Latest Ratios: P/E Ratio -92.3x · EV/EBITDA 10.3x · ROE -0.8%. (2020–2025 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 |
|---|---|---|---|---|---|---|---|
| Market Cap | $455M | $411M | $291M | — | — | — | — |
| Enterprise Value | $456M | $412M | $567M | — | — | — | — |
| P/E Ratio → | -92.32 | — | — | — | — | — | — |
| P/S Ratio | 6.78 | 6.12 | 4.86 | — | — | — | — |
| P/B Ratio | 1.15 | 0.83 | 0.56 | — | — | — | — |
| P/FCF | 10.80 | 9.75 | 14.20 | — | — | — | — |
| P/OCF | 10.80 | 9.75 | 14.19 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.14 | 9.47 | — | — | — | — |
| EV / EBITDA | 10.26 | 9.27 | 35.97 | — | — | — | — |
| EV / EBIT | 40.25 | 32.17 | — | — | — | — | — |
| EV / FCF | — | 9.78 | 27.67 | — | — | — | — |
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 |
|---|---|---|---|---|---|---|---|
| Gross Margin | -13.2% | -13.2% | 79.0% | 76.0% | 77.3% | 79.8% | 72.3% |
| Operating Margin | 16.9% | 16.9% | -24.6% | -30.0% | -13.2% | -8.9% | 63.9% |
| Net Profit Margin | -5.7% | -5.7% | -37.1% | -2.3% | -11.2% | -8.3% | 44.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -0.8% | -0.8% | -6.2% | -0.4% | -2.6% | -8.9% | 1.8% |
| ROA | -0.5% | -0.5% | -2.8% | -0.2% | -1.4% | -8.3% | 1.7% |
| ROIC | 1.3% | 1.3% | -1.5% | -1.8% | -1.3% | -7.4% | 2.0% |
| ROCE | 1.4% | 1.4% | -1.9% | -2.1% | -1.6% | -9.1% | 2.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.03 | 0.03 | 0.54 | 2.30 | 0.95 | — | — |
| Debt / EBITDA | 0.33 | 0.33 | 17.83 | 38.71 | 17.50 | — | — |
| Net Debt / Equity | — | 0.00 | 0.53 | 2.24 | 0.82 | -0.02 | -0.03 |
| Net Debt / EBITDA | 0.02 | 0.02 | 17.51 | 37.72 | 15.10 | -0.03 | — |
| Debt / FCF | — | 0.02 | 13.47 | 25.80 | 11.16 | -0.03 | — |
| Interest Coverage | 0.71 | 0.71 | -0.31 | 0.23 | 0.61 | 0.70 | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.93 | 0.93 | 1.23 | 1.68 | 4.46 | 0.63 | 1.17 |
| Quick Ratio | 0.93 | 0.93 | 1.23 | 1.68 | 4.46 | 0.63 | 1.17 |
| Cash Ratio | 0.93 | 0.93 | 0.29 | 0.66 | 3.46 | 0.63 | 1.11 |
| Asset Turnover | — | 0.08 | 0.07 | 0.06 | 0.06 | 0.97 | 0.04 |
| 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 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 0.5% | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | 185.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | 9.3% | 10.3% | 7.0% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.5% | — | — | — | — |
| Shares Outstanding | — | $28M | $16M | $15M | $15M | $15M | $2M |
Erratic Property-Level Profitability
Based on reported figures, FrontView REIT's P/FFO multiple of 23.08x in 2026Q1 suggests a valuation premium that appears disconnected from the company's historical earnings volatility and the significant instability in its quarterly FFO per share, which has fluctuated between $0.16 and $0.94 over the last ten quarters.
The current valuation multiple warrants caution, as it implies investor confidence in future growth that has yet to be consistently demonstrated through stable FFO generation. When compared to the broader net-lease peer group, the lack of a clear, sustained earnings trajectory makes it difficult to justify this multiple without further evidence of operational maturity.
As reported in financial statements, the collapse of the NOI margin to 2.8% in 2026Q1 from historical peaks above 80% suggests that the company's property-level profitability is currently under severe pressure, potentially indicating that recent acquisitions are not yet contributing accretive cash flows to the portfolio.
This dramatic margin contraction implies that the REIT may be struggling with either rising property-level operating expenses or accounting distortions that mask the true profitability of its outparcel assets. Investors should monitor whether this trend is a temporary byproduct of aggressive portfolio scaling or a structural issue with the underlying lease economics.
According to recent SEC filings, the FFO payout ratio reached a concerning 104.5% in 2025Q4, indicating that the company's dividend distribution has at times exceeded its recurring cash flow, which raises significant questions regarding the long-term sustainability of the current payout policy without external capital support.
The extreme volatility in the payout ratio, which has swung from near-zero to over 100% in recent periods, suggests that the dividend is not yet supported by a stable, predictable cash flow base. This inconsistency forces a reliance on balance sheet liquidity, which may not be a prudent long-term strategy for a REIT aiming to provide reliable income to shareholders.
Based on the company's reported figures, the debt-to-equity ratio of 0.03% as of 2026Q1 highlights a fortress-like balance sheet that provides a distinct competitive advantage, allowing the REIT to pursue acquisitions without the immediate interest expense burdens currently impacting more highly levered peers in the net-lease sector.
While this minimal leverage profile is a significant strength, it also suggests that the company has not yet optimized its capital structure to enhance returns on equity. The current lack of debt usage appears to be a defensive posture that may be masking the true cost of capital required to scale the portfolio effectively.
The market's frequent reliance on the P/E ratio for FrontView REIT, as evidenced by the TTM figure of -91.36, is fundamentally misleading because it incorporates non-cash depreciation charges that obscure the REIT's actual cash-generating capacity and fail to reflect the unique economics of its triple-net lease portfolio.
Investors should instead prioritize P/FFO or P/AFFO, which adjust for these non-cash items and provide a more accurate representation of the company's ability to fund dividends and growth. Relying on standard industrial metrics like P/E in this context leads to a distorted view of valuation that ignores the core operational realities of the REIT business model.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying FVR stock.
FrontView REIT, Inc.'s current P/E ratio is -92.3x. This places it at the 50th percentile of its historical range.
FrontView REIT, Inc.'s current EV/EBITDA is 10.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.6x.
FrontView REIT, Inc.'s return on equity (ROE) is -0.8%. The historical average is -2.8%.
Based on historical data, FrontView REIT, Inc. is trading at a P/E of -92.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
FrontView REIT, Inc. has -13.2% gross margin and 16.9% operating margin. Operating margin between 10-20% is typical for established companies.
FrontView REIT, Inc.'s Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.