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ZYBERNO

Stock Report

Updated Jun 3, 2026

PLYMOUTH INDUSTRIAL REIT, INC. (PLYM)

Financial Services • NYSE

$21.98

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

39.0/100

WEAK BUSINESS

PLYMOUTH INDUSTRIAL REIT, INC. (PLYM) scores 39/100 — weak fundamentals with mixed indicators requiring careful analysis before acting.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full PLYM quality analysis & detailed breakdown

VALUATION SIGNAL

MARGIN OF SAFETY

Is this stock cheap or expensive relative to what the business has historically generated for owners?

Margin of Safety unavailable — insufficient data for the owner-earnings DCF.

BRINA GAP ↗

Is the market underestimating or overestimating what this business is capable of going forward?

-14.6%

Market Overestimates

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full PLYM valuation analysis · → View full PLYM Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):GOOD (17.0%)

Debt-to-Equity (Solvency Risk):POOR (1.79x)

Operating Margin (Operational Efficiency):CRITICAL (0.0%)

Return on Capital (Capital Efficiency):EXCELLENT (23.5%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

PLYMOUTH INDUSTRIAL REIT, INC. (PLYM) stock report — Zyberno Score 39/100 (WEAK BUSINESS). Full financial analysis on Zyberno.

According to Zyberno's DCF model, PLYMOUTH INDUSTRIAL REIT, INC. (PLYM) shows a Brina Gap of -14.6%, which weakens the case: based on the company's ROIC (23.5%) and reinvestment rate (-78.9%), the business can fundamentally grow at -18.5% — but the current enterprise value implies the market expects -3.9%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:21.98

Market Cap:$970.42M

Valuation Multiples (4)

P/E Ratio:

10.99x

📊 Click to view full PLYM P/E analysis →

P/B Ratio:2.04x

P/S Ratio:5.07x

Peg Ratio:0.00x

Enterprise Metrics (2)

Enterprise Value:$957.78M

Ev Ebitda Ratio:5.90x

B. Profitability Assessment

Return Metrics (7)

ROE:

17.0%

📊 Click to view full PLYM ROE analysis →

ROA:6.3%

Roic:

23.5%

📊 Click to view full PLYM ROIC analysis →

Reinvestment Rate:-78.9%

Fundamental Growth Rate (g):-18.5%

Market-Implied Growth Rate:-3.9%

Brina Gap:

-14.6%

☷ Click to view full PLYM Brina Gap analysis →

Margin Analysis (2)

Net Margin Ttm:48.5%

Ebitda Margin:84.8%

TTM Performance (1)

Net Margin Ttm:48.5%

Yield Metrics (2)

Earnings Yield:$9.10

Dividend Yield:4.6%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

-1.55

📊 Click to view full PLYM Earnings Surprise analysis →

EPS Surprise vs Expected:-1,691.3%

Latest Earnings Filed:2025-11-10

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):9.4%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):89.3%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):16.2%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.54x

Quick Ratio:1.54x

Cash Ratio:0.02x

Leverage Analysis (3)

Debt To Equity Ttm:1.79x

Debt-to-Equity Ratio:1.79x

Debt To Ebitda:0.02x

Coverage Ratios (2)

Interest Coverage Ratio:4.56x

Times Interest Earned:4.56

Capital Structure (4)

Working Capital:552,975,000.00

Cash And Cash Equivalents:15,824,000.00

Long Term Debt:$2.31M

Net Debt:-$12.64M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $191.51M

Linear Growth: 9.4%

📊 Click to view full PLYM Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00$144.85M

Bottom Line Performance (3)

Net income TTM: $92.81M

Linear Growth: 89.3%

📊 Click to view full PLYM Net Income analysis & methodology →

Income Before Tax:-$52.46M

Ebitda Ttm:162,357,000.00

Operating Expenses (5)

Operating Expenses:158,441,000.00

R And D Expense:0.00

Sga Expense:16,766,000.00

Income Tax Expense:$0.00

Interest Expense:31,785,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:32.8%

Ebitda Margin:84.8%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$1.57B

Current Assets:$1.57B

Ppe Net:0.00

Goodwill:0.00

Intangible Assets:$8.68M

Liability Structure (4)

Total Liabilities:1,017,502,000.00

Current Liabilities:1,017,502,000.00

Long Term Debt:$2.31M

Short Term Debt:$876.00K

Equity & Capital (3)

Equity:$475.28M

Retained Earnings:-$97.87M

Common Stock:900,000,000.00

Working Capital Items (3)

Accounts Receivable:0.00

Inventory:0.00

Accounts Payable:0.00

Special Items (2)

Contract Liabilities:0.00

Stock Based Compensation:1,134,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $95.07M

Linear Growth: 16.2%

$0.00

Investment Activities (1)

Investing Cash Flow:-$67.77M

Financing Activities (3)

Financing Cash Flow:$52.06M

Dividends Paid Ttm:44,475,000.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:-23,000.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:17,503,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):2.00

Eps diluted TTM: $2.00

Linear Growth: 100.0%

📊 Click to view full PLYM EPS analysis & methodology →

Earnings Per Share Ttm:$2.10

Revenue & Cash Per Share (2)

Sales Per Share Ttm:4.34

Operating Cash Flow Per Share:$2.18

Book Value & Capital (2)

Book Value Per Share:$10.77

Cash Per Share:0.36

Dividend Policy (1)

Dividend Payout Ratio:49.29x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.13x

Working Capital Turnover Ttm:0.35x

Receivables Management (2)

Receivables Turnover Ttm:-999.00x

Days Sales Outstanding Ttm:-999.00

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:-999.00

Cash Conversion Cycle:-999.00

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:85.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (4)

Reinvestment Rate:-78.9%

Fundamental Growth Rate (g):-18.5%

Market-Implied Growth Rate:-3.9%

Brina Gap:

-14.6%

☷ Click to view full PLYM Brina Gap analysis →

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):9.4%

Net Income Growth Rate (Linear):89.3%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):16.2%

Other Growth Rates (1)

Book Value Growth Rate (Linear):12.9%

C. Company Profile & Context

Corporate Information (6)

Symbol:PLYM

Company Name:PLYMOUTH INDUSTRIAL REIT, INC.

Sector:Financial Services

Industry:Real Estate

Exchange:NYSE

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:44.15M

Shares Outstanding Basic:44.15M

Shares Outstanding Diluted:44.15M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-06-03 00:48:00 UTC

Data Timestamp:2026-06-03T00:48:00.976876