Brandywine Realty Trust (BDN) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Brandywine Realty Trust $6.65, price $2.91, upside +128.5%, quality 33 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $2.38 – $8.86 · fair‑value band $3.87 – $6.65 · the $2.91 price screens below the $6.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.
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Brandywine Realty Trust is one of the largest, publicly traded, full-service, integrated real estate. Company. It is in United States with a core focus in Philadelphia, PA and Austin, TX.
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Brandywine Realty Trust is one of the largest, publicly traded, full-service, integrated real estate. Company. It is in United States with a core focus in Philadelphia, PA and Austin, TX. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 117 properties and 19.8 million square feet as of March 31, 2026. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together. Brandywine Realty Trust was incorporated in 1986 in Maryland and based in Philadelphia, Pennsylvania.
Stock analysis
Brandywine Realty Trust (BDN) currently trades at $2.91, while our model-based Fair Value estimate is $6.65, implying the stock looks roughly 56.2% undervalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of $6.85 per share, and 3 of the 3 models we run sit above the $2.91 price.
Bear case: the Asset-Based group reads lowest at $3.06, and 0 of the 3 models stay below the price. Evidence for this calculation is medium.
Scenario range: $3.87 (bear) to $6.65 (bull), the price of $2.91 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 33/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Brandywine Realty Trust reported revenue of $484M in FY2025 versus $487M in FY2021, a compound −0.1%/yr. Reported net income was −$179M in FY2025.
Key figures
Market cap $505M · P/S ratio 1.22 · EPS (TTM) $−1.15 · Dividend yield 13.4% · Net margin −37.0% · Return on equity −23.1% · Return on assets (EBIT) 1.8% · Operating margin 3.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 27 out of 100 (medium confidence).
What moves the price
The share trades about 30% below its 52-week high and 21% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 2% fair-value upside, at 129%, BDN screens cheaper than that median.
Fair Value models
Bear $3.87Fair Value $6.65Bull $6.65
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.12/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−4.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.0%
Start year 2020 (pandemic). Over 10 years: −2.2% a year
Revenue growth 39 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.5%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
74.9% (2020) → 16.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
more than +80 %
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−3.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −5.7% a year for the forecasts.
Compare Brandywine Realty Trust with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Office · 68 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score34 · Bottom 25%
Fair Value upside+129% · Top 25%
Profitability
Return on assets1% · Bottom 25%
Net margin (TTM)−46% · Bottom 25%
Operating margin (TTM)4% · Bottom 25%
Growth and dividend
Revenue growth6% · Top 25%
Dividend yield (TTM)13.4% · Top 25%
Balance sheet
Debt / equity3.23× · Highest 25%
Valuation Multiplesvs REIT - Office median · lower = cheaper
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Is Brandywine Realty Trust (BDN) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $6.65 versus a price of $2.91, about +129% upside (undervalued).
What is the fair value of BDN?
Our model-based fair value for Brandywine Realty Trust is $6.65 (as of Sep 23, 2026), built from audited fundamentals. The current price: $2.91.
What is the quality score of BDN?
Brandywine Realty Trust has a Quality Score of 33/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Brandywine Realty Trust (BDN)?
Our model-based price target is the fair value of $6.65 (as of Sep 23, 2026) from 7 valuation models. Cautious scenario $3.87, optimistic scenario $6.65. It is a calculation from audited fundamentals, not an analyst target.
What is the Brandywine Realty Trust stock forecast for 2026?
Our models put fair value at $6.65, about +129% upside versus a price of $2.91 (undervalued). Cautious scenario $3.87, optimistic scenario $6.65. The calculation is refreshed regularly with new filings.
What is the revenue of Brandywine Realty Trust (BDN)?
Brandywine Realty Trust reported trailing-twelve-month revenue of about $437M (latest available figure, as of Sep 23, 2026).
Does Brandywine Realty Trust pay a dividend?
Brandywine Realty Trust currently shows a dividend yield of about 13.40% relative to its recent price (as of Sep 23, 2026).
What growth is priced into Brandywine Realty Trust (BDN)?
For today's price to be fair in a discounted-cash-flow model, Brandywine Realty Trust would have to grow free cash flow by more than 80 % per year for five years (discount rate 12.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.0 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of BDN use?
Our models discount Brandywine Realty Trust at 12.0 %: a base by market capitalisation (small), damped by beta 1.26, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Brandywine Realty Trust that is more than 80 % per year a year over ten years, using the same discount rate (12.0 %) and the same formula as our fair value.
How much growth has Brandywine Realty Trust (BDN) delivered so far?
Over the past 5 years revenue at Brandywine Realty Trust grew -2.0 % a year. The price currently implies more than 80 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Brandywine Realty Trust (BDN) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Brandywine Realty Trust (more than 80 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Brandywine Realty Trust (BDN)?
The free-cash-flow yield on the price is 0.65 %: that much free cash flow Brandywine Realty Trust produces per unit of market value. When it exceeds the discount rate of our models (12.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Brandywine Realty Trust (BDN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Brandywine Realty Trust it is $6.65 per share (as of Sep 23, 2026), against a price of $2.91. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Brandywine Realty Trust stock overvalued or undervalued in 2026?
As of Sep 23, 2026, BDN trades below its calculated fair value: price $2.91, fair value $6.65, a gap of about +129% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BDN?
No. The price is what the market pays today ($2.91); the fair value is what the company's own numbers justify ($6.65). For Brandywine Realty Trust the two are $3.74 per share apart. That gap is exactly why we show both numbers side by side.
How much is Brandywine Realty Trust worth?
The market values Brandywine Realty Trust at about $505M (market capitalisation, as of Sep 23, 2026). Per share that is $2.91; our models calculate a fair value of $6.65 per share.
What do the bullish and bearish scenarios say about BDN?
Our models span a range for Brandywine Realty Trust: cautious scenario $3.87, base $6.65, optimistic $6.65 per share (as of Sep 23, 2026, price $2.91). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of BDN?
The PEG ratio of Brandywine Realty Trust is 1.97 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Brandywine Realty Trust (BDN)?
Balance-sheet figures for Brandywine Realty Trust (as of Sep 23, 2026): return on equity −23.1%, debt of 3.23 per unit of equity. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
How far is BDN from its 52-week high?
Brandywine Realty Trust trades at $2.91, about 30% below its 52-week high of $4.18 and 21% above the low of $2.40 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $6.65 is for.
Which stocks are comparable to Brandywine Realty Trust?
From the same area (Real Estate) we also value BXP, Inc, MERLIN Properties SOCIMI, S.A, Vornado Realty Trust, Alexandria Real Estate Equities, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Brandywine Realty Trust stock attractive at the current price?
The data as of Sep 23, 2026: price $2.91, calculated fair value $6.65 (+129%), Quality Score 33/100, from 7 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BDN calculated?
We run Brandywine Realty Trust through 7 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $6.65, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Brandywine Realty Trust currently trades 129 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Brandywine Realty Trust (BDN)?
The closing price on Sep 23, 2026 was $2.91. Our model-based fair value is $6.65, about +129% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Brandywine Realty Trust right now?
The large discount to fair value meets weak quality (33/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($3.87). The market is more pessimistic than our downside scenario. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Brandywine Realty Trust
How large is the market capitalisation of Brandywine Realty Trust (BDN)?
The market capitalisation of Brandywine Realty Trust is $505M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Brandywine Realty Trust (BDN)?
The price-to-sales ratio of Brandywine Realty Trust is 1.22 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Brandywine Realty Trust (BDN)?
Earnings per share at Brandywine Realty Trust are $−1.15. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Brandywine Realty Trust (BDN)?
The dividend yield of Brandywine Realty Trust is 13.4%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Brandywine Realty Trust (BDN)?
The net margin of Brandywine Realty Trust is −37.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Brandywine Realty Trust (BDN)?
The return on equity (ROE) of Brandywine Realty Trust is −23.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Brandywine Realty Trust (BDN)?
On an EBIT basis the return on assets of Brandywine Realty Trust is 1.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Brandywine Realty Trust (BDN)?
The operating margin of Brandywine Realty Trust is 3.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Brandywine Realty Trust (BDN)?
Revenue at Brandywine Realty Trust is growing +6.3% versus a year earlier (3y avg −1.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Brandywine Realty Trust (BDN)?
Earnings per share at Brandywine Realty Trust are growing +551% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Brandywine Realty Trust (BDN) carry?
The net debt of Brandywine Realty Trust is $2.5B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Sep 23, 2026