Latest Ratios: P/E Ratio 22.8x · EV/EBITDA 17.4x · 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 | $9.5B | $8.7B | $9.4B | $8.4B | $8.1B | $10.5B | $6.4B | $9.6B | $8.7B | $9.6B | $10.1B |
| Enterprise Value | $14.4B | $13.6B | $13.8B | $12.8B | $12.5B | $14.6B | $10.1B | $13.0B | $11.8B | $12.9B | $12.9B |
| P/E Ratio → | 22.84 | 21.04 | 32.73 | 36.80 | 21.45 | 41.82 | 52.54 | 27.92 | 37.12 | 33.45 | 40.60 |
| P/S Ratio | 7.39 | 6.77 | 7.78 | 7.40 | 7.57 | 11.09 | 7.69 | 10.29 | 9.45 | 11.19 | 12.60 |
| P/B Ratio | 2.68 | 2.47 | 2.73 | 2.60 | 2.53 | 3.67 | 2.39 | 3.47 | 3.32 | 3.79 | 4.55 |
| P/FCF | 28.55 | 26.14 | 28.54 | 34.24 | 81.29 | 342.01 | — | 185.06 | 58.29 | — | — |
| P/OCF | 15.18 | 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 | 17.37 | 16.41 | 16.92 | 17.60 | 15.11 | 21.60 | 18.48 | 18.29 | 19.50 | 20.60 | 25.01 |
| EV / EBIT | 31.27 | 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 | 4.1% | 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 | 4.4% | 4.8% | 3.1% | 2.7% | 4.7% | 2.4% | 1.9% | 3.6% | 2.7% | 3.0% | 2.5% |
| FCF Yield | 3.5% | 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 | 4.2% | 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
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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 22.8x. The historical average is 33.7x. This places it at the 20th percentile of its historical range.
Federal Realty Investment Trust's current EV/EBITDA is 17.4x. 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 22.8x. This is at the 20th 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 4.13% 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
Interest rate and construction cost pressure
Metrics are mathematically derived from official filings.
Scarcity Premium Persists in Multiples
FRT's P/FFO of 41.98 in Q2 2026, per reported data, sits well above retail peers REG and KIM, reflecting a scarcity premium for irreplaceable mixed-use assets.
The implied cap rate, derived from NOI and enterprise value, remains below typical retail transactions, suggesting the market capitalizes FRT's cash flows at a premium due to the perceived durability of its coastal urban nodes. This premium appears justified by the 54-year dividend streak and high barriers to entry, but investors should monitor whether the gap to peers like KIM narrows, which could signal a de-rating of the mixed-use strategy.
NOI Margin Strength Masks Volatility
NOI margin averaged 68.5% over the last four quarters, per financial statements, with Q2 2026 at 69.1%, indicating robust property-level profitability despite FFO per share swings.
The stability in NOI margins, despite quarterly FFO volatility, suggests that core operations are healthy and that earnings fluctuations stem from non-operating items or timing. The 9.1% NOI margin in 2025Q4 appears anomalous, likely due to a data artifact or one-time charges, and warrants verification. The consistent high-60s margins reflect strong tenant recovery ratios and the contribution of residential and office components, which enhance the overall yield on the same land footprint.
Payout Ratio Signals Ample Coverage
FFO payout ratio improved to 53.3% in Q2 2026, per reported figures, down from 65.6% in 2024Q1, indicating a widening safety margin for the 54-year dividend streak.
The AFFO payout ratio, though not directly provided, appears even more conservative given the strong AFFO per share of $1.41 in Q2 2026. This suggests that FRT retains a significant portion of its cash flow to fund redevelopment and expansion, aligning with its growth strategy. However, the volatility in FFO per share, which swung from $2.98 in Q1 2026 to $2.16 in Q2, implies that the payout ratio can fluctuate; investors should monitor whether the dividend is maintained at the expense of necessary reinvestment during downturns.
Leverage Creeps Higher, Still Manageable
Debt-to-equity rose to 1.34 in Q2 2026 from 1.33 a year earlier, per balance sheet data, while interest coverage of 2.80x suggests adequate but not robust debt service capacity.
The increase in leverage is consistent with the expansion of the development pipeline, as total debt grew to $4.9B. Interest coverage of 2.80x in Q2 2026 is lower than the 4.59x seen in 2025Q2, reflecting higher interest costs and variable earnings. The company's long-term fixed-rate debt ladder and low debt-to-gross-assets ratio (implied by the D/E) provide a cushion, but the capitalized interest during construction may understate true interest expense, warranting a closer look at the effective cost of debt.
Occupancy and G&A Efficiency Support Stability
With NOI margins consistently above 66% and a diversified mixed-use portfolio, FRT's portfolio quality appears strong, though geographic concentration in DC and California remains a vulnerability.
The high NOI margins suggest efficient cost management and strong tenant demand, likely supported by high occupancy rates in irreplaceable locations. However, the concentration of NOI in the DC metro area (approximately 30%) and other coastal hubs exposes FRT to white-collar employment cycles and potential remote work shifts. G&A efficiency, while not directly provided, appears consistent with the stable margins, but investors should monitor small shop occupancy and tenant sales PSF as leading indicators of portfolio health.
P/E Misleads on Depreciation Distortion
Standard P/E of 25.81, per market data, is distorted by non-cash depreciation, obscuring FRT's true earnings power; P/FFO or P/AFFO are the appropriate valuation metrics.
GAAP net income is significantly lower than FFO due to depreciation charges, making P/E appear higher than the economic reality. For REITs, P/FFO and P/AFFO are the standard metrics, and FRT's P/FFO of 41.98 indicates a premium valuation that reflects the quality of its assets. Additionally, the reported net margin of 32.15% in Q2 2026 appears inflated by one-time gains, further underscoring the need to focus on recurring FFO and AFFO when assessing earnings quality and dividend sustainability.