Leverage Amidst Asset Contraction
FBRT's debt-to-equity ratio of 2.58x is elevated while its interest coverage ratio has collapsed to 1.20, suggesting the capital structure is strained by a shrinking asset base and weakening net interest income.
The combination of high leverage and minimal interest coverage indicates the firm's capital structure leaves little buffer against rising funding costs or further asset deterioration. As the loan portfolio contracts, the fixed debt load becomes proportionally heavier, increasing refinancing risk and limiting strategic flexibility.
The P/E Ratio Is Fundamentally Misleading
The most commonly misapplied ratio to FBRT is the standard P/E, which at 13.09 appears reasonable but is distorted by massive non-cash GAAP losses, making P/FFO or dividend yield analysis essential.
GAAP net income is heavily depressed by depreciation and, more importantly, unrealized losses on the mortgage loan portfolio, rendering the P/E metric irrelevant for valuation. Analysts should instead focus on the FFO payout ratio and dividend yield to assess sustainability, as these metrics better capture the REIT's actual distributable cash flow and the market's pricing of its income stream.