Latest Ratios: P/E Ratio 57.4x · EV/EBITDA 15.6x · ROE 1.6%. (2010–2025 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 | $3.5B | $4.1B | $4.5B | $3.4B | $3.8B | $2.8B | $1.3B | $1.3B | $802M | $743M | $465M |
| Enterprise Value | $5.8B | $6.3B | $6.8B | $6.0B | $6.4B | $5.5B | $2.2B | $2.2B | $1.8B | $1.5B | $1.2B |
| P/E Ratio → | 57.36 | 72.83 | 116.71 | — | 112.40 | 346.25 | 83.94 | 190.79 | 30.60 | 24.61 | — |
| P/S Ratio | 5.26 | 6.24 | 6.99 | 5.19 | 5.99 | 11.34 | 6.00 | 6.26 | 4.19 | 4.61 | 3.03 |
| P/B Ratio | 0.98 | 1.14 | 1.25 | 0.96 | 1.01 | 0.78 | 1.78 | 2.05 | 1.27 | 1.15 | 0.88 |
| P/FCF | 23.26 | 28.01 | 52.85 | 29.72 | 36.24 | 305.57 | 33.86 | 43.34 | 28.54 | 18.59 | — |
| P/OCF | 12.53 | 14.54 | 17.23 | 13.10 | 15.08 | 54.29 | 16.96 | 16.97 | 11.70 | 13.67 | — |
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 | — | 9.64 | 10.61 | 9.02 | 10.15 | 22.00 | 10.58 | 11.07 | 9.30 | 9.37 | 7.75 |
| EV / EBITDA | 15.60 | 17.39 | 19.38 | 16.25 | 18.43 | 42.73 | 20.00 | 14.42 | 18.32 | 18.98 | 15.95 |
| EV / EBIT | 47.59 | 46.36 | 58.43 | 82.65 | 30.72 | 67.21 | 43.64 | 44.65 | 28.40 | 25.12 | 45.74 |
| EV / FCF | — | 43.25 | 80.15 | 51.58 | 61.44 | 593.10 | 59.68 | 76.55 | 63.28 | 37.82 | — |
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 | -14.9% | -14.9% | 58.5% | 58.9% | 59.2% | 58.9% | 56.8% | 57.0% | 56.4% | 56.1% | 55.7% |
| Operating Margin | 18.4% | 18.4% | 20.2% | 22.4% | 14.8% | 20.8% | — | 50.8% | 27.1% | 28.2% | 25.9% |
| Net Profit Margin | 8.6% | 8.6% | 6.1% | -2.6% | 18.7% | 17.8% | 7.0% | 22.6% | 13.7% | 18.7% | -6.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.6% | 1.6% | 1.1% | -0.5% | 3.2% | 2.0% | 2.2% | 7.3% | 4.1% | 5.1% | -2.1% |
| ROA | 0.9% | 0.9% | 0.6% | -0.3% | 1.8% | 1.1% | 0.9% | 2.8% | 1.7% | 2.2% | -0.7% |
| ROIC | 1.6% | 1.6% | 1.6% | 1.8% | 1.1% | 1.0% | — | 4.8% | 2.6% | 2.6% | 2.3% |
| ROCE | 2.4% | 2.4% | 2.3% | 2.5% | 1.6% | 1.3% | — | 6.8% | 3.4% | 3.4% | 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 | 0.64 | 0.64 | 0.65 | 0.71 | 0.70 | 0.74 | 1.37 | 1.59 | 1.56 | 1.20 | 1.41 |
| Debt / EBITDA | 6.26 | 6.26 | 6.66 | 6.95 | 7.61 | 21.00 | 8.73 | 6.32 | 10.16 | 9.78 | 9.99 |
| Net Debt / Equity | — | 0.62 | 0.65 | 0.71 | 0.70 | 0.73 | 1.36 | 1.57 | 1.55 | 1.19 | 1.37 |
| Net Debt / EBITDA | 6.13 | 6.13 | 6.60 | 6.89 | 7.56 | 20.72 | 8.65 | 6.25 | 10.06 | 9.65 | 9.71 |
| Debt / FCF | — | 15.25 | 27.31 | 21.87 | 25.20 | 287.52 | 25.82 | 33.21 | 34.73 | 19.23 | — |
| Interest Coverage | 1.73 | 1.73 | 1.53 | 0.80 | 2.39 | 2.25 | 1.41 | 1.28 | 1.74 | 2.10 | 0.73 |
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 | 0.05 | 0.05 | 0.16 | 2.26 | 0.08 | 0.93 | 0.34 | 0.06 | 2.57 | 0.98 | 4.91 |
| Quick Ratio | 0.05 | 0.05 | 0.16 | 2.26 | 0.08 | 0.93 | 0.34 | 0.06 | 2.57 | 1.30 | 5.12 |
| Cash Ratio | 0.05 | 0.05 | 0.02 | 0.15 | 0.02 | 0.26 | 0.22 | 0.04 | 0.23 | 0.44 | 1.11 |
| Asset Turnover | — | 0.11 | 0.11 | 0.11 | 0.10 | 0.04 | 0.12 | 0.12 | 0.12 | 0.11 | 0.12 |
| 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 | 4.4% | 3.8% | 3.2% | 3.9% | 2.8% | 1.8% | 4.4% | 5.1% | 6.5% | 7.0% | 7.9% |
| Payout Ratio | 273.0% | 273.0% | 366.5% | — | 90.3% | 111.8% | 380.2% | 141.1% | 199.6% | 173.2% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.7% | 1.4% | 0.9% | — | 0.9% | 0.3% | 1.2% | 0.5% | 3.3% | 4.1% | — |
| FCF Yield | 4.3% | 3.6% | 1.9% | 3.4% | 2.8% | 0.3% | 3.0% | 2.3% | 3.5% | 5.4% | — |
| Buyback Yield | 0.8% | 0.7% | 0.1% | 0.2% | 0.2% | 0.1% | 0.1% | 0.1% | 0.0% | 0.1% | 13.4% |
| Total Shareholder Yield | 5.2% | 4.5% | 3.3% | 4.1% | 3.0% | 1.9% | 4.5% | 5.1% | 6.6% | 7.1% | 21.2% |
| Shares Outstanding | — | $235M | $226M | $224M | $223M | $110M | $95M | $90M | $87M | $74M | $52M |
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying IRT stock.
Independence Realty Trust, Inc.'s current P/E ratio is 57.4x. The historical average is 77.8x. This places it at the 30th percentile of its historical range.
Independence Realty Trust, Inc.'s current EV/EBITDA is 15.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.4x.
Independence Realty Trust, Inc.'s return on equity (ROE) is 1.6%. The historical average is 2.3%.
Based on historical data, Independence Realty Trust, Inc. is trading at a P/E of 57.4x. This is at the 30th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Independence Realty Trust, Inc.'s current dividend yield is 4.38% with a payout ratio of 273.0%.
Independence Realty Trust, Inc. has -14.9% gross margin and 18.4% operating margin. Operating margin between 10-20% is typical for established companies.
Independence Realty Trust, Inc.'s Debt/EBITDA ratio is 6.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
AFFO-dividend coverage volatility
Metrics are mathematically derived from official filings.
Valuation Multiples Lack REIT-Appropriate Anchors
IRT's reported P/E of 57.36 and P/B of 0.98 are poor guides to value because FFO-based multiples are unavailable in the supplied data, and the 4.4% dividend yield at a $15.00 price is the more usable reference point.
The reported P/E of 57.36 is distorted by real estate depreciation and amortization, so it says little about the earnings power of a property-heavy REIT. The unavailable P/FFO and P/AFFO figures are the appropriate multiples here, and their absence means the valuation case cannot be benchmarked against the sector on a cash-earnings basis. The price-to-book of 0.98 suggests the market values the equity near its carrying amount, which may indicate skepticism about the renovation pipeline's ability to lift returns above book cost.
Payout Coverage Swings Erode Safety Margin
Based on IRT's reported figures, the FFO payout ratio ran between 53% and 118% across the ten quarters, with the 118.2% reading in 2025Q4 indicating distributions exceeded FFO in that period and warranting close monitoring.
Payout ratios in the 54% to 63% range in most quarters suggest a reasonable cushion, but the spike to 118.2% in 2025Q4 shows how quickly coverage can deteriorate when quarterly FFO softens. AFFO per share fell as low as $0.07 in 2025Q3 while the dividend yield held near 1%, which appears to point to a dividend that depends on timing rather than a stable recurring cash base. Investors should watch whether the 2026Q3 AFFO of $0.20 per share can be sustained, as recurring capital spending absorbs a substantial share of FFO.
NOI Margin Volatility Masks Underlying Trend
As reported in financial statements, IRT's NOI margin alternated between roughly 58% and negative readings near -20% in 2026Q1 and 2026Q2, a pattern that warrants investigation into expense classification rather than being read as a clean deterioration.
The swing from positive margins near 58% to negative readings suggests either a change in how property operating costs are recorded or a genuine episode of cost pressure from property taxes and insurance in Sunbelt markets. FFO per share growth of 32.6% in 2026Q3 is encouraging, but it follows a -3.7% reading in 2026Q1, so the trajectory remains uneven. The question for analysts is whether organic same-store NOI growth is driving FFO or whether acquisitions and lower depreciation are doing the work.
Low Reported Debt-to-Equity Demands Reconciliation
Based on reported figures, IRT's debt-to-equity ratio held between 0.63 and 0.70 across the ten quarters, while interest coverage dipped to 0.99 in 2026Q1, a level that suggests earnings briefly did not cover interest expense.
A debt-to-equity near 0.64 to 0.70 is conventional for a REIT but does not capture leverage measured against gross assets, which the data does not supply directly. Interest coverage below 1.0 in 2026Q1 indicates a quarter in which operating earnings were insufficient to cover interest, which may reflect the cost of funding the renovation program. Fixed-rate exposure and debt maturity schedules are not in the supplied data, so refinancing risk cannot be fully assessed from these figures.
FFO Overstates Distributable Cash Capacity
Based on IRT's reported figures, headline FFO of $91.0M in 2026Q3 falls to AFFO of $47.3M after recurring capital deductions, a haircut of roughly 48% that may indicate FFO-based payout narratives are overstated.
The most commonly misapplied metric for this REIT is FFO used without adjustment, because it adds back depreciation while ignoring the maintenance and value-add capital that the renovation program requires. Using AFFO instead reveals a materially smaller base for the dividend and for reinvestment. Analysts should evaluate payout capacity on AFFO and treat FFO growth with skepticism until recurring capital needs are better documented.