Blackstone Mortgage Trust, Inc. (BXMT) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Mortgage
EV/EBITDA
↓
16.20
↓-20% vs avg
5yr avg: 20.16
30Y Low0.3·High57.5
P/FCF
↓
11.06
+12% vs avg
5yr avg: 9.87
30Y Low0.1·High36.7
P/B Ratio
↓
0.88
+1% vs avg
5yr avg: 0.87
30Y Low0.1·High1.3
ROE
↓
3.0%
↑-20% vs avg
5yr avg: 3.8%
30Y Low-496%·High20%
Debt/EBITDA
↓
13.95
↓-18% vs avg
5yr avg: 17.00
30Y Low0.5·High36.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
BXMT Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Blackstone Mortgage Trust, Inc. trades at 28.3x earnings, 61% above its 5-year average of 17.6x, sitting at the 87th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 17%. On a free-cash-flow basis, the stock trades at 11.1x P/FCF, 12% above the 5-year average of 9.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.1B | $3.3B | $3.0B | $3.7B | $3.6B | $4.6B | $3.9B | $4.8B | $3.6B | $3.1B | $2.8B |
| Enterprise Value | $18.8B | $19.0B | $18.4B | $22.6B | $23.8B | $22.0B | $16.5B | $17.3B | $14.5B | $10.3B | $9.0B |
| P/E Ratio → | 28.27 | 29.89 | — | 14.87 | 14.50 | 11.05 | 28.38 | 15.84 | 12.74 | 14.18 | 11.89 |
| P/S Ratio | 2.01 | 2.15 | 1.71 | 1.82 | 2.74 | 5.47 | 5.03 | 5.48 | 4.79 | 5.75 | 5.70 |
| P/B Ratio | 0.88 | 0.93 | 0.80 | 0.84 | 0.79 | 1.00 | 1.00 | 1.28 | 1.07 | 1.06 | 1.14 |
| P/FCF | 11.06 | 11.86 | 8.27 | 8.00 | 9.10 | 12.13 | 11.60 | 15.92 | 12.51 | 13.58 | 11.97 |
| P/OCF | 11.06 | 11.86 | 8.26 | 8.00 | 9.10 | 12.13 | 11.60 | 15.92 | 12.51 | 13.58 | 11.97 |
P/E links to full P/E history page with 30-year chart
BXMT EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Blackstone Mortgage Trust, Inc.'s enterprise value stands at 16.2x EBITDA, 20% below its 5-year average of 20.2x. This is roughly in line with the Real Estate sector median of 17.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.48 | 10.43 | 11.24 | 18.02 | 25.94 | 21.30 | 19.58 | 19.14 | 19.10 | 18.08 |
| EV / EBITDA | 16.20 | 16.38 | 16.78 | 13.94 | 24.62 | 29.09 | 34.15 | 22.54 | 22.41 | 22.70 | 20.99 |
| EV / EBIT | 17.22 | 17.29 | 16.88 | 13.94 | 24.62 | 29.09 | 34.15 | 22.54 | 22.41 | 22.70 | 20.99 |
| EV / FCF | — | 68.81 | 50.38 | 49.30 | 59.89 | 57.49 | 49.09 | 56.84 | 49.95 | 45.10 | 37.98 |
BXMT Profitability
Margins and return-on-capital ratios measuring operating efficiency
Blackstone Mortgage Trust, Inc. earns an operating margin of 71.6%, significantly above the Real Estate sector average of 24.8%. Operating margins have compressed from 80.4% to 71.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 3.0% is modest. ROIC of 4.3% represents below-average returns on invested capital.
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 | 76.9% | 76.9% | 93.3% | 94.1% | 91.6% | 89.6% | 90.0% | 91.1% | 90.1% | 89.8% | 88.7% |
| Operating Margin | 71.6% | 71.6% | 61.6% | 80.4% | 73.2% | 89.2% | 62.4% | 34.8% | 37.8% | 40.6% | 49.0% |
| Net Profit Margin | 7.2% | 7.2% | -11.5% | 12.2% | 18.8% | 49.4% | 17.7% | 34.6% | 37.7% | 40.5% | 47.9% |
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 | 3.0% | 3.0% | -5.0% | 5.5% | 5.4% | 9.8% | 3.6% | 8.5% | 9.1% | 8.0% | 9.5% |
| ROA | 0.6% | 0.6% | -0.9% | 1.0% | 1.0% | 2.1% | 0.8% | 2.0% | 2.3% | 2.3% | 2.6% |
| ROIC | 4.3% | 4.3% | 3.8% | 5.1% | 3.1% | 2.9% | 2.2% | 1.5% | 1.8% | 1.7% | 2.0% |
| ROCE | 11.3% | 11.3% | 5.0% | 6.6% | 4.0% | 3.8% | 2.9% | 2.0% | 2.3% | 2.3% | 2.7% |
BXMT Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Blackstone Mortgage Trust, Inc. carries a Debt/EBITDA ratio of 14.0x, which is highly leveraged (76% above the sector average of 7.9x). Net debt stands at $15.7B ($16.2B total debt minus $453M cash). Interest coverage of just 1.1x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 4.61 | 4.61 | 4.15 | 4.40 | 4.50 | 3.88 | 3.31 | 3.33 | 3.25 | 2.48 | 2.50 |
| Debt / EBITDA | 13.95 | 13.95 | 14.32 | 11.89 | 21.18 | 23.68 | 26.68 | 16.42 | 16.96 | 16.02 | 14.55 |
| Net Debt / Equity | — | 4.48 | 4.06 | 4.32 | 4.43 | 3.76 | 3.23 | 3.29 | 3.22 | 2.46 | 2.47 |
| Net Debt / EBITDA | 13.56 | 13.56 | 14.02 | 11.68 | 20.88 | 22.95 | 26.08 | 16.23 | 16.80 | 15.87 | 14.38 |
| Debt / FCF | — | 56.95 | 42.11 | 41.30 | 50.78 | 45.36 | 37.50 | 40.92 | 37.44 | 31.52 | 26.01 |
| Interest Coverage | 1.11 | 1.11 | 0.85 | 1.19 | 1.36 | 2.22 | 1.39 | 1.67 | 1.80 | 1.92 | 2.32 |
BXMT Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.06x 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 | 0.06 | 0.06 | — | — | — | — | 87.79 | — | — | — | — |
| Quick Ratio | 0.06 | 0.06 | — | — | — | — | 87.79 | — | — | — | — |
| Cash Ratio | 0.04 | 0.04 | — | — | — | — | 1.51 | — | — | — | — |
| Asset Turnover | — | 0.08 | 0.09 | 0.08 | 0.05 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
BXMT Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Blackstone Mortgage Trust, Inc. returns 14.0% to shareholders annually — split between a 10.4% dividend yield and 3.6% buyback yield. The payout ratio exceeds 100% at 294.5%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 3.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | 10.4% | 9.9% | 13.4% | 11.6% | 11.7% | 8.0% | 8.9% | 6.6% | 7.6% | 7.6% | 8.2% |
| Payout Ratio | 294.5% | 294.5% | — | 173.2% | 169.5% | 88.4% | 253.4% | 105.0% | 97.3% | 108.0% | 97.7% |
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 | 3.5% | 3.3% | — | 6.7% | 6.9% | 9.0% | 3.5% | 6.3% | 7.8% | 7.1% | 8.4% |
| FCF Yield | 9.0% | 8.4% | 12.1% | 12.5% | 11.0% | 8.2% | 8.6% | 6.3% | 8.0% | 7.4% | 8.4% |
| Buyback Yield | 3.6% | 3.3% | 1.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 14.0% | 13.2% | 14.3% | 11.6% | 11.7% | 8.0% | 8.9% | 6.6% | 7.6% | 7.6% | 8.2% |
| Shares Outstanding | — | $171M | $174M | $173M | $171M | $152M | $142M | $130M | $114M | $96M | $94M |
Peer Comparison
Compare BXMT 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 |
|---|---|---|---|---|---|---|---|---|---|
 BXMTYou | $3B | 28.3 | 16.2 | 11.1 | 76.9% | 71.6% | 3.0% | 4.3% | 14.0 |
 KREF | $454M | -6.7 | 18.5 | 6.8 | 88.3% | 59.3% | -3.6% | 3.4% | 17.1 |
 TRTX | $665M | 15.1 | 15.1 | 7.4 | 79.3% | 73.0% | 5.5% | 4.7% | 12.9 |
 ACRE | $256M | -281.7 | 18.2 | 13.0 | 57.4% | 72.4% | -0.2% | 2.9% | 14.9 |
 RC | $289M | -1.2 | 47.7 | — | 87.7% | 24.2% | -12.8% | 1.2% | 47.4 |
 GPMT | $63M | -1.1 | 20.6 | 23.7 | 83.0% | 43.6% | -7.0% | 2.6% | 20.6 |
 BRSP | $722M | -21.3 | 18.7 | 9.9 | 49.6% | 39.5% | -3.2% | 3.0% | 14.8 |
 STWD | $6B | 13.7 | 18.3 | 8.7 | 80.5% | 76.2% | 5.6% | 4.8% | 14.6 |
 ARI | $1B | 13.4 | 19.4 | 34.0 | 80.1% | 65.4% | 6.8% | 4.0% | 16.7 |
 LADR | $1B | 20.0 | 17.2 | 14.9 | 71.8% | 62.0% | 4.3% | 4.4% | 12.7 |
 FBRT | $649M | 13.2 | 48.5 | 2.2 | — | — | 5.4% | 1.2% | 43.6 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
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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BXMT — Frequently Asked Questions
Quick answers to the most common questions about buying BXMT stock.
What is Blackstone Mortgage Trust, Inc.'s P/E ratio?
Blackstone Mortgage Trust, Inc.'s current P/E ratio is 28.3x. The historical average is 11.7x. This places it at the 87th percentile of its historical range.
What is Blackstone Mortgage Trust, Inc.'s EV/EBITDA?
Blackstone Mortgage Trust, Inc.'s current EV/EBITDA is 16.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.6x.
What is Blackstone Mortgage Trust, Inc.'s ROE?
Blackstone Mortgage Trust, Inc.'s return on equity (ROE) is 3.0%. The historical average is -13.4%.
Is BXMT stock overvalued?
Based on historical data, Blackstone Mortgage Trust, Inc. is trading at a P/E of 28.3x. This is at the 87th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Blackstone Mortgage Trust, Inc.'s dividend yield?
Blackstone Mortgage Trust, Inc.'s current dividend yield is 10.44% with a payout ratio of 294.5%.
What are Blackstone Mortgage Trust, Inc.'s profit margins?
Blackstone Mortgage Trust, Inc. has 76.9% gross margin and 71.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Blackstone Mortgage Trust, Inc. have?
Blackstone Mortgage Trust, Inc.'s Debt/EBITDA ratio is 14.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.