Latest Ratios: P/E Ratio 101.0x · EV/EBITDA 11.7x · ROE 0.5%. (2005–2025 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 | $1.6B | $1.8B | $3.1B | $2.5B | $2.8B | $5.9B | $5.1B | $7.6B | $5.8B | $6.6B | $5.6B |
| Enterprise Value | $6.9B | $7.1B | $8.2B | $7.5B | $7.7B | $10.6B | $9.7B | $12.6B | $9.8B | $11.0B | $9.9B |
| P/E Ratio → | 101.03 | 113.07 | 142.77 | — | — | — | — | — | 50.19 | 70.79 | 66.47 |
| P/S Ratio | 1.64 | 1.83 | 3.15 | 2.41 | 2.77 | 6.40 | 5.76 | 8.07 | 6.58 | 8.15 | 7.54 |
| P/B Ratio | 0.47 | 0.53 | 0.85 | 0.64 | 0.64 | 1.47 | 1.28 | 1.74 | 1.51 | 1.70 | 1.86 |
| P/FCF | 8.46 | 9.46 | 18.35 | 10.34 | 10.65 | 38.21 | 41.74 | 32.88 | 31.27 | 28.61 | 25.47 |
| P/OCF | 4.25 | 4.76 | 7.60 | 5.76 | 5.55 | 13.15 | 12.18 | 16.21 | 13.39 | 16.44 | 16.50 |
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 | — | 7.04 | 8.28 | 7.34 | 7.74 | 11.50 | 10.92 | 13.40 | 11.10 | 13.53 | 13.27 |
| EV / EBITDA | 11.66 | 11.99 | 13.83 | 12.29 | 12.52 | 18.46 | 10.63 | 13.33 | 11.47 | 13.53 | 13.28 |
| EV / EBIT | 36.07 | 27.68 | 34.47 | 56.05 | 31.17 | 51.89 | 61.48 | 50.66 | 37.35 | 44.02 | 40.69 |
| EV / FCF | — | 36.34 | 48.26 | 31.50 | 29.72 | 68.67 | 79.11 | 54.63 | 52.77 | 47.50 | 44.83 |
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 | -16.1% | -16.1% | 64.5% | 19.5% | 66.4% | 67.0% | 65.6% | 68.4% | 68.1% | 68.2% | 68.0% |
| Operating Margin | 19.0% | 19.0% | 21.0% | 14.7% | 24.3% | 21.9% | 61.1% | 64.4% | 28.6% | 29.7% | 29.7% |
| Net Profit Margin | 1.6% | 1.6% | 2.4% | -4.2% | 9.8% | 7.1% | 5.7% | 38.5% | 13.2% | 11.6% | 11.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.5% | 0.5% | 0.6% | -1.1% | 2.4% | 1.6% | 1.2% | 8.9% | 3.0% | 2.7% | 3.2% |
| ROA | 0.2% | 0.2% | 0.2% | -0.4% | 1.0% | 0.7% | 0.5% | 4.1% | 1.4% | 1.2% | 1.2% |
| ROIC | 1.6% | 1.6% | 1.8% | 1.2% | 2.0% | 1.7% | 4.5% | 5.3% | 2.3% | 2.3% | 2.5% |
| ROCE | 2.1% | 2.1% | 2.2% | 1.6% | 2.6% | 2.2% | 6.0% | 7.1% | 3.1% | 3.1% | 3.3% |
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 | 1.60 | 1.60 | 1.51 | 1.44 | 1.22 | 1.26 | 1.19 | 1.19 | 1.07 | 1.16 | 1.45 |
| Debt / EBITDA | 9.44 | 9.44 | 9.32 | 9.11 | 8.47 | 8.77 | 5.21 | 5.47 | 4.85 | 5.60 | 5.89 |
| Net Debt / Equity | — | 1.50 | 1.38 | 1.31 | 1.15 | 1.18 | 1.15 | 1.15 | 1.04 | 1.12 | 1.41 |
| Net Debt / EBITDA | 8.87 | 8.87 | 8.57 | 8.25 | 8.03 | 8.19 | 5.02 | 5.31 | 4.67 | 5.38 | 5.73 |
| Debt / FCF | — | 26.87 | 29.91 | 21.16 | 19.07 | 30.46 | 37.38 | 21.76 | 21.50 | 18.88 | 19.36 |
| Interest Coverage | 0.96 | 0.96 | 1.03 | 0.64 | 1.64 | 1.38 | 1.10 | 1.74 | 1.96 | 1.72 | 1.66 |
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 | 3.05 | 3.05 | 4.81 | 5.25 | 3.91 | 2.55 | 1.19 | 1.80 | 1.28 | 2.43 | 2.28 |
| Quick Ratio | 3.05 | 3.05 | 4.81 | 5.25 | 3.91 | 2.55 | 1.19 | 1.80 | 1.31 | 2.49 | 2.34 |
| Cash Ratio | 1.98 | 1.98 | 2.73 | 3.21 | 1.54 | 1.73 | 0.64 | 0.85 | 0.52 | 1.21 | 1.03 |
| Asset Turnover | — | 0.11 | 0.10 | 0.11 | 0.10 | 0.10 | 0.10 | 0.10 | 0.11 | 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 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.7% | 6.9% | 4.1% | 5.3% | 7.1% | 3.3% | 3.8% | 2.4% | 2.9% | 2.2% | 2.3% |
| Payout Ratio | 782.3% | 782.3% | 540.8% | — | 202.6% | 301.1% | 389.4% | 49.4% | 146.3% | 154.6% | 153.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 0.9% | 0.7% | — | — | — | — | — | 2.0% | 1.4% | 1.5% |
| FCF Yield | 11.8% | 10.6% | 5.4% | 9.7% | 9.4% | 2.6% | 2.4% | 3.0% | 3.2% | 3.5% | 3.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 4.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% |
| Total Shareholder Yield | 7.8% | 6.9% | 4.1% | 9.8% | 7.2% | 3.3% | 3.8% | 2.4% | 2.9% | 2.4% | 2.4% |
| Shares Outstanding | — | $167M | $167M | $170M | $176M | $175M | $175M | $173M | $170M | $161M | $153M |
Includes 30+ ratios · 21 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 DEI stock.
Douglas Emmett, Inc.'s current P/E ratio is 101.0x. The historical average is 93.2x. This places it at the 67th percentile of its historical range.
Douglas Emmett, Inc.'s current EV/EBITDA is 11.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.1x.
Douglas Emmett, Inc.'s return on equity (ROE) is 0.5%. The historical average is 1.0%.
Based on historical data, Douglas Emmett, Inc. is trading at a P/E of 101.0x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Douglas Emmett, Inc.'s current dividend yield is 7.74% with a payout ratio of 782.3%.
Douglas Emmett, Inc. has -16.1% gross margin and 19.0% operating margin. Operating margin between 10-20% is typical for established companies.
Douglas Emmett, Inc.'s Debt/EBITDA ratio is 9.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Geographic concentration and margin pressure
Metrics are mathematically derived from official filings.
P/FFO Premium Reflects Coastal Scarcity
DEI trades at 20.99x forward P/FFO, a premium to office peers like KRC (15.6x) and HIW (21.6x), per reported quarterly data, suggesting investors pay for supply-constrained Westside assets.
The implied cap rate, derived from NOI and enterprise value, appears compressed relative to private market transactions in coastal California, reflecting the scarcity value of DEI's locations. However, the premium may already price in a recovery that has not materialized, as same-store NOI has been flat to slightly negative. Investors should monitor whether the premium narrows if occupancy fails to stabilize.
NOI Margin Slips Amid Cost Pressures
NOI margin declined from 66.1% in Q1 2024 to 63.2% in Q2 2026, per financial statements, indicating property-level expenses are growing faster than revenue, squeezing profitability.
The 290 basis point compression suggests rising property taxes, insurance, and utilities are outpacing rent growth, a trend likely exacerbated by California's regulatory environment. FFO per share has also been volatile, swinging from $0.82 in Q1 2025 to $0.58 in Q2 2026, implying that earnings growth is not organic but rather a function of cost control and one-time items. Without occupancy gains, margin pressure may persist.
AFFO Coverage Thin but Positive
AFFO per share of $0.27 in Q2 2026 covered the dividend by only 0.34x, per reported quarterly figures, leaving minimal retained cash and suggesting a tight distribution cushion.
The FFO payout ratio has hovered around 33-35% over the past year, but AFFO coverage is far weaker because maintenance capex and leasing costs consume a significant portion of FFO. In Q3 2025, AFFO was just $0.04 per share, indicating that the dividend may be partially funded by debt or cash reserves in some quarters. Investors should monitor whether AFFO stabilizes above the dividend level, as sustained under-coverage could force a cut.
Leverage Creeps Higher, Coverage Thin
Debt-to-equity rose from 1.46x to 1.63x over the past year, per balance sheet data, while interest coverage fell to 0.78x in Q2 2026, indicating rising leverage and strained debt service capacity.
Total debt increased to $5.7B while equity eroded to $1.8B, and cash reserves dropped from $556.7M to $355.0M, per reported figures, suggesting a tightening liquidity position. Interest coverage below 1.0x implies that operating income is insufficient to cover interest expenses, a red flag for a REIT with significant floating-rate exposure. The company's ability to refinance maturing debt at favorable rates appears constrained, and investors should watch for asset sales or equity issuance to deleverage.
Occupancy and G&A Efficiency Under Scrutiny
Occupancy appears stable but same-store NOI is declining, with NOI margin down 300 basis points from Q1 2024 to Q2 2026, per reported data, indicating organic property performance is weakening.
The portfolio's concentration in West LA and Honolulu provides a structural barrier to new supply, but it also exposes DEI to localized economic downturns and regulatory changes. G&A costs, while not explicitly broken out, appear elevated relative to peers, given the company's high fixed-cost base. The multifamily segment in Honolulu may provide a cash flow floor, but its contribution is not enough to offset office weakness.
P/E Misleads; Use P/FFO and AFFO
Standard P/E of 119.96 is distorted by heavy depreciation, per GAAP, making it meaningless for DEI; investors should rely on P/FFO (20.99x) and P/AFFO, which better capture recurring cash flow.
GAAP net income is near zero due to non-cash depreciation charges on high-value coastal properties, yet FFO remains positive at $0.58 per share. The wide gap between FFO and AFFO, with AFFO sometimes less than half of FFO, suggests that maintenance capex and leasing costs are substantial, and AFFO may be the truer measure of distributable income. Analysts should also adjust for straight-line rent, which can inflate revenue, and focus on cash leasing spreads to gauge true portfolio health.