Greystone Housing Impact Investors LP (GHI) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Greystone Housing Impact Investors LP stock $2.48, price $4.43, that is 44.0% below the price, quality 47 out of 100. Rating: strongly overvalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $4.43 – $12.76 · fair‑value band $2.48 – $9.92 · the $4.43 price screens above the $2.48 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Greystone Housing Impact Investors LP acquires, holds, sells, and deals mortgage revenue bonds that are issued to provide construction and permanent financing for multifamily, student housing, residential properties, and commercial properties in the United States.
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It operates through four segments: Affordable Multifamily Investments; Seniors and Skilled Nursing Investments; Market-Rate Joint Venture Investments; and MF Properties. The company also invests in governmental issuer loans.
The company was formerly known as America First Multifamily Investors, L.P. and changed its name to Greystone Housing Impact Investors LP in December 2022. Greystone Housing Impact Investors LP was incorporated in 1998 and is based in Omaha, Nebraska.
Stock analysis
Greystone Housing Impact Investors LP (GHI) currently trades at $4.43, while our model-based Fair Value estimate is $2.48, 44% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the data coverage at low.
Scenario range: $2.48 (bear) to $9.92 (bull), the price of $4.43 sits inside 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 47/100 (below-average quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Greystone Housing Impact Investors LP reported revenue of $72.4M in FY2025 versus $84.0M in FY2021, a compound −3.6%/yr. Reported net income was −$7.6M in FY2025.
Key figures
Market cap $103M Micro · P/S ratio 3.14 · EPS (TTM) $−0.3900 · Net margin −10.5% · Return on equity −0.5% · Return on assets (EBIT) 2.3% (5-year average) · Operating margin −5.9% · Revenue (TTM) $33.2M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).
What moves the price
The share trades about 41% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at 16% fair-value upside, at −44%, GHI screens richer than that median.
Fair Value models
Bear$2.48Fair Value $2.48Bull$9.92
Price $4.43 · Downside -44.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
In the last 6 months, one officer or director bought shares worth $21,840, on Sep 1, 2026.
BuyKenneth RogozinskiChief Executive Officer3,500 shares at $6.24$21,840Sep 1, 2026
Plus 2 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−27.6%
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.
−18.5%
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.
+4.9%
Start year 2020 (pandemic). Over 10 years: +3.8% a year
Revenue growth 35 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.
+4.5%
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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.
12.8% (2020) → −9.4% (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
The price assumes more growth than the company has delivered so far.
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).
+18.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +15.7% a year for the price.
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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.Mortgage Finance · 49 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score47 · Below median
Fair Value upside−44.0% · Bottom 25%
Profitability
Return on assets−0.5% · Bottom 25%
Net margin (12 months)−6.3% · Bottom 25%
Operating margin (12 months)−5.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)25.1% · Top 25%
Dividend yield (12 months)18.7% · Top 25%
Balance sheet
Debt / equity2.13× · Above median
Valuation Multiplesvs Mortgage Finance median · lower = cheaper
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Is Greystone Housing Impact Investors LP (GHI) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $2.48 versus a price of $4.43, about 44% lower (overvalued).
What is the fair value of GHI?
Our model-based fair value for Greystone Housing Impact Investors LP is $2.48 (as of Nov 8, 2026), built from audited fundamentals. The current price: $4.43.
What is the quality score of GHI?
Greystone Housing Impact Investors LP has a Quality Score of 47/100. 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 Greystone Housing Impact Investors LP (GHI)?
Our model-based price target is the fair value of $2.48 (as of Nov 8, 2026) from 2 valuation models. Cautious scenario $2.48, optimistic scenario $9.92. It is a calculation from audited fundamentals, not an analyst target.
What is the Greystone Housing Impact Investors LP stock forecast for 2026?
Our models put fair value at $2.48, about 44% lower versus a price of $4.43 (overvalued). Cautious scenario $2.48, optimistic scenario $9.92. The calculation is refreshed regularly with new filings.
What is the revenue of Greystone Housing Impact Investors LP (GHI)?
Greystone Housing Impact Investors LP reported trailing-twelve-month revenue of about $33.2M (latest available figure, as of Nov 8, 2026).
What growth is priced into Greystone Housing Impact Investors LP (GHI)?
For today's price to be fair in a discounted-cash-flow model, Greystone Housing Impact Investors LP would have to grow free cash flow by +18.4 % per year for five years (discount rate 11.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.9 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of GHI use?
Our models discount Greystone Housing Impact Investors LP at 11.8 %: a base by market capitalisation (micro), damped by beta 0.72, 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 Greystone Housing Impact Investors LP that is +18.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (11.8 %) and the same formula as our fair value.
How much growth has Greystone Housing Impact Investors LP (GHI) delivered so far?
Over the past 5 years revenue at Greystone Housing Impact Investors LP grew +4.9 % a year. The price currently implies free-cash-flow growth of +18.4 % per 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 Greystone Housing Impact Investors LP (GHI) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Greystone Housing Impact Investors LP (+18.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Greystone Housing Impact Investors LP (GHI)?
The free-cash-flow yield on the price is 36.42 %: that much free cash flow Greystone Housing Impact Investors LP produces per unit of market value. When it exceeds the discount rate of our models (11.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Greystone Housing Impact Investors LP (GHI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Greystone Housing Impact Investors LP it is $2.48 per share (as of Nov 8, 2026), against a price of $4.43. It is the blended result of 2 valuation models in 2 families (Asset-Based, Growth DCF).
Is Greystone Housing Impact Investors LP stock overvalued or undervalued in 2026?
As of Nov 8, 2026, GHI trades above its calculated fair value: price $4.43, fair value $2.48, a gap of about −44% (overvalued). 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 GHI?
No. The price is what the market pays today ($4.43); the fair value is what the company's own numbers justify ($2.48). For Greystone Housing Impact Investors LP the two are $1.95 per share apart. That gap is exactly why we show both numbers side by side.
How much is Greystone Housing Impact Investors LP worth?
The market values Greystone Housing Impact Investors LP at about $103M (market capitalisation, as of Nov 8, 2026). Per share that is $4.43; our models calculate a fair value of $2.48 per share.
What do the bullish and bearish scenarios say about GHI?
Our models span a range for Greystone Housing Impact Investors LP: cautious scenario $2.48, base $2.48, optimistic $9.92 per share (as of Nov 8, 2026, price $4.43). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of GHI?
The PEG ratio of Greystone Housing Impact Investors LP is 1.04 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Greystone Housing Impact Investors LP (GHI)?
Balance-sheet figures for Greystone Housing Impact Investors LP (as of Nov 8, 2026): return on equity −0.5%, debt of 2.13 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is GHI from its 52-week high?
Greystone Housing Impact Investors LP trades at $4.43, about 41% below its 52-week high of $7.51 and at the low of $4.43 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $2.48 is for.
Which stocks are comparable to Greystone Housing Impact Investors LP?
From the same area (Financial Services) we also value Rocket Companies, Inc, Bajaj Housing Finance Limited, PennyMac Financial Services, Inc, LIC Housing Finance Limited, 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 Greystone Housing Impact Investors LP stock attractive at the current price?
The data as of Nov 8, 2026: price $4.43, calculated fair value $2.48 (−44%), Quality Score 47/100, from 2 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 GHI calculated?
We run Greystone Housing Impact Investors LP through 2 models from 2 families: Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of $2.48 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Greystone Housing Impact Investors LP itself currently trades above fair value. 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 Greystone Housing Impact Investors LP (GHI)?
The closing price on Nov 6, 2026 was $4.43. Our model-based fair value is $2.48, about 44% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Greystone Housing Impact Investors LP right now?
Weak quality (47/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide ($2.48 to $9.92). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Greystone Housing Impact Investors LP (GHI) come from?
Earnings per share at Greystone Housing Impact Investors LP grew +5.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +10.2 %, EBIT margin −2.1 %, tax rate +11.2 %, residual (interest, one-offs) −12.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Greystone Housing Impact Investors LP
How large is the market capitalisation of Greystone Housing Impact Investors LP (GHI)?
The market capitalisation of Greystone Housing Impact Investors LP is $103M. 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 Greystone Housing Impact Investors LP (GHI)?
The price-to-sales ratio of Greystone Housing Impact Investors LP is 3.14 (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 Greystone Housing Impact Investors LP (GHI)?
Earnings per share at Greystone Housing Impact Investors LP are $−0.3900. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Greystone Housing Impact Investors LP (GHI)?
The net margin of Greystone Housing Impact Investors LP is −10.5% (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 Greystone Housing Impact Investors LP (GHI)?
The return on equity (ROE) of Greystone Housing Impact Investors LP is −0.5% (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 Greystone Housing Impact Investors LP (GHI)?
On an EBIT basis the return on assets of Greystone Housing Impact Investors LP is 2.3% (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 Greystone Housing Impact Investors LP (GHI)?
The operating margin of Greystone Housing Impact Investors LP is −5.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Greystone Housing Impact Investors LP (GHI)?
Revenue at Greystone Housing Impact Investors LP is growing +25.1% versus a year earlier (3y avg −18.5%). 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 Greystone Housing Impact Investors LP (GHI)?
Earnings per share at Greystone Housing Impact Investors LP are growing −88.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Greystone Housing Impact Investors LP (GHI) carry?
The net debt of Greystone Housing Impact Investors LP is $1.1B (fiscal year 2025, ≈ 29.2 yrs of FCF). 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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Thin data
Nov 8, 2026