Latest Ratios: P/E Ratio 116.7x · EV/EBITDA 13.0x · ROE 0.8%. (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 | $4.6B | $4.3B | $4.7B | $3.7B | $3.8B | $6.0B | $5.0B | $5.3B | $3.4B | $3.9B | $2.2B |
| Enterprise Value | $8.3B | $8.0B | $7.9B | $6.2B | $6.2B | $8.3B | $7.2B | $7.6B | $4.4B | $4.9B | $3.5B |
| P/E Ratio → | 116.71 | 107.42 | 102.13 | 44.27 | 13.60 | 28.57 | 28.88 | 52.82 | 42.70 | 17.79 | 27.45 |
| P/S Ratio | 4.64 | 4.38 | 5.51 | 4.61 | 4.99 | 7.94 | 6.73 | 8.14 | 7.11 | 8.40 | 8.41 |
| P/B Ratio | 1.00 | 0.92 | 0.97 | 0.81 | 0.82 | 1.30 | 1.11 | 1.21 | 1.20 | 1.39 | 0.87 |
| P/FCF | 34.13 | 32.21 | 31.99 | 41.67 | 165.94 | 15.40 | 14.18 | 17.64 | — | — | 976.58 |
| P/OCF | 11.46 | 10.81 | 11.79 | 10.05 | 10.42 | 15.40 | 14.18 | 17.64 | 14.74 | 18.50 | 19.58 |
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 | — | 8.07 | 9.17 | 7.73 | 8.12 | 10.96 | 9.72 | 11.58 | 9.34 | 10.42 | 13.60 |
| EV / EBITDA | 12.97 | 12.56 | 14.56 | 12.31 | 13.01 | 17.75 | 12.25 | 19.37 | 10.08 | 10.31 | 11.86 |
| EV / EBIT | 37.13 | 194.39 | 46.48 | 32.79 | 25.78 | 23.93 | 24.09 | 36.85 | 36.92 | 66.29 | 3678.49 |
| EV / FCF | — | 59.38 | 53.27 | 69.87 | 269.87 | 21.26 | 20.50 | 25.12 | — | — | 1579.56 |
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 | 26.5% | 26.5% | 67.2% | 66.8% | 66.1% | 65.6% | 66.1% | 66.2% | 65.3% | 64.8% | 62.6% |
| Operating Margin | 22.4% | 22.4% | 20.4% | 23.6% | 23.6% | 23.6% | — | 20.7% | 14.2% | 16.7% | 15.0% |
| Net Profit Margin | 4.1% | 4.1% | 5.4% | 10.3% | 21.9% | 36.9% | 32.0% | 15.4% | 16.7% | 46.4% | 30.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.8% | 0.8% | 1.0% | 1.8% | 3.6% | 6.1% | 5.3% | 2.8% | 2.8% | 8.1% | 3.8% |
| ROA | 0.5% | 0.5% | 0.6% | 1.1% | 2.2% | 3.9% | 3.3% | 1.8% | 1.9% | 5.2% | 2.3% |
| ROIC | 2.0% | 2.0% | 1.7% | 2.0% | 1.9% | 2.0% | — | 1.9% | 1.3% | 1.5% | 0.9% |
| ROCE | 2.8% | 2.8% | 2.3% | 2.7% | 2.6% | 2.6% | — | 2.5% | 1.7% | 1.9% | 1.2% |
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 | 0.78 | 0.78 | 0.65 | 0.55 | 0.51 | 0.50 | 0.49 | 0.52 | 0.38 | 0.39 | 0.55 |
| Debt / EBITDA | 5.76 | 5.76 | 5.83 | 4.98 | 5.02 | 4.91 | 3.78 | 5.80 | 2.41 | 2.32 | 4.65 |
| Net Debt / Equity | — | 0.78 | 0.64 | 0.55 | 0.51 | 0.50 | 0.49 | 0.51 | 0.38 | 0.33 | 0.54 |
| Net Debt / EBITDA | 5.75 | 5.75 | 5.82 | 4.97 | 5.01 | 4.89 | 3.77 | 5.76 | 2.41 | 2.00 | 4.53 |
| Debt / FCF | — | 27.17 | 21.28 | 28.19 | 103.93 | 5.86 | 6.31 | 7.48 | — | — | 602.97 |
| Interest Coverage | 0.26 | 0.26 | 1.38 | 1.79 | 3.31 | 5.16 | 4.93 | 3.83 | 3.05 | 2.19 | 0.04 |
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 | 0.34 | 0.34 | 0.38 | 0.44 | 0.46 | 0.53 | 1.00 | 1.59 | 0.66 | 1.59 | 0.83 |
| Quick Ratio | 0.34 | 0.34 | 0.38 | 0.44 | 0.46 | 0.53 | 1.00 | 1.59 | 0.66 | 1.59 | 0.83 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.01 | 0.05 | 0.02 | 0.85 | 0.25 |
| Asset Turnover | — | 0.11 | 0.10 | 0.11 | 0.10 | 0.10 | 0.10 | 0.09 | 0.11 | 0.11 | 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 | 4.6% | 5.0% | 4.1% | 5.2% | 5.1% | 3.0% | 3.5% | 2.7% | 3.2% | 2.5% | 2.3% |
| Payout Ratio | 532.8% | 532.8% | 425.2% | 234.3% | 115.3% | 65.6% | 74.3% | 140.7% | 135.4% | 45.8% | 63.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.9% | 0.9% | 1.0% | 2.3% | 7.4% | 3.5% | 3.5% | 1.9% | 2.3% | 5.6% | 3.6% |
| FCF Yield | 2.9% | 3.1% | 3.1% | 2.4% | 0.6% | 6.5% | 7.1% | 5.7% | — | — | 0.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.6% |
| Total Shareholder Yield | 4.6% | 5.0% | 4.2% | 5.2% | 5.1% | 3.0% | 3.5% | 2.7% | 3.2% | 2.5% | 3.0% |
| Shares Outstanding | — | $169M | $154M | $152M | $150M | $149M | $149M | $130M | $107M | $106M | $64M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CUZ stock.
Cousins Properties Incorporated's current P/E ratio is 116.7x. The historical average is 29.4x. This places it at the 100th percentile of its historical range.
Cousins Properties Incorporated's current EV/EBITDA is 13.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.5x.
Cousins Properties Incorporated's return on equity (ROE) is 0.8%. The historical average is 10.4%.
Based on historical data, Cousins Properties Incorporated is trading at a P/E of 116.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cousins Properties Incorporated's current dividend yield is 4.57% with a payout ratio of 532.8%.
Cousins Properties Incorporated has 26.5% gross margin and 22.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cousins Properties Incorporated's Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
AFFO volatility and dividend coverage
Metrics are mathematically derived from official filings.
Premium P/FFO Reflects Trophy Premium
CUZ trades at 27.2x forward FFO, a premium to peers like HIW at 21.7x, per recent market data, suggesting investors pay up for Sun Belt trophy assets.
The P/FFO of 27.2x in Q2 2026 is elevated relative to the peer group, with HIW at 21.7x and PDM at a negative multiple. This premium appears justified by CUZ's superior portfolio quality and occupancy gains, but it leaves little room for operational missteps. The implied cap rate, derived from NOI and enterprise value, likely sits below the private market average, reflecting the market's confidence in CUZ's growth trajectory. Investors should monitor whether this premium compresses if Sun Belt fundamentals soften.
NOI Margin Volatility Masks Core Strength
NOI margin swung from 68.6% in Q1 2026 to 100% in Q2, per financial statements, likely due to one-time items, while underlying margins appear stable around 68%.
The reported NOI margin of 100% in Q2 2026 is an anomaly, likely reflecting a one-time gain or data quirk, as prior quarters consistently showed margins in the 66-69% range. This suggests that core property profitability is stable, but the volatility warrants caution in extrapolating quarterly trends. The gap between operating margin (22.4%) and net margin (4.1%) highlights significant depreciation and interest costs, which are typical for a development-heavy REIT. FFO growth of 13.7% YoY in Q2 appears driven by occupancy gains and new deliveries, but the sustainability of this growth depends on maintaining high leased rates.
AFFO Coverage Remains Thin
AFFO per share of $0.35 in Q2 2026 covered the dividend by only 0.40x, based on reported figures, indicating a tight payout ratio and limited retained cash.
The FFO payout ratio of 40.1% in Q2 2026 appears healthy, but the AFFO payout ratio is far more concerning, with AFFO per share of $0.35 versus a dividend likely near $0.14 per quarter. This implies that CUZ is retaining very little cash after accounting for maintenance capex, which is typical for office REITs but leaves little buffer. The negative AFFO in Q3 2025 (-$1.12) underscores the volatility in cash earnings, which may be due to heavy tenant improvement costs. Investors should monitor whether AFFO coverage improves as leasing activity stabilizes, or if the dividend is at risk of being funded by debt.
Leverage Creeps Higher but Manageable
Debt-to-equity rose to 0.83 in Q2 2026 from 0.58 a year earlier, per balance sheet data, yet remains below peers like HIW at 1.49, indicating a conservative profile.
CUZ's debt-to-equity of 0.83 is low relative to the office REIT peer group, but the trend is upward, reflecting increased borrowing to fund development. Interest coverage of 1.56x in Q2 2026 is thin, though it improved from 0.45x in Q1, suggesting that earnings are sufficient to cover interest but with little cushion. The reported D/E of 0.78 in the company intelligence appears to be a data anomaly, as the ratio data shows 0.83, but either way, leverage is manageable. However, the low cash balance of $6.7M in Q2 2026, down from $416.8M a year earlier, indicates reduced liquidity, which could become a concern if capital markets tighten.
Occupancy Gains Signal Flight to Quality
Portfolio leased rate reached 92.8% in Q2 2026, the highest since Q1 2020, with over 920,000 sq ft leased, according to management commentary, indicating strong demand for trophy assets.
The improvement in leased rate to 92.8% is a positive signal, suggesting that CUZ's Sun Belt trophy properties are benefiting from a flight to quality as tenants upgrade from older buildings. This organic growth is reflected in the 16% YoY revenue increase, which appears supported by real occupancy gains rather than one-off items. However, the concentration in Atlanta (40-50% of NOI) remains a vulnerability, as a localized downturn could disproportionately impact results. G&A efficiency appears reasonable, but the high capital expenditure intensity, averaging $74M per quarter, underscores the ongoing investment required to maintain asset quality.
P/E Misleads Due to Depreciation
CUZ's P/E of 123.67 is distorted by depreciation, as FFO per share of $0.79 in Q2 2026 provides a clearer picture, per financial data, making P/FFO the appropriate metric.
The standard P/E ratio is deeply misleading for REITs because depreciation is a non-cash charge that reduces net income but not the cash-generating ability of the properties. CUZ's P/E of 123.67 reflects the heavy depreciation burden, while P/FFO of 27.2x is a more accurate valuation metric. Investors should also adjust for maintenance capex to derive AFFO, which is the true distributable cash flow. The wide gap between FFO and AFFO, with AFFO sometimes negative, highlights the importance of using AFFO-based metrics rather than P/E or even FFO alone.