Latest Ratios: P/E Ratio 196.1x · EV/EBITDA 21.5x · ROE 0.5%. (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 | $2.6B | $2.7B | $2.6B | $1.6B | $1.4B | $1.9B | $1.2B | $2.2B | $2.0B | $2.3B | $2.5B |
| Enterprise Value | $4.4B | $4.6B | $4.2B | $3.5B | $3.2B | $3.8B | $3.0B | $4.0B | $3.6B | $3.7B | $4.0B |
| P/E Ratio → | 196.11 | 216.21 | 127.16 | 84.95 | — | 83.96 | — | 103.72 | 62.53 | 37.48 | 34.77 |
| P/S Ratio | 6.23 | 6.55 | 7.27 | 4.78 | 4.16 | 6.54 | 4.89 | 7.56 | 7.50 | 9.15 | 13.18 |
| P/B Ratio | 0.93 | 1.03 | 1.03 | 0.76 | 0.60 | 0.89 | 0.60 | 1.00 | 0.94 | 1.03 | 1.15 |
| P/FCF | 15.32 | 16.12 | 43.45 | 18.78 | 18.31 | 32.21 | 11.80 | 24.84 | 21.85 | 19.97 | 24.01 |
| P/OCF | 15.32 | 16.12 | 18.62 | 10.39 | 10.20 | 18.23 | 11.80 | 17.22 | 20.46 | 19.11 | 22.39 |
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 | — | 11.14 | 11.66 | 10.44 | 9.73 | 13.09 | 12.00 | 13.87 | 13.60 | 14.82 | 21.00 |
| EV / EBITDA | 21.46 | 22.11 | 20.51 | 19.11 | 15.56 | 24.86 | 93.60 | 20.53 | 13.73 | 14.94 | 21.00 |
| EV / EBIT | 89.84 | 82.11 | 41.58 | 38.51 | 212.18 | 40.67 | 713.14 | 42.77 | 64.59 | 29.85 | 45.77 |
| EV / FCF | — | 27.39 | 69.69 | 41.01 | 42.83 | 64.48 | 28.97 | 45.56 | 39.64 | 32.36 | 38.27 |
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 | 50.5% | 50.5% | 68.8% | 68.0% | 68.8% | 66.2% | 60.9% | 69.5% | 68.8% | 69.0% | 73.7% |
| Operating Margin | 12.0% | 12.0% | 18.3% | 14.5% | 20.9% | 10.5% | -45.9% | 25.2% | 10.5% | 6.9% | 11.5% |
| Net Profit Margin | 3.3% | 3.3% | 6.0% | 5.9% | -10.9% | 8.1% | -3.6% | 18.5% | 12.0% | 24.6% | 38.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.5% | 0.5% | 0.9% | 0.9% | -1.6% | 1.1% | -0.4% | 2.5% | 1.5% | 2.8% | 3.9% |
| ROA | 0.3% | 0.3% | 0.5% | 0.5% | -0.8% | 0.6% | -0.2% | 1.3% | 0.8% | 1.5% | 2.1% |
| ROIC | 0.9% | 0.9% | 1.2% | 0.9% | 1.3% | 0.6% | -2.2% | 1.4% | 0.6% | 0.4% | 0.5% |
| ROCE | 1.1% | 1.1% | 1.6% | 1.2% | 1.7% | 0.8% | -2.9% | 1.8% | 0.7% | 0.5% | 0.6% |
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 | 0.73 | 0.73 | 0.63 | 0.91 | 0.82 | 0.90 | 0.88 | 0.84 | 0.78 | 0.67 | 0.72 |
| Debt / EBITDA | 9.29 | 9.29 | 7.80 | 10.45 | 8.99 | 12.55 | 56.05 | 9.42 | 6.24 | 6.02 | 8.21 |
| Net Debt / Equity | — | 0.72 | 0.62 | 0.90 | 0.81 | 0.89 | 0.87 | 0.84 | 0.77 | 0.64 | 0.68 |
| Net Debt / EBITDA | 9.10 | 9.10 | 7.72 | 10.36 | 8.91 | 12.44 | 55.47 | 9.34 | 6.16 | 5.72 | 7.83 |
| Debt / FCF | — | 11.27 | 26.24 | 22.23 | 24.51 | 32.27 | 17.16 | 20.72 | 17.79 | 12.39 | 14.26 |
| Interest Coverage | 0.58 | 0.58 | 1.09 | 0.98 | 0.19 | 1.38 | 0.06 | 1.36 | 0.79 | 2.11 | 2.52 |
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 | 1.24 | 1.24 | 1.87 | 0.87 | 0.89 | 1.45 | 0.90 | 1.19 | 1.86 | 2.13 | 3.56 |
| Quick Ratio | 1.24 | 1.24 | 1.87 | 0.87 | 0.89 | 1.45 | 0.90 | 1.19 | 1.86 | 2.13 | 3.56 |
| Cash Ratio | 0.15 | 0.15 | 0.19 | 0.15 | 0.06 | 0.08 | 0.08 | 0.08 | 0.15 | 0.43 | 0.53 |
| Asset Turnover | — | 0.08 | 0.08 | 0.08 | 0.08 | 0.07 | 0.06 | 0.07 | 0.07 | 0.06 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| 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 | 4.1% | 3.8% | 2.9% | 4.2% | 4.8% | 2.1% | 4.1% | 4.3% | 4.5% | 4.3% | 3.6% |
| Payout Ratio | 746.2% | 746.2% | 352.5% | 345.0% | — | 167.6% | — | 174.8% | 282.7% | 161.9% | 125.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.5% | 0.5% | 0.8% | 1.2% | — | 1.2% | — | 1.0% | 1.6% | 2.7% | 2.9% |
| FCF Yield | 6.5% | 6.2% | 2.3% | 5.3% | 5.5% | 3.1% | 8.5% | 4.0% | 4.6% | 5.0% | 4.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.8% | 0.0% | 2.8% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.1% | 3.8% | 2.9% | 4.2% | 4.8% | 2.1% | 5.9% | 4.3% | 7.3% | 4.3% | 3.6% |
| Shares Outstanding | — | $131M | $108M | $95M | $95M | $88M | $86M | $84M | $83M | $84M | $77M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AKR stock.
Acadia Realty Trust's current P/E ratio is 196.1x. The historical average is 39.4x. This places it at the 100th percentile of its historical range.
Acadia Realty Trust's current EV/EBITDA is 21.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.3x.
Acadia Realty Trust's return on equity (ROE) is 0.5%. The historical average is 3.7%.
Based on historical data, Acadia Realty Trust is trading at a P/E of 196.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Acadia Realty Trust's current dividend yield is 4.15% with a payout ratio of 746.2%.
Acadia Realty Trust has 50.5% gross margin and 12.0% operating margin. Operating margin between 10-20% is typical for established companies.
Acadia Realty Trust's Debt/EBITDA ratio is 9.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Fund debt leverage opacity
Metrics are mathematically derived from official filings.
P/FFO Compression Masks Fund Optionality
AKR's P/FFO has compressed from 22.98 in 2025Q1 to 20.38 in 2026Q2, per reported data, suggesting the market is discounting the fund platform's potential.
The trailing P/FFO of 20.38 sits below the 22-23 range seen in 2024-2025, implying a modest de-rating despite stable NOI margins. This compression may reflect investor skepticism about the lumpy fund promotes, which have historically inflated FFO in certain quarters. The implied cap rate, derived from NOI and enterprise value, appears competitive with private market transactions, but the complexity of the fund structure likely warrants a sum-of-the-parts approach to fully capture the value of the asset management business.
NOI Margin Stability Masks Fund Volatility
NOI margin held at 68.8% in 2026Q2, per financial statements, down slightly from 69.7% in 2026Q1, indicating resilient property-level profitability despite revenue swings.
The stability in NOI margins, consistently above 68% over the past year, suggests that core portfolio operations are well-managed and urban assets are performing. However, the sharp quarterly swings in FFO per share, from $0.54 in 2026Q1 to $0.35 in 2026Q2, highlight the impact of non-core fund income. This volatility implies that FFO growth is not purely organic but is increasingly influenced by the timing of fund promotes, which investors should monitor for sustainability.
Payout Ratio Volatility Warrants Monitoring
FFO payout ratio spiked to 57.8% in 2026Q2, per reported figures, up from 37.1% in 2026Q1, reflecting the drop in FFO per share.
The payout ratio's volatility is directly tied to the lumpiness of FFO, which can swing dramatically due to fund promotes. While the 57.8% payout remains within a safe range, the 2026Q1 ratio of 37.1% illustrates how a single quarter of elevated FFO can distort the picture. AFFO coverage, which was 1.72x in 2026Q2 per prior analysis, provides a more stable view of dividend sustainability, but the recurring capex intensity (54% of FFO) suggests that retained cash flow is limited.
Leverage Creeps Higher, Fund Debt Unclear
Debt-to-equity rose to 0.66 in 2026Q2, per financial statements, from 0.63 in 2024Q4, but reported figures may understate true leverage due to off-balance-sheet fund debt.
The reported D/E of 0.66 appears modest for a REIT, but the prior analysis flagged that this metric likely excludes pro-rata debt from the fund structures. Interest coverage improved to 2.14x in 2026Q2 from 0.55x in 2025Q3, per reported data, suggesting near-term debt service is manageable. However, the volatility in coverage ratios across quarters indicates sensitivity to fund-level cash flows. Investors should scrutinize the debt maturity profile and the extent of non-consolidated fund debt to assess true refinancing risk.
Urban Concentration Drives Occupancy Risk
With heavy exposure to NYC and Chicago high-street corridors, AKR's portfolio performance hinges on urban foot traffic, as indicated by stable NOI margins around 68%.
The geographic concentration in high-street retail makes occupancy and leasing spreads critical leading indicators. Management's commentary on 'accelerating operating fundamentals' suggests positive momentum in these corridors, but the reliance on urban tourism and return-to-office trends introduces vulnerability. G&A efficiency appears reasonable given the complexity of the dual-platform model, yet the fund business adds overhead that pure-play peers do not incur, potentially explaining the relatively lean operating margin of 12.03%.
P/E Distorted by Depreciation and Promotes
AKR's P/E of 221.58, per reported data, is misleading due to large non-cash depreciation and lumpy fund promotes, obscuring the true earnings power.
The standard P/E ratio is nearly meaningless for AKR because GAAP net income is heavily depressed by depreciation charges, which are non-cash and not indicative of property value. Additionally, the fund business generates volatile promote income that can inflate or deflate earnings in any given quarter. The appropriate metric is P/FFO or P/AFFO, which adjust for depreciation and recurring capex. As of 2026Q2, P/FFO of 20.38 provides a more accurate valuation gauge, but even this must be adjusted for the quality of FFO, stripping out one-time promotes to assess the core run-rate.