Latest Ratios: P/E Ratio 24.2x · EV/EBITDA 94.1x · ROE 1.9%. (2000–2025 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 | $379M | $259M | $237M | $281M | $414M | $204M | $175M | $274M | $202M | $199M | $80M |
| Enterprise Value | $579M | $460M | $403M | $427M | $806M | $710M | $861M | $946M | $606M | $1.2B | $914M |
| P/E Ratio → | 24.16 | 16.56 | — | 69.64 | 1.11 | 60.24 | 19.46 | — | 1.16 | — | — |
| P/S Ratio | 7.57 | 5.19 | 5.01 | 5.57 | 11.04 | 4.86 | 2.96 | 4.65 | 1.67 | 1.58 | 0.67 |
| P/B Ratio | 0.46 | 0.32 | 0.30 | 0.34 | 0.51 | 0.61 | 0.53 | 0.92 | 0.63 | 1.20 | 0.46 |
| P/FCF | — | — | 217.73 | — | — | — | 50.00 | — | — | — | — |
| P/OCF | — | — | 217.73 | — | — | — | 50.00 | — | — | — | 4.60 |
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 | — | 9.19 | 8.51 | 8.46 | 21.47 | 16.88 | 14.59 | 16.03 | 5.01 | 9.25 | 7.64 |
| EV / EBITDA | 94.14 | 74.75 | 71.44 | 128.23 | 209.70 | — | 46.65 | 62.23 | 16.57 | 27.07 | 23.78 |
| EV / EBIT | — | 16.40 | — | 26.35 | 1.36 | 24.65 | 18.68 | 52.20 | 2.42 | 20.30 | 16.03 |
| EV / FCF | — | — | 369.69 | — | — | — | 246.25 | — | — | — | — |
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 | -25.1% | -25.1% | 42.8% | 44.8% | 51.2% | 50.4% | 58.7% | 56.4% | 50.7% | 49.2% | 47.4% |
| Operating Margin | -12.9% | -12.9% | -14.0% | -22.3% | -24.7% | -49.0% | -0.2% | -0.7% | 11.5% | 13.8% | 12.2% |
| Net Profit Margin | 31.4% | 31.4% | -31.1% | 7.9% | 994.4% | 8.0% | 15.3% | -27.1% | 143.6% | -6.7% | -2.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.9% | 1.9% | -1.8% | 0.5% | 65.0% | 1.0% | 2.9% | -5.2% | 71.3% | -4.9% | -1.5% |
| ROA | 1.5% | 1.5% | -1.4% | 0.4% | 37.9% | 0.4% | 1.1% | -1.9% | 16.4% | -0.7% | -0.2% |
| ROIC | -0.5% | -0.5% | -0.5% | -0.8% | -0.7% | -1.7% | -0.0% | -0.0% | 1.1% | 1.2% | 1.1% |
| ROCE | -0.6% | -0.6% | -0.7% | -1.0% | -1.0% | -2.7% | -0.0% | -0.0% | 1.4% | 1.5% | 1.3% |
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 | 0.26 | 0.26 | 0.23 | 0.22 | 0.62 | 1.65 | 2.19 | 2.44 | 1.37 | 6.09 | 4.83 |
| Debt / EBITDA | 34.87 | 34.87 | 32.90 | 54.84 | 131.43 | — | 39.17 | 47.57 | 12.05 | 23.44 | 22.15 |
| Net Debt / Equity | — | 0.24 | 0.21 | 0.18 | 0.48 | 1.50 | 2.08 | 2.27 | 1.26 | 5.83 | 4.73 |
| Net Debt / EBITDA | 32.56 | 32.56 | 29.37 | 43.81 | 101.92 | — | 37.17 | 44.20 | 11.06 | 22.45 | 21.70 |
| Debt / FCF | — | — | 151.96 | — | — | — | 196.25 | — | — | — | — |
| Interest Coverage | 4.11 | 4.11 | -0.85 | 1.71 | 33.71 | 1.23 | 1.32 | 0.45 | 3.78 | 0.87 | 0.96 |
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 | 166.96 | 166.96 | 10.13 | 28.43 | 10.20 | 6.38 | 9.93 | 8.62 | 9.94 | 5.56 | 3.68 |
| Quick Ratio | 166.96 | 166.96 | 10.13 | 28.43 | 10.20 | 6.38 | 9.93 | 8.62 | 9.94 | 5.56 | 3.68 |
| Cash Ratio | 31.74 | 31.74 | 2.82 | 8.77 | 4.00 | 1.31 | 1.05 | 1.41 | 1.20 | 1.00 | 0.31 |
| Asset Turnover | — | 0.05 | 0.05 | 0.05 | 0.03 | 0.05 | 0.07 | 0.07 | 0.15 | 0.10 | 0.10 |
| 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 | — | — | — | — | — | — | — | — | 0.4% | 0.6% | 1.4% |
| Payout Ratio | — | — | — | — | — | — | — | — | 0.5% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 6.0% | — | 1.4% | 90.1% | 1.7% | 5.1% | — | 86.2% | — | — |
| FCF Yield | — | — | 0.5% | — | — | — | 2.0% | — | — | — | — |
| Buyback Yield | 0.3% | 0.4% | 0.3% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 4.5% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.3% | 0.4% | 0.3% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 4.9% | 0.6% | 1.4% |
| Shares Outstanding | — | $16M | $16M | $16M | $16M | $16M | $16M | $16M | $17M | $16M | $16M |
Reliance on asset divestitures
According to recent market data, ARL trades at a P/B ratio of 0.33, which suggests that the market significantly discounts the company's book value, likely due to the persistent volatility in FFO and the reliance on non-recurring gains rather than stable rental income streams.
The valuation appears to reflect a deep skepticism regarding the company's ability to monetize its land bank efficiently. Investors should monitor whether the current discount to book value represents a genuine margin of safety or a permanent impairment of the underlying asset quality.
As reported in financial statements, ARL's NOI margin has fluctuated wildly, reaching 70.6% in 2026Q1 after dipping to negative 2.3% in 2025Q4, which indicates that the core property portfolio is currently unable to generate consistent, predictable operating margins for shareholders.
This extreme variance suggests that property-level expenses are not being managed with the consistency required for a stable REIT. The profitability profile appears to be driven more by the timing of asset sales than by the organic growth of the rental portfolio.
Based on reported figures, ARL maintains a Debt-to-Equity ratio of 0.26, yet this metric warrants further investigation as it may obscure significant property-level debt or obligations held within unconsolidated joint ventures that are not immediately apparent on the parent company's balance sheet.
The low headline leverage may provide a false sense of security regarding the company's financial flexibility. Analysts should scrutinize the interest coverage ratio, which has shown significant instability, to determine if the company is truly as under-leveraged as the primary debt metrics suggest.
As noted in financial analysis, the most commonly misapplied metric for ARL is the standard P/E ratio, which fails to account for the massive non-cash depreciation charges and the lumpy nature of real estate divestitures that distort the company's true earnings power.
Using P/E obscures the fact that the company is essentially a land-heavy investment vehicle rather than a traditional income-producing REIT. Investors should instead focus on the net asset value of the land bank and adjusted FFO to better understand the company's actual economic performance.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying ARL stock.
American Realty Investors, Inc.'s current P/E ratio is 24.2x. The historical average is 14.2x. This places it at the 87th percentile of its historical range.
American Realty Investors, Inc.'s current EV/EBITDA is 94.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 39.7x.
American Realty Investors, Inc.'s return on equity (ROE) is 1.9%. The historical average is 6.9%.
Based on historical data, American Realty Investors, Inc. is trading at a P/E of 24.2x. This is at the 87th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
American Realty Investors, Inc. has -25.1% gross margin and -12.9% operating margin.
American Realty Investors, Inc.'s Debt/EBITDA ratio is 34.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.