Latest Ratios: P/E Ratio -8.4x · EV/EBITDA 11.5x · 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 | $1.7B | $1.9B | $1.7B | $1.4B | $1.3B | $1.5B | $1.5B | $1.8B | $1.2B | $1.4B | $1.3B |
| Enterprise Value | $4.1B | $4.3B | $6.2B | $6.6B | $3.6B | $3.9B | $3.7B | $3.4B | $2.9B | $2.8B | $2.7B |
| P/E Ratio → | -8.42 | — | — | — | 104.75 | 127.33 | 142.83 | 37.56 | 110.13 | 68.60 | 29.00 |
| P/S Ratio | 3.51 | 3.86 | 2.09 | 2.75 | 3.44 | 3.84 | 4.65 | 5.72 | 4.35 | 5.31 | 6.22 |
| P/B Ratio | 1.11 | 1.15 | 0.77 | 0.54 | 0.90 | 0.92 | 0.99 | 1.02 | 0.86 | 0.97 | 0.98 |
| P/FCF | 9.23 | 10.14 | 6.63 | 14.71 | 8.58 | 8.14 | 9.00 | 13.61 | 8.58 | 10.77 | 11.67 |
| P/OCF | 7.85 | 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 | 11.53 | 12.00 | 10.71 | 30.18 | 14.04 | 13.90 | 15.35 | 13.99 | 10.70 | 10.72 | 13.82 |
| EV / EBIT | 24.62 | 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 | 10.4% | 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 | 10.8% | 9.9% | 15.1% | 6.8% | 11.7% | 12.3% | 11.1% | 7.3% | 11.7% | 9.3% | 8.6% |
| Buyback Yield | 7.0% | 6.4% | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 17.4% | 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 |
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 -8.4x. The historical average is 88.6x.
Global Net Lease, Inc.'s current EV/EBITDA is 11.5x. 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 -8.4x. Compare with industry peers and growth rates for a complete picture.
Global Net Lease, Inc.'s current dividend yield is 10.43%.
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.
Key Metrics
Top Statement Risk
Persistent portfolio contraction and losses
Metrics are mathematically derived from official filings.
Deep Discount Reflects Complexity
GNL trades at a P/FFO of 7.14x, a steep discount to peers like WPC at 19.09x EV/EBITDA, implying a complexity discount from merger integration and office exposure.
The implied cap rate, derived from NOI and enterprise value, appears elevated relative to private market transactions, suggesting the market is pricing in significant operational risk. The P/FFO multiple has compressed from 10.97x in 2024Q1 to 7.14x in 2026Q2, indicating deteriorating investor sentiment. This discount may be justified given the ongoing portfolio contraction and negative FFO growth in several quarters, but it also suggests potential upside if management stabilizes the portfolio.
NOI Margin Recovery Masks Distortions
NOI margin recovered to 88.1% in 2026Q2 from a trough of 13.3% in 2025Q4, but FFO per share remains volatile, swinging from -$0.58 to $0.42.
The recovery in NOI margin suggests underlying property operations are stable, but the extreme volatility in FFO per share indicates significant non-cash charges and one-time items. The negative net margin of -45.3% on a TTM basis, despite positive FFO, highlights the impact of depreciation and impairments. Investors should focus on cash-generative metrics like AFFO rather than net income, as the latter is distorted by non-cash charges.
Dividend Coverage Thin and Strained
FFO payout ratio spiked to 113.1% in 2026Q1 and 90.2% in 2026Q2, indicating dividends are not fully covered by FFO, based on reported figures.
The elevated payout ratios suggest the dividend is being partially funded by external sources or asset sales, which is unsustainable in the long term. AFFO coverage is also thin, with AFFO covering only 81% of dividends in 2026Q2. The high dividend yield of 9.5% may be a red flag, as it could signal market expectations of a cut. Investors should monitor whether management prioritizes deleveraging over maintaining the dividend.
Leverage Elevated Despite Deleveraging
Debt-to-equity improved to 1.63 from 2.12 in 2024Q4, but remains above peers like WPC at 1.07, with interest coverage at 1.15x in 2026Q2.
The reduction in leverage is positive, but the absolute level remains high, and interest coverage of 1.15x is thin, indicating limited cushion for debt service. The reported debt/equity of 1.55% in the data appears anomalous and likely a data error; actual leverage should be modeled using net debt to EBITDA. The company's ability to refinance maturing debt in a high-rate environment is a key risk, especially given the negative FFO growth in some quarters.
Portfolio Transition Clouds Quality
Occupancy and asset quality are in flux post-merger, with NOI margins recovering to 88% but revenue down 38% YoY, indicating ongoing dispositions.
The portfolio is undergoing a significant transformation, with total assets shrinking from $8.0B to $4.1B over two years. This contraction suggests aggressive dispositions, which may improve portfolio quality but also reduces earnings power. The office segment remains a concern, as single-tenant office assets are difficult to re-tenant. G&A efficiency is a key metric to watch, as the internalization of management should reduce costs over time, but the transition costs have been substantial.
P/E Misleads on Earnings Power
Standard P/E is meaningless for GNL due to large depreciation and impairments, with a negative P/E of -9.24 despite positive FFO, obscuring cash generation.
The most commonly misapplied ratio for REITs is P/E, which is distorted by non-cash depreciation charges. For GNL, net income is deeply negative, yet FFO is positive in most quarters, highlighting the disconnect. Investors should use P/FFO or P/AFFO instead, which adjust for depreciation and other non-cash items. Additionally, the low gross margin of 12.9% is unusual for a REIT and may indicate accounting treatments that warrant further investigation.