Latest Ratios: P/E Ratio -7.0x · EV/EBITDA 16.7x · ROE -6.9%. (2015–2025 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 | $396M | $366M | $240M | $308M | $213M | $1.6B | $1.5B | $1.5B | $1.3B | — | — |
| Enterprise Value | $4.4B | $4.4B | $4.4B | $4.5B | $4.4B | $2.4B | $2.4B | $2.8B | $1.7B | — | — |
| P/E Ratio → | -7.04 | — | — | — | — | 13.69 | 18.48 | 27.68 | 16.96 | — | — |
| P/S Ratio | 0.86 | 0.81 | 0.54 | 0.70 | 0.55 | 7.43 | 5.96 | 6.36 | 7.76 | — | — |
| P/B Ratio | 0.43 | 0.41 | 0.24 | 0.26 | 0.16 | 1.57 | 1.51 | 1.46 | 0.84 | — | — |
| P/FCF | 7.19 | 8.70 | — | — | 2.48 | 15.45 | 13.91 | 13.57 | 13.75 | — | — |
| P/OCF | 6.52 | 6.03 | 122.16 | 25.63 | 2.06 | 14.76 | 13.20 | 11.70 | 13.04 | — | — |
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 | — | 9.82 | 10.00 | 10.33 | 11.42 | 11.12 | 9.27 | 12.37 | 10.66 | — | — |
| EV / EBITDA | 16.72 | 14.07 | 14.23 | 14.68 | 16.19 | 15.84 | 8.81 | 17.54 | 14.72 | — | — |
| EV / EBIT | 29.99 | 27.08 | 29.45 | 32.75 | — | 21.32 | 21.78 | 27.58 | 19.14 | — | — |
| EV / FCF | — | 104.84 | — | — | 51.55 | 23.12 | 21.65 | 26.39 | 18.88 | — | — |
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 | 12.6% | 12.6% | 85.9% | 86.3% | 87.0% | 86.3% | 78.5% | 86.8% | 88.1% | 88.6% | 88.8% |
| Operating Margin | 33.0% | 33.0% | 31.4% | 29.5% | 29.1% | 47.2% | 78.4% | 44.5% | 55.6% | 52.8% | 58.2% |
| Net Profit Margin | -14.7% | -14.7% | -21.6% | -24.7% | -58.4% | 54.4% | 32.2% | 22.9% | 45.8% | 51.2% | 56.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -6.9% | -6.9% | -8.8% | -8.7% | -19.1% | 11.7% | 8.2% | 4.2% | 5.2% | 5.8% | 6.4% |
| ROA | -1.2% | -1.2% | -1.7% | -1.9% | -6.0% | 6.3% | 3.8% | 2.6% | 5.0% | 5.7% | 6.1% |
| ROIC | 2.2% | 2.2% | 2.0% | 1.8% | 2.3% | 4.2% | 7.1% | 3.5% | 3.2% | 3.3% | 4.5% |
| ROCE | 3.3% | 3.3% | 2.6% | 2.3% | 3.1% | 5.8% | 9.2% | 5.8% | 10.4% | 8.1% | 6.3% |
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 | 4.69 | 4.69 | 4.28 | 3.72 | 3.21 | 0.81 | 0.86 | 1.41 | 0.32 | 0.59 | 0.06 |
| Debt / EBITDA | 13.49 | 13.49 | 13.89 | 14.04 | 15.58 | 5.45 | 3.23 | 8.70 | 4.08 | 7.54 | 0.75 |
| Net Debt / Equity | — | 4.49 | 4.15 | 3.63 | 3.17 | 0.78 | 0.84 | 1.38 | 0.31 | 0.61 | 0.08 |
| Net Debt / EBITDA | 12.90 | 12.90 | 13.46 | 13.68 | 15.41 | 5.26 | 3.15 | 8.52 | 4.00 | 7.73 | 0.95 |
| Debt / FCF | — | 96.14 | — | — | 49.07 | 7.67 | 7.74 | 12.82 | 5.13 | 8.62 | 1.01 |
| Interest Coverage | 0.62 | 0.62 | 0.51 | 0.48 | -0.05 | 3.22 | 2.10 | 2.02 | 5.63 | 33.86 | 39.44 |
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 | 0.23 | 0.23 | 4.56 | 4.71 | 3.16 | 0.50 | 6.46 | 6.00 | 0.16 | 0.07 | 2.81 |
| Quick Ratio | 0.23 | 0.23 | 4.56 | 4.71 | 3.16 | 0.50 | 6.46 | 6.00 | 0.16 | 1.86 | 86.29 |
| Cash Ratio | 0.13 | 0.13 | 1.62 | 1.45 | 0.62 | 0.14 | 1.55 | 1.72 | 0.02 | -0.03 | -1.34 |
| Asset Turnover | — | 0.09 | 0.08 | 0.08 | 0.07 | 0.12 | 0.13 | 0.09 | 0.11 | 0.11 | 0.11 |
| 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 | 2.0% | 2.2% | 1.1% | 0.9% | 20.8% | 5.3% | 5.7% | 5.9% | 5.5% | — | — |
| Payout Ratio | — | — | — | — | — | 72.1% | 104.9% | 163.7% | 93.7% | 192.1% | 177.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 7.3% | 5.4% | 3.6% | 5.9% | — | — |
| FCF Yield | 13.9% | 11.5% | — | — | 40.3% | 6.5% | 7.2% | 7.4% | 7.3% | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 2.2% | 2.3% | 1.2% | 0.9% | 21.0% | 5.3% | 5.7% | 5.9% | 5.5% | — | — |
| Shares Outstanding | — | $66M | $66M | $65M | $65M | $65M | $65M | $65M | $64M | $65M | $68M |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying ILPT stock.
Industrial Logistics Properties Trust's current P/E ratio is -7.0x. The historical average is 19.2x.
Industrial Logistics Properties Trust's current EV/EBITDA is 16.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.5x.
Industrial Logistics Properties Trust's return on equity (ROE) is -6.9%. The historical average is 0.3%.
Based on historical data, Industrial Logistics Properties Trust is trading at a P/E of -7.0x. Compare with industry peers and growth rates for a complete picture.
Industrial Logistics Properties Trust's current dividend yield is 2.04%.
Industrial Logistics Properties Trust has 12.6% gross margin and 33.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Industrial Logistics Properties Trust's Debt/EBITDA ratio is 13.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Rising leverage on shrinking equity
Metrics are mathematically derived from official filings.
Trading Near Book With Thin Earnings Support
Based on ILPT's reported figures, the stock trades at 0.43 times book and roughly 12 times P/FFO on the latest quarter, a discount that reflects equity erosion and volatile FFO rather than a clear mispricing.
The P/B of 0.43 suggests the market is pricing the portfolio well below its recorded book value, which may indicate skepticism about whether depreciated asset values reflect economic reality. The P/FFO multiple has compressed from about 16.6 to 12.0 over ten quarters, but this compression coincides with falling FFO per share, so the lower multiple should not be read as cheapness without confirming that FFO stabilizes. Investors should monitor whether the implied cap rate, derived from NOI against enterprise value, holds steady as leverage rises.
Stable NOI Margins Mask Weak Bottom Line
As reported in financial statements, ILPT's NOI margin held near 85% to 87% for most quarters, yet net margins stayed negative throughout, indicating that property-level profitability does not carry through to GAAP earnings.
The NOI margin recovered to 86.1% in 2026Q3 after a dip to 77.6% in 2026Q1, which suggests property operations have been resilient, though the single-quarter anomaly in 2025Q4 (NOI margin of -2.0%) warrants further investigation before treating the margin as fully reliable. FFO per share swung from 0.60 at the 2025Q4 peak to 0.15 in 2026Q3, a pattern that appears driven by lumpy items rather than organic same-store growth, since the margin itself did not deteriorate proportionally. Heavy depreciation continues to absorb operating income, so the gap between NOI margin and net margin remains the central profitability question.
FFO Payout Swings Expose Thin Coverage
Based on ILPT's reported figures, the FFO payout ratio ranged from 3.3% to 66.1% across the ten quarters, with the latest 66.1% reading signaling materially reduced cushion relative to earlier periods.
The payout ratio spiked as FFO per share fell to 0.15 in 2026Q3, leaving a far narrower margin than the sub-10% payouts seen through much of 2025, which suggests the dividend's safety depends heavily on FFO recovering to prior levels. AFFO per share was 0.07 in the latest quarter against the regular dividend, a gap that appears to narrow distribution coverage meaningfully. Investors should monitor whether management maintains the dividend if FFO remains near current levels, since the reported figures do not establish a sustainable retained-cash buffer.
Debt-to-Assets Pressure Builds Through Equity Decline
As reported in financial statements, ILPT's debt-to-equity ratio rose from 3.97 to 5.28 over ten quarters while total debt held near $4.2B, indicating leverage pressure driven largely by the shrinking equity base.
Because total debt was roughly stable while book equity fell about 31%, the rising leverage ratio appears to reflect balance sheet compression rather than new borrowing, though the reported figures alone cannot confirm the underlying cause. Interest coverage remained below 1.0 in every quarter shown, ranging from 0.38 to 0.88, which suggests operating earnings have not covered interest expense on a GAAP basis. Investors should monitor fixed-rate exposure, debt maturity profile, and refinancing terms, as the supplied data does not disclose these and they bear directly on the risk this leverage profile implies.
Debt-to-Equity Misleads on Gross Asset Leverage
The most commonly misapplied ratio for ILPT is debt-to-equity using book equity, which may overstate leverage risk because depreciation has eroded book value while the underlying property base continues generating roughly $90M to $100M of quarterly NOI.
Standard D/E treats depreciated book equity as the denominator, so the reported rise from 3.97 to 5.28 partly reflects accounting write-downs rather than a deterioration in asset coverage. For REITs, debt-to-gross-assets provides a more appropriate view, since it uses undepreciated property value, and that metric should be calculated from the balance sheet before drawing firm conclusions. Investors should monitor whether the leverage signal persists on a gross-asset basis, as the conclusion of heightened risk may not hold if asset values are better supported than book equity suggests.