Net Lease Office Properties
Financial ratios & Valuation

Historical Multiples (2019 – 2023)

2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
20.0017.2711.2017.53-2.05-2.4014.36
Price/Sales ratio
1.581.911.291.771.542.931.60
Price/Book Value ratio
N/A0.260.220.240.390.760.24
Price/Cash Flow ratio
3.333.752.063.283.813.582.90
Price/Free Cash Flow ratio
15.293.992.313.474.523.773.04
Price/Earnings Growth ratio
N/A1.110.20-0.480.00-0.020.09
Dividend Yield
N/AN/AN/AN/AN/A1.05%N/A
Profitability Indicator Ratios
Gross Profit Margin
80.44%80.35%82.08%79.51%31.03%19.47%80.80%
Operating Profit Margin
33.59%34.39%39.46%31.45%22.90%13.59%35.46%
Pretax Profit Margin
8.40%11.61%12.01%10.41%-75.04%-121.76%11.21%
Net Profit Margin
7.92%11.06%11.59%10.10%-75.29%-122.37%10.84%
Effective Tax Rate
5.74%4.75%3.49%2.98%-0.32%-0.49%3.23%
Return on Assets
N/A0.95%1.57%1.07%-10.09%-21.49%1.32%
Return On Equity
N/A1.52%2.00%1.42%-19.46%-30.35%1.71%
Return on Capital Employed
N/A3.07%5.55%3.47%3.21%2.50%4.51%
Liquidity Ratios
Current Ratio
N/AN/AN/AN/AN/A1.95N/A
Quick Ratio
N/A0.380.460.441.111.950.42
Cash ratio
N/A0.120.090.090.260.820.10
Days of Sales Outstanding
N/A38.2525.6334.4121.95N/A30.02
Days of Inventory outstanding
N/AN/A-51.00-30.27N/AN/A-25.50
Operating Cycle
N/A38.25-25.364.1421.95N/A-12.68
Days of Payables Outstanding
N/A753.90409.10569.70180.07122.81489.40
Cash Conversion Cycle
N/A-715.65-434.47-565.56-158.12-122.81-575.06
Debt Ratios
Debt Ratio
N/A0.310.150.180.410.260.20
Debt Equity Ratio
N/A0.500.200.240.800.380.29
Long-term Debt to Capitalization
N/A0.330.160.190.440.270.22
Total Debt to Capitalization
N/A0.330.160.190.440.270.22
Interest Coverage Ratio
N/AN/AN/AN/AN/A0.28N/A
Cash Flow to Debt Ratio
N/A0.130.530.300.130.550.33
Company Equity Multiplier
N/A1.591.271.311.921.471.37
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.470.500.630.530.400.810.56
Free Cash Flow / Operating Cash Flow Ratio
0.210.930.890.940.840.950.91
Cash Flow Coverage Ratio
N/A0.130.530.300.130.550.33
Short Term Coverage Ratio
N/AN/AN/AN/AN/AN/AN/A
Dividend Payout Ratio
N/AN/AN/AN/AN/A-1.08%N/A