Latest Ratios: P/E Ratio 80.7x · EV/EBITDA 13.8x · ROE 0.9%. (2012–2025 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 | $1.1B | $955M | $1.2B | $1.3B | $1.3B | $1.9B | $1.8B | $1.6B | $861M | $887M | $1.6B |
| Enterprise Value | $2.7B | $2.6B | $2.8B | $2.6B | $2.5B | $3.1B | $2.8B | $2.5B | $1.6B | $1.5B | $1.9B |
| P/E Ratio → | 80.69 | 73.07 | 61.74 | 70.00 | 41.96 | 65.86 | 153.05 | 593.30 | 156.80 | 213.40 | 166.83 |
| P/S Ratio | 3.23 | 2.84 | 3.90 | 4.42 | 4.42 | 7.06 | 7.28 | 7.41 | 5.36 | 6.79 | 15.49 |
| P/B Ratio | 0.77 | 0.70 | 0.85 | 0.90 | 0.92 | 1.35 | 1.37 | 1.37 | 0.84 | 1.12 | 2.33 |
| P/FCF | 4.19 | 3.68 | 7.25 | 11.10 | 10.30 | 4.03 | 12.29 | 11.54 | 13.72 | 18.02 | 34.20 |
| P/OCF | 4.19 | 3.68 | 7.25 | 11.10 | 10.30 | 16.39 | 12.29 | 11.54 | 13.72 | 18.02 | 34.20 |
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 | — | 7.73 | 9.13 | 8.90 | 8.66 | 11.42 | 11.24 | 11.42 | 10.09 | 11.10 | 18.24 |
| EV / EBITDA | 13.81 | 13.14 | 15.76 | 16.21 | 14.85 | 19.12 | 11.74 | 11.83 | 16.62 | 18.68 | 32.46 |
| EV / EBIT | 32.59 | 29.52 | 33.23 | 36.40 | 30.64 | 43.25 | 51.97 | 71.46 | 54.83 | 64.57 | 139.56 |
| EV / FCF | — | 10.02 | 16.96 | 22.33 | 20.18 | 6.52 | 18.97 | 17.79 | 25.82 | 29.46 | 40.28 |
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 | -0.9% | -0.9% | 66.5% | 64.3% | 66.7% | 68.3% | 68.3% | 66.8% | 70.0% | 70.4% | 70.4% |
| Operating Margin | 24.9% | 24.9% | 26.0% | 23.1% | 24.8% | 26.5% | 59.9% | 57.7% | 19.4% | 17.4% | 12.3% |
| Net Profit Margin | 3.9% | 3.9% | 6.5% | 6.5% | 10.7% | 10.9% | 4.9% | 3.3% | 3.6% | 3.4% | 3.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.9% | 0.9% | 1.4% | 1.3% | 2.2% | 2.2% | 1.0% | 0.6% | 0.6% | 0.6% | 0.6% |
| ROA | 0.4% | 0.4% | 0.6% | 0.7% | 1.1% | 1.1% | 0.5% | 0.4% | 0.3% | 0.4% | 0.4% |
| ROIC | 2.1% | 2.1% | 2.1% | 1.9% | 2.1% | 2.2% | 5.1% | 5.0% | 1.5% | 1.5% | 1.1% |
| ROCE | 3.0% | 3.0% | 2.9% | 2.5% | 2.8% | 3.0% | 6.7% | 6.7% | 2.1% | 2.1% | 1.5% |
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 | 1.22 | 1.22 | 1.15 | 0.92 | 0.89 | 0.84 | 0.75 | 0.75 | 0.75 | 0.73 | 0.42 |
| Debt / EBITDA | 8.43 | 8.43 | 9.14 | 8.21 | 7.31 | 7.37 | 4.17 | 4.21 | 7.86 | 7.42 | 4.98 |
| Net Debt / Equity | — | 1.20 | 1.14 | 0.91 | 0.88 | 0.83 | 0.75 | 0.74 | 0.74 | 0.71 | 0.41 |
| Net Debt / EBITDA | 8.31 | 8.31 | 9.03 | 8.15 | 7.27 | 7.31 | 4.13 | 4.16 | 7.79 | 7.25 | 4.90 |
| Debt / FCF | — | 6.34 | 9.71 | 11.23 | 9.88 | 2.49 | 6.68 | 6.25 | 12.10 | 11.44 | 6.08 |
| Interest Coverage | 1.18 | 1.18 | 1.33 | 1.43 | 1.75 | 1.88 | 1.49 | 1.06 | 1.29 | 1.32 | 1.67 |
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 | 0.23 | 0.23 | 0.27 | 0.36 | 0.35 | 0.49 | 0.27 | 0.59 | 0.36 | 0.39 | 0.11 |
| Quick Ratio | 0.23 | 0.23 | 0.27 | 0.36 | 0.35 | 0.49 | 0.27 | 0.59 | 0.39 | 0.43 | 0.12 |
| Cash Ratio | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.07 | 0.04 | 0.12 | 0.04 | 0.11 | 0.02 |
| Asset Turnover | — | 0.10 | 0.09 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.09 | 0.09 | 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 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 9.0% | 9.9% | 9.8% | 8.8% | 8.4% | 5.2% | 5.1% | 5.0% | 7.7% | 5.5% | 2.5% |
| Payout Ratio | 727.4% | 727.4% | 592.8% | 597.6% | 346.9% | 332.7% | 767.1% | 1136.3% | 1156.3% | 1105.7% | 1016.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.2% | 1.4% | 1.6% | 1.4% | 2.4% | 1.5% | 0.7% | 0.2% | 0.6% | 0.5% | 0.6% |
| FCF Yield | 23.8% | 27.1% | 13.8% | 9.0% | 9.7% | 24.8% | 8.1% | 8.7% | 7.3% | 5.6% | 2.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 9.0% | 9.9% | 9.8% | 8.8% | 8.4% | 5.2% | 5.1% | 5.0% | 7.7% | 5.5% | 2.5% |
| Shares Outstanding | — | $45M | $42M | $38M | $36M | $34M | $32M | $28M | $22M | $17M | $32M |
Includes 30+ ratios · 14 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DEA stock.
Easterly Government Properties, Inc.'s current P/E ratio is 80.7x. The historical average is 98.7x. This places it at the 63th percentile of its historical range.
Easterly Government Properties, Inc.'s current EV/EBITDA is 13.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.2x.
Easterly Government Properties, Inc.'s return on equity (ROE) is 0.9%. The historical average is 0.5%.
Based on historical data, Easterly Government Properties, Inc. is trading at a P/E of 80.7x. This is at the 63th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Easterly Government Properties, Inc.'s current dividend yield is 8.97% with a payout ratio of 727.4%.
Easterly Government Properties, Inc. has -0.9% gross margin and 24.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Easterly Government Properties, Inc.'s Debt/EBITDA ratio is 8.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Federal Tenant Consolidation Risk
Metrics are mathematically derived from official filings.
Pricing Disconnect Between Sector Label and Cash Flow Durability
Easterly's current yield of 9.0% and a trailing P/FFO multiple near 29x appear to price in a significant sector-wide risk premium, despite its sovereign tenant base and improving FFO growth trajectory, suggesting potential misclassification within the broader, distressed office market.
The stock's valuation reflects a deep discount to net asset value (P/B of 0.77) and a high dividend yield, which typically signals market skepticism about sustainability. However, this skepticism seems misaligned with the company's fundamental profile, as its government-backed leases and improving payout ratio indicate more durable cash flows than typical office REITs. This disconnect may present an opportunity for investors who view DEA as specialized infrastructure rather than cyclical commercial real estate.
NOI Margin Surge Requires Scrutiny for Sustainability
The company's reported NOI margin expanded dramatically to 78.4% in Q2 2026, a sharp deviation from the 65-68% historical range, which, according to the quarterly data, warrants a closer examination of its drivers beyond acquisition-related revenue growth.
This significant one-quarter margin expansion is not typical for a REIT with stable operating leases and could be influenced by non-recurring adjustments or specific accounting treatments for pass-through expenses. While FFO per share has grown at an accelerating pace, reaching $0.75 in Q2 2026, investors must assess whether this margin level is replicable or represents a temporary anomaly in the company's cost structure or revenue recognition.
Payout Ratio Normalization Alleviates Immediate Pressure
Based on reported financials, the FFO payout ratio has improved substantially from a precarious 100.5% in Q2 2024 to a more sustainable 62.1% in Q2 2026, creating a meaningful buffer for the dividend and reducing the immediate need for external capital to fund distributions.
This positive trend appears driven by both FFO growth and prudent dividend management, moving the distribution away from the previously strained coverage levels. However, the complete absence of AFFO data prevents a true assessment of free cash flow after necessary capital expenditures for high-security facilities, leaving a critical gap in evaluating the dividend's long-term security.
Escalating Leverage Constrained by Thin Liquidity
As reported in SEC filings, DEA's debt-to-equity ratio climbed to 1.27 in Q2 2026 from 0.98 a year prior, while its interest coverage ratio fluctuated near 1.15x, indicating that growth is being entirely debt-funded against a static equity base.
The combination of rising leverage and volatile interest coverage, which dipped to 0.22x in Q3 2025, suggests the balance sheet is becoming increasingly sensitive to refinancing risk and interest rate movements. This structural leverage, paired with a critically low cash position of just $3.3M, implies limited financial flexibility and heightens the importance of stable operating cash flows for debt service.
The Critical Misapplication of P/E for REIT Analysis
The most commonly misapplied ratio to DEA is the P/E ratio of 80.69, which is rendered meaningless by depreciation that consumed approximately 91% of its FFO in Q2 2026, thereby obscuring the true cash-generating power of its government-leased assets.
Standard P/E analysis completely fails for asset-heavy REITs like DEA because GAAP net income is dominated by non-cash depreciation charges, making it an unreliable proxy for economic earnings. Analysts should exclusively use the P/FFO multiple, which adjusts for these accounting distortions, and supplement it with the FFO payout ratio to assess the sustainability of cash distributions from operations.