Latest Ratios: P/E Ratio -1.2x · EV/EBITDA 13.6x · ROE -17.3%. (2007–2025 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 | $834M | $484M | $61M | $187M | $200M | $536M | $526M | $842M | $646M | $753M | $548M |
| Enterprise Value | $4.5B | $4.1B | $4.6B | $4.5B | $5.0B | $4.7B | $4.3B | $4.4B | $3.4B | $3.1B | $3.0B |
| P/E Ratio → | -1.20 | — | — | — | — | 88.25 | 1372.57 | 19.21 | 6.59 | 11.12 | 19.87 |
| P/S Ratio | 1.00 | 0.58 | 0.07 | 0.20 | 0.19 | 0.60 | 0.65 | 1.03 | 0.89 | 1.03 | 0.86 |
| P/B Ratio | 0.21 | 0.15 | 0.02 | 0.05 | 0.05 | 0.12 | 0.13 | 0.22 | 0.16 | 0.19 | 0.15 |
| P/FCF | 8.43 | 4.89 | 0.43 | 0.83 | 0.57 | 2.83 | — | 3.15 | — | 21.37 | — |
| P/OCF | 6.89 | 4.00 | 0.37 | 0.81 | 0.54 | 1.70 | 1.74 | 2.92 | 3.01 | 2.57 | 2.50 |
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 | — | 4.94 | 5.49 | 4.71 | 4.87 | 5.20 | 5.31 | 5.33 | 4.70 | 4.32 | 4.71 |
| EV / EBITDA | 13.61 | 12.54 | 14.98 | 10.51 | 9.37 | 9.52 | 6.31 | 6.51 | 8.56 | 7.48 | 8.40 |
| EV / EBIT | — | — | — | 88.85 | 37.45 | 30.88 | 33.45 | 27.05 | 18.10 | 17.61 | 26.11 |
| EV / FCF | — | 41.52 | 32.63 | 19.81 | 14.30 | 24.58 | — | 16.30 | — | 89.28 | — |
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 | -42.1% | -42.1% | 46.1% | 52.7% | 59.7% | 62.6% | 62.7% | 63.0% | 63.2% | 65.1% | 64.2% |
| Operating Margin | -5.7% | -5.7% | -5.4% | 3.0% | 15.6% | 16.3% | 53.1% | 54.2% | 20.4% | 18.8% | 14.0% |
| Net Profit Margin | -66.4% | -66.4% | -40.8% | -18.3% | -3.4% | 1.1% | 0.3% | 5.4% | 13.6% | 9.5% | 4.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -17.3% | -17.3% | -10.2% | -4.7% | -0.9% | 0.2% | 0.1% | 1.1% | 2.5% | 1.8% | 0.8% |
| ROA | -7.2% | -7.2% | -4.2% | -2.0% | -0.4% | 0.1% | 0.0% | 0.6% | 1.5% | 1.0% | 0.4% |
| ROIC | -0.5% | -0.5% | -0.4% | 0.3% | 1.4% | 1.3% | 4.2% | 4.7% | 1.7% | 1.6% | 1.1% |
| ROCE | -0.7% | -0.7% | -0.6% | 0.4% | 1.9% | 1.8% | 5.6% | 6.3% | 2.2% | 2.1% | 1.4% |
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 | 1.17 | 1.17 | 1.46 | 1.24 | 1.30 | 0.98 | 0.94 | 0.93 | 0.72 | 0.63 | 0.69 |
| Debt / EBITDA | 11.49 | 11.49 | 14.98 | 10.31 | 9.48 | 8.62 | 5.70 | 5.32 | 7.08 | 5.88 | 7.10 |
| Net Debt / Equity | — | 1.13 | 1.44 | 1.21 | 1.24 | 0.95 | 0.92 | 0.92 | 0.70 | 0.61 | 0.67 |
| Net Debt / EBITDA | 11.07 | 11.07 | 14.78 | 10.07 | 9.00 | 8.43 | 5.53 | 5.25 | 6.94 | 5.69 | 6.87 |
| Debt / FCF | — | 36.63 | 32.20 | 18.98 | 13.73 | 21.75 | — | 13.15 | — | 67.91 | — |
| Interest Coverage | -2.44 | -2.44 | -1.14 | 0.24 | 0.89 | 1.24 | — | — | 2.27 | 1.98 | 1.52 |
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 | 1.83 | 1.83 | 0.51 | 0.58 | 1.05 | 2.09 | 2.41 | 1.51 | 2.16 | 3.81 | 2.32 |
| Quick Ratio | 1.83 | 1.83 | 0.51 | 0.58 | 1.05 | 2.09 | 2.41 | 1.51 | 2.16 | 3.81 | 2.32 |
| Cash Ratio | 0.66 | 0.66 | 0.08 | 0.15 | 0.39 | 0.53 | 1.05 | 0.65 | 1.14 | 0.47 | 0.24 |
| Asset Turnover | — | 0.11 | 0.10 | 0.11 | 0.11 | 0.10 | 0.10 | 0.11 | 0.10 | 0.11 | 0.10 |
| Inventory Turnover | — | — | — | — | 84.21 | 212.83 | — | — | — | — | — |
| 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 | 0.1% | 0.1% | 25.2% | 29.3% | 72.8% | 28.8% | 29.5% | 18.7% | 24.3% | 21.1% | 21.5% |
| Payout Ratio | — | — | — | — | — | 1529.1% | 7612.8% | 358.5% | 158.0% | 229.0% | 411.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 1.1% | 0.1% | 5.2% | 15.2% | 9.0% | 5.0% |
| FCF Yield | 11.9% | 20.4% | 231.7% | 120.8% | 174.8% | 35.4% | — | 31.8% | — | 4.7% | — |
| Buyback Yield | 0.9% | 1.5% | 0.9% | 0.7% | 100.0% | 8.6% | 15.3% | 0.1% | 7.7% | 41.3% | 100.0% |
| Total Shareholder Yield | 0.9% | 1.6% | 26.1% | 30.0% | 100.0% | 37.4% | 44.8% | 18.8% | 32.0% | 62.3% | 100.0% |
| Shares Outstanding | — | $45M | $20M | $20M | $21M | $22M | $22M | $22M | $22M | $22M | $16M |
High leverage and vacancy
As reported in financial statements, HPP's P/FFO multiple of 48.82 in 2026Q1 suggests that the market is pricing in significant uncertainty regarding the company's ability to stabilize earnings, especially when compared to the historical volatility observed in the firm's quarterly FFO per share metrics.
The extreme variance in P/FFO multiples over the last ten quarters indicates that investors are struggling to anchor a valuation on a business model currently undergoing significant operational stress. The lack of a stable FFO base makes traditional REIT valuation metrics less reliable, suggesting that the market may be applying a substantial risk premium to the company's specialized studio-office hybrid assets.
Based on the provided data, HPP's NOI margin fluctuated from a negative 44.6% in 2026Q1 to a positive 60.0% in 2025Q4, illustrating the extreme operational instability currently impacting the company's property-level profitability and its ability to generate consistent organic growth from its core office and studio portfolio.
This erratic margin performance suggests that the company is grappling with significant non-recurring costs or accounting impairments that obscure the underlying health of its real estate operations. Investors should monitor whether these margin swings are indicative of structural challenges in maintaining occupancy or merely a byproduct of the recent industry-wide production disruptions.
According to recent SEC filings, HPP's debt-to-equity ratio of 1.19 in 2026Q1 highlights a capital structure that remains highly sensitive to interest rate fluctuations and property valuation resets, particularly given the company's ongoing struggle to maintain positive interest coverage ratios across multiple recent reporting periods.
The persistent inability to maintain a positive interest coverage ratio suggests that the company's debt service obligations are currently outpacing its operational cash flow. This leverage profile warrants close investigation, as it limits the firm's financial flexibility to fund necessary tenant improvements or navigate further downturns in the West Coast office market.
As indicated by the financial data, the market's reliance on standard P/E ratios for HPP is fundamentally flawed, as the metric fails to account for the massive non-cash depreciation and impairment charges that consistently distort the company's GAAP net income and mask its true cash-generating capacity.
Investors should instead prioritize FFO and AFFO, which provide a more accurate reflection of the company's ability to sustain dividends and cover capital expenditures. Relying on P/E in this context obscures the reality that the company's earnings quality is heavily impacted by accounting adjustments rather than organic operational performance.
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying HPP stock.
Hudson Pacific Properties, Inc.'s current P/E ratio is -1.2x. The historical average is 28.9x.
Hudson Pacific Properties, Inc.'s current EV/EBITDA is 13.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.1x.
Hudson Pacific Properties, Inc.'s return on equity (ROE) is -17.3%. The historical average is -17.5%.
Based on historical data, Hudson Pacific Properties, Inc. is trading at a P/E of -1.2x. Compare with industry peers and growth rates for a complete picture.
Hudson Pacific Properties, Inc.'s current dividend yield is 0.05%.
Hudson Pacific Properties, Inc. has -42.1% gross margin and -5.7% operating margin.
Hudson Pacific Properties, Inc.'s Debt/EBITDA ratio is 11.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.