Latest Ratios: P/E Ratio -145.6x · EV/EBITDA 13.4x · ROE -4.9%. (1996–2025 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 | $6.7B | $5.9B | $6.2B | $6.5B | $4.9B | $4.5B | $6.6B | $7.0B | $6.0B | $6.0B | $4.3B |
| Enterprise Value | $10.9B | $10.1B | $11.1B | $11.8B | $10.5B | $6.4B | $8.3B | $8.5B | $7.3B | $7.2B | $5.5B |
| P/E Ratio → | -145.56 | — | — | — | 128.47 | 70.31 | 123.33 | 238.36 | 27.88 | 91.77 | 91.88 |
| P/S Ratio | 5.94 | 5.02 | 4.89 | 4.86 | 5.25 | 8.44 | 8.93 | 10.08 | 8.59 | 9.71 | 9.24 |
| P/B Ratio | 1.44 | 1.27 | 1.17 | 0.94 | 0.64 | 2.07 | 3.37 | 3.68 | 3.48 | 3.32 | 2.57 |
| P/FCF | 61.27 | 46.71 | 24.53 | 24.29 | 44.80 | 34.22 | 17.44 | 47.11 | 43.43 | 60.02 | 53.27 |
| P/OCF | 14.73 | 12.97 | 12.35 | 13.06 | 17.94 | 19.41 | 13.96 | 32.82 | 28.67 | 33.10 | 28.11 |
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 | — | 8.51 | 8.74 | 8.78 | 11.30 | 12.01 | 11.24 | 12.28 | 10.52 | 11.79 | 11.97 |
| EV / EBITDA | 13.44 | 15.25 | 14.61 | 14.29 | 18.93 | 21.98 | 31.22 | 36.92 | 22.35 | 25.38 | 23.22 |
| EV / EBIT | 114.35 | — | — | — | 57.69 | 53.88 | 154.37 | 276.92 | 22.91 | 48.24 | 50.96 |
| EV / FCF | — | 79.17 | 43.88 | 43.91 | 96.48 | 48.68 | 21.96 | 57.37 | 53.16 | 72.91 | 69.03 |
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 | -33.6% | -33.6% | -43.8% | -46.0% | -34.1% | -15.5% | -25.9% | -28.4% | -12.0% | -11.1% | -7.9% |
| Operating Margin | 8.0% | 8.0% | 2.9% | 3.7% | 8.4% | 16.0% | 9.5% | 7.2% | 23.0% | 22.6% | 23.1% |
| Net Profit Margin | -20.8% | -20.8% | -51.6% | -20.7% | 4.4% | 12.5% | 7.2% | 4.3% | 30.7% | 10.4% | 10.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.9% | -4.9% | -10.7% | -3.8% | 0.8% | 3.2% | 2.7% | 1.7% | 12.2% | 3.7% | 3.4% |
| ROA | -2.5% | -2.5% | -5.6% | -2.1% | 0.5% | 1.7% | 1.4% | 0.9% | 6.7% | 2.1% | 1.7% |
| ROIC | 0.7% | 0.7% | 0.2% | 0.3% | 0.7% | 1.7% | 1.5% | 1.2% | 3.9% | 3.5% | 2.9% |
| ROCE | 1.0% | 1.0% | 0.3% | 0.4% | 0.9% | 2.2% | 2.0% | 1.7% | 5.5% | 4.8% | 3.9% |
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 | 0.89 | 0.89 | 0.93 | 0.77 | 0.74 | 0.88 | 0.88 | 0.80 | 0.78 | 0.72 | 0.76 |
| Debt / EBITDA | 6.29 | 6.29 | 6.54 | 6.42 | 10.25 | 6.57 | 6.48 | 6.60 | 4.11 | 4.51 | 5.33 |
| Net Debt / Equity | — | 0.88 | 0.92 | 0.76 | 0.73 | 0.87 | 0.87 | 0.80 | 0.78 | 0.71 | 0.76 |
| Net Debt / EBITDA | 6.25 | 6.25 | 6.45 | 6.39 | 10.14 | 6.53 | 6.42 | 6.60 | 4.09 | 4.49 | 5.30 |
| Debt / FCF | — | 32.47 | 19.36 | 19.62 | 51.68 | 14.45 | 4.52 | 10.26 | 9.72 | 12.89 | 15.77 |
| Interest Coverage | -0.21 | -0.21 | -1.60 | -0.05 | 1.29 | 2.27 | — | — | 3.14 | 1.78 | 1.91 |
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 | 1.75 | 1.75 | 2.35 | 0.90 | 0.68 | 0.46 | 1.99 | 0.35 | 0.48 | 0.69 | 1.05 |
| Quick Ratio | 1.75 | 1.75 | 2.35 | 0.90 | 0.68 | 0.46 | 1.99 | 0.35 | 0.48 | 0.69 | 1.05 |
| Cash Ratio | 0.08 | 0.08 | 0.31 | 0.05 | 0.10 | 0.04 | 0.19 | 0.00 | 0.02 | 0.02 | 0.03 |
| Asset Turnover | — | 0.13 | 0.12 | 0.11 | 0.07 | 0.13 | 0.19 | 0.19 | 0.22 | 0.19 | 0.15 |
| 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 | 5.8% | 6.5% | 7.4% | 7.2% | 28.8% | 3.9% | 2.5% | 2.2% | 2.5% | 2.4% | 3.1% |
| Payout Ratio | — | — | — | — | 3441.2% | 263.2% | 308.9% | 515.2% | 70.4% | 222.7% | 263.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 0.8% | 1.4% | 0.8% | 0.4% | 3.6% | 1.1% | 1.1% |
| FCF Yield | 1.6% | 2.1% | 4.1% | 4.1% | 2.2% | 2.9% | 5.7% | 2.1% | 2.3% | 1.7% | 1.9% |
| Buyback Yield | 0.1% | 0.1% | 8.4% | 0.0% | 0.1% | 0.1% | 0.0% | 0.1% | 0.1% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.8% | 6.6% | 15.8% | 7.3% | 28.8% | 4.0% | 2.5% | 2.3% | 2.6% | 2.4% | 3.1% |
| Shares Outstanding | — | $350M | $366M | $379M | $254M | $143M | $222M | $210M | $210M | $185M | $140M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying HR stock.
Healthcare Realty Trust Incorporated's current P/E ratio is -145.6x. The historical average is 53.2x.
Healthcare Realty Trust Incorporated's current EV/EBITDA is 13.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 27.6x.
Healthcare Realty Trust Incorporated's return on equity (ROE) is -4.9%. The historical average is 2.6%.
Based on historical data, Healthcare Realty Trust Incorporated is trading at a P/E of -145.6x. Compare with industry peers and growth rates for a complete picture.
Healthcare Realty Trust Incorporated's current dividend yield is 5.76%.
Healthcare Realty Trust Incorporated has -33.6% gross margin and 8.0% operating margin.
Healthcare Realty Trust Incorporated's Debt/EBITDA ratio is 6.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Coverage strain and asset shrinkage
Metrics are mathematically derived from official filings.
Discounted Multiples Mask Unreliable Earnings Base
Based on reported figures, HR trades at a P/B of 1.43 and a price of $19.07 with a 5.8% dividend yield, while the P/E of -26.86 and unavailable P/FFO and P/AFFO leave standard earnings-based valuation largely unusable for this REIT.
The absence of a reported P/FFO multiple is itself a constraint, as the quarterly FFO-based multiple of roughly 12.1x in 2026Q3 is the more relevant anchor for REIT pricing and suggests the stock may screen as inexpensive on cash earnings. The 5.8% yield and 1.43x book multiple appear consistent with a market that discounts the reported equity base, which has eroded as total assets fell from $11.8B to $9.0B. Investors should monitor whether the apparent discount reflects genuine mispricing or the market's skepticism about the durability of FFO given thin AFFO coverage.
Payout Coverage Swings Keep Dividend Fragile
According to reported quarterly figures, HR's FFO payout ratio ranged from 2.1% to 160.2% over the last ten quarters, with AFFO of $0.08 per share in 2026Q2 against a payout of 85.6%, leaving little margin for error.
The wide dispersion in FFO payout ratios, including readings above 100% in 2025Q3 and 2024Q3, indicates that distributions have frequently exceeded the cash earnings available to cover them. The 2026Q2 AFFO per share of $0.08 against dividends paid of roughly $82M to $84M per quarter suggests coverage was thin, and the 2026Q1 rebound to $0.23 does not establish a stable trend. Based on these figures, the dividend appears dependent on balance sheet or capital markets funding in weaker quarters, which warrants close monitoring.
Interest Coverage Below Unity Pressures Debt Service
Based on HR's reported ratios, interest coverage remained below 1.0x in most recent quarters, falling to 0.65x in 2026Q3, while debt-to-equity rose from 0.89 to 1.09 over the last three quarters.
Interest coverage below 1.0x in most of the last ten quarters suggests that operating earnings have frequently failed to cover interest expense, a pattern that appears to reflect both compressed NOI in 2024 and 2025 and the scale of the debt load. The rise in debt-to-equity alongside a shrinking asset base indicates equity erosion is outpacing deleveraging, as noted in the balance sheet findings. Investors should monitor the debt maturity profile and refinancing terms, since the reported figures do not establish whether fixed-rate exposure or near-term maturities pose additional risk.
NOI Margin Recovery Requires Verification
As reported in the quarterly figures, HR's NOI margin shifted from roughly -40% in 2024 to about 64% in 2026, a swing large enough to warrant verification of how NOI is classified before it is treated as organic improvement.
The move from deeply negative to roughly 64% NOI margins within two years appears far larger than would typically follow from operational improvement alone, which suggests a possible reclassification of expenses or property-level changes related to the HTA integration and asset dispositions. The FFO per share recovery to $0.33 in 2026Q3 also coincides with revenue contraction of about 9.4% over the period, which may indicate that cash earnings are supported by lower depreciation or non-recurring items rather than stronger property economics. Based on the reported figures, the durability of this margin recovery remains uncertain.
Misapplied Debt-to-Equity Obscures Asset Leverage
Based on reported figures, the debt-to-equity ratio of roughly 1.09 is commonly misapplied to HR, since book equity is depressed by depreciation and impairments and the metric does not reflect debt against gross real estate value.
Applying debt-to-equity to a REIT uses book equity, which HR's accumulated depreciation and impairments have reduced, so the ratio can overstate or distort leverage relative to the underlying property base. The more appropriate measure is debt-to-gross-assets, which would normalize for the equity erosion evident in the shrinking balance sheet. Investors should compute debt against gross real estate value and FFO-based coverage metrics, since these better reflect the company's capacity to service its obligations than book-value leverage ratios.