Latest Ratios: P/E Ratio 17.9x · EV/EBITDA 14.6x · ROE 9.0%. (2003–2025 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 | $5.0B | $5.1B | $5.5B | $5.0B | $4.6B | $2.4B | $1.3B | $1.6B | $1.2B | $1.6B | $2.0B |
| Enterprise Value | $8.3B | $8.5B | $8.6B | $8.0B | $7.8B | $5.7B | $2.5B | $2.8B | $2.7B | $3.3B | $3.7B |
| P/E Ratio → | 17.89 | 17.37 | 1364.32 | 103.91 | — | — | — | — | — | 140.00 | 2348.00 |
| P/S Ratio | 5.92 | 6.06 | 6.59 | 6.10 | 5.75 | 6.45 | 4.72 | 5.20 | 3.33 | 4.57 | 5.53 |
| P/B Ratio | 1.66 | 1.61 | 1.63 | 1.38 | 1.21 | 0.61 | 0.99 | 1.22 | 0.81 | 1.00 | 1.13 |
| P/FCF | 18.06 | 18.51 | 19.94 | 19.93 | 20.89 | 55.99 | 21.99 | 19.36 | 12.40 | 19.73 | 32.33 |
| P/OCF | 11.67 | 11.96 | 13.24 | 12.73 | 12.16 | 24.01 | 13.18 | 11.88 | 7.64 | 10.68 | 12.65 |
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 | — | 10.00 | 10.27 | 9.77 | 9.67 | 15.40 | 9.22 | 8.98 | 7.59 | 9.24 | 10.37 |
| EV / EBITDA | 14.58 | 14.80 | 16.97 | 17.52 | 13.74 | 31.65 | 14.83 | 13.70 | 9.35 | 9.43 | 10.37 |
| EV / EBIT | 42.62 | 19.57 | 66.37 | 61.82 | 84.15 | — | 73.20 | 48.00 | 133.64 | 41.71 | 52.81 |
| EV / FCF | — | 30.52 | 31.09 | 31.91 | 35.14 | 133.55 | 42.93 | 33.44 | 28.26 | 39.88 | 60.56 |
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 | 53.3% | 53.3% | 74.2% | 74.4% | 73.6% | 71.8% | 71.2% | 73.2% | 73.8% | 74.1% | 74.4% |
| Operating Margin | 23.1% | 23.1% | 13.2% | 18.5% | 11.4% | -5.8% | 13.1% | 22.8% | 5.9% | 18.0% | 18.5% |
| Net Profit Margin | 35.2% | 35.2% | 0.5% | 5.8% | -1.6% | -21.6% | -6.1% | -0.2% | -13.1% | 3.3% | 0.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.0% | 9.0% | 0.1% | 1.3% | -0.3% | -3.1% | -1.2% | -0.0% | -3.0% | 0.7% | 0.1% |
| ROA | 4.3% | 4.3% | 0.1% | 0.7% | -0.2% | -1.6% | -0.6% | -0.0% | -1.4% | 0.3% | 0.0% |
| ROIC | 2.3% | 2.3% | 1.3% | 1.7% | 1.0% | -0.3% | 1.0% | 2.0% | 0.5% | 1.4% | 1.4% |
| ROCE | 3.0% | 3.0% | 1.6% | 2.2% | 1.3% | -0.4% | 1.4% | 2.6% | 0.7% | 1.9% | 1.9% |
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 | 1.06 | 1.06 | 0.95 | 0.84 | 0.85 | 0.86 | 0.98 | 0.91 | 1.06 | 1.04 | 1.00 |
| Debt / EBITDA | 5.89 | 5.89 | 6.34 | 6.66 | 5.78 | 18.89 | 7.50 | 5.92 | 5.37 | 4.84 | 4.89 |
| Net Debt / Equity | — | 1.04 | 0.91 | 0.83 | 0.82 | 0.84 | 0.94 | 0.89 | 1.03 | 1.02 | 0.99 |
| Net Debt / EBITDA | 5.82 | 5.82 | 6.08 | 6.58 | 5.57 | 18.38 | 7.23 | 5.77 | 5.25 | 4.77 | 4.83 |
| Debt / FCF | — | 12.01 | 11.14 | 11.99 | 14.24 | 77.56 | 20.95 | 14.08 | 15.86 | 20.15 | 28.23 |
| Interest Coverage | 3.51 | 3.51 | 1.04 | 1.24 | 0.88 | -0.36 | 0.67 | 1.00 | 0.30 | 1.21 | 1.06 |
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 | 1.44 | 1.44 | 3.30 | 0.78 | 1.07 | 1.05 | 1.24 | 1.78 | 0.72 | 0.61 | 0.52 |
| Quick Ratio | 1.44 | 1.44 | 3.30 | 0.78 | 1.07 | 1.05 | 1.24 | 1.78 | 0.74 | 0.63 | 0.52 |
| Cash Ratio | 0.09 | 0.09 | 2.31 | 0.18 | 0.59 | 0.78 | 0.38 | 0.39 | 0.21 | 0.14 | 0.11 |
| Asset Turnover | — | 0.13 | 0.12 | 0.12 | 0.11 | 0.05 | 0.10 | 0.12 | 0.11 | 0.10 | 0.10 |
| 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% | 4.6% | 4.0% | 4.2% | 3.9% | 2.4% | 3.0% | 8.1% | 9.0% | 6.2% | 4.8% |
| Payout Ratio | 79.2% | 79.2% | 5448.1% | 443.3% | — | — | — | — | — | 851.7% | 8002.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.6% | 5.8% | 0.1% | 1.0% | — | — | — | — | — | 0.7% | 0.0% |
| FCF Yield | 5.5% | 5.4% | 5.0% | 5.0% | 4.8% | 1.8% | 4.5% | 5.2% | 8.1% | 5.1% | 3.1% |
| Buyback Yield | 5.0% | 4.8% | 0.0% | 0.0% | 0.0% | 0.6% | 0.1% | 0.0% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 9.4% | 9.4% | 4.0% | 4.2% | 3.9% | 3.0% | 3.1% | 8.2% | 9.0% | 6.2% | 4.9% |
| Shares Outstanding | — | $214M | $220M | $220M | $219M | $111M | $84M | $84M | $84M | $84M | $83M |
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying KRG stock.
Kite Realty Group Trust's current P/E ratio is 17.9x. The historical average is 68.1x. This places it at the 13th percentile of its historical range.
Kite Realty Group Trust's current EV/EBITDA is 14.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.8x.
Kite Realty Group Trust's return on equity (ROE) is 9.0%. The historical average is 1.9%.
Based on historical data, Kite Realty Group Trust is trading at a P/E of 17.9x. This is at the 13th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kite Realty Group Trust's current dividend yield is 4.47% with a payout ratio of 79.2%.
Kite Realty Group Trust has 53.3% gross margin and 23.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Kite Realty Group Trust's Debt/EBITDA ratio is 5.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Sunbelt migration plateau risk
Metrics are mathematically derived from official filings.
P/FFO Compression Signals Fair Value
KRG's P/FFO has compressed from 16.4x in early 2024 to 14.8x in 2026Q2, suggesting the market is pricing in slower growth, as per quarterly data.
The decline in P/FFO from 16.4x to 14.8x over the past two years indicates that investors are demanding a lower multiple for KRG's earnings stream, likely reflecting concerns about the sustainability of Sunbelt-driven growth. Despite this compression, the implied cap rate, derived from NOI and enterprise value, remains competitive relative to private market transactions, suggesting that the stock is not overvalued. However, the lack of P/AFFO data limits a full assessment of how much of FFO is being consumed by maintenance capex.
NOI Margin Resilience Amid Revenue Decline
NOI margin has held above 72% for the past year, with 2026Q2 at 73.0%, indicating stable property-level profitability despite a 0.7% revenue dip, as reported in financial statements.
The consistent NOI margin above 72% suggests that KRG's property operating expenses are well-controlled, even as revenue growth has stalled. The 2025Q4 anomaly of -10.4% appears to be a one-time event, likely related to impairment or disposition charges, and does not reflect underlying operational trends. The stability in NOI margin, coupled with a slight revenue decline, implies that FFO growth is not being driven by organic same-store growth but rather by cost efficiencies or non-recurring items, which warrants monitoring.
Payout Ratio Volatility Raises Caution
FFO payout ratio swung from 24.2% in 2026Q2 to 94.2% in 2026Q1, indicating significant quarterly volatility, though the 2026Q2 level suggests ample coverage, based on reported figures.
The extreme fluctuation in the FFO payout ratio, from 24.2% to 94.2% within two quarters, highlights the impact of non-recurring items on FFO. While the 2026Q2 ratio of 24.2% suggests a comfortable dividend safety margin, the 2026Q1 figure of 94.2% indicates that in some quarters, FFO barely covers the dividend. This volatility suggests that investors should focus on AFFO payout, which, at 2026Q2 levels, appears more stable, but the lack of consistent AFFO data across quarters limits a full assessment.
Leverage Creeps Up, Coverage Improves
Debt-to-equity rose from 0.92 in 2024Q2 to 1.13 in 2026Q2, while interest coverage improved to 6.23x in 2026Q2, indicating manageable leverage, as per SEC filings.
The increase in D/E from 0.92 to 1.13 reflects a rise in total debt to $3.4B, while equity remained flat near $2.9B. Despite this, interest coverage of 6.23x in 2026Q2 is strong, suggesting that KRG can comfortably service its debt. However, the 2026Q1 interest coverage of 1.38x and 2025Q3 of 0.10x highlight significant quarterly volatility, likely due to timing of interest expense and FFO. The overall leverage profile appears healthy, but the volatility in coverage ratios warrants monitoring, especially if interest rates rise.
Occupancy Stability Masks Growth Concerns
KRG's NOI margin stability and revenue decline of 0.7% YoY in 2026Q2 suggest occupancy is holding, but same-store growth may be flat, as reported in the latest quarterly report.
The resilience in NOI margin, despite a slight revenue decline, indicates that occupancy rates are likely stable, but the lack of revenue growth suggests that same-store NOI growth is minimal. The company's focus on Sunbelt markets may provide a demographic tailwind, but the recent plateau in migration could limit future rent growth. The signed-but-not-open pipeline, which represents future rent, appears to be a key driver, but its conversion to cash flow will be critical to watch.
P/E Misleads Due to Depreciation
KRG's P/E of 19.38 is distorted by depreciation and one-time gains, obscuring true earnings power; P/FFO is the appropriate metric, as per industry standards.
The standard P/E ratio for a REIT is misleading because it includes depreciation, which is a non-cash expense that does not reflect the maintenance of property value. For KRG, net income has been volatile due to one-time gains and depreciation, making P/E an unreliable indicator of value. Instead, investors should use P/FFO, which adds back depreciation and adjusts for gains on sales, providing a clearer picture of recurring earnings. The P/FFO of 14.76x in 2026Q2 is a more accurate reflection of KRG's valuation relative to its cash-generating ability.