Latest Ratios: P/E Ratio 0.4x · EV/EBITDA N/A · ROE 126.4%. (1996–2025 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 | $223M | $838M | $1.3B | $1.1B | $1.1B | $1.2B | $784M | $826M | $871M | $895M | $917M |
| Enterprise Value | $699M | $1.3B | $2.3B | $2.3B | $2.0B | $2.5B | $1.6B | $1.4B | $886M | $1.1B | $978M |
| P/E Ratio → | 0.38 | 1.53 | — | — | 14.53 | — | — | 2752.00 | 268.35 | 2.83 | 14.40 |
| P/S Ratio | 3.20 | 6.05 | 6.03 | 6.01 | 5.64 | 6.79 | 5.18 | 5.71 | 6.59 | 0.89 | 0.92 |
| P/B Ratio | 0.40 | 1.52 | 4.03 | 1.90 | 1.36 | 1.94 | 1.39 | 1.59 | 0.09 | 0.09 | 0.09 |
| P/FCF | — | — | — | — | — | — | 32.74 | 44.39 | 55.67 | 26.35 | 29.51 |
| P/OCF | 27.55 | 103.53 | 26.79 | 22.28 | 5.26 | 91.69 | 16.40 | 14.25 | 16.28 | 2.28 | 2.43 |
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 | — | 9.49 | 11.07 | 12.13 | 10.67 | 14.94 | 10.33 | 9.54 | 6.70 | 1.05 | 0.98 |
| EV / EBITDA | — | 45.23 | 27.23 | 28.21 | 25.74 | 36.72 | 17.46 | 9.57 | 12.16 | 1.44 | 1.47 |
| EV / EBIT | — | 30.14 | — | — | 11.08 | 73.84 | 134.90 | 86.22 | 38.00 | 4.59 | 3.96 |
| EV / FCF | — | — | — | — | — | — | 65.27 | 74.16 | 56.64 | 31.06 | 31.46 |
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 | -33.5% | -33.5% | 56.4% | 60.6% | 62.3% | 60.2% | 59.4% | 60.2% | 59.5% | 28.3% | 30.7% |
| Operating Margin | -21.1% | -21.1% | -0.7% | 6.2% | -42.1% | -9.2% | — | 55.3% | 17.8% | 36.4% | 33.4% |
| Net Profit Margin | 394.8% | 394.8% | -49.1% | -88.9% | 39.8% | -3.5% | -3.3% | 0.2% | 2.5% | 31.5% | 6.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 126.4% | 126.4% | -22.7% | -24.0% | 10.9% | -1.0% | -0.9% | 0.0% | 0.0% | 3.2% | 1.1% |
| ROA | 30.1% | 30.1% | -5.1% | -7.8% | 3.3% | -0.3% | -0.3% | 0.0% | 0.1% | 9.8% | 2.0% |
| ROIC | -1.8% | -1.8% | -0.1% | 0.5% | -3.2% | -0.7% | — | 1.1% | 0.2% | 2.7% | 3.2% |
| ROCE | -1.9% | -1.9% | -0.1% | 0.6% | -3.6% | -0.8% | — | 15.1% | 0.9% | 13.8% | 11.5% |
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 | 1.57 | 1.57 | 3.85 | 2.14 | 1.47 | 2.71 | 1.90 | 1.08 | 0.01 | 0.03 | 0.02 |
| Debt / EBITDA | 29.98 | 29.98 | 14.16 | 15.75 | 14.74 | 23.39 | 11.94 | 3.88 | 1.20 | 0.41 | 0.29 |
| Net Debt / Equity | — | 0.86 | 3.37 | 1.93 | 1.21 | 2.32 | 1.38 | 1.07 | 0.00 | 0.02 | 0.01 |
| Net Debt / EBITDA | 16.38 | 16.38 | 12.39 | 14.22 | 12.12 | 20.02 | 8.70 | 3.84 | 0.21 | 0.22 | 0.09 |
| Debt / FCF | — | — | — | — | — | — | 32.53 | 29.77 | 0.96 | 4.71 | 1.95 |
| Interest Coverage | 0.73 | 0.73 | -0.53 | -3.51 | 2.48 | 0.65 | 0.42 | 0.86 | 1.19 | 1.18 | 1.26 |
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 | 3.21 | 3.21 | 1.51 | 1.79 | 2.73 | 3.19 | 4.64 | 0.44 | 0.34 | 0.33 | 0.29 |
| Quick Ratio | 3.21 | 3.21 | 1.51 | 1.79 | 2.73 | 3.19 | 4.64 | 0.44 | 0.23 | 0.30 | 0.02 |
| Cash Ratio | 3.21 | 3.21 | 0.40 | 1.01 | 1.94 | 2.40 | 3.78 | 0.16 | 0.17 | 0.25 | 0.24 |
| Asset Turnover | — | 0.08 | 0.11 | 0.09 | 0.09 | 0.07 | 0.08 | 0.11 | 0.54 | 0.17 | 2.87 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 1.26 | 40.13 | 4.63 |
| 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 | 100.0% | 49.6% | — | — | 0.3% | — | — | — | 28.3% | 26.1% | 23.6% |
| Payout Ratio | 76.0% | 76.0% | — | — | 4.0% | — | — | — | — | 74.0% | 336.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 100.0% | 65.2% | — | — | 6.9% | — | — | 0.0% | 0.4% | 35.4% | 6.9% |
| FCF Yield | — | — | — | — | — | — | 3.1% | 2.3% | 1.8% | 3.8% | 3.4% |
| Buyback Yield | 0.4% | 0.1% | 3.2% | 4.3% | 2.2% | 0.0% | 0.0% | 0.0% | 42.9% | 0.0% | 3.8% |
| Total Shareholder Yield | 100.0% | 49.7% | 3.2% | 4.3% | 2.5% | 0.0% | 0.0% | 0.0% | 71.2% | 26.1% | 27.4% |
| Shares Outstanding | — | $141M | $138M | $144M | $151M | $149M | $149M | $120M | $149M | $154M | $152M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AIV stock.
Apartment Investment and Management Company's current P/E ratio is 0.4x. The historical average is 6.5x.
Apartment Investment and Management Company's return on equity (ROE) is 126.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 7.1%.
Based on historical data, Apartment Investment and Management Company is trading at a P/E of 0.4x. Compare with industry peers and growth rates for a complete picture.
Apartment Investment and Management Company's current dividend yield is 100.00% with a payout ratio of 76.0%.
Apartment Investment and Management Company has -33.5% gross margin and -21.1% operating margin.
Apartment Investment and Management Company's Debt/EBITDA ratio is 30.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Distributions funded by asset liquidation proceeds
Metrics are mathematically derived from official filings.
P/E Distorted by Disposition Gains
AIV's P/E of 0.43 appears artificially depressed due to $300M+ in non-recurring disposition gains inflating trailing earnings, while P/FFO and P/AFFO remain unavailable in current valuation data, leaving EV/EBITDA of 24.55 as the only reliable multiple—yet it exceeds the peer range of 10.3–17.68.
The 0.43 P/E ratio creates a false impression of deep value, but this reflects accumulated depreciation reversals on sold assets rather than sustainable operating earnings. Without P/FFO or P/AFFO metrics available, standard REIT valuation frameworks cannot be applied, and the $1.65 share price likely reflects market recognition that the earnings base is non-recurring. Investors should investigate normalized forward FFO estimates and direct asset-level cap rates before drawing any valuation conclusion from the trailing P/E or P/B of 0.42.
Distribution Coverage Funded by Asset Sales
FFO payout ratio of 104.3% in 2025Q4 and AFFO/share negative in six of eight reported quarters suggest distributions are structurally unsupported by recurring property income, despite apparent balance sheet relief from disposition proceeds.
The 104.3% FFO payout ratio already signals that distributions exceed operating cash generation, but the more concerning pattern is AFFO/share remaining negative in nearly every period with available data—ranging from -$0.19 in 2026Q2 to -$0.27 in 2024Q3. This indicates distributions are being funded by portfolio dispositions rather than collected rents, an arrangement that terminates when saleable assets are exhausted. The dividend yield metric of 100% in the current valuation snapshot likely reflects a collapsing share price or potential distribution suspension rather than a sustainable yield, warranting direct verification against recent 8-K filings.
Deleveraging Driven by Asset Liquidation
Debt-to-equity ratio improved from 4.33 in 2025Q2 to 0.77 by 2026Q2, but this deleveraging coincides with $800M+ of debt reduction funded by disposition proceeds rather than retained earnings, leaving interest coverage deeply unstable at -2.11 in 2026Q2.
The D/E improvement from 4.33 to 0.77 would normally signal balance sheet strengthening, but in AIV's case the reduction appears mechanically linked to asset sales rather than NOI growth or earnings retention. Interest coverage has swung from -4.66 to 7.70 over the reported periods and currently sits negative, suggesting the remaining debt burden may exceed sustainable coverage given declining recurring income. With total assets contracting from $2.1B to $1.2B and net PPE reaching zero, the lower headline leverage ratio may not reflect improved credit quality but rather a diminished asset base capable of generating the cash flows needed to service even reduced debt levels.
NOI Compression Accelerates Portfolio Contraction
AIV's NOI margin declined from 57.8% in 2024Q1 to 50.5% in 2025Q4—a 730 basis point compression—while quarterly revenue fell 36% to $34.6M, suggesting the retained portfolio carries structurally weaker economics than assets previously disposed.
The sustained NOI margin erosion indicates that the properties retained through the disposition program appear to carry less favorable operating economics than those sold, whether due to higher controllable expense ratios, weaker occupancy, or less favorable lease structures. This pattern is counterintuitive for a portfolio rationalization strategy where investors would typically expect margin improvement as lower-quality assets are culled. The revenue contraction from $54.2M to $34.6M reflects asset sales rather than same-store deterioration, but the simultaneous margin compression on the remaining base suggests the retained portfolio may face continued pressure absent operational intervention, warranting closer examination of same-store NOI trends separately from disposition impacts.
Standard P/E Misleading for Liquidating REIT
AIV's P/E of 0.43 and P/B of 0.42 create an illusion of deep value, but both metrics are rendered unreliable by $300M+ in accumulated depreciation reversals on disposed assets and a shrinking equity base that no longer reflects productive real estate holdings.
The P/E ratio is the most misapplied metric for this REIT because trailing earnings include non-recurring gains from asset sales that inflate net income without representing sustainable operating performance—explaining why ROE swung from -11.3% to 106.6% over the reported periods. Similarly, P/B of 0.42 suggests the market is pricing AIV at less than half of book value, but with net PPE at zero and total assets halved to $1.2B, the book value itself may not represent recoverable asset value or replacement cost. Analysts should instead rely on normalized forward FFO estimates, direct property-level cap rate analysis, and liquidation value scenarios rather than any standard earnings or book multiples, which obscure the disposition dynamics driving all reported figures.