Latest Ratios: P/E Ratio -52.0x · EV/EBITDA 12.4x · ROE 0.7%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $542M | $675M | $723M | $837M | $777M | $923M | $643M | $975M | $668M | $659M | $546M |
| Enterprise Value | $2.1B | $2.3B | $2.1B | $2.6B | $1.9B | $1.9B | $1.6B | $2.0B | $1.3B | $1.2B | $1.0B |
| P/E Ratio → | -52.00 | — | 30.09 | — | 12.23 | 89.53 | 29.53 | 44.76 | 39.06 | 53.55 | 19.43 |
| P/S Ratio | 1.90 | 2.37 | 1.02 | 1.26 | 1.65 | 3.05 | 1.68 | 3.79 | 3.46 | 2.18 | 2.11 |
| P/B Ratio | 0.83 | 0.81 | 0.81 | 1.04 | 0.86 | 1.18 | 0.65 | 1.49 | 1.05 | 1.07 | 0.99 |
| P/FCF | 32.61 | 40.60 | 6.45 | 8.97 | 7.79 | 12.20 | 7.05 | 20.30 | 15.06 | 14.40 | 10.29 |
| P/OCF | 8.62 | 10.73 | 6.45 | 8.97 | 6.65 | 10.12 | 7.05 | 14.39 | 11.91 | 11.36 | 9.14 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.98 | 2.92 | 3.90 | 4.12 | 6.27 | 4.24 | 7.59 | 6.94 | 3.82 | 4.05 |
| EV / EBITDA | 12.37 | 13.14 | 10.49 | 15.22 | 9.32 | 14.71 | 17.48 | 24.16 | 21.48 | 17.58 | 12.97 |
| EV / EBIT | 26.22 | 27.05 | 17.14 | 38.96 | 13.93 | 32.38 | 24.01 | 30.95 | 31.52 | 24.04 | 17.57 |
| EV / FCF | — | 136.99 | 18.49 | 27.89 | 19.47 | 25.08 | 17.83 | 40.68 | 30.23 | 25.26 | 19.72 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.7% | 67.7% | 28.7% | 28.3% | 36.3% | 48.3% | 30.5% | 41.4% | 41.9% | 26.5% | 28.4% |
| Operating Margin | 28.7% | 28.7% | 15.0% | 11.0% | 28.5% | 19.6% | 12.7% | 16.6% | 16.6% | 13.1% | 22.1% |
| Net Profit Margin | 2.0% | 2.0% | 5.0% | 1.2% | 15.9% | 7.2% | 7.6% | 9.4% | 8.9% | 7.0% | 10.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.7% | 0.7% | 4.2% | 1.0% | 8.9% | 2.5% | 3.5% | 3.7% | 2.7% | 3.6% | 5.9% |
| ROA | 0.2% | 0.2% | 1.4% | 0.3% | 3.6% | 1.1% | 1.6% | 1.6% | 1.5% | 2.1% | 3.4% |
| ROIC | 2.6% | 2.6% | 3.3% | 2.4% | 5.3% | 2.4% | 2.0% | 2.2% | 2.0% | 2.8% | 4.8% |
| ROCE | 3.7% | 3.7% | 4.7% | 3.3% | 6.9% | 3.2% | 2.7% | 2.9% | 2.9% | 4.2% | 7.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.99 | 1.99 | 1.60 | 2.23 | 1.34 | 1.30 | 1.03 | 1.55 | 1.09 | 0.84 | 0.95 |
| Debt / EBITDA | 9.53 | 9.53 | 7.19 | 10.49 | 5.82 | 7.83 | 11.01 | 12.59 | 11.12 | 7.86 | 6.47 |
| Net Debt / Equity | — | 1.93 | 1.52 | 2.19 | 1.29 | 1.25 | 0.99 | 1.49 | 1.05 | 0.81 | 0.91 |
| Net Debt / EBITDA | 9.24 | 9.24 | 6.83 | 10.32 | 5.59 | 7.56 | 10.56 | 12.10 | 10.78 | 7.56 | 6.20 |
| Debt / FCF | — | 96.39 | 12.04 | 18.92 | 11.68 | 12.89 | 10.78 | 20.38 | 15.17 | 10.87 | 9.43 |
| Interest Coverage | 0.99 | 0.99 | 1.53 | 1.25 | 3.52 | 1.73 | 2.18 | 2.01 | 2.23 | 2.76 | 3.62 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.27 | 0.27 | 1.13 | 1.64 | 2.09 | 2.52 | 3.18 | 7.84 | 2.90 | 2.20 | 1.93 |
| Quick Ratio | 0.27 | 0.27 | 1.13 | 1.64 | 2.09 | 2.52 | 3.17 | 7.84 | 2.89 | 2.34 | 2.07 |
| Cash Ratio | 0.12 | 0.12 | 0.22 | 0.14 | 0.31 | 0.28 | 0.51 | 1.11 | 0.31 | 0.30 | 0.30 |
| Asset Turnover | — | 0.11 | 0.28 | 0.26 | 0.21 | 0.16 | 0.20 | 0.14 | 0.15 | 0.29 | 0.26 |
| Inventory Turnover | — | — | — | — | — | — | 228.81 | — | 120.81 | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 10.9% | 11.1% | 1.6% | 9.6% | 9.3% | 6.4% | 7.4% | 6.3% | 7.6% | 6.6% | 6.2% |
| Payout Ratio | — | — | 32.4% | 970.2% | 97.1% | 268.2% | 163.3% | 255.7% | 295.9% | 207.2% | 120.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 3.3% | — | 8.2% | 1.1% | 3.4% | 2.2% | 2.6% | 1.9% | 5.1% |
| FCF Yield | 3.1% | 2.5% | 15.5% | 11.1% | 12.8% | 8.2% | 14.2% | 4.9% | 6.6% | 6.9% | 9.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 10.9% | 11.2% | 1.6% | 11.1% | 9.3% | 6.4% | 7.4% | 6.3% | 7.6% | 6.6% | 6.2% |
| Shares Outstanding | — | $102M | $71M | $68M | $68M | $61M | $57M | $53M | $48M | $42M | $37M |
Construction segment earnings volatility
Based on reported figures, the lack of a stable P/FFO multiple reflects significant market skepticism regarding the company's ability to generate consistent core earnings, as evidenced by the negative FFO per share of $0.12 recorded in 2026Q1, which complicates traditional valuation benchmarking against diversified REIT peers.
The absence of a reliable P/FFO multiple suggests that investors are struggling to price the company's hybrid business model, which blends stable rental income with volatile construction fees. Given the recent negative FFO, the current valuation appears to be driven more by asset liquidation value than by the earnings power of the underlying real estate portfolio.
According to quarterly income statement data, the company's NOI margin plummeted to -3.4% in 2026Q1, a stark reversal from the 53.3% margin observed in 2025Q3, indicating that property-level profitability is currently insufficient to cover the fixed costs associated with the firm's real estate holdings.
This margin compression suggests that the company's core rental assets are facing significant headwinds, likely exacerbated by rising operating expenses or occupancy challenges in its office segment. The volatility in NOI margins implies that the integrated construction arm is failing to provide the expected cost-basis advantages during this period of operational contraction.
As reported in financial statements, the FFO payout ratio has exhibited extreme volatility, reaching 122.4% in 2025Q3 before turning negative in 2026Q1, which indicates that the current dividend distribution is not supported by recurring cash flows and warrants significant caution from income-focused investors.
The erratic nature of the payout ratio highlights the danger of relying on transactional construction gains to fund recurring dividends. Investors should monitor whether management chooses to maintain the current dividend level despite the lack of FFO coverage, as this could further erode the company's already strained liquidity position.
Based on reported figures, the debt-to-equity ratio of 1.79 in 2026Q1 reflects a persistent reliance on debt financing that appears to leave the company with limited flexibility to navigate the current high-interest-rate environment while maintaining its complex, integrated development-heavy business model.
The interest coverage ratio, which dipped to 0.96 in 2026Q1, suggests that the company is struggling to service its debt obligations from operating income alone. This level of leverage, combined with the volatility of the construction segment, creates a precarious balance sheet profile that may limit future growth opportunities.
As indicated by the historical data, the market's frequent use of standard P/E ratios for this REIT is deeply misleading, as it fails to account for the significant non-cash depreciation charges that mask the underlying cash-generating capacity of the firm's real estate portfolio.
Standard P/E ratios obscure the true economic performance of the company by treating depreciation as a cash expense, which is inappropriate for a REIT. Analysts should instead focus on FFO or AFFO, which provide a more accurate representation of the cash available for distribution and reinvestment after accounting for maintenance capital expenditures.
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Quick answers to the most common questions about buying AHH stock.
Armada Hoffler Properties, Inc.'s current P/E ratio is -52.0x. The historical average is 34.7x.
Armada Hoffler Properties, Inc.'s current EV/EBITDA is 12.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.3x.
Armada Hoffler Properties, Inc.'s return on equity (ROE) is 0.7%. The historical average is 5.8%.
Based on historical data, Armada Hoffler Properties, Inc. is trading at a P/E of -52.0x. Compare with industry peers and growth rates for a complete picture.
Armada Hoffler Properties, Inc.'s current dividend yield is 10.92%.
Armada Hoffler Properties, Inc. has 67.7% gross margin and 28.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Armada Hoffler Properties, Inc.'s Debt/EBITDA ratio is 9.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.