Seritage Growth Properties (SRG) stock analysis

SRGNYSEReal EstateFiscal year ends December 31Also trades as SRG.PA

Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 14, 2026Score 3/3042% below fair value

$1.53−0.05 (-3.16%)

Close on Nov 11, 2026Market cap $86.18MP/E –Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Weak3 of 30 checks passed

Seritage Growth Properties passes 3 of the 30 checks behind our score; 23 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation: 3/6
Growth: 0/6
Past performance: 0/6
Financial health: 0/6
Dividend: 0/6

What stands out

Margin of safety over 20%
The price is 42.1% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $1.53 is below our fair value estimate of $2.64.
P/B below the industry
Seritage Growth Properties's price-to-book of 0.29 is below the Real estate median of 0.84.

What to watch

Revenue growing under 10% a year
Revenue grew -44.6% a year over the last three fiscal years, short of the 10% we look for.
Elevated bankruptcy risk
The Altman Z-score is -3.36; above 3 is the safe zone and below 1.8 the distress zone.
Growing slower than the industry
Revenue grew -23.7% over the last twelve months; the Real estate median is 5.4%.
No dividend
Seritage Growth Properties has not paid a dividend in the last twelve months.

Valuation3/6

P/E against its history
Not enough price and earnings history to compare.
P/E against the industry
Needs positive earnings and enough profitable companies in the industry.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
Seritage Growth Properties's price-to-book of 0.29 is below the Real estate median of 0.84.
Trading below fair value
The share price of $1.53 is below our fair value estimate of $2.64.
Margin of safety over 20%
The price is 42.1% below fair value, more than the 20% cushion we look for.

Growth0/6

Revenue growing under 10% a year
Revenue grew -44.6% a year over the last three fiscal years, short of the 10% we look for.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew -23.7% over the last twelve months; the Real estate median is 5.4%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.

Past performance0/6

Return on equity
Needs positive equity and five years of results.
Return on invested capital
Needs operating income and invested capital.
Return on equity against the industry
Needs positive equity.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin against its history
Needs five years of revenue and net income.
Net margin against the industry
Needs revenue and net income.

Financial health0/6

Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt coverage
Needs operating cash flow.
Interest coverage
Interest expense is not reported separately.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Elevated bankruptcy risk
The Altman Z-score is -3.36; above 3 is the safe zone and below 1.8 the distress zone.

Dividend0/6

No dividend
Seritage Growth Properties has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$2.64

The share price is 42% below this estimate.

20%+ below

Near fair value

20%+ above

$1.53Price$2.64Fair value

Method	Multiple used	Own 5Y median	Industry median	Value per share	Weight
P/B	0.7×	0.6×	0.8×	$3.70	50%
P/S	7.0×	9.0×	4.9×	$1.59	50%
Fair value				$2.64	100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

EV/EBITDA at month end
Real estate median 8.4

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

High risk

Average value traded per day: $237.75K
Value traded per 1% price move: $101.98K

Downside

Medium risk

Typical loss in a bad month: 19.5%
Volatility (annualized): 43%
Sharpe ratio, 1 year: -1.55
Beta to the S&P 500 (5Y): 1.33

Typical bad-month loss, week by week

Margins

Share of revenue, fiscal years 2015 to 2025

Operating margin

–

Net margin

–

Per year	1 year	3 years	5 years	10 years	Five-year pace
Revenue	+3.3%	-44.6%	-31.0%	–

Returns and balance sheet

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Return on equity	-6.1%	-15.2%	–
Return on assets	-1.9%	-3.9%	–
Interest coverage	-0.5×	–	–
Diluted shares	31M	38M	56M

DuPont analysis

Return on equity split into margin, efficiency and leverage

Net margin-745.5%

Asset turnover0.01×

Equity multiplier2.20×

Return on equity, FY2023-24.2%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2023	-745.5%	0.01×	2.20×	-24.2%
FY2022	-69.1%	0.05×	3.02×	-10.5%
FY2021	-24.1%	0.05×	3.79×	-4.2%
FY2020	-90.2%	0.04×	3.91×	-15.2%
FY2019	-35.2%	0.06×	3.72×	-7.9%
FY2018	-34.2%	0.08×	3.39×	-8.8%
FY2017	-30.6%	0.09×	3.24×	-8.7%
FY2016	-20.7%	0.09×	3.28×	-6.1%

Where these numbers come from

Parsed from the XBRL in Seritage Growth Properties's annual and quarterly filings with the SEC
Fourth quarters derived from the annual report minus nine months
Every figure in the statements links to its source filing