Latest Ratios: P/E Ratio 21.4x · EV/EBITDA 17.5x · ROE 6.3%. (2005–2025 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 | $2.4B | $2.2B | $2.1B | $1.7B | $1.6B | $1.9B | — | — | — | — | — |
| Enterprise Value | $3.1B | $3.0B | $2.8B | $2.4B | $2.2B | $2.4B | — | — | — | — | — |
| P/E Ratio → | 21.37 | 19.87 | 158.58 | 326.13 | 30.74 | — | — | — | — | — | — |
| P/S Ratio | 7.90 | 7.39 | 7.81 | 6.64 | 6.75 | 9.14 | — | — | — | — | — |
| P/B Ratio | 1.32 | 1.23 | 1.22 | 1.11 | 1.00 | 1.23 | — | — | — | — | — |
| P/FCF | 21.32 | 19.93 | 21.23 | 18.30 | 15.66 | 27.47 | — | — | — | — | — |
| P/OCF | 15.21 | 14.22 | 15.63 | 13.26 | 12.71 | 21.54 | — | — | — | — | — |
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 | — | 10.01 | 10.18 | 9.42 | 9.36 | 11.48 | — | — | — | — | — |
| EV / EBITDA | 17.51 | 16.65 | 17.33 | 16.33 | 17.01 | 27.06 | — | — | — | — | — |
| EV / EBIT | 61.28 | 20.52 | 54.94 | 56.13 | 28.04 | 223.24 | — | — | — | — | — |
| EV / FCF | — | 27.01 | 27.68 | 25.95 | 21.70 | 34.50 | — | — | — | — | — |
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 | -14.1% | -14.1% | 70.9% | 70.0% | 69.1% | 69.8% | 70.3% | 70.8% | 71.1% | 73.2% | 72.1% |
| Operating Margin | 17.2% | 17.2% | 17.2% | 13.8% | 14.9% | 1.3% | 9.2% | 12.2% | 13.7% | 5.9% | -0.5% |
| Net Profit Margin | 37.2% | 37.2% | 5.0% | 2.0% | 22.1% | -2.5% | -5.1% | 17.0% | 34.6% | 24.5% | 101.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.3% | 6.3% | 0.8% | 0.3% | 3.3% | -0.3% | -0.6% | 1.9% | 3.6% | 2.6% | 11.5% |
| ROA | 4.1% | 4.1% | 0.5% | 0.2% | 2.2% | -0.2% | -0.4% | 1.5% | 3.2% | 2.3% | 7.2% |
| ROIC | 1.5% | 1.5% | 1.5% | 1.2% | 1.2% | 0.1% | 0.6% | 0.9% | 0.9% | 0.4% | -0.0% |
| ROCE | 1.9% | 1.9% | 1.9% | 1.5% | 1.5% | 0.1% | 0.8% | 1.1% | 1.3% | 0.6% | -0.0% |
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 | 0.46 | 0.46 | 0.42 | 0.52 | 0.47 | 0.34 | 0.32 | 0.32 | 0.26 | 0.27 | 0.30 |
| Debt / EBITDA | 4.59 | 4.59 | 4.60 | 5.46 | 5.80 | 5.93 | 5.26 | 4.60 | 2.35 | 2.98 | 3.31 |
| Net Debt / Equity | — | 0.44 | 0.37 | 0.46 | 0.38 | 0.32 | 0.19 | 0.18 | 0.14 | 0.21 | 0.12 |
| Net Debt / EBITDA | 4.37 | 4.37 | 4.03 | 4.81 | 4.74 | 5.52 | 3.16 | 2.56 | 1.26 | 2.25 | 1.35 |
| Debt / FCF | — | 7.08 | 6.44 | 7.65 | 6.04 | 7.03 | 4.43 | 6.03 | 3.97 | 9.71 | 3.37 |
| Interest Coverage | 4.23 | 4.23 | 1.37 | 1.14 | 2.95 | 0.67 | 0.97 | 3.81 | 1.41 | -1.58 | 3.71 |
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 | 1.17 | 1.17 | 1.99 | 2.28 | 3.04 | 1.50 | 6.03 | 6.76 | 6.37 | 4.04 | 12.28 |
| Quick Ratio | 1.17 | 1.17 | 1.99 | 2.28 | 3.04 | 1.50 | 6.03 | 6.76 | 6.41 | 4.08 | 12.28 |
| Cash Ratio | 0.61 | 0.61 | 1.43 | 1.63 | 2.43 | 0.74 | 5.31 | 5.92 | 5.68 | 3.27 | 11.33 |
| Asset Turnover | — | 0.11 | 0.10 | 0.10 | 0.10 | 0.10 | 0.08 | 0.09 | 0.10 | 0.09 | 0.09 |
| 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 | 3.1% | 3.3% | 2.9% | 3.3% | 3.5% | 2.9% | — | — | — | — | — |
| Payout Ratio | 65.4% | 65.4% | 459.6% | 1091.1% | 105.9% | — | — | 138.7% | 64.6% | 86.3% | 39.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.7% | 5.0% | 0.6% | 0.3% | 3.3% | — | — | — | — | — | — |
| FCF Yield | 4.7% | 5.0% | 4.7% | 5.5% | 6.4% | 3.6% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 6.0% | — | — | — | — | — |
| Total Shareholder Yield | 3.1% | 3.3% | 2.9% | 3.3% | 3.5% | 8.9% | — | — | — | — | — |
| Shares Outstanding | — | $78M | $71M | $68M | $68M | $71M | $72M | $73M | $76M | $77M | $85M |
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying IVT stock.
InvenTrust Properties Corp.'s current P/E ratio is 21.4x. The historical average is 69.7x. This places it at the 33th percentile of its historical range.
InvenTrust Properties Corp.'s current EV/EBITDA is 17.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.9x.
InvenTrust Properties Corp.'s return on equity (ROE) is 6.3%. The historical average is 1.7%.
Based on historical data, InvenTrust Properties Corp. is trading at a P/E of 21.4x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
InvenTrust Properties Corp.'s current dividend yield is 3.06% with a payout ratio of 65.4%.
InvenTrust Properties Corp. has -14.1% gross margin and 17.2% operating margin. Operating margin between 10-20% is typical for established companies.
InvenTrust Properties Corp.'s Debt/EBITDA ratio is 4.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative gross margin anomaly
Metrics are mathematically derived from official filings.
Premium Multiple for Sun Belt Focus
IVT trades at 22.4x forward FFO, a premium to peers like KIM and REG, reflecting its Sun Belt concentration and growth narrative, as per reported figures.
The P/FFO of 22.4x in 2026Q2 is above the peer average, suggesting the market is pricing in superior organic growth from IVT's high-barrier Sun Belt markets. However, with FFO growth decelerating to -67.1% year-over-year in the same quarter, the premium may be vulnerable if growth fails to reaccelerate. The implied cap rate, derived from NOI and enterprise value, appears compressed relative to private market transactions, indicating limited valuation upside absent stronger NOI growth.
NOI Margins Stable, Gross Margin Anomaly
NOI margin held at 72.8% in 2026Q2, consistent with prior quarters, but the reported negative gross margin of -14.1% suggests significant non-operating costs, according to financial statements.
The stability in NOI margin indicates that property-level operations are efficient, with expense recoveries covering most operating costs. However, the negative gross margin, despite 9.2% revenue growth, points to elevated direct costs—possibly insurance or depreciation—that are not fully recoverable from tenants. This anomaly warrants investigation, as it may compress future NOI if such costs persist. The high net margin of 37.24% relative to operating margin suggests non-operating gains, which should be excluded to assess core profitability.
Dividend Well Covered by AFFO
IVT's AFFO payout ratio of 46.7% in 2026Q2 indicates a comfortable dividend coverage, with retained cash flow supporting reinvestment, as per quarterly data.
The payout ratio has remained below 60% over the past ten quarters, providing a buffer against potential FFO volatility. In 2026Q2, AFFO of $0.43 per share covered the dividend of $0.20, leaving a healthy retained cash flow for capital recycling. However, the FFO payout ratio spiked to 49.8% in 2025Q4 when FFO dipped, highlighting sensitivity to earnings fluctuations. Investors should monitor whether the negative gross margin trend pressures AFFO and erodes this coverage.
Leverage Rising but Manageable
Debt-to-equity increased to 0.62 in 2026Q2 from 0.42 a year earlier, yet remains below peers like KIM and REG, based on reported figures.
The rise in leverage reflects acquisition funding, but the absolute level is conservative, with interest coverage of 1.12x in 2026Q2, down from 12.5x in 2025Q2 due to a one-time gain. Excluding that anomaly, coverage appears adequate but warrants monitoring as debt grows. The company's low leverage provides financial flexibility, but rising rates could pressure refinancing costs. The debt maturity profile is not disclosed, but the current cash balance of $74.9M offers near-term liquidity.
Sun Belt Concentration Drives Performance
IVT's portfolio is concentrated in high-growth Sun Belt markets, with NOI rising to $60.3M in 2026Q2, reflecting strong occupancy and rent growth, as reported in financial statements.
The geographic focus on Texas and Florida exposes IVT to regional economic shifts, but also enables it to capture rent growth in migration hubs. Occupancy rates are not explicitly disclosed, but stable NOI margins and revenue growth imply healthy occupancy. G&A efficiency appears lean, with operating margins of 17.18% suggesting disciplined overhead. However, the concentration in climate-risk-prone areas may lead to rising insurance costs, which could pressure future NOI if not recoverable.
P/E Misleads Due to Depreciation
Standard P/E of 23.13 is distorted by depreciation, as GAAP net income of $1.4M in 2026Q2 is far below FFO of $41.7M, according to financial statements.
For REITs, P/E is misleading because depreciation is a non-cash charge that reduces GAAP earnings but does not reflect property value deterioration. IVT's P/E of 23.13 appears elevated, but on a P/FFO basis, the multiple is 22.4x, which is more comparable to peers. Investors should use P/FFO or P/AFFO to assess valuation, and also consider the implied cap rate relative to private market transactions. The negative gross margin further complicates earnings quality, suggesting that adjustments for non-recurring items are necessary.