Latest Ratios: P/E Ratio 22.1x · EV/EBITDA 16.9x · ROE 11.9%. (1996–2025 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 | $9.7B | $8.7B | $9.4B | $8.4B | $8.1B | $10.5B | $6.4B | $9.6B | $8.7B | $9.6B | $10.1B |
| Enterprise Value | $14.6B | $13.6B | $13.8B | $12.8B | $12.5B | $14.6B | $10.1B | $13.0B | $11.8B | $12.9B | $12.9B |
| P/E Ratio → | 22.11 | 21.04 | 32.73 | 36.80 | 21.45 | 41.82 | 52.54 | 27.92 | 37.12 | 33.45 | 40.60 |
| P/S Ratio | 7.19 | 6.77 | 7.78 | 7.40 | 7.57 | 11.09 | 7.69 | 10.29 | 9.45 | 11.19 | 12.60 |
| P/B Ratio | 2.76 | 2.47 | 2.73 | 2.60 | 2.53 | 3.67 | 2.39 | 3.47 | 3.32 | 3.79 | 4.55 |
| P/FCF | 25.91 | 26.14 | 28.54 | 34.24 | 81.29 | 342.01 | — | 185.06 | 58.29 | — | — |
| P/OCF | 15.63 | 13.90 | 16.28 | 15.08 | 15.74 | 22.38 | 17.38 | 20.84 | 16.75 | 20.89 | 24.08 |
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 | — | 10.62 | 11.47 | 11.32 | 11.66 | 15.32 | 12.05 | 13.89 | 12.91 | 15.05 | 16.06 |
| EV / EBITDA | 16.95 | 16.41 | 16.92 | 17.60 | 15.11 | 21.60 | 18.48 | 18.29 | 19.50 | 20.60 | 25.01 |
| EV / EBIT | 31.87 | 22.45 | 28.75 | 30.88 | 23.51 | 36.74 | 36.98 | 27.65 | 32.90 | 32.42 | 40.05 |
| EV / FCF | — | 41.01 | 42.08 | 52.37 | 125.15 | 472.69 | — | 249.95 | 79.62 | — | — |
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 | 9.7% | 9.7% | 67.4% | 67.9% | 66.8% | 66.7% | 65.3% | 68.1% | 68.6% | 68.2% | 68.4% |
| Operating Margin | 35.9% | 35.9% | 39.3% | 35.9% | 49.0% | 41.5% | 34.7% | 50.3% | 39.5% | 47.8% | 40.0% |
| Net Profit Margin | 32.1% | 32.1% | 24.6% | 20.9% | 35.9% | 27.5% | 15.8% | 37.8% | 26.4% | 33.8% | 31.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.9% | 11.9% | 8.9% | 7.4% | 12.7% | 9.4% | 4.8% | 13.2% | 9.4% | 12.2% | 12.1% |
| ROA | 4.7% | 4.7% | 3.5% | 2.8% | 4.9% | 3.4% | 1.8% | 5.4% | 3.9% | 5.0% | 4.8% |
| ROIC | 4.2% | 4.2% | 4.6% | 4.0% | 5.4% | 4.5% | 3.5% | 5.9% | 4.7% | 5.7% | 5.0% |
| ROCE | 5.4% | 5.4% | 5.8% | 5.1% | 6.9% | 5.4% | 4.2% | 7.6% | 6.0% | 7.4% | 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 | 1.44 | 1.44 | 1.33 | 1.45 | 1.39 | 1.46 | 1.65 | 1.26 | 1.24 | 1.31 | 1.26 |
| Debt / EBITDA | 6.08 | 6.08 | 5.60 | 6.44 | 5.40 | 6.21 | 8.15 | 4.93 | 5.33 | 5.31 | 5.44 |
| Net Debt / Equity | — | 1.41 | 1.30 | 1.38 | 1.37 | 1.40 | 1.35 | 1.22 | 1.22 | 1.31 | 1.25 |
| Net Debt / EBITDA | 5.95 | 5.95 | 5.45 | 6.09 | 5.30 | 5.97 | 6.68 | 4.75 | 5.22 | 5.29 | 5.39 |
| Debt / FCF | — | 14.86 | 13.54 | 18.13 | 43.86 | 130.69 | — | 64.89 | 21.32 | — | — |
| Interest Coverage | 3.34 | 3.34 | 2.73 | 2.47 | 3.89 | 3.11 | 2.00 | 4.29 | 3.26 | 3.97 | 3.38 |
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 | 1.02 | 1.02 | 1.16 | 1.55 | 0.95 | 0.98 | 3.00 | 0.87 | 0.86 | 0.88 | 0.59 |
| Quick Ratio | 1.02 | 1.02 | 1.16 | 1.55 | 0.95 | 0.98 | 3.00 | 0.87 | 0.86 | 0.88 | 0.59 |
| Cash Ratio | 0.31 | 0.31 | 0.40 | 0.84 | 0.28 | 0.47 | 2.40 | 0.36 | 0.23 | 0.05 | 0.08 |
| Asset Turnover | — | 0.14 | 0.14 | 0.13 | 0.13 | 0.12 | 0.11 | 0.14 | 0.15 | 0.14 | 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 | 4.0% | 4.5% | 4.0% | 4.3% | 4.3% | 3.2% | 5.0% | 3.3% | 3.5% | 2.9% | 2.7% |
| Payout Ratio | 94.4% | 94.4% | 125.9% | 151.6% | 90.1% | 128.4% | 246.5% | 88.6% | 124.5% | 97.6% | 107.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 4.8% | 3.1% | 2.7% | 4.7% | 2.4% | 1.9% | 3.6% | 2.7% | 3.0% | 2.5% |
| FCF Yield | 3.9% | 3.8% | 3.5% | 2.9% | 1.2% | 0.3% | — | 0.5% | 1.7% | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.1% | 4.5% | 4.0% | 4.3% | 4.3% | 3.2% | 5.1% | 3.3% | 3.5% | 3.0% | 2.7% |
| Shares Outstanding | — | $86M | $84M | $81M | $81M | $77M | $76M | $75M | $73M | $72M | $71M |
Includes 30+ ratios · 30 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 FRT stock.
Federal Realty Investment Trust's current P/E ratio is 22.1x. The historical average is 33.7x. This places it at the 17th percentile of its historical range.
Federal Realty Investment Trust's current EV/EBITDA is 16.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.1x.
Federal Realty Investment Trust's return on equity (ROE) is 11.9%. The historical average is 11.0%.
Based on historical data, Federal Realty Investment Trust is trading at a P/E of 22.1x. This is at the 17th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Federal Realty Investment Trust's current dividend yield is 4.01% with a payout ratio of 94.4%.
Federal Realty Investment Trust has 9.7% gross margin and 35.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Federal Realty Investment Trust's Debt/EBITDA ratio is 6.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
AFFO volatility and leverage pressure
Metrics are mathematically derived from official filings.
Premium Multiple Lacks FFO Support
Based on the supplied valuation metrics, FRT trades at a P/E of 23.64 and EV/EBITDA of 17.77, while P/FFO is unavailable, leaving the REIT-appropriate multiple unverified and making the premium harder to justify on cash-based earnings.
The reported P/FFO has been reported as 40 to 42 across the ten-quarter window, which the data implies sits well above peers, though the valuation summary itself leaves P/FFO blank. Headline P/E of 23.64 is distorted by depreciation and non-cash items and should not anchor the valuation. Investors should treat the apparent scarcity premium as a claim that warrants verification against implied cap rate and private transaction benchmarks.
NOI Margin Steady Despite Q4 Anomaly
As reported in the quarterly ratio data, FRT's NOI margin held between roughly 66% and 71% across most periods, though Q4 2025's 9.1% reading appears to be a data or accounting discontinuity rather than operating deterioration.
Outside the Q4 2025 print, the consistency of the NOI margin suggests a stable property-level cost structure, supported by the high-quality coastal portfolio. The sharp outlier should be verified before drawing conclusions about underlying operating efficiency. Growth in FFO per share appears lumpy, so organic versus acquisition-driven contribution cannot be confirmed from the supplied data.
FFO Payout Swings Expose Coverage Timing
Based on EDBL's reported ratios, FRT's FFO payout ratio ranged from 38.4% in Q1 2026 to 106.5% in Q2 2026, indicating that single-quarter coverage is a poor guide to dividend sustainability.
Payout ratios averaging near 50 to 60 percent across most quarters would ordinarily suggest adequate retained cash flow, yet the Q2 2026 spike above 100% suggests the dividend was not fully covered by FFO that quarter. The AFFO per share reading of negative 0.40 in that period reinforces this concern. Sustainability should be judged on trailing multi-quarter AFFO rather than any individual reading.
Debt-to-Equity Stable but Coverage Thin
According to recent SEC filings as summarized in the ratio data, FRT's debt-to-equity held in a narrow 1.31 to 1.44 band, while interest coverage moved between 2.37 and 4.59 times, suggesting leverage is steady but interest burden is meaningful.
Debt-to-equity of this level, measured against book equity rather than gross assets, is not the appropriate REIT leverage metric and likely understates or distorts true leverage. Coverage in the 2.4x to 2.8x range during several recent quarters leaves limited room for rate increases on refinanced debt. Debt maturity and fixed-rate exposure are not supplied, so refinancing risk cannot be fully assessed.
Free Cash Flow Margins Volatile Quarter to Quarter
Based on reported quarterly figures, FRT's FCF margin ranged from 15.1% to 84.4% over the window, a dispersion that suggests capital deployment timing rather than structural cash generation drives the reported figures.
Such wide swings in free cash flow margin are consistent with lumpy development spending and variable recurring capital requirements in a mixed-use portfolio. Occupancy trends, G&A efficiency, and geographic concentration in Washington D.C. and California are not quantified in the supplied data, so portfolio quality can only be partially inferred. Investors should monitor whether the high-income coastal positioning continues to support leasing spreads.
P/E Distorted Where P/FFO Belongs
The most commonly misapplied ratio for FRT is standard P/E, which at 23.64 is distorted by real estate depreciation and non-cash gains, obscuring the cash earnings base that P/FFO or P/AFFO would reveal.
P/E penalizes a REIT for depreciation that often does not reflect actual economic decline in well-located properties, while gains on sale can inflate net income in individual periods. Net income swings between quarters in the supplied data reinforce this distortion. P/AFFO, computed on a normalized recurring cash basis, and implied cap rate on NOI over enterprise value would provide a more reliable valuation framework for this REIT.