Latest Ratios: P/E Ratio -2.7x · EV/EBITDA 11.8x · ROE -19.5%. (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 | $485M | $507M | $966M | $929M | $1.1B | $2.3B | $2.1B | $2.8B | $2.3B | $3.2B | $2.9B |
| Enterprise Value | $3.0B | $3.1B | $3.1B | $3.0B | $3.1B | $4.2B | $3.9B | $4.9B | $4.3B | $4.9B | $4.7B |
| P/E Ratio → | -2.70 | — | — | — | 19.84 | 194.78 | 6.73 | 82.89 | 17.16 | 27.98 | 86.89 |
| P/S Ratio | 1.00 | 1.05 | 1.91 | 1.80 | 2.09 | 4.75 | 3.84 | 4.79 | 4.18 | 6.18 | 5.53 |
| P/B Ratio | 0.60 | 0.63 | 0.92 | 0.70 | 0.65 | 1.36 | 1.14 | 1.65 | 1.30 | 1.74 | 1.54 |
| P/FCF | 146.85 | 153.26 | 18.81 | 44.62 | — | 41.47 | 31.31 | 77.44 | 154.33 | 162.13 | — |
| P/OCF | 4.16 | 4.34 | 5.33 | 5.24 | 5.06 | 12.11 | 9.09 | 11.88 | 10.01 | 17.67 | 16.87 |
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 | — | 6.31 | 6.16 | 5.89 | 6.16 | 8.55 | 7.22 | 8.37 | 7.87 | 9.50 | 8.99 |
| EV / EBITDA | 11.79 | 11.88 | 13.35 | 18.13 | 10.48 | 15.33 | 6.55 | 14.96 | 18.40 | 15.66 | 18.98 |
| EV / EBIT | 37.54 | — | — | — | 24.77 | 53.44 | 10.05 | 40.90 | 19.77 | 24.14 | 36.75 |
| EV / FCF | — | 924.30 | 60.59 | 145.70 | — | 74.63 | 58.87 | 135.23 | 290.28 | 249.27 | — |
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 | -11.1% | -11.1% | 62.9% | 63.1% | 61.6% | 61.3% | 61.6% | 61.1% | 59.9% | 60.4% | 60.1% |
| Operating Margin | 16.7% | 16.7% | 10.9% | -4.2% | 23.7% | 19.2% | 74.9% | 19.8% | 10.4% | 26.0% | 11.3% |
| Net Profit Margin | -37.0% | -37.0% | -38.8% | -38.2% | 10.6% | 2.5% | 57.1% | 5.9% | 24.7% | 22.2% | 7.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -19.5% | -19.5% | -16.5% | -13.3% | 3.2% | 0.7% | 17.5% | 2.0% | 7.5% | 6.2% | 2.1% |
| ROA | -5.1% | -5.1% | -5.4% | -5.2% | 1.4% | 0.3% | 7.7% | 0.7% | 2.8% | 2.8% | 0.9% |
| ROIC | 1.9% | 1.9% | 1.2% | -0.5% | 2.5% | 2.0% | 8.1% | 2.3% | 1.2% | 2.8% | 1.1% |
| ROCE | 2.4% | 2.4% | 1.6% | -0.6% | 3.3% | 2.5% | 10.5% | 2.5% | 1.2% | 3.5% | 1.4% |
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 | 3.23 | 3.23 | 2.14 | 1.63 | 1.27 | 1.10 | 1.03 | 1.28 | 1.16 | 1.05 | 1.07 |
| Debt / EBITDA | 10.03 | 10.03 | 9.60 | 12.93 | 6.98 | 6.91 | 3.15 | 6.67 | 8.71 | 6.11 | 8.09 |
| Net Debt / Equity | — | 3.19 | 2.05 | 1.59 | 1.26 | 1.09 | 1.00 | 1.23 | 1.14 | 0.94 | 0.97 |
| Net Debt / EBITDA | 9.91 | 9.91 | 9.21 | 12.58 | 6.92 | 6.81 | 3.07 | 6.39 | 8.62 | 5.47 | 7.31 |
| Debt / FCF | — | 771.04 | 41.78 | 101.08 | — | 33.17 | 27.56 | 57.79 | 135.95 | 87.14 | — |
| Interest Coverage | -0.28 | -0.28 | -0.62 | -0.98 | 1.75 | 1.19 | 5.00 | 1.41 | 2.68 | 2.43 | 1.46 |
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 | 1.31 | 1.31 | 1.53 | 1.53 | 1.09 | 0.90 | 1.26 | 1.58 | 0.77 | 2.14 | 2.41 |
| Quick Ratio | 1.31 | 1.31 | 1.53 | 1.53 | 1.09 | 0.90 | 1.26 | 1.58 | 0.80 | 2.17 | 2.43 |
| Cash Ratio | 0.18 | 0.18 | 0.47 | 0.33 | 0.09 | 0.12 | 0.26 | 0.50 | 0.08 | 1.11 | 1.17 |
| Asset Turnover | — | 0.14 | 0.14 | 0.14 | 0.13 | 0.13 | 0.14 | 0.14 | 0.10 | 0.13 | 0.13 |
| 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 | 19.3% | 18.4% | 10.8% | 13.4% | 12.3% | 5.6% | 6.4% | 4.8% | 5.7% | 3.6% | 4.0% |
| Payout Ratio | — | — | — | — | 242.9% | 1059.9% | 42.9% | 391.5% | 95.8% | 100.9% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 5.0% | 0.5% | 14.9% | 1.2% | 5.8% | 3.6% | 1.2% |
| FCF Yield | 0.7% | 0.7% | 5.3% | 2.2% | — | 2.4% | 3.2% | 1.3% | 0.6% | 0.6% | — |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.4% | 0.1% | 2.9% | 0.6% | 1.3% | 3.1% | 0.0% |
| Total Shareholder Yield | 19.3% | 18.4% | 10.9% | 13.4% | 12.7% | 5.7% | 9.3% | 5.4% | 6.9% | 6.7% | 4.0% |
| Shares Outstanding | — | $173M | $173M | $172M | $172M | $172M | $172M | $177M | $177M | $177M | $176M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BDN stock.
Brandywine Realty Trust's current P/E ratio is -2.7x. The historical average is 46.8x.
Brandywine Realty Trust's current EV/EBITDA is 11.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.4x.
Brandywine Realty Trust's return on equity (ROE) is -19.5%. The historical average is 1.6%.
Based on historical data, Brandywine Realty Trust is trading at a P/E of -2.7x. Compare with industry peers and growth rates for a complete picture.
Brandywine Realty Trust's current dividend yield is 19.29%.
Brandywine Realty Trust has -11.1% gross margin and 16.7% operating margin. Operating margin between 10-20% is typical for established companies.
Brandywine Realty Trust's Debt/EBITDA ratio is 10.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative NOI and unsustainable dividend
Metrics are mathematically derived from official filings.
Valuation Discount Reflects Severe Distress
Brandywine's P/FFO of 3.99 in Q2 2026 appears deeply discounted, but this multiple is misleading given the company's negative NOI margin of -14.8% and persistent AFFO deficits, suggesting the market is pricing in significant asset value erosion and dividend risk.
The low P/FFO multiple is not a value signal but a reflection of the market's skepticism about the sustainability of Brandywine's cash flows and dividend. The implied cap rate, calculated using the negative NOI, is meaningless, further underscoring that traditional valuation metrics are distorted by the portfolio's current operating losses. Investors should note that the P/B ratio of 0.66 indicates the market values the company's assets at a significant discount to their stated book value, which may be more reflective of true economic worth.
NOI Margin Collapse Signals Core Distress
Brandywine's NOI margin has swung from a stable 62-65% range in 2024 to -14.8% in Q2 2026, a catastrophic deterioration that indicates the company's office properties are now generating operating losses, fundamentally undermining the core earnings power of the portfolio.
This dramatic shift from positive to negative NOI suggests a severe breakdown in the portfolio's ability to cover its direct operating costs, likely driven by a combination of plummeting rental income and/or surging property-level expenses. The negative margin implies that for every dollar of revenue, the company is losing nearly fifteen cents at the property level before corporate overhead, a trend that is unsustainable and points to potential asset impairments or revaluations.
Dividend Unsustainable on Negative AFFO
Based on reported figures, Brandywine's AFFO has been negative for eight of the last ten quarters, with the Q2 2026 AFFO of $1.2 million failing to cover the $14.2 million dividend, indicating the distribution is being funded by external capital rather than operational cash flow.
The FFO payout ratio of 87% in Q2 2026 is a misleadingly low figure because it is based on a volatile and low FFO base, while the more relevant AFFO payout ratio is effectively infinite given the negative denominator. This persistent reliance on external financing to fund distributions is a critical red flag, as it erodes the equity base and increases leverage, creating a vicious cycle that may force a dividend cut to preserve capital.
Leverage Unsustainable Amid Negative NOI
Brandywine's debt-to-equity ratio has surged to 3.81 as of Q2 2026, driven by a 30% decline in book equity over the past year, indicating the balance sheet is becoming increasingly strained as property values and retained earnings deteriorate.
The company's leverage is significantly higher than peers like Highwoods (1.49 D/E) and Piedmont (1.52 D/E), suggesting limited financial flexibility and heightened vulnerability to rising rates or further operational declines. With interest coverage at a razor-thin 0.27 in Q2 2026, the company's operating income is barely covering its interest obligations, a situation that appears precarious and may necessitate asset sales or equity raises to avoid covenant breaches.
Office Portfolio Under Severe Stress
The collapse in NOI margin from the low-60% range to -14.8% suggests Brandywine's office portfolio is experiencing severe rental income declines or operating cost inflation, indicating a fundamental deterioration in the quality and cash-generating ability of its core assets.
This level of margin compression is not typical of cyclical softness but points to structural challenges within the office sector, potentially including elevated vacancy, tenant defaults, or costly concessions. The negative margin implies that a significant portion of the portfolio may be economically unviable at current occupancy and rental rates, raising questions about the appropriateness of the carrying values on the balance sheet.
The Misleading P/E Ratio
The standard P/E ratio of -2.96 is the most commonly misapplied metric to Brandywine, as it is distorted by massive non-cash depreciation charges that make the company appear more unprofitable than its cash flow from operations suggests.
For REITs like Brandywine, the P/E ratio is deeply misleading because it includes depreciation on real estate assets, which is a non-cash expense that often overstates the true economic cost of ownership. This distortion obscures the underlying cash flow generation, which is better captured by metrics like P/FFO or P/AFFO. Analysts and investors should focus on these REIT-specific multiples to assess valuation and earnings power, rather than the GAAP-based P/E, which penalizes capital-intensive businesses with large depreciable asset bases.