Latest Ratios: P/E Ratio 20.4x · EV/EBITDA 16.2x · ROE 7.3%. (2013–2025 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 | $2.4B | $2.4B | $2.6B | $2.2B | $2.1B | $2.3B | $2.1B | $1.9B | $1.7B | $1.6B | $1.2B |
| Enterprise Value | $3.6B | $3.6B | $3.7B | $3.3B | $3.1B | $3.1B | $2.9B | $2.6B | $2.2B | $2.0B | $1.6B |
| P/E Ratio → | 20.40 | 21.16 | 25.36 | 23.64 | 21.61 | 26.50 | 27.56 | 26.59 | 20.47 | 21.78 | 7.80 |
| P/S Ratio | 8.30 | 8.07 | 9.52 | 8.96 | 9.50 | 11.33 | 12.47 | 12.07 | 11.74 | 11.71 | 9.86 |
| P/B Ratio | 1.40 | 1.45 | 1.76 | 1.78 | 1.86 | 2.34 | 2.52 | 2.66 | 2.41 | 2.99 | 2.60 |
| P/FCF | 12.69 | 12.35 | 17.72 | 13.60 | 14.94 | 18.46 | 23.31 | 18.48 | — | — | — |
| P/OCF | 12.69 | 12.35 | 17.72 | 13.60 | 14.94 | 18.46 | 23.31 | 18.48 | 20.86 | 19.76 | 17.23 |
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 | — | 12.15 | 13.77 | 13.36 | 13.87 | 15.74 | 16.87 | 16.25 | 15.39 | 15.10 | 13.18 |
| EV / EBITDA | 16.23 | 15.93 | 18.13 | 17.84 | 18.50 | 20.63 | 21.15 | 20.82 | 15.55 | 17.72 | 15.08 |
| EV / EBIT | 22.21 | 21.70 | 24.59 | 23.88 | 23.01 | 26.65 | 26.93 | 26.11 | 21.43 | 22.02 | 17.90 |
| EV / FCF | — | 18.58 | 25.62 | 20.28 | 21.80 | 25.64 | 31.52 | 24.88 | — | — | — |
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 | 95.4% | 95.4% | 84.9% | 83.9% | 84.0% | 85.2% | 88.5% | 86.8% | 86.8% | 86.0% | 85.6% |
| Operating Margin | 55.7% | 55.7% | 55.6% | 54.6% | 56.4% | 58.9% | 62.5% | 61.6% | 60.6% | 45.8% | 48.2% |
| Net Profit Margin | 38.2% | 38.2% | 37.5% | 38.0% | 43.8% | 42.9% | 45.2% | 45.3% | 57.4% | 53.6% | 126.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.3% | 7.3% | 7.4% | 8.0% | 9.3% | 9.5% | 9.8% | 10.2% | 13.5% | 14.4% | 34.4% |
| ROA | 4.0% | 4.0% | 3.9% | 4.1% | 4.8% | 4.8% | 5.0% | 5.2% | 6.8% | 7.1% | 16.8% |
| ROIC | 4.5% | 4.5% | 4.5% | 4.6% | 4.8% | 5.1% | 5.4% | 5.7% | 5.9% | 4.9% | 5.5% |
| ROCE | 6.0% | 6.0% | 6.0% | 6.0% | 6.3% | 6.7% | 7.0% | 7.2% | 7.4% | 6.2% | 6.5% |
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 | 0.74 | 0.74 | 0.79 | 0.89 | 0.88 | 0.92 | 0.90 | 0.93 | 0.88 | 0.99 | 0.93 |
| Debt / EBITDA | 5.40 | 5.40 | 5.61 | 5.96 | 5.98 | 5.82 | 5.59 | 5.39 | 4.33 | 4.54 | 4.05 |
| Net Debt / Equity | — | 0.73 | 0.79 | 0.87 | 0.86 | 0.91 | 0.89 | 0.92 | 0.75 | 0.86 | 0.88 |
| Net Debt / EBITDA | 5.34 | 5.34 | 5.59 | 5.87 | 5.82 | 5.78 | 5.51 | 5.35 | 3.69 | 3.98 | 3.80 |
| Debt / FCF | — | 6.23 | 7.90 | 6.68 | 6.86 | 7.18 | 8.21 | 6.39 | — | — | — |
| Interest Coverage | 3.17 | 3.17 | 3.05 | 3.14 | 3.70 | 3.62 | 3.66 | 3.76 | 5.17 | 4.69 | 6.16 |
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 | 0.30 | 0.30 | 0.20 | 0.61 | 0.85 | 0.30 | 0.51 | 0.31 | 3.99 | 2.57 | 1.84 |
| Quick Ratio | 0.29 | 0.29 | 0.19 | 0.61 | 0.69 | 0.29 | 0.43 | 0.30 | 3.99 | 2.57 | 1.82 |
| Cash Ratio | 0.17 | 0.17 | 0.08 | 0.33 | 0.56 | 0.15 | 0.29 | 0.15 | 3.80 | 2.30 | 1.84 |
| Asset Turnover | — | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.11 | 0.11 | 0.12 | 0.13 |
| Inventory Turnover | 55.12 | 55.12 | 183.71 | 169.15 | 4.59 | 117.47 | 6.65 | 108.22 | 103.90 | 100.28 | 88.38 |
| 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 | 6.3% | 6.1% | 5.0% | 5.3% | 5.1% | 4.3% | 4.0% | 4.1% | 4.1% | 3.8% | 9.9% |
| Payout Ratio | 128.1% | 128.1% | 127.5% | 125.6% | 110.0% | 113.2% | 111.6% | 108.1% | 84.3% | 82.2% | 77.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.9% | 4.7% | 3.9% | 4.2% | 4.6% | 3.8% | 3.6% | 3.8% | 4.9% | 4.6% | 12.8% |
| FCF Yield | 7.9% | 8.1% | 5.6% | 7.4% | 6.7% | 5.4% | 4.3% | 5.4% | — | — | — |
| 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 | 6.3% | 6.1% | 5.0% | 5.3% | 5.1% | 4.3% | 4.0% | 4.1% | 4.1% | 3.8% | 9.9% |
| Shares Outstanding | — | $103M | $94M | $89M | $82M | $77M | $72M | $69M | $64M | $61M | $60M |
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying FCPT stock.
Four Corners Property Trust, Inc.'s current P/E ratio is 20.4x. The historical average is 22.2x. This places it at the 10th percentile of its historical range.
Four Corners Property Trust, Inc.'s current EV/EBITDA is 16.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.1x.
Four Corners Property Trust, Inc.'s return on equity (ROE) is 7.3%. The historical average is 9.8%.
Based on historical data, Four Corners Property Trust, Inc. is trading at a P/E of 20.4x. This is at the 10th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Four Corners Property Trust, Inc.'s current dividend yield is 6.29% with a payout ratio of 128.1%.
Four Corners Property Trust, Inc. has 95.4% gross margin and 55.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Four Corners Property Trust, Inc.'s Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
FFO volatility from one-time items
Metrics are mathematically derived from official filings.
P/FFO Compression Signals Relative Value
FCPT's P/FFO has compressed from 15.32 in 2025Q4 to 14.80 in 2026Q2, trading at a discount to peers like NNN and EPRT, according to reported quarterly data.
The implied cap rate, derived from NOI and enterprise value, appears attractive relative to private market transactions, suggesting the market may be pricing in slower growth or higher risk. However, the recent FFO volatility in 2026Q2 warrants caution, as the P/FFO may be distorted by one-time items. Investors should monitor whether the discount narrows as FFO normalizes.
NOI Margin Expansion Drives Profitability
NOI margin improved to 95.4% in 2026Q2 from 84.0% in 2024Q1, reflecting strong property-level efficiency, as reported in FCPT's financial statements.
The margin expansion suggests that FCPT is effectively controlling property operating expenses while growing rental income. However, FFO per share has remained flat at $0.41-$0.43 over the last five quarters, indicating that revenue growth is being offset by dilution from equity issuance. This implies that profitability gains are not translating into per-share growth, which investors should weigh against the strong NOI performance.
Payout Ratio Creeps Higher, Coverage Thins
FFO payout ratio rose from 80.9% in 2024Q3 to 85.1% in 2026Q1, leaving a thinner cushion for dividend sustainability, based on FCPT's reported cash flow data.
The rising payout ratio suggests that FCPT is retaining less cash flow, which could limit its ability to fund acquisitions or reduce debt. While the dividend yield of 5.5% is attractive, the coverage is tightening, and any further FFO volatility could pressure the dividend. Investors should monitor whether the payout ratio stabilizes or continues to climb.
Leverage Declines, Coverage Improves
Debt-to-equity fell from 1.35 in 2024Q2 to 0.73 in 2026Q1, while interest coverage improved to 3.32, indicating a healthier balance sheet, as per FCPT's balance sheet data.
The significant deleveraging, driven by debt reduction and equity growth, strengthens FCPT's financial flexibility. However, the interest coverage ratio dipped to -0.24 in 2025Q4, likely due to a one-time item, but has since recovered. The fixed-rate exposure and maturity profile are not disclosed, but the overall trend suggests reduced refinancing risk. Investors should note that the debt-to-gross-assets metric, which is more relevant for REITs, appears favorable given the asset base expansion.
Occupancy and G&A Efficiency Support Stability
FCPT's NOI has grown steadily from $55.8M in 2024Q1 to $74.8M in 2026Q2, indicating stable property performance, as reported in quarterly filings.
The consistent NOI growth suggests high occupancy and effective cost management, though specific occupancy rates are not provided. The G&A cost efficiency appears strong, as NOI margins remain above 95%, implying minimal overhead drag. However, the concentration in retail properties, particularly restaurants, may expose FCPT to sector-specific risks, such as e-commerce competition or consumer spending shifts. Investors should monitor tenant credit quality and lease expirations.
P/E Misleads Due to Depreciation
Standard P/E of 23.13 is distorted by depreciation, which understates earnings; P/FFO of 14.80 is the appropriate metric, as per FCPT's reported financials.
For REITs, depreciation is a non-cash charge that reduces GAAP net income but does not reflect property value changes. FCPT's P/E is therefore misleading, as it appears elevated relative to the P/FFO. Investors should use P/FFO or P/AFFO to assess valuation, and also consider the implied cap rate. Additionally, FFO ignores maintenance capex, so AFFO would provide a more conservative view of distributable cash flow, though AFFO data is unavailable.