Latest Ratios: P/E Ratio -1.2x · EV/EBITDA 7.9x · ROE -7.1%. (1999–2025 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 | $56M | $98M | $189M | $265M | $282M | $635M | $469M | $918M | $668M | $1.2B | $1.3B |
| Enterprise Value | $274M | $316M | $396M | $544M | $691M | $1.1B | $1.4B | $1.9B | $1.6B | $2.2B | $2.4B |
| P/E Ratio → | -1.25 | — | — | — | 257.55 | 6.84 | 14.57 | 141.72 | 51.92 | — | 162.00 |
| P/S Ratio | 0.52 | 0.92 | 1.58 | 1.82 | 1.70 | 3.03 | 1.91 | 3.41 | 2.48 | 4.22 | 5.33 |
| P/B Ratio | 0.09 | 0.16 | 0.29 | 0.37 | 0.37 | 0.81 | 0.61 | 1.17 | 0.37 | 0.60 | 0.66 |
| P/FCF | — | — | — | — | — | — | — | 82.18 | 22.92 | 27.67 | — |
| P/OCF | 14.83 | 26.23 | 21.08 | 14.81 | 18.52 | 17.45 | 6.85 | 11.21 | 8.33 | 12.01 | 14.12 |
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 | — | 2.95 | 3.30 | 3.73 | 4.17 | 5.16 | 5.72 | 6.98 | 6.12 | 8.01 | 9.48 |
| EV / EBITDA | 7.94 | 9.18 | 9.56 | 9.67 | 10.47 | 11.50 | 8.77 | 8.62 | 11.62 | 15.11 | 17.88 |
| EV / EBIT | — | — | — | — | 28.68 | 8.63 | 20.40 | 43.15 | 36.55 | 106.79 | 67.02 |
| EV / FCF | — | — | — | — | — | — | — | 168.08 | 56.44 | 52.46 | — |
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 | 43.8% | 43.8% | 43.6% | 46.5% | 47.2% | 51.3% | 53.1% | 55.3% | 56.6% | 57.1% | 57.8% |
| Operating Margin | -7.6% | -7.6% | -5.2% | -0.7% | 0.3% | 6.2% | — | 50.0% | 16.7% | 15.0% | 14.9% |
| Net Profit Margin | -42.0% | -42.0% | -43.9% | -33.0% | 0.7% | 44.3% | 13.3% | 2.4% | 4.9% | -5.8% | 3.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.1% | -7.1% | -7.7% | -6.5% | 0.1% | 12.0% | 4.2% | 0.5% | 0.7% | -0.8% | 0.6% |
| ROA | -4.9% | -4.9% | -5.0% | -4.0% | 0.1% | 5.9% | 1.8% | 0.3% | 0.7% | -0.8% | 0.4% |
| ROIC | -0.7% | -0.7% | -0.5% | -0.1% | 0.0% | 0.7% | — | 4.4% | 1.2% | 1.0% | 1.1% |
| ROCE | -0.9% | -0.9% | -0.7% | -0.1% | 0.0% | 0.9% | — | 7.5% | 2.4% | 2.1% | 1.9% |
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 | 0.41 | 0.41 | 0.38 | 0.57 | 0.54 | 0.61 | 1.22 | 1.23 | 0.54 | 0.55 | 0.52 |
| Debt / EBITDA | 7.21 | 7.21 | 5.98 | 7.20 | 6.25 | 5.11 | 5.86 | 4.45 | 6.98 | 7.21 | 7.89 |
| Net Debt / Equity | — | 0.36 | 0.31 | 0.39 | 0.53 | 0.57 | 1.22 | 1.22 | 0.54 | 0.54 | 0.52 |
| Net Debt / EBITDA | 6.32 | 6.32 | 4.99 | 4.97 | 6.20 | 4.74 | 5.85 | 4.40 | 6.90 | 7.14 | 7.82 |
| Debt / FCF | — | — | — | — | — | — | — | 85.89 | 33.52 | 24.79 | — |
| Interest Coverage | -0.81 | -0.81 | -0.99 | -0.97 | 1.06 | 3.88 | 1.91 | 1.18 | 1.17 | 0.63 | 1.33 |
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 | 2.43 | 2.43 | 2.17 | 1.52 | 1.18 | 0.98 | 1.05 | — | 2.54 | 2.40 | 2.69 |
| Quick Ratio | 2.43 | 2.43 | 2.17 | 1.52 | 1.18 | 0.98 | 1.05 | — | 2.79 | 2.62 | 2.92 |
| Cash Ratio | 1.06 | 1.06 | 1.09 | 0.78 | 0.07 | 0.36 | 0.03 | 0.12 | 0.19 | 0.16 | 0.16 |
| Asset Turnover | — | 0.12 | 0.13 | 0.12 | 0.13 | 0.15 | 0.14 | 0.15 | 0.14 | 0.14 | 0.12 |
| 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 | — | — | 2.2% | 1.6% | 19.1% | 6.1% | 8.2% | 4.2% | 7.4% | 7.1% | 5.8% |
| Payout Ratio | — | — | — | — | 4934.9% | 41.5% | 118.4% | 596.2% | 377.4% | — | 924.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 0.4% | 14.6% | 6.9% | 0.7% | 1.9% | — | 0.6% |
| FCF Yield | — | — | — | — | — | — | — | 1.2% | 4.4% | 3.6% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 1.7% | 2.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 2.2% | 1.6% | 20.9% | 8.9% | 8.2% | 4.2% | 7.4% | 7.1% | 5.8% |
| Shares Outstanding | — | $104M | $104M | $103M | $103M | $107M | $107M | $107M | $107M | $107M | $103M |
Portfolio liquidation and contraction
Based on reported financial data, FSP's P/FFO multiple of 5.75x in 2026Q1 reflects a deep discount to sector peers, suggesting the market is pricing the REIT as a liquidating entity rather than a going concern with long-term growth prospects in the Sunbelt office market.
The current valuation appears to be heavily influenced by the company's ongoing asset disposition strategy, which has significantly reduced the portfolio size. Investors should monitor whether the current implied cap rate provides a floor for the share price or if further asset sales will continue to compress the valuation as the platform shrinks.
As indicated by quarterly filings, FSP's NOI margin has remained stagnant near 44.6% in 2026Q1, which suggests that the company is struggling to achieve operational efficiencies as it sheds its most productive assets to manage its balance sheet and address persistent office demand headwinds.
The inability to expand margins despite a smaller, more focused portfolio may indicate that the remaining assets are burdened by high fixed costs and non-reimbursable expenses. This trend warrants further investigation into whether the current property-level profitability can ever reach a level that supports sustainable FFO growth.
According to recent financial statements, FSP has successfully reduced its debt-to-equity ratio to 0.41% by 2025Q4, a defensive posture that appears to be the direct result of aggressive asset liquidations rather than organic cash flow generation or successful debt refinancing strategies.
While the balance sheet appears healthy, the lack of debt service pressure may be a temporary byproduct of the company's current liquidation phase. Investors should consider whether this low leverage provides genuine strategic flexibility or if it simply reflects the absence of a viable investment pipeline.
Based on the reported FFO payout ratios, which have fluctuated significantly and reached 63.0% in 2025Q4, the dividend appears to be supported by volatile cash flows that are increasingly disconnected from the company's long-term operational performance and core property-level income generation.
The inconsistency in payout ratios suggests that dividend distributions may be funded by non-recurring items or capital recycling rather than sustainable AFFO. This volatility indicates that the dividend remains at risk if the company cannot stabilize its recurring cash flow from the remaining office portfolio.
As noted in industry research, the P/E ratio is fundamentally misapplied to FSP because it fails to account for the massive non-cash depreciation and impairment charges that distort GAAP earnings, making the P/FFO or P/AFFO metrics essential for assessing the REIT's true economic performance.
Using P/E to evaluate FSP obscures the reality that the company is generating cash flow from its properties while reporting accounting losses. Analysts should prioritize FFO and AFFO to strip away these non-cash distortions and better understand the actual cash-on-cash yield of the remaining portfolio.
Includes 30+ ratios · 27 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FSP stock.
Franklin Street Properties Corp.'s current P/E ratio is -1.2x. The historical average is 55.1x.
Franklin Street Properties Corp.'s current EV/EBITDA is 7.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.2x.
Franklin Street Properties Corp.'s return on equity (ROE) is -7.1%. The historical average is 4.5%.
Based on historical data, Franklin Street Properties Corp. is trading at a P/E of -1.2x. Compare with industry peers and growth rates for a complete picture.
Franklin Street Properties Corp. has 43.8% gross margin and -7.6% operating margin.
Franklin Street Properties Corp.'s Debt/EBITDA ratio is 7.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.