Latest Ratios: P/E Ratio 60.8x · 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 | $3.4B | $4.1B | $4.5B | $3.4B | $3.8B | $2.8B | $1.3B | $1.3B | $802M | $743M | $465M |
| Enterprise Value | $5.7B | $6.3B | $6.8B | $6.0B | $6.4B | $5.5B | $2.2B | $2.2B | $1.8B | $1.5B | $1.2B |
| P/E Ratio → | 60.75 | 72.83 | 116.71 | — | 112.40 | 346.25 | — | 190.79 | 30.60 | 24.61 | — |
| P/S Ratio | 5.23 | 6.24 | 6.99 | 5.19 | 5.99 | 11.34 | 6.00 | 6.26 | 4.19 | 4.61 | 3.03 |
| P/B Ratio | 0.95 | 1.14 | 1.25 | 0.96 | 1.01 | 0.78 | 1.78 | 2.05 | 1.27 | 1.15 | 0.88 |
| P/FCF | 23.45 | 28.01 | 52.85 | 29.72 | 36.24 | 305.57 | 33.86 | 43.34 | 28.54 | 18.59 | — |
| P/OCF | 12.18 | 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 | 15.56 | 17.39 | 19.38 | 16.25 | 18.43 | 42.73 | 20.00 | 14.42 | 9.30 | 9.24 | 7.64 |
| EV / EBIT | 46.78 | 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% | 2.5% | 2.7% | 1.7% | 1.5% | — | 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 | 5.15 | 4.76 | 4.78 |
| 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 | 5.11 | 4.70 | 4.65 |
| 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 | 0.35 | 0.08 | 0.12 | 0.34 | 0.06 | 2.57 | 0.98 | 4.91 |
| Quick Ratio | 0.05 | 0.05 | 0.16 | 0.35 | 0.08 | 0.12 | 0.34 | 0.06 | 2.57 | 1.30 | 5.12 |
| Cash Ratio | 0.05 | 0.05 | 0.02 | 0.02 | 0.02 | 0.03 | 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 | 4.5% | 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 | 1.6% | 1.4% | 0.9% | — | 0.9% | 0.3% | — | 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 | 0.9% | 0.7% | 0.1% | 0.2% | 0.2% | 0.1% | 0.1% | 0.1% | 0.0% | 0.1% | 13.4% |
| Total Shareholder Yield | 5.4% | 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 60.8x. The historical average is 77.1x. This places it at the 33th 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 19.3x.
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 60.8x. This is at the 33th 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 4.51% 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
Negative NOI margin persists
Metrics are mathematically derived from official filings.
Valuation Signals Distress Discount
IRT trades at 14.77x forward FFO, a discount to MAA's 34.94x P/E and CPT's 30.39x, suggesting the market prices in operational headwinds.
The P/FFO of 14.77x in 2026Q2 is below the peer average, reflecting skepticism about earnings quality given the negative NOI margin. The implied cap rate, derived from NOI and enterprise value, likely exceeds the 5-6% range typical for Sunbelt multifamily, indicating the market demands a higher yield for perceived risk. This discount may narrow if same-store momentum converts to reported FFO growth, but until then, the valuation appears to embed a distress scenario.
NOI Margin Collapse Masks Underlying Operations
NOI margin swung from 58.4% in 2025Q3 to -20.2% in 2026Q2, per IRT's income statements, signaling a severe property-level profitability deterioration despite stable occupancy.
The negative NOI margin is an accounting anomaly, likely driven by non-cash charges or reclassification, as same-store results are reportedly ahead of plan. However, the persistence of negative margins for two consecutive quarters suggests that either expense inflation (property taxes, insurance) is outpacing rent growth, or there are one-time integration costs. Investors should monitor whether this is a temporary trough or a new baseline, as FFO growth has stagnated at $0.29 per share despite revenue growth.
Dividend Coverage Thin but Improving
FFO payout ratio improved to 58.6% in 2026Q2 from 118.2% in 2025Q4, per IRT's reported figures, but AFFO coverage remains weak at 59% of dividends.
The FFO payout ratio is within a safe range, but the AFFO shortfall of $12.0M in 2026Q2 indicates that maintenance capex and other adjustments consume more cash than FFO suggests. This implies the dividend may be partially funded by external sources or cash reserves, which is unsustainable long-term. The improvement from the 2025Q4 spike is encouraging, but investors should watch whether AFFO coverage reaches 100% as the renovation pipeline matures.
Leverage Creeps Higher, Coverage Thin
Debt-to-equity rose to 0.70 in 2026Q2 from 0.64 a year earlier, per IRT's balance sheet, while interest coverage fell to 1.16x, indicating increased financial risk.
The D/E ratio of 0.70 is moderate for a REIT, but interest coverage of 1.16x is dangerously low, suggesting that operating income barely covers interest expense. This is partly due to the negative NOI margin, which reduces EBIT. If NOI normalizes, coverage should improve, but the current level leaves little room for rate hikes or further debt issuance. The fixed-rate exposure is not disclosed, but the rising D/E trend warrants monitoring for refinancing risk.
Occupancy Stable, G&A Efficiency Questioned
Occupancy remains stable, but G&A efficiency is unclear; negative NOI margin of -20.2% in 2026Q2, as per IRT's financials, suggests property-level economics are challenged.
The portfolio's focus on B/B+ assets in secondary markets provides tenant stickiness, but the negative NOI margin indicates that either expenses are misallocated or the properties are underperforming. The concentration in Atlanta and other Sunbelt markets exposes IRT to regional supply risks, though the suburban focus may mitigate this. Investors should monitor whether the value-add renovation program can restore margins to the 55-60% range seen in 2025.
P/E Misleads on REIT Earnings
IRT's P/E of 69.12x is distorted by depreciation, as per GAAP, while P/FFO of 14.77x provides a clearer picture of earnings power.
Standard P/E is meaningless for REITs because depreciation is a non-cash charge that reduces net income but not cash flow. IRT's P/E of 69.12x appears expensive, but P/FFO of 14.77x is more reasonable. However, even P/FFO can be misleading if FFO is inflated by aggressive capitalization of renovation costs. Investors should use AFFO, which deducts maintenance capex, to assess true distributable cash flow. The negative NOI margin also suggests that reported FFO may not reflect property-level economics.