Latest Ratios: P/E Ratio 21.7x · EV/EBITDA 15.6x · 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 | $2.6B | $2.4B | $2.6B | $2.2B | $2.1B | $2.3B | $2.1B | $1.9B | $1.7B | $1.6B | $1.2B |
| Enterprise Value | $3.8B | $3.6B | $3.7B | $3.3B | $3.1B | $3.1B | $2.9B | $2.6B | $2.2B | $2.0B | $1.6B |
| P/E Ratio → | 21.68 | 21.16 | 25.36 | 23.64 | 21.61 | 26.50 | 27.56 | 26.59 | 20.47 | 21.78 | 7.80 |
| P/S Ratio | 8.13 | 8.07 | 9.52 | 8.96 | 9.50 | 11.33 | 12.47 | 12.07 | 11.74 | 11.71 | 9.86 |
| P/B Ratio | 1.48 | 1.45 | 1.76 | 1.78 | 1.86 | 2.34 | 2.52 | 2.66 | 2.41 | 2.99 | 2.60 |
| P/FCF | 12.41 | 12.35 | 17.72 | 13.60 | 14.94 | 18.46 | 23.31 | 18.48 | — | — | — |
| P/OCF | 13.36 | 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 | 15.56 | 15.99 | 18.13 | 17.84 | 18.50 | 20.63 | 21.15 | 20.82 | 20.19 | 24.28 | 20.34 |
| EV / EBIT | 22.99 | 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 | 5.42 | 5.42 | 5.61 | 5.96 | 5.98 | 5.82 | 5.59 | 5.39 | 5.63 | 6.22 | 5.46 |
| 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 | 5.36 | 5.36 | 5.59 | 5.87 | 5.82 | 5.78 | 5.51 | 5.35 | 4.78 | 5.45 | 5.13 |
| 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 | 6.0% | 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 | 4.6% | 4.7% | 3.9% | 4.2% | 4.6% | 3.8% | 3.6% | 3.8% | 4.9% | 4.6% | 12.8% |
| FCF Yield | 8.1% | 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 | 6.0% | 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 21.7x. The historical average is 22.2x. This places it at the 40th percentile of its historical range.
Four Corners Property Trust, Inc.'s current EV/EBITDA is 15.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.8x.
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 21.7x. This is at the 40th 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 5.97% 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
Dividend coverage pressure from AFFO shortfall
Metrics are mathematically derived from official filings.
Premium Multiple Rests on Acquisition Growth
Based on reported figures, FCPT trades at roughly 14.9x to 15.3x P/FFO in recent quarters, a multiple that sits above its own 2024 range of 13.7x to 14.9x and implies the market is paying for continued accretive acquisitions.
P/AFFO is unavailable in the supplied data, so the valuation rests on P/FFO and a P/E of 21.5x that is distorted by real estate depreciation and should not be read as a clean earnings multiple. The modest expansion in P/FFO alongside flat per-share FFO of $0.41 to $0.43 suggests the premium reflects expectations of future growth rather than current earnings momentum. Investors should monitor whether acquisition cap rates keep pace with the cost of capital, since a narrowing spread would likely compress the justified multiple.
Payout Ratio Exceeds Sustainable Coverage
As reported in financial statements, FCPT's FFO payout ratio reached 141.0% in 2026Q3, up from roughly 81% to 87% in earlier 2025 and early 2026 quarters, indicating distributions exceeded recurring cash earnings in the latest period.
AFFO per share is not supplied, so the AFFO payout ratio cannot be verified, but the rising FFO payout trend suggests coverage has tightened materially. A payout above 100% of FFO leaves little room for error and may indicate reliance on debt or equity issuance to fund distributions. The 6.0% dividend yield may look attractive, but it warrants scrutiny given the deteriorating coverage trajectory.
Leverage Data Inconsistent Across Periods
Based on FCPT's reported figures, debt-to-equity fell from 1.35 in 2024Q2 to 0.73 in 2026Q1 before rising to 0.96 in 2026Q3, while interest coverage compressed from roughly 3.0x to 2.7x over the same window.
The debt-to-equity series is not a true debt-to-gross-assets measure and the book-equity denominator can distort the picture, so the ratio should be treated as directional rather than definitive. Interest coverage has drifted lower, and the most recent 2.69x reading leaves a narrower cushion against rising rates or tenant credit stress. Investors should monitor debt maturity schedules and fixed-rate exposure, which are not disclosed in the supplied data.
NOI Margin Volatility Limits Read-Through
As reported in financial statements, FCPT's NOI margin swung between 84.7% and 105.7% across the period, with the 2025Q2 figure exceeding 100%, suggesting timing or non-recurring items affect the property-level line.
A margin above 100% is not economically meaningful for a triple-net lessor and points to classification or one-time items rather than operating performance. Based on the reported range, the underlying NOI margin appears to cluster near the mid-90% area in most quarters, consistent with a net-lease structure. ROE of roughly 1.8% to 2.0% indicates that acquisition-driven asset growth has not yet translated into meaningful returns on book equity.
Price-to-Book Misleads on Net-Lease REITs
Standard P/E of 21.5x is distorted by heavy real estate depreciation, and a book-value multiple of 1.48x ignores the market value of the land-rich outparcel portfolio that drives FCPT's asset backing.
P/E understates cash earnings power because depreciation reduces reported net income far below FFO, making the 21.5x multiple look more expensive than the underlying cash-generating economics. Debt-to-equity similarly relies on book equity rather than gross real estate value, which may overstate leverage for a company whose assets are carried at depreciated cost. Analysts should instead anchor on P/FFO, AFFO payout, and an implied cap rate derived from NOI relative to enterprise value to assess valuation.