Latest Ratios: P/E Ratio -25.3x · EV/EBITDA 15.8x · 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 | $6.3B | $5.9B | $6.2B | $6.5B | $4.9B | $4.5B | $6.6B | $7.0B | $6.0B | $6.0B | $4.3B |
| Enterprise Value | $10.4B | $10.1B | $11.1B | $11.8B | $10.5B | $6.4B | $8.3B | $8.5B | $7.3B | $7.2B | $5.5B |
| P/E Ratio → | -25.30 | — | — | — | 128.47 | 70.31 | 123.33 | 238.36 | 27.88 | 91.77 | 91.88 |
| P/S Ratio | 5.34 | 5.02 | 4.89 | 4.86 | 5.25 | 8.44 | 8.93 | 10.08 | 8.59 | 9.71 | 9.24 |
| P/B Ratio | 1.34 | 1.27 | 1.17 | 0.94 | 0.64 | 2.07 | 3.37 | 3.68 | 3.48 | 3.32 | 2.57 |
| P/FCF | 49.63 | 46.71 | 24.53 | 24.29 | 44.80 | 34.22 | 17.44 | 47.11 | 43.43 | 60.02 | 53.27 |
| P/OCF | 13.78 | 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 | 15.82 | 15.25 | 15.58 | 15.12 | 19.81 | 22.27 | 22.11 | 25.04 | 16.63 | 18.85 | 19.46 |
| EV / EBIT | 109.77 | — | — | — | 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 | 6.97 | 6.79 | 10.73 | 6.66 | 4.59 | 4.48 | 3.06 | 3.35 | 4.46 |
| 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 | 6.87 | 6.76 | 10.61 | 6.61 | 4.55 | 4.48 | 3.04 | 3.33 | 4.45 |
| 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 | 6.2% | 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 | 2.0% | 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 | 6.2% | 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
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HR stock.
Healthcare Realty Trust Incorporated's current P/E ratio is -25.3x. The historical average is 53.2x.
Healthcare Realty Trust Incorporated's current EV/EBITDA is 15.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.7x.
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 -25.3x. Compare with industry peers and growth rates for a complete picture.
Healthcare Realty Trust Incorporated's current dividend yield is 6.16%.
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
Sustained negative margins and revenue decline
Metrics are mathematically derived from official filings.
Discount Persists Amid Earnings Volatility
HR trades at 12.47x forward P/FFO, a discount to healthcare REIT peers, yet negative AFFO in recent quarters suggests the market is pricing in recovery, per reported figures.
The P/FFO multiple has compressed from 17.15x in 2024Q1 to 12.47x in 2026Q2, reflecting deteriorating earnings power. However, with AFFO per share turning negative in three of the last ten quarters, the market may be assigning a low multiple to uncertain cash flows. The implied cap rate, derived from NOI and enterprise value, appears elevated relative to private market transactions, suggesting potential undervaluation if the portfolio stabilizes.
NOI Margin Recovery Masks Underlying Stress
NOI margin swung from -46.9% in 2024Q2 to 64.4% in 2026Q2, but operating expenses still consume over 35% of revenue, per income statement data.
The dramatic recovery in NOI margin from negative territory to 64.4% suggests a significant portfolio repositioning or accounting adjustments, yet the absolute level remains below the 70%+ typical for high-quality medical office portfolios. Revenue declined 6.9% year-over-year, indicating that margin improvement is not driven by organic growth but rather by cost cuts or asset sales. This raises questions about the sustainability of the margin recovery and whether FFO growth can be maintained without further portfolio churn.
Dividend Coverage Hangs by a Thread
FFO payout ratio spiked to 105.8% in 2025Q3, and AFFO covered dividends only 0.86x in 2026Q2, per reported figures, signaling persistent cash flow strain.
The FFO payout ratio has been volatile, ranging from 2.1% to 160.2% over the last ten quarters, with several quarters showing negative AFFO. In 2026Q2, AFFO per share of $0.08 covered the dividend of $0.24 only partially, implying the company is funding a portion of its dividend with external sources. Given the negative AFFO in three of the last ten quarters, the dividend appears vulnerable to a cut if cash flow does not improve.
Leverage Creeps Higher as Equity Erodes
Debt-to-equity rose from 0.83 in 2024Q1 to 1.03 in 2026Q2, while interest coverage fell below 1.0x in recent quarters, per balance sheet data.
Although total debt decreased from $5.4B to $4.4B, equity contracted even faster, from $6.4B to $4.2B, driving the D/E ratio higher. Interest coverage of 0.91x in 2026Q2 indicates that operating income is barely sufficient to cover interest expense, leaving little cushion for refinancing at higher rates. The company's reliance on floating-rate debt and upcoming maturities could exacerbate this strain, especially if NOI margins do not hold.
Occupancy and Capex Pressures Loom
With occupancy data unavailable, the negative NOI margins and heavy capex averaging $71M quarterly suggest portfolio stress, per reported financials.
The absence of disclosed occupancy rates is notable, but the negative NOI margins in several quarters and the high capital expenditure relative to AFFO indicate that the portfolio may be experiencing tenant retention issues or escalating tenant improvement costs. The on-campus strategy provides some defensive characteristics, but the capital intensity required to maintain aging facilities could continue to pressure AFFO. G&A efficiency appears strained, as operating expenses consume a significant portion of revenue.
P/E Misleads; AFFO Is the True Test
Standard P/E is distorted by depreciation and impairments, as evidenced by negative GAAP net income in nine of ten quarters, per reported figures.
Investors applying a traditional P/E to HR would see a negative multiple (-27.31x), which obscures the underlying cash-generating ability of the properties. FFO and AFFO are the appropriate metrics, but even AFFO has been negative in several quarters, highlighting that maintenance capex and tenant improvements are significant. The market should focus on AFFO payout ratio and same-store NOI growth, which are not disclosed, to assess true dividend sustainability.