Latest Ratios: P/E Ratio 29.9x · EV/EBITDA 9.0x · ROE 8.0%. (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 | $3.2B | $2.1B | $2.4B | $1.7B | $1.4B | $1.2B | $792M | $2.1B | $2.1B | $2.7B | $2.9B |
| Enterprise Value | $4.3B | $3.2B | $3.3B | $2.8B | $2.6B | $2.6B | $2.6B | $4.0B | $3.9B | $4.1B | $4.3B |
| P/E Ratio → | 29.89 | 17.69 | 35.06 | 24.63 | 11.22 | — | 14.56 | 10.93 | 13.31 | 15.00 | 13.08 |
| P/S Ratio | 1.44 | 0.93 | 1.24 | 0.88 | 0.75 | 0.64 | 0.42 | 1.05 | 1.15 | 1.51 | 1.56 |
| P/B Ratio | 2.48 | 1.47 | 1.63 | 1.13 | 0.96 | 0.87 | 0.56 | 1.50 | 1.50 | 1.84 | 1.97 |
| P/FCF | 59.15 | 38.16 | 12.28 | 10.31 | 19.07 | 6.57 | 2.91 | 12.86 | 10.52 | 9.96 | 10.22 |
| P/OCF | 16.40 | 10.58 | 9.03 | 7.18 | 8.96 | 4.55 | 2.23 | 5.84 | 6.56 | 7.81 | 7.68 |
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 | — | 1.43 | 1.70 | 1.45 | 1.42 | 1.39 | 1.39 | 2.04 | 2.11 | 2.30 | 2.32 |
| EV / EBITDA | 9.00 | 6.63 | 10.55 | 9.23 | 8.60 | 7.98 | 8.43 | 9.46 | 9.52 | 9.96 | 9.26 |
| EV / EBIT | 12.32 | 14.44 | 20.94 | 16.30 | 10.45 | 15.07 | 18.49 | 14.34 | 15.57 | 15.59 | 14.49 |
| EV / FCF | — | 58.70 | 16.85 | 17.02 | 36.22 | 14.18 | 9.73 | 25.04 | 19.21 | 15.17 | 15.21 |
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 | 23.5% | 23.5% | 23.9% | 16.2% | 23.4% | 28.2% | 26.2% | 28.2% | 28.4% | 29.2% | 31.0% |
| Operating Margin | 15.8% | 15.8% | 9.6% | 9.0% | 9.5% | 10.2% | 8.5% | 14.2% | 13.6% | 14.7% | 16.0% |
| Net Profit Margin | 5.3% | 5.3% | 3.5% | 3.6% | 6.6% | -2.8% | 2.9% | 9.5% | 8.7% | 10.1% | 11.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.0% | 8.0% | 4.6% | 4.6% | 8.7% | -3.7% | 4.0% | 13.5% | 11.1% | 12.2% | 15.1% |
| ROA | 3.8% | 3.8% | 2.3% | 2.1% | 3.6% | -1.4% | 1.5% | 5.1% | 4.6% | 5.4% | 6.6% |
| ROIC | 10.7% | 10.7% | 5.7% | 4.9% | 4.9% | 4.7% | 3.7% | 6.5% | 6.2% | 6.8% | 7.7% |
| ROCE | 12.6% | 12.6% | 6.9% | 6.1% | 5.9% | 5.8% | 4.8% | 8.4% | 8.0% | 8.7% | 9.8% |
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 | 0.87 | 0.87 | 0.68 | 0.82 | 0.97 | 1.23 | 1.39 | 1.49 | 1.27 | 1.00 | 0.99 |
| Debt / EBITDA | 2.55 | 2.55 | 3.20 | 4.05 | 4.57 | 5.21 | 6.27 | 4.82 | 4.44 | 3.55 | 3.12 |
| Net Debt / Equity | — | 0.79 | 0.61 | 0.73 | 0.86 | 1.01 | 1.31 | 1.42 | 1.24 | 0.96 | 0.96 |
| Net Debt / EBITDA | 2.32 | 2.32 | 2.86 | 3.64 | 4.07 | 4.28 | 5.91 | 4.60 | 4.31 | 3.42 | 3.04 |
| Debt / FCF | — | 20.54 | 4.57 | 6.72 | 17.14 | 7.61 | 6.81 | 12.18 | 8.69 | 5.21 | 4.99 |
| Interest Coverage | 3.53 | 3.53 | 2.36 | 2.31 | 2.61 | 1.80 | 1.72 | 3.33 | — | 3.80 | 4.37 |
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 | 1.66 | 1.66 | 1.57 | 1.60 | 1.14 | 1.84 | 2.29 | 1.18 | 1.02 | 1.13 | 1.10 |
| Quick Ratio | 1.66 | 1.66 | 1.57 | 1.60 | 1.14 | 1.84 | 2.29 | 1.18 | 0.96 | 1.13 | 1.10 |
| Cash Ratio | 0.30 | 0.30 | 0.38 | 0.41 | 0.33 | 0.88 | 0.36 | 0.25 | 0.14 | 0.18 | 0.14 |
| Asset Turnover | — | 0.68 | 0.67 | 0.61 | 0.57 | 0.53 | 0.51 | 0.52 | 0.50 | 0.54 | 0.57 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 61.65 | — | — |
| 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 | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.2% | 13.4% | 10.1% | 9.6% | 7.5% | 8.9% |
| Payout Ratio | 0.0% | 0.0% | 0.2% | 0.2% | 0.7% | — | 191.5% | 110.9% | 128.3% | 112.5% | 116.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 5.7% | 2.9% | 4.1% | 8.9% | — | 6.9% | 9.1% | 7.5% | 6.7% | 7.6% |
| FCF Yield | 1.7% | 2.6% | 8.1% | 9.7% | 5.2% | 15.2% | 34.3% | 7.8% | 9.5% | 10.0% | 9.8% |
| Buyback Yield | 7.2% | 11.1% | 3.2% | 2.6% | 5.8% | 0.1% | 0.5% | 0.2% | 0.1% | 0.2% | 0.1% |
| Total Shareholder Yield | 7.2% | 11.1% | 3.2% | 2.6% | 5.9% | 0.3% | 13.8% | 10.3% | 9.8% | 7.7% | 9.0% |
| Shares Outstanding | — | $108M | $112M | $115M | $119M | $120M | $121M | $119M | $119M | $118M | $118M |
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Quick answers to the most common questions about buying CXW stock.
CoreCivic, Inc.'s current P/E ratio is 29.9x. The historical average is 21.1x. This places it at the 88th percentile of its historical range.
CoreCivic, Inc.'s current EV/EBITDA is 9.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.4x.
CoreCivic, Inc.'s return on equity (ROE) is 8.0%. The historical average is 6.8%.
Based on historical data, CoreCivic, Inc. is trading at a P/E of 29.9x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CoreCivic, Inc.'s current dividend yield is 0.00% with a payout ratio of 0.0%.
CoreCivic, Inc. has 23.5% gross margin and 15.8% operating margin. Operating margin between 10-20% is typical for established companies.
CoreCivic, Inc.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
ICE policy dependence
Metrics are mathematically derived from official filings.
P/FFO Discount Reflects Policy Risk
CoreCivic trades at 13.8x forward FFO, a discount to peers, reflecting political risk despite strong revenue growth, as per Q2 2026 data.
The P/FFO multiple of 13.8x in Q2 2026 is below the broader REIT average, suggesting the market applies a political risk discount to cash flows tied to ICE and federal contracts. This discount appears justified given the policy sensitivity, but the 12.7% revenue growth and improving FFO per share may warrant a re-rating if policy stability persists. Investors should monitor the implied cap rate relative to private market transactions for correctional facilities, which may offer a more accurate valuation benchmark.
NOI Margin Volatility Warrants Scrutiny
NOI margin fell to 16.5% in Q2 2026 from 26.0% a year earlier, per reported figures, suggesting cost pressures or mix shifts.
The sharp decline in NOI margin from 26.0% in Q2 2025 to 16.5% in Q2 2026 indicates that revenue growth may be accompanied by rising operating costs, possibly from higher labor or facility expenses. This trend, if sustained, could erode the benefits of occupancy gains. However, the sequential improvement from 18.5% in Q1 2026 suggests some stabilization, and the 37.6% YoY increase in total NOI indicates that absolute profitability remains strong. The sustainability of margins depends on the company's ability to pass through cost inflation via per-diem rate adjustments.
Minimal Payout Masks AFFO Conversion
With a payout ratio near zero, dividends are safe, but AFFO conversion is only 45% of FFO, per Q2 2026 data.
The FFO payout ratio of 0.2% in Q2 2026 indicates that dividends are trivially covered, but this is partly because the company pays a nominal dividend. The more critical metric is the AFFO conversion rate, which fell to 45% in Q2 2026, as maintenance capex consumed $39.9M of FFO. This suggests that while current dividends are safe, the retained cash flow is limited, and any future increase in distributions would require either higher AFFO or a reduction in capex. Investors should monitor whether the gap between FFO and AFFO narrows as the company matures its asset base.
Leverage Rising but Coverage Adequate
Debt-to-equity rose to 0.94 in Q2 2026 from 0.70 a year earlier, per balance sheet data, while interest coverage improved to 3.1x.
The increase in D/E from 0.70 to 0.94 over the past year indicates a deliberate use of debt to fund growth, likely tied to the 12.7% revenue expansion. Despite the higher leverage, interest coverage of 3.1x in Q2 2026 remains adequate, though it is down from 5.17x in Q2 2025, reflecting higher debt levels and possibly rising rates. The company's fixed-rate exposure and maturity profile are not disclosed, but the rapid debt buildup warrants monitoring for refinancing risk, especially if interest rates remain elevated.
Occupancy Drives Growth, Concentration Risk
Same-store NOI growth appears driven by higher occupancy, but reliance on ICE populations creates concentration risk, per Q2 2026 earnings.
The 37.6% YoY increase in total NOI in Q2 2026, as reported, suggests that occupancy gains, particularly in ICE facilities, are the primary growth driver. However, this concentration in federal detention exposes the portfolio to policy shifts, as evidenced by the CEO's commentary attributing upside to ICE populations. The company's diversification into Community and Properties segments may mitigate this risk over time, but the Safety segment still dominates. Investors should monitor occupancy trends across all segments to assess the durability of NOI growth.
P/E Misleads Due to Depreciation
Standard P/E of 30.4x overstates valuation because depreciation understates earnings; FFO-based metrics are more appropriate, per Q2 2026 data.
The P/E ratio of 30.4x is misleading for a REIT because GAAP earnings are reduced by depreciation charges that do not reflect actual cash flows. In Q2 2026, FFO of $73.0M was nearly double net income of $37.1M, highlighting the distortion. Investors should use P/FFO or P/AFFO instead, which at 13.8x and 30.2x respectively, provide a clearer picture of valuation. Additionally, the wide gap between FFO and AFFO suggests that maintenance capex is significant, and AFFO may be a more conservative measure of distributable cash flow.