Alexandria Real Estate Equities, Inc. (ARE) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Office
EV/EBITDA
↑
135.65
↑+203% vs avg
5yr avg: 44.73
30Y Low12.6·High35.6
P/FCF
↓
5.58
↓-54% vs avg
5yr avg: 12.13
30Y Low5.9·High26.6
P/B Ratio
↓
0.41
↓-59% vs avg
5yr avg: 0.98
30Y Low0.4·High2.4
ROE
↓
-6.9%
↑-3455% vs avg
5yr avg: 0.2%
30Y Low-7%·High12%
Debt/EBITDA
↑
86.11
↑+282% vs avg
5yr avg: 22.52
30Y Low4.0·High10.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ARE Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Alexandria Real Estate Equities, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 5.6x P/FCF, 54% below the 5-year average of 12.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.9B | $8.3B | $16.8B | $21.7B | $23.5B | $32.9B | $22.5B | $18.2B | $11.9B | $12.0B | $8.5B |
| Enterprise Value | $20.1B | $20.6B | $29.0B | $32.7B | $33.3B | $41.7B | $29.9B | $25.0B | $17.2B | $16.6B | $12.6B |
| P/E Ratio → | -5.40 | — | 54.19 | 234.76 | 45.81 | 58.37 | 38.16 | 101.62 | 23.00 | 82.65 | — |
| P/S Ratio | 2.66 | 2.81 | 5.50 | 7.62 | 9.14 | 15.59 | 11.90 | 11.99 | 8.97 | 10.69 | 9.42 |
| P/B Ratio | 0.41 | 0.44 | 0.75 | 0.96 | 1.04 | 1.73 | 1.68 | 1.79 | 1.51 | 1.85 | 1.57 |
| P/FCF | 5.58 | 5.90 | 11.16 | 13.29 | 18.19 | — | 25.54 | 26.59 | — | — | — |
| P/OCF | 5.58 | 5.90 | 11.16 | 13.29 | 18.19 | 32.55 | 25.54 | 26.59 | 20.88 | 26.70 | 21.55 |
P/E links to full P/E history page with 30-year chart
ARE EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Alexandria Real Estate Equities, Inc.'s enterprise value stands at 135.6x EBITDA, 203% above its 5-year average of 44.7x. The Real Estate sector median is 16.8x, placing the stock at a 709% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.92 | 9.50 | 11.52 | 12.92 | 19.80 | 15.78 | 16.51 | 12.92 | 14.78 | 13.98 |
| EV / EBITDA | 135.65 | 138.67 | 14.70 | 18.36 | 20.61 | 31.31 | 15.97 | 26.02 | 12.58 | 15.55 | 18.02 |
| EV / EBIT | — | — | 41.61 | 92.19 | 43.52 | 52.41 | 56.16 | 43.34 | 30.61 | 51.48 | 219.68 |
| EV / FCF | — | 14.53 | 19.27 | 20.08 | 25.72 | — | 33.86 | 36.62 | — | — | — |
ARE Profitability
Margins and return-on-capital ratios measuring operating efficiency
Alexandria Real Estate Equities, Inc. earns an operating margin of -40.5%, below the Real Estate sector average of 24.7%. Operating margins have compressed from 24.3% to -40.5% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -6.9% indicates the company is currently destroying shareholder equity.
Margins
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 | 68.9% | 68.9% | 70.2% | 69.8% | 69.6% | 70.4% | 72.0% | 70.6% | 71.3% | 71.0% | 69.0% |
| Operating Margin | -40.5% | -40.5% | 25.2% | 24.3% | 23.8% | 24.3% | 65.0% | 27.6% | 31.8% | 16.1% | 4.6% |
| Net Profit Margin | -48.2% | -48.2% | 10.6% | 3.6% | 20.3% | 27.1% | 40.7% | 23.9% | 39.0% | 15.0% | -7.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -6.9% | -6.9% | 1.4% | 0.5% | 2.5% | 3.5% | 6.5% | 4.0% | 7.2% | 2.9% | -1.4% |
| ROA | -4.0% | -4.0% | 0.9% | 0.3% | 1.6% | 2.2% | 3.7% | 2.2% | 3.9% | 1.5% | -0.7% |
| ROIC | -2.7% | -2.7% | 1.7% | 1.6% | 1.5% | 1.6% | 4.9% | 2.1% | 2.6% | 1.3% | 0.3% |
| ROCE | -3.6% | -3.6% | 2.2% | 2.0% | 2.0% | 2.0% | 6.3% | 2.7% | 3.4% | 1.7% | 0.5% |
ARE Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Alexandria Real Estate Equities, Inc. carries a Debt/EBITDA ratio of 86.1x, which is highly leveraged (1018% above the sector average of 7.7x). Net debt stands at $12.2B ($12.8B total debt minus $549M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.67 | 0.67 | 0.57 | 0.52 | 0.47 | 0.48 | 0.59 | 0.69 | 0.69 | 0.75 | 0.78 |
| Debt / EBITDA | 86.11 | 86.11 | 6.47 | 6.56 | 6.54 | 6.92 | 4.23 | 7.32 | 4.02 | 4.54 | 6.06 |
| Net Debt / Equity | — | 0.64 | 0.54 | 0.49 | 0.43 | 0.47 | 0.55 | 0.67 | 0.66 | 0.71 | 0.76 |
| Net Debt / EBITDA | 82.40 | 82.40 | 6.19 | 6.21 | 6.03 | 6.65 | 3.92 | 7.13 | 3.85 | 4.30 | 5.88 |
| Debt / FCF | — | 8.64 | 8.11 | 6.80 | 7.53 | — | 8.32 | 10.03 | — | — | — |
| Interest Coverage | -4.37 | -4.37 | 3.75 | 4.79 | 8.12 | 5.60 | 3.10 | 3.33 | 3.56 | 2.51 | 0.53 |
ARE Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.43x is below 1.0, meaning current liabilities exceed current assets.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.43 | 0.43 | 0.40 | 0.39 | 0.58 | 0.41 | 0.64 | 0.27 | 0.33 | 0.47 | 0.29 |
| Quick Ratio | 0.43 | 0.43 | 0.40 | 0.39 | 0.58 | 0.41 | 0.64 | 0.27 | 0.33 | 0.47 | 0.29 |
| Cash Ratio | 0.25 | 0.25 | 0.28 | 0.31 | 0.49 | 0.21 | 0.50 | 0.15 | 0.22 | 0.34 | 0.18 |
| Asset Turnover | — | 0.09 | 0.08 | 0.08 | 0.07 | 0.07 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
ARE Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Alexandria Real Estate Equities, Inc. returns 14.4% to shareholders annually — split between a 11.7% dividend yield and 2.6% buyback yield.
Dividends
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 | 11.7% | 10.9% | 5.4% | 3.9% | 3.2% | 2.0% | 2.4% | 2.5% | 3.2% | 2.6% | 2.8% |
| Payout Ratio | — | — | 278.2% | 817.7% | 145.3% | 114.8% | 69.1% | 123.1% | 73.6% | 184.6% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 1.8% | 0.4% | 2.2% | 1.7% | 2.6% | 1.0% | 4.3% | 1.2% | — |
| FCF Yield | 17.9% | 17.0% | 9.0% | 7.5% | 5.5% | — | 3.9% | 3.8% | — | — | — |
| Buyback Yield | 2.6% | 2.5% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 1.2% | 2.4% |
| Total Shareholder Yield | 14.4% | 13.4% | 5.7% | 3.9% | 3.2% | 2.0% | 2.4% | 2.5% | 3.3% | 3.8% | 5.3% |
| Shares Outstanding | — | $170M | $172M | $171M | $162M | $147M | $126M | $113M | $103M | $92M | $76M |
Peer Comparison
Compare ARE with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AREYou | $8B | -5.4 | 135.6 | 5.6 | 68.9% | -40.5% | -6.9% | -2.7% | 86.1 |
 CTRE | $9B | 25.2 | 23.0 | 23.3 | 59.1% | 67.2% | 9.2% | 6.1% | 2.2 |
 IIPR | $2B | 14.4 | 9.9 | 9.3 | 88.7% | 46.7% | 6.0% | 4.3% | 2.0 |
 ONCO | $1M | -0.1 | — | — | 77.6% | -778.2% | -110.6% | -32.8% | — |
 BXP | $9B | 34.2 | 8.9 | 13.7 | 60.6% | 55.7% | 3.5% | 6.1% | 6.1 |
 VNO | $6B | 7.6 | 17.3 | 4.8 | 100.0% | 15.0% | 13.9% | 1.4% | 10.5 |
 SLG | $3B | -28.5 | 26.3 | — | 34.1% | 15.4% | -2.0% | 1.1% | 19.3 |
 HIW | $3B | 17.6 | 12.7 | 16.9 | 67.6% | 26.0% | 6.6% | 2.7% | 7.2 |
 CUZ | $4B | 109.5 | 12.5 | 32.0 | 26.5% | 22.4% | 0.8% | 2.0% | 5.8 |
 DEA | $1B | 80.3 | 13.9 | 4.2 | -0.9% | 24.9% | 0.9% | 2.1% | 8.5 |
 PDM | $1B | -12.7 | 10.9 | — | -20.7% | 14.1% | -5.4% | 1.5% | 7.4 |
| Real Estate Median | — | 24.2 | 16.8 | 15.6 | 50.1% | 24.7% | 3.5% | 2.7% | 7.7 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonARE — Frequently Asked Questions
Quick answers to the most common questions about buying ARE stock.
What is Alexandria Real Estate Equities, Inc.'s P/E ratio?
Alexandria Real Estate Equities, Inc.'s current P/E ratio is -5.4x. The historical average is 42.0x.
What is Alexandria Real Estate Equities, Inc.'s EV/EBITDA?
Alexandria Real Estate Equities, Inc.'s current EV/EBITDA is 135.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.2x.
What is Alexandria Real Estate Equities, Inc.'s ROE?
Alexandria Real Estate Equities, Inc.'s return on equity (ROE) is -6.9%. The historical average is 5.0%.
Is ARE stock overvalued?
Based on historical data, Alexandria Real Estate Equities, Inc. is trading at a P/E of -5.4x. Compare with industry peers and growth rates for a complete picture.
What is Alexandria Real Estate Equities, Inc.'s dividend yield?
Alexandria Real Estate Equities, Inc.'s current dividend yield is 11.74%.
What are Alexandria Real Estate Equities, Inc.'s profit margins?
Alexandria Real Estate Equities, Inc. has 68.9% gross margin and -40.5% operating margin.
How much debt does Alexandria Real Estate Equities, Inc. have?
Alexandria Real Estate Equities, Inc.'s Debt/EBITDA ratio is 86.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.