Latest Ratios: P/E Ratio -9.2x · EV/EBITDA 12.0x · ROE -11.7%. (2012–2025 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 | $1.9B | $1.9B | $1.7B | $1.4B | $1.3B | $1.5B | $1.5B | $1.8B | $1.2B | $1.4B | $1.3B |
| Enterprise Value | $4.3B | $4.3B | $6.2B | $6.6B | $3.6B | $3.9B | $3.7B | $3.4B | $2.9B | $2.8B | $2.7B |
| P/E Ratio → | -9.18 | — | — | — | 104.75 | 127.33 | 142.83 | 37.56 | 110.13 | 68.60 | 29.00 |
| P/S Ratio | 3.85 | 3.86 | 2.09 | 2.75 | 3.44 | 3.84 | 4.65 | 5.72 | 4.35 | 5.31 | 6.22 |
| P/B Ratio | 1.21 | 1.15 | 0.77 | 0.54 | 0.90 | 0.92 | 0.99 | 1.02 | 0.86 | 0.97 | 0.98 |
| P/FCF | 10.11 | 10.14 | 6.63 | 14.71 | 8.58 | 8.14 | 9.00 | 13.61 | 8.58 | 10.77 | 11.67 |
| P/OCF | 8.60 | 8.62 | 5.62 | 9.87 | 7.17 | 7.80 | 8.67 | 11.99 | 8.49 | 10.51 | 11.65 |
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 | — | 8.67 | 7.66 | 12.79 | 9.61 | 9.94 | 11.26 | 11.04 | 10.27 | 10.75 | 12.52 |
| EV / EBITDA | 11.99 | 12.00 | 10.71 | 30.18 | 14.04 | 13.90 | 15.35 | 13.99 | 10.70 | 10.72 | 13.82 |
| EV / EBIT | 25.61 | 55.41 | 30.86 | — | 30.21 | 32.98 | 42.44 | 34.62 | 40.66 | 37.08 | 29.43 |
| EV / FCF | — | 22.79 | 24.29 | 68.32 | 23.98 | 21.06 | 21.80 | 26.28 | 20.26 | 21.81 | 23.49 |
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 | 12.9% | 12.9% | 82.3% | 70.8% | 91.3% | 91.6% | 90.2% | 79.5% | 89.8% | 88.9% | 91.1% |
| Operating Margin | 33.8% | 33.8% | 25.6% | -3.0% | 26.5% | 28.6% | 30.1% | 37.5% | 24.1% | 33.2% | 28.1% |
| Net Profit Margin | -45.3% | -45.3% | -16.3% | -41.1% | 3.2% | 2.9% | 3.3% | 15.2% | 3.9% | 9.1% | 22.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -11.7% | -11.7% | -5.5% | -10.4% | 0.8% | 0.7% | 0.7% | 3.0% | 0.8% | 1.7% | 3.7% |
| ROA | -4.0% | -4.0% | -1.7% | -3.5% | 0.3% | 0.3% | 0.3% | 1.3% | 0.3% | 0.8% | 1.7% |
| ROIC | 2.4% | 2.4% | 2.1% | -0.2% | 1.9% | 2.2% | 2.1% | 2.7% | 1.7% | 2.3% | 1.8% |
| ROCE | 3.6% | 3.6% | 3.5% | -0.3% | 2.7% | 2.8% | 2.6% | 3.5% | 2.4% | 3.5% | 3.0% |
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 | 1.55 | 1.55 | 2.12 | 2.01 | 1.68 | 1.52 | 1.48 | 1.11 | 1.24 | 1.07 | 1.05 |
| Debt / EBITDA | 7.17 | 7.17 | 8.07 | 24.24 | 9.42 | 8.87 | 9.53 | 7.86 | 6.54 | 5.82 | 7.31 |
| Net Debt / Equity | — | 1.44 | 2.05 | 1.96 | 1.61 | 1.47 | 1.40 | 0.95 | 1.17 | 1.00 | 1.00 |
| Net Debt / EBITDA | 6.66 | 6.66 | 7.79 | 23.68 | 9.02 | 8.53 | 9.02 | 6.74 | 6.17 | 5.43 | 6.95 |
| Debt / FCF | — | 12.65 | 17.66 | 53.61 | 15.40 | 12.93 | 12.80 | 12.67 | 11.68 | 11.04 | 11.82 |
| Interest Coverage | 0.41 | 0.41 | 0.61 | -0.10 | 1.24 | 1.25 | 1.22 | 1.52 | 1.23 | 1.55 | 2.33 |
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 | 0.84 | 0.84 | 0.23 | 0.13 | 0.24 | 1.69 | 4.33 | 10.38 | 0.69 | 0.43 | 0.16 |
| Quick Ratio | 0.84 | 0.84 | 0.23 | 0.13 | 0.24 | 1.69 | 4.33 | 10.38 | 0.69 | 0.50 | 0.18 |
| Cash Ratio | 0.44 | 0.44 | 0.11 | 0.06 | 0.14 | 0.90 | 2.32 | 7.62 | 0.24 | 0.30 | 0.10 |
| Asset Turnover | — | 0.11 | 0.12 | 0.06 | 0.10 | 0.09 | 0.08 | 0.08 | 0.09 | 0.09 | 0.07 |
| 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 | 9.6% | 10.0% | 16.2% | 14.6% | 12.8% | 10.4% | 10.1% | 8.6% | 12.0% | 10.4% | 9.0% |
| Payout Ratio | — | — | — | — | 1387.6% | 1374.4% | 1438.7% | 324.4% | 1353.1% | 605.7% | 255.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 1.0% | 0.8% | 0.7% | 2.7% | 0.9% | 1.5% | 3.4% |
| FCF Yield | 9.9% | 9.9% | 15.1% | 6.8% | 11.7% | 12.3% | 11.1% | 7.3% | 11.7% | 9.3% | 8.6% |
| Buyback Yield | 6.4% | 6.4% | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 15.9% | 16.4% | 16.3% | 14.7% | 12.9% | 10.4% | 10.1% | 8.6% | 12.0% | 10.4% | 9.0% |
| Shares Outstanding | — | $223M | $230M | $143M | $104M | $98M | $89M | $86M | $70M | $67M | $57M |
High leverage and integration
Based on reported figures, GNL trades at a P/FFO of 7.29 as of 2026Q1, which represents a significant valuation discount compared to diversified peers like W. P. Carey, likely reflecting investor skepticism regarding the company's recent internalization of management and the ongoing integration of the Necessity Retail merger.
The current valuation multiple appears to be heavily influenced by the market's uncertainty regarding the sustainability of FFO post-merger. Investors should monitor whether this discount narrows as the company demonstrates consistent, non-dilutive earnings growth, or if it persists due to the structural complexity of the cross-border portfolio.
According to recent financial statements, GNL's FFO payout ratio reached 112.7% in 2026Q1, indicating that the current dividend distribution is not fully covered by core funds from operations, which warrants further investigation into the long-term sustainability of the company's capital allocation strategy.
A payout ratio exceeding 100% suggests that the company is effectively paying dividends out of capital or debt rather than recurring cash flow. This trend appears unsustainable and may indicate that management will be forced to prioritize balance sheet preservation over maintaining the current dividend yield.
As reported in financial statements, GNL's interest coverage ratio of 0.79 in 2026Q1 highlights a strained ability to service debt obligations, suggesting that the company's leverage profile remains highly vulnerable to fluctuations in interest rates and the ongoing costs associated with its complex debt stack.
The low interest coverage ratio implies that the company is struggling to generate sufficient operating income to comfortably meet its financing costs. This situation appears to limit the company's financial flexibility and may necessitate further asset dispositions to deleverage the balance sheet in a restrictive monetary environment.
The most commonly misapplied metric for GNL is the standard P/E ratio, which, as shown in recent filings, is deeply distorted by non-cash depreciation charges and one-time merger-related expenses that obscure the actual cash-generating capacity of the underlying real estate portfolio.
Using P/E for a REIT like GNL is fundamentally misleading because it fails to account for the significant non-cash expenses inherent in property ownership. Analysts should instead focus on P/AFFO, which adjusts for recurring capital expenditures and provides a more accurate reflection of the cash available for distribution to shareholders.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying GNL stock.
Global Net Lease, Inc.'s current P/E ratio is -9.2x. The historical average is 88.6x.
Global Net Lease, Inc.'s current EV/EBITDA is 12.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.1x.
Global Net Lease, Inc.'s return on equity (ROE) is -11.7%. The historical average is -2.7%.
Based on historical data, Global Net Lease, Inc. is trading at a P/E of -9.2x. Compare with industry peers and growth rates for a complete picture.
Global Net Lease, Inc.'s current dividend yield is 9.56%.
Global Net Lease, Inc. has 12.9% gross margin and 33.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Global Net Lease, Inc.'s Debt/EBITDA ratio is 7.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.