Latest Ratios: P/E Ratio 76.4x · EV/EBITDA 33.5x · ROE 2.1%. (2022–2025 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 |
|---|---|---|---|---|---|
| Market Cap | $3.3B | $2.4B | $2.4B | — | — |
| Enterprise Value | $3.5B | $2.6B | $1.9B | — | — |
| P/E Ratio → | 76.41 | 62.73 | 244.42 | — | — |
| P/S Ratio | 17.78 | 13.36 | 20.21 | — | — |
| P/B Ratio | 1.56 | 1.28 | 1.26 | — | — |
| P/FCF | 26.10 | 19.61 | 45.03 | — | — |
| P/OCF | 26.10 | 19.61 | 45.03 | — | — |
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 |
|---|---|---|---|---|---|
| EV / Revenue | — | 14.46 | 15.36 | — | — |
| EV / EBITDA | 33.51 | 25.67 | 24.48 | — | — |
| EV / EBIT | 112.76 | 50.53 | 166.11 | — | — |
| EV / FCF | — | 21.22 | 34.22 | — | — |
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 |
|---|---|---|---|---|---|
| Gross Margin | 74.9% | 74.9% | 77.2% | 76.6% | 79.0% |
| Operating Margin | 16.7% | 16.7% | 28.1% | 36.9% | 37.4% |
| Net Profit Margin | 21.8% | 21.8% | 8.5% | 33.1% | 35.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| ROE | 2.1% | 2.1% | 0.7% | 4.0% | 3.7% |
| ROA | 1.8% | 1.8% | 0.7% | 3.7% | 3.4% |
| ROIC | 1.3% | 1.3% | 2.2% | 3.1% | — |
| ROCE | 1.4% | 1.4% | 2.3% | 4.2% | 3.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Debt / Equity | 0.26 | 0.26 | 0.02 | 0.05 | 0.08 |
| Debt / EBITDA | 4.76 | 4.76 | 0.53 | 0.71 | 1.00 |
| Net Debt / Equity | — | 0.10 | -0.30 | 0.05 | 0.08 |
| Net Debt / EBITDA | 1.94 | 1.94 | -7.73 | 0.70 | 1.00 |
| Debt / FCF | — | 1.61 | -10.80 | 0.78 | 1.08 |
| Interest Coverage | 4.31 | 4.31 | 12.41 | 21.40 | 16.89 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Current Ratio | 5.11 | 5.11 | 13.63 | 1.06 | 0.78 |
| Quick Ratio | 5.11 | 5.11 | 13.63 | 1.06 | 0.78 |
| Cash Ratio | 4.36 | 4.36 | 12.43 | 0.05 | 0.01 |
| Asset Turnover | — | 0.07 | 0.06 | 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 |
|---|---|---|---|---|---|
| Dividend Yield | 2.6% | 3.2% | — | — | — |
| Payout Ratio | 194.3% | 194.3% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|---|
| Earnings Yield | 1.3% | 1.6% | 0.4% | — | — |
| FCF Yield | 3.8% | 5.1% | 2.2% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 2.6% | 3.2% | 0.0% | — | — |
| Shares Outstanding | — | $105M | $105M | $105M | $105M |
Includes 30+ ratios · 4 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 CURB stock.
Curbline Properties Corp.'s current P/E ratio is 76.4x. The historical average is 62.7x. This places it at the 100th percentile of its historical range.
Curbline Properties Corp.'s current EV/EBITDA is 33.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.1x.
Curbline Properties Corp.'s return on equity (ROE) is 2.1%. The historical average is 2.6%.
Based on historical data, Curbline Properties Corp. is trading at a P/E of 76.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Curbline Properties Corp.'s current dividend yield is 2.60% with a payout ratio of 194.3%.
Curbline Properties Corp. has 74.9% gross margin and 16.7% operating margin. Operating margin between 10-20% is typical for established companies.
Curbline Properties Corp.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Deferred SNO rent commencements
Metrics are mathematically derived from official filings.
Premium Pricing for Pure-Play Convenience
Curbline trades at 19.3x forward P/FFO, a premium to peers like KRG at 15.8x, reflecting its debt-light model and growth pipeline, as per latest market data.
The P/FFO multiple of 19.3x (based on Q2 2026 annualized FFO) sits above the peer average, suggesting investors are paying up for the unanchored convenience strategy and the fortress balance sheet. The implied cap rate, derived from NOI and enterprise value, appears compressed relative to private market transactions, indicating that the market is pricing in superior growth or lower risk. However, the elevated P/FFO leaves little room for execution missteps, especially given the deferred SNO rent commencements.
NOI Margin Volatility Masks Core Strength
NOI margin swung from 74.0% in Q1 2026 to -17.1% in Q2 2026, a one-time anomaly, while FFO per share grew 26.3% YoY, as reported in quarterly filings.
The dramatic NOI margin drop in Q2 2026 appears to be a non-recurring event, likely related to acquisition-related costs or asset transfers, rather than a deterioration in underlying property performance. Excluding this anomaly, NOI margins have been consistently in the mid-70s, indicating strong cost recovery through NNN leases. FFO growth of 26.3% YoY, driven by record investment volume, suggests that profitability is scaling with the asset base, though the high G&A relative to revenue remains a drag that management must address through further growth.
Payout Ratio Signals Ample Coverage
FFO payout ratio improved to 54.0% in Q2 2026 from 106.0% in Q1 2025, indicating a growing margin of safety, based on reported FFO and dividend data.
The FFO payout ratio has declined steadily from over 100% in early 2025 to 54% in Q2 2026, reflecting both rising FFO and a conservative dividend policy. AFFO coverage is even stronger, with AFFO covering dividends 1.85x in Q2 2026, as noted in the cash flow analysis. This suggests that the dividend is well-supported by recurring cash flows, and retained cash flow provides a buffer for future acquisitions or debt reduction. However, investors should monitor whether the payout ratio remains stable as the company scales its portfolio.
Minimal Debt Provides Strategic Flexibility
Debt-to-equity stands at 0.32, with interest coverage of 1.83x in Q2 2026, reflecting a fortress balance sheet that enables opportunistic acquisitions, as per latest balance sheet.
Curbline's leverage is exceptionally low compared to peers, with a debt-to-equity ratio of 0.32 and a debt-to-gross-assets ratio that remains minimal. The company has raised over $500M in equity to fund growth, maintaining near-zero debt, which insulates it from interest rate volatility. Interest coverage, though temporarily low at 1.83x due to the NOI anomaly, is expected to normalize as the portfolio stabilizes. This financial flexibility positions Curbline to acquire assets during market dislocations, but the deferred SNO rent commencements could pressure near-term cash flows if not managed carefully.
Occupancy and G&A Efficiency in Focus
Occupancy remains high, but G&A costs are elevated post-spin-off, with operating margin at 16.74%, indicating a need for scale, as reported in financial statements.
The portfolio's focus on service-oriented tenants in high-visibility locations supports stable occupancy, though specific occupancy figures are not disclosed. The operating margin of 16.74% is significantly lower than the gross margin of 74.88%, highlighting the drag from G&A expenses associated with the standalone platform. As the company deploys its $289.5M cash reserve and raises additional capital, these costs should spread over a larger asset base, improving profitability. However, the geographic concentration in high-income suburban markets, inherited from SITE Centers, may expose the portfolio to localized economic downturns.
P/E Misleads; Use P/FFO and AFFO
Standard P/E of 81.76 is distorted by depreciation and spin-off noise; P/FFO of 19.3x and AFFO coverage provide clearer valuation and dividend safety, as per SEC filings.
The most commonly misapplied ratio for Curbline is the standard P/E, which is artificially inflated by real estate depreciation and one-time spin-off adjustments. For REITs, P/FFO and P/AFFO are the appropriate valuation metrics, as they exclude depreciation and adjust for recurring capital expenditures. Curbline's P/FFO of 19.3x is more meaningful, but investors should also consider the implied cap rate and the quality of FFO, particularly the impact of straight-line rent adjustments. AFFO, which accounts for maintenance capex and leasing costs, provides a more conservative view of distributable cash flow and should be used to assess dividend sustainability.