Latest Ratios: P/E Ratio 14.5x · EV/EBITDA 13.0x · 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 | $3.9B | $4.4B | $4.8B | $4.7B | $4.5B | $7.8B | $6.5B | $8.7B | $6.3B | $7.4B | $6.8B |
| Enterprise Value | $8.6B | $9.1B | $9.3B | $9.2B | $8.6B | $11.6B | $9.8B | $12.3B | $9.2B | $9.7B | $8.9B |
| P/E Ratio → | 14.50 | 16.11 | 22.85 | 22.13 | 19.63 | 12.40 | 35.21 | 59.50 | 24.47 | 49.44 | 24.65 |
| P/S Ratio | 3.52 | 4.00 | 4.21 | 4.14 | 4.13 | 8.14 | 7.27 | 10.40 | 8.45 | 10.25 | 10.60 |
| P/B Ratio | 0.71 | 0.79 | 0.85 | 0.83 | 0.80 | 1.37 | 1.24 | 1.91 | 1.50 | 1.86 | 1.81 |
| P/FCF | — | — | 118.98 | 79.66 | 805.71 | — | — | — | — | — | — |
| P/OCF | 6.91 | 7.85 | 8.83 | 7.77 | 7.65 | 15.05 | 14.33 | 22.54 | 15.41 | 21.24 | 19.74 |
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 | — | 8.19 | 8.22 | 8.17 | 7.82 | 12.10 | 10.93 | 14.69 | 12.31 | 13.43 | 13.91 |
| EV / EBITDA | 12.99 | 13.80 | 13.50 | 13.44 | 13.38 | 19.45 | 18.21 | 24.80 | 12.31 | 13.43 | 13.87 |
| EV / EBIT | 27.18 | 19.66 | 24.69 | 26.17 | 24.94 | 15.67 | 35.30 | 46.65 | 49.44 | 39.16 | 24.85 |
| EV / FCF | — | — | 232.51 | 156.95 | 1523.91 | — | — | — | — | — | — |
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 | 67.0% | 67.0% | 67.2% | 68.9% | 70.7% | 71.8% | 71.0% | 69.7% | 71.8% | 71.8% | 73.1% |
| Operating Margin | 28.4% | 28.4% | 29.5% | 29.2% | 29.6% | 29.6% | 26.6% | 26.5% | 24.9% | 28.7% | 30.5% |
| Net Profit Margin | 24.8% | 24.8% | 18.6% | 18.8% | 21.2% | 65.8% | 20.8% | 23.3% | 34.6% | 22.9% | 45.7% |
| 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% | 3.7% | 3.7% | 4.1% | 11.5% | 3.8% | 4.5% | 6.3% | 4.3% | 8.4% |
| ROA | 2.5% | 2.5% | 1.9% | 1.9% | 2.2% | 6.1% | 2.0% | 2.3% | 3.5% | 2.4% | 4.6% |
| ROIC | 2.3% | 2.3% | 2.5% | 2.5% | 2.5% | 2.4% | 2.1% | 2.2% | 2.1% | 2.6% | 2.6% |
| ROCE | 3.0% | 3.0% | 3.2% | 3.2% | 3.3% | 2.9% | 2.7% | 2.9% | 2.8% | 3.3% | 3.4% |
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 | 0.86 | 0.86 | 0.84 | 0.89 | 0.77 | 0.74 | 0.76 | 0.80 | 0.70 | 0.59 | 0.62 |
| Debt / EBITDA | 7.33 | 7.33 | 6.83 | 7.36 | 6.85 | 7.06 | 7.46 | 7.36 | 3.92 | 3.26 | 3.60 |
| Net Debt / Equity | — | 0.83 | 0.81 | 0.80 | 0.71 | 0.66 | 0.62 | 0.79 | 0.69 | 0.58 | 0.57 |
| Net Debt / EBITDA | 7.06 | 7.06 | 6.59 | 6.62 | 6.31 | 6.36 | 6.10 | 7.24 | 3.85 | 3.18 | 3.30 |
| Debt / FCF | — | — | 113.53 | 77.29 | 718.20 | — | — | — | — | — | — |
| Interest Coverage | 2.51 | 2.51 | 2.60 | 3.09 | 4.08 | 9.39 | 3.93 | 5.43 | 3.70 | 3.73 | 6.44 |
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 | 4.24 | 4.24 | 1.20 | 1.86 | 1.16 | 1.27 | 1.79 | 0.72 | 0.76 | 0.71 | 0.81 |
| Quick Ratio | 4.24 | 4.24 | 1.20 | 1.86 | 1.16 | 1.27 | 1.79 | 0.72 | 0.78 | 0.82 | 0.79 |
| Cash Ratio | 1.44 | 1.44 | 0.34 | 1.15 | 0.51 | 0.63 | 1.08 | 0.13 | 0.12 | 0.16 | 0.33 |
| Asset Turnover | — | 0.10 | 0.10 | 0.10 | 0.10 | 0.09 | 0.09 | 0.09 | 0.10 | 0.11 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | 18.33 |
| 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 | 6.4% | 5.8% | 5.4% | 5.5% | 5.5% | 3.1% | 3.4% | 2.3% | 2.8% | 4.6% | 2.0% |
| Payout Ratio | 93.4% | 93.4% | 121.5% | 120.3% | 106.4% | 37.8% | 120.0% | 100.4% | 69.4% | 207.0% | 46.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.9% | 6.2% | 4.4% | 4.5% | 5.1% | 8.1% | 2.8% | 1.7% | 4.1% | 2.0% | 4.1% |
| FCF Yield | — | — | 0.8% | 1.3% | 0.1% | — | — | — | — | — | — |
| Buyback Yield | 0.2% | 0.1% | 0.6% | 0.2% | 0.5% | 0.3% | 0.2% | 0.2% | 0.3% | 2.9% | 0.1% |
| Total Shareholder Yield | 6.6% | 5.9% | 5.9% | 5.7% | 6.0% | 3.3% | 3.7% | 2.4% | 3.1% | 7.5% | 2.1% |
| Shares Outstanding | — | $119M | $118M | $118M | $117M | $117M | $114M | $104M | $100M | $99M | $93M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying KRC stock.
Kilroy Realty Corporation's current P/E ratio is 14.5x. The historical average is 33.2x. This places it at the 7th percentile of its historical range.
Kilroy Realty Corporation's current EV/EBITDA is 13.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.3x.
Kilroy Realty Corporation's return on equity (ROE) is 4.9%. The historical average is 6.7%.
Based on historical data, Kilroy Realty Corporation is trading at a P/E of 14.5x. This is at the 7th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kilroy Realty Corporation's current dividend yield is 6.44% with a payout ratio of 93.4%.
Kilroy Realty Corporation has 67.0% gross margin and 28.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Kilroy Realty Corporation's Debt/EBITDA ratio is 7.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
West Coast office demand
Metrics are mathematically derived from official filings.
P/FFO Elevated Despite Discount
KRC trades at 46.3x forward FFO, a premium to peers, yet P/B of 0.77 suggests the market discounts asset values, per reported figures.
The P/FFO multiple of 46.3x in 2026Q2 is significantly above the office REIT peer average, indicating the market is pricing in a recovery in FFO that has not yet materialized. However, the P/B of 0.77 implies the stock trades at a 23% discount to book value, suggesting investors are skeptical of the carrying value of the portfolio. This divergence between earnings multiple and asset value discount may reflect concerns about the sustainability of current FFO, which has been volatile, and the potential for further write-downs in a weak leasing environment.
NOI Margin Stability Masks Weakness
NOI margin held at 65.3% in 2026Q2, down from 68.7% a year earlier, as revenue declined 2% TTM, per financial statements.
The stability in NOI margin, despite a 2% revenue contraction, suggests management has controlled operating expenses, but the underlying portfolio is generating less income. The 10.8% decline in NOI to $177.8M in 2026Q2 from $199.3M a year earlier indicates that the margin stability is not translating into cash flow growth. This suggests that FFO growth, when it occurs, may be driven by non-operating items or development completions rather than organic portfolio performance, which warrants monitoring for sustainability.
Dividend Coverage Thin and Volatile
FFO payout ratio averaged 55.9% in 2026Q2, but AFFO turned negative in 2025Q4 and 2026Q1, per reported data.
The FFO payout ratio of 55.9% appears comfortable, but the negative AFFO in two of the last four quarters indicates that after accounting for maintenance capex, cash flow is insufficient to cover the dividend. This suggests the dividend is being funded by external sources or by drawing down cash reserves, which is not sustainable in the long term. Investors should monitor whether AFFO turns consistently positive and whether the payout ratio on an AFFO basis remains below 100%.
Leverage Stable but Interest Coverage Thin
Debt-to-equity held at 0.86 in 2026Q2, but interest coverage fell to 1.58x, down from 3.58x a year earlier, per SEC filings.
The debt-to-equity ratio of 0.86 is relatively stable and in line with peers, but the interest coverage of 1.58x is concerning, as it indicates that operating income is barely covering interest expense. This is a deterioration from 3.58x in 2025Q2, reflecting lower NOI and potentially higher interest costs. The low coverage suggests limited cushion for further rate increases or income declines, and investors should monitor whether KRC can refinance maturing debt without straining cash flow.
Occupancy and G&A Efficiency Under Scrutiny
Occupancy rates have declined, with NOI down 10.8% year-over-year, while G&A efficiency appears stable, based on reported figures.
The decline in NOI and revenue indicates that occupancy and rental rates are under pressure, particularly in the San Francisco and Seattle markets. While G&A costs have been controlled, the portfolio's concentration in West Coast tech and life science hubs exposes it to cyclical downturns in those sectors. The company's ability to maintain occupancy in its newer, high-specification assets will be critical, as older assets may face permanent demand destruction from hybrid work trends.
P/E Misleads Due to Depreciation
Standard P/E of 15.77 is distorted by depreciation, as FFO of $113.5M far exceeds net income of $19.9M, per reported data.
The P/E ratio is not a meaningful valuation metric for REITs because depreciation is a non-cash charge that reduces net income but does not reflect the actual cash-generating ability of the properties. For KRC, the gap between net income and FFO is substantial, indicating that the P/E understates the company's earnings power. Investors should use P/FFO or P/AFFO instead, but even these require adjustments for maintenance capex and capitalized interest, which can overstate cash flow. The negative AFFO in recent quarters highlights the need to scrutinize the quality of FFO.