Latest Ratios: P/E Ratio 19.6x · EV/EBITDA 15.4x · ROE 3.0%. (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 | $2.1B | $3.3B | $3.0B | $3.7B | $3.6B | $4.6B | $3.9B | $4.8B | $3.6B | $3.1B | $2.8B |
| Enterprise Value | $17.8B | $19.0B | $18.4B | $22.6B | $23.8B | $22.0B | $16.5B | $17.3B | $14.5B | $10.3B | $9.0B |
| P/E Ratio → | 19.64 | 29.89 | — | 14.87 | 14.50 | 11.05 | 28.38 | 15.84 | 12.74 | 14.18 | 11.89 |
| P/S Ratio | 1.39 | 2.15 | 1.71 | 1.82 | 2.74 | 5.47 | 5.03 | 5.48 | 4.79 | 5.75 | 5.70 |
| P/B Ratio | 0.61 | 0.93 | 0.80 | 0.84 | 0.79 | 1.00 | 1.00 | 1.28 | 1.07 | 1.06 | 1.14 |
| P/FCF | 7.69 | 11.86 | 8.27 | 8.00 | 9.10 | 12.13 | 11.60 | 15.92 | 12.51 | 13.58 | 11.97 |
| P/OCF | 7.69 | 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
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 | — | 12.48 | 10.43 | 11.24 | 18.02 | 25.94 | 21.30 | 19.58 | 19.14 | 19.10 | 18.08 |
| EV / EBITDA | 15.39 | 16.38 | 16.78 | 13.94 | 24.63 | 28.82 | 34.15 | 22.54 | 22.41 | 22.70 | 20.99 |
| EV / EBIT | 16.36 | 17.29 | 16.88 | 13.94 | 24.63 | 28.82 | 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 |
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 | 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% |
| 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% |
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 | 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 | 21.19 | 23.46 | 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 | 22.74 | 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 | 2.24 | 1.39 | 1.67 | 1.80 | 1.92 | 2.32 |
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 | 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 | — | — | — | — | — | — | — | — | — | — | — |
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 | 15.0% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.1% | 3.3% | — | 6.7% | 6.9% | 9.0% | 3.5% | 6.3% | 7.8% | 7.1% | 8.4% |
| FCF Yield | 13.0% | 8.4% | 12.1% | 12.5% | 11.0% | 8.2% | 8.6% | 6.3% | 8.0% | 7.4% | 8.4% |
| Buyback Yield | 5.2% | 3.3% | 1.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 20.2% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BXMT stock.
Blackstone Mortgage Trust, Inc.'s current P/E ratio is 19.6x. The historical average is 11.7x. This places it at the 87th percentile of its historical range.
Blackstone Mortgage Trust, Inc.'s current EV/EBITDA is 15.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.6x.
Blackstone Mortgage Trust, Inc.'s return on equity (ROE) is 3.0%. The historical average is -13.4%.
Based on historical data, Blackstone Mortgage Trust, Inc. is trading at a P/E of 19.6x. This is at the 87th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Blackstone Mortgage Trust, Inc.'s current dividend yield is 15.02% with a payout ratio of 294.5%.
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.
Blackstone Mortgage Trust, Inc.'s Debt/EBITDA ratio is 14.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Credit losses and portfolio contraction
Metrics are mathematically derived from official filings.
Valuation Signals Distress
BXMT trades at 19.3x forward FFO with a 13% dividend yield, but P/B of 0.71 suggests the market prices in credit losses, according to recent filings.
The P/FFO of 19.3x appears elevated relative to the negative FFO in 2024, but the market is likely capitalizing a depressed earnings base. The 13% dividend yield, while high, may not be sustainable given payout ratios above 100% in recent quarters. The P/B of 0.71 indicates the market values the loan portfolio below book, reflecting potential credit deterioration.
NOI Margin Volatility Masks Weakness
NOI margin swung from 20.4% in 2026Q1 to 100% in 2026Q2, as reported in financial statements, reflecting a sharp contraction in revenue and cost structure.
The extreme volatility in NOI margin suggests a shrinking asset base and possibly one-time items. Revenue fell 59.8% year-over-year in 2026Q2, indicating that the margin improvement is not from operational efficiency but from a lower cost base. FFO per share turned positive in 2025Q4 but remains thin, suggesting that profitability is fragile and may not be sustainable.
Dividend Coverage Thin and Volatile
FFO payout ratio spiked to 132.8% in 2025Q4, as per reported figures, indicating that dividends exceeded FFO and may be funded by external sources.
The payout ratio has been inconsistent, with some quarters showing ratios above 100% and others below 10%. This volatility suggests that dividend coverage is not stable. In 2026Q2, dividends paid of $79.3M exceeded operating cash flow of -$169.7M, implying reliance on external funding or asset sales to maintain distributions. Investors should monitor whether the dividend is sustainable given the deteriorating cash flow.
Leverage Elevated Despite Deleveraging
Debt-to-equity remains high at 4.65 in 2026Q1, as reported in balance sheet data, above peers and indicating significant financial risk.
Interest coverage has been below 1.0x in several quarters, including 0.98x in 2026Q1, suggesting that earnings are insufficient to cover interest expenses. The high leverage amplifies the impact of credit losses on equity. While total assets contracted by 16.7% since 2024Q1, the debt-to-equity ratio has not improved materially, indicating that deleveraging has been slow and may be constrained by asset quality issues.
Portfolio Shrinkage and Credit Stress
Total assets fell from $23.3B in 2024Q1 to $19.4B in 2026Q2, a 16.7% decline, as per latest quarterly data, signaling portfolio contraction.
The decline in assets and NOI (down 65.9% from 2024Q1 to 2026Q2) suggests that BXMT is experiencing credit losses and possibly selling assets. The high concentration in commercial real estate loans may expose the company to further write-downs. The equity base has eroded by 19.5% over the same period, indicating that losses are consuming capital. This portfolio contraction may limit future income generation.
P/E Misleads for Mortgage REIT
Standard P/E of 22.6x is distorted by depreciation and credit provisions, as reported in financial statements, obscuring the true earnings power.
For a mortgage REIT, depreciation is minimal, but GAAP net income is heavily impacted by non-cash credit provisions. The P/E ratio does not reflect the cash-generating ability of the loan portfolio. Instead, investors should focus on P/FFO and P/AFFO, which adjust for these non-cash items. However, given the volatility in FFO, even these metrics may not provide a stable valuation basis. The high dividend yield may be a trap if the dividend is cut.