Latest Ratios: P/E Ratio -8.0x · EV/EBITDA 20.6x · ROE -15.8%. (1998–2025 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 | $2.3B | $1.2B | $551M | $893M | $154M | $735M | $979M | $2.0B | $2.8B | $4.5B | $4.5B |
| Enterprise Value | $4.6B | $3.5B | $3.3B | $3.5B | $2.6B | $3.8B | $4.4B | $5.5B | $6.5B | $8.3B | $8.3B |
| P/E Ratio → | -7.97 | — | — | — | — | 4.23 | — | — | 9.69 | 30.89 | 31.55 |
| P/S Ratio | 1.49 | 0.76 | 0.37 | 0.63 | 0.12 | 0.53 | 0.60 | 1.93 | 2.49 | 4.23 | 4.25 |
| P/B Ratio | 1.37 | 0.70 | 0.28 | 0.38 | 0.06 | 0.28 | 0.37 | 0.70 | 0.83 | 1.32 | 0.64 |
| P/FCF | — | — | 4.91 | 85.21 | — | — | 6.18 | 7.54 | 5.66 | 24.50 | 33.55 |
| P/OCF | — | — | 4.91 | 85.21 | — | — | 6.18 | 7.54 | 7.09 | 11.17 | 10.53 |
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 | — | 2.25 | 2.22 | 2.46 | 2.01 | 2.73 | 2.70 | 5.33 | 5.79 | 7.71 | 7.83 |
| EV / EBITDA | 20.63 | 15.55 | 6.44 | 7.17 | 17.36 | 14.70 | 7.03 | 7.08 | 7.52 | 10.00 | 9.28 |
| EV / EBIT | — | — | — | — | 13.67 | 8.65 | 46.84 | 26.17 | 22.04 | 29.57 | 25.74 |
| EV / FCF | — | — | 29.56 | 330.45 | — | — | 27.80 | 20.86 | 13.14 | 44.64 | 61.84 |
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 | -16.0% | -16.0% | 17.1% | 16.0% | 13.6% | 21.1% | 24.2% | 51.7% | 59.6% | 61.5% | 62.0% |
| Operating Margin | -2.6% | -2.6% | 15.4% | 14.1% | -7.1% | -1.0% | 22.3% | 48.2% | 51.9% | 51.8% | 57.6% |
| Net Profit Margin | -18.6% | -18.6% | -24.8% | -20.8% | -1.2% | 12.6% | -8.5% | -8.5% | 25.7% | 13.7% | 13.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -15.8% | -15.8% | -17.2% | -11.8% | -0.6% | 6.6% | -5.1% | -2.8% | 8.5% | 2.8% | 2.7% |
| ROA | -6.0% | -6.0% | -7.0% | -5.1% | -0.2% | 2.7% | -2.1% | -1.3% | 4.0% | 2.0% | 2.0% |
| ROIC | -0.7% | -0.7% | 3.6% | 3.0% | -1.3% | -0.2% | 4.4% | 5.6% | 6.1% | 4.7% | 5.2% |
| ROCE | -0.8% | -0.8% | 4.4% | 3.7% | -1.5% | -0.2% | 6.0% | 7.7% | 8.5% | 8.2% | 9.2% |
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 | 1.45 | 1.45 | 1.49 | 1.21 | 1.17 | 1.38 | 1.34 | 1.24 | 1.12 | 1.09 | 0.55 |
| Debt / EBITDA | 10.86 | 10.86 | 5.65 | 5.83 | 20.75 | 14.31 | 5.59 | 4.57 | 4.34 | 4.55 | 4.28 |
| Net Debt / Equity | — | 1.38 | 1.41 | 1.10 | 0.92 | 1.14 | 1.31 | 1.23 | 1.10 | 1.08 | 0.54 |
| Net Debt / EBITDA | 10.31 | 10.31 | 5.37 | 5.32 | 16.32 | 11.84 | 5.47 | 4.52 | 4.28 | 4.51 | 4.25 |
| Debt / FCF | — | — | 24.65 | 245.25 | — | — | 21.63 | 13.32 | 7.48 | 20.15 | 28.29 |
| Interest Coverage | -0.39 | -0.39 | -0.23 | -0.44 | 0.90 | 1.71 | 0.47 | 1.18 | 1.64 | 1.70 | 1.92 |
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 | 100.72 | 100.72 | 11.29 | 8.77 | 0.95 | 36.83 | 0.94 | 0.46 | 0.42 | 0.08 | 0.10 |
| Quick Ratio | 100.72 | 100.72 | 11.29 | 8.77 | 0.95 | 36.83 | 0.94 | 0.46 | 0.54 | 0.11 | 0.16 |
| Cash Ratio | 65.27 | 65.27 | 3.79 | 8.21 | 0.90 | 21.27 | 0.23 | 0.06 | 0.33 | 0.05 | 0.09 |
| Asset Turnover | — | 0.35 | 0.29 | 0.26 | 0.21 | 0.21 | 0.25 | 0.16 | 0.16 | 0.15 | 0.15 |
| 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 | 0.4% | 0.8% | 1.7% | 1.1% | 6.2% | 1.3% | 4.4% | 10.0% | 13.3% | 8.2% | 8.2% |
| Payout Ratio | — | — | — | — | — | 5.5% | — | — | 129.2% | 251.1% | 262.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 23.6% | — | — | 10.3% | 3.2% | 3.2% |
| FCF Yield | — | — | 20.4% | 1.2% | — | — | 16.2% | 13.3% | 17.7% | 4.1% | 3.0% |
| Buyback Yield | 0.0% | 0.1% | 0.2% | 0.0% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.5% | 0.9% | 1.9% | 1.1% | 6.3% | 1.3% | 4.4% | 10.0% | 13.3% | 8.2% | 8.3% |
| Shares Outstanding | — | $240M | $240M | $239M | $238M | $238M | $238M | $238M | $238M | $237M | $237M |
Operational insolvency and liquidity
According to recent market data, DHC's P/FFO multiple of 6.73x in 2026Q1 reflects a significant discount compared to broader healthcare REIT peers, suggesting that investors are pricing in substantial execution risk rather than viewing the current valuation as a compelling entry point for long-term value realization.
The lack of a stable FFO base makes traditional valuation multiples like P/FFO highly unreliable for DHC. Investors should monitor whether the current discount to NAV is a reflection of the external management structure or a realistic assessment of the underlying asset quality in the SHOP segment.
Based on reported financial statements, DHC's NOI margin of -13.6% in 2026Q1 highlights a severe inability to cover property-level operating expenses, which suggests that the current business model is failing to generate positive returns from its senior housing operating portfolio despite ongoing efforts to stabilize occupancy.
The transition from positive margins in mid-2025 to negative territory in 2026 suggests that inflationary pressures on labor and operating costs are outpacing revenue growth. This trend implies that the company may require a fundamental shift in its operational strategy to achieve break-even status.
As reported in recent filings, the FFO payout ratio of 12.3% in 2026Q1 appears misleadingly low, as it masks the underlying reality that the company is failing to generate positive AFFO, thereby rendering the current dividend distribution unsustainable without relying on external capital or further balance sheet erosion.
Investors should be wary of interpreting the low payout ratio as a sign of dividend safety. Given the persistent negative AFFO, the dividend appears to be a legacy commitment that continues to drain cash resources that are critically needed for property-level maintenance and debt reduction.
Based on the latest quarterly data, DHC's debt-to-equity ratio of 1.45x in 2025Q4, combined with a negative interest coverage ratio of -0.15 in 2026Q1, indicates a precarious financial position that leaves the company highly vulnerable to interest rate volatility and potential liquidity constraints in the near term.
The inability to cover interest expenses with operating cash flow suggests that the company is effectively borrowing to sustain operations. This reliance on debt to bridge the gap between cash inflows and outflows warrants close monitoring by stakeholders concerned with long-term solvency.
The most commonly misapplied metric for DHC is the standard P/E ratio, which obscures the company's true economic performance by including non-cash depreciation charges that are disproportionately high for a REIT, thereby failing to reflect the actual cash-generating capacity of the underlying healthcare real estate portfolio.
Analysts should prioritize FFO and AFFO over GAAP earnings to account for the significant depreciation inherent in healthcare facilities. Relying on P/E in this context leads to a distorted view of valuation, as it ignores the capital-intensive nature of maintaining senior housing and medical office assets.
Includes 30+ ratios · 28 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DHC stock.
Diversified Healthcare Trust's current P/E ratio is -8.0x. The historical average is 21.0x.
Diversified Healthcare Trust's current EV/EBITDA is 20.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
Diversified Healthcare Trust's return on equity (ROE) is -15.8%. The historical average is 2.9%.
Based on historical data, Diversified Healthcare Trust is trading at a P/E of -8.0x. Compare with industry peers and growth rates for a complete picture.
Diversified Healthcare Trust's current dividend yield is 0.42%.
Diversified Healthcare Trust has -16.0% gross margin and -2.6% operating margin.
Diversified Healthcare Trust's Debt/EBITDA ratio is 10.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.