Latest Ratios: P/E Ratio 33.5x · EV/EBITDA 19.3x · ROE 5.4%. (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 | $3.5B | $2.9B | $2.4B | $2.9B | $2.8B | $4.5B | $2.8B | $2.5B | $2.0B | $2.3B | $2.6B |
| Enterprise Value | $4.7B | $4.1B | $3.7B | $4.4B | $4.2B | $5.7B | $3.9B | $3.6B | $3.2B | $4.2B | $4.2B |
| P/E Ratio → | 33.45 | 27.24 | 62.46 | 121.42 | 26.37 | 11.66 | 16.09 | 9.23 | 8.73 | 29.24 | 29.19 |
| P/S Ratio | 10.09 | 8.29 | 6.60 | 8.48 | 8.81 | 13.05 | 8.62 | 7.75 | 5.00 | 5.95 | 5.98 |
| P/B Ratio | 1.74 | 1.42 | 1.12 | 1.28 | 1.18 | 1.93 | 1.43 | 1.47 | 1.47 | 1.74 | 1.82 |
| P/FCF | 21.57 | 17.73 | 12.24 | 15.08 | 17.50 | 21.88 | 15.43 | 14.49 | 9.77 | 10.96 | 11.12 |
| P/OCF | 18.72 | 15.39 | 11.21 | 13.79 | 14.57 | 20.37 | 14.11 | 13.15 | 9.08 | 10.23 | 10.91 |
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 | — | 11.72 | 10.39 | 12.78 | 12.95 | 16.56 | 11.85 | 11.13 | 8.03 | 10.63 | 9.81 |
| EV / EBITDA | 19.26 | 16.69 | 14.44 | 17.21 | 18.29 | 21.84 | 9.27 | 8.99 | 8.03 | 10.76 | 9.83 |
| EV / EBIT | 96.26 | 23.13 | 34.12 | 53.31 | 25.57 | 13.15 | 40.55 | 34.37 | 10.21 | 24.90 | 23.63 |
| EV / FCF | — | 25.05 | 19.26 | 22.73 | 25.73 | 27.77 | 21.21 | 20.81 | 15.69 | 19.59 | 18.25 |
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 | -30.7% | -30.7% | 29.3% | 29.0% | 26.7% | 34.7% | 87.3% | 87.1% | 46.7% | 43.0% | 50.3% |
| Operating Margin | 14.0% | 14.0% | 18.2% | 18.3% | 14.6% | 24.4% | 78.1% | 77.7% | 38.7% | 34.3% | 43.1% |
| Net Profit Margin | 32.3% | 32.3% | 12.4% | 8.9% | 35.4% | 111.2% | 55.5% | 85.9% | 57.5% | 21.9% | 22.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.4% | 5.4% | 2.0% | 1.3% | 4.8% | 17.7% | 9.9% | 18.2% | 16.9% | 6.2% | 6.7% |
| ROA | 3.1% | 3.1% | 1.1% | 0.7% | 2.8% | 10.2% | 5.5% | 9.1% | 7.0% | 2.4% | 2.6% |
| ROIC | 1.1% | 1.1% | 1.4% | 1.3% | 1.0% | 1.9% | 6.6% | 7.1% | 4.0% | 3.2% | 4.3% |
| ROCE | 1.4% | 1.4% | 1.7% | 1.6% | 1.2% | 2.3% | 8.0% | 8.6% | 5.0% | 4.1% | 5.5% |
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 | 0.67 | 0.67 | 0.69 | 0.73 | 0.58 | 0.60 | 0.63 | 0.71 | 1.01 | 1.45 | 1.23 |
| Debt / EBITDA | 5.57 | 5.57 | 5.66 | 6.58 | 6.09 | 5.36 | 2.95 | 3.03 | 3.45 | 5.01 | 4.04 |
| Net Debt / Equity | — | 0.59 | 0.64 | 0.65 | 0.56 | 0.52 | 0.54 | 0.64 | 0.89 | 1.37 | 1.17 |
| Net Debt / EBITDA | 4.88 | 4.88 | 5.26 | 5.79 | 5.85 | 4.63 | 2.53 | 2.73 | 3.03 | 4.74 | 3.84 |
| Debt / FCF | — | 7.32 | 7.02 | 7.64 | 8.23 | 5.89 | 5.78 | 6.32 | 5.91 | 8.63 | 7.13 |
| Interest Coverage | 3.00 | 3.00 | 1.64 | 1.76 | 3.58 | 9.27 | 1.75 | 1.62 | 3.89 | 2.15 | 2.03 |
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 | 85.31 | 85.31 | 1.40 | 3.12 | 1.31 | 2.18 | 2.07 | 1.91 | 2.64 | 0.57 | 1.63 |
| Quick Ratio | 85.31 | 85.31 | 1.40 | 3.12 | 1.31 | 2.18 | 2.07 | 1.91 | 2.65 | 0.57 | 1.63 |
| Cash Ratio | 56.24 | 56.24 | 0.75 | 2.42 | 0.36 | 1.22 | 1.39 | 1.18 | 1.47 | 0.36 | 0.51 |
| Asset Turnover | — | 0.10 | 0.09 | 0.08 | 0.08 | 0.09 | 0.09 | 0.10 | 0.13 | 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 | 4.6% | 5.7% | 6.7% | 5.3% | 5.0% | 2.9% | 4.2% | 4.9% | 8.9% | 7.4% | 6.5% |
| Payout Ratio | 145.2% | 145.2% | 355.1% | 500.1% | 125.2% | 33.5% | 64.6% | 43.9% | 77.2% | 201.1% | 173.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 3.7% | 1.6% | 0.8% | 3.8% | 8.6% | 6.2% | 10.8% | 11.4% | 3.4% | 3.4% |
| FCF Yield | 4.6% | 5.6% | 8.2% | 6.6% | 5.7% | 4.6% | 6.5% | 6.9% | 10.2% | 9.1% | 9.0% |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.1% | 4.6% | 0.0% | 0.4% | 0.1% | 2.5% | 0.0% | 0.3% |
| Total Shareholder Yield | 4.7% | 5.8% | 6.8% | 5.4% | 9.7% | 2.9% | 4.5% | 5.0% | 11.4% | 7.4% | 6.8% |
| Shares Outstanding | — | $59M | $58M | $58M | $56M | $57M | $54M | $48M | $48M | $48M | $48M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying LXP stock.
LXP Industrial Trust's current P/E ratio is 33.5x. The historical average is 28.2x. This places it at the 83th percentile of its historical range.
LXP Industrial Trust's current EV/EBITDA is 19.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
LXP Industrial Trust's return on equity (ROE) is 5.4%. The historical average is 5.5%.
Based on historical data, LXP Industrial Trust is trading at a P/E of 33.5x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
LXP Industrial Trust's current dividend yield is 4.61% with a payout ratio of 145.2%.
LXP Industrial Trust has -30.7% gross margin and 14.0% operating margin. Operating margin between 10-20% is typical for established companies.
LXP Industrial Trust's Debt/EBITDA ratio is 5.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Earnings volatility from impairments
Metrics are mathematically derived from official filings.
Transition Discount Persists
LXP trades at 33.75x forward P/FFO, a premium to STAG's 24.91x but below FR's 33.49x, reflecting its ongoing industrial pivot, as per recent filings.
The P/FFO multiple of 33.75x in Q2 2026 is elevated relative to the broader industrial REIT group, suggesting the market is pricing in future growth from the development pipeline. However, the implied cap rate, derived from NOI and enterprise value, appears compressed versus private market transactions, indicating that the stock may already reflect significant optimism. Investors should monitor whether the transition discount narrows as office dispositions complete, potentially driving a re-rating toward pure-play peers like FR.
NOI Margins Masked by Impairments
Reported NOI margins swung from -145.6% in Q3 2025 to 80.5% in Q1 2026, indicating significant non-cash charges, likely impairments on office assets, as disclosed in quarterly reports.
The extreme volatility in NOI margins is not indicative of operational deterioration but rather reflects one-time impairment charges related to the legacy office portfolio. Excluding these charges, the underlying industrial portfolio appears to generate stable cash flows, as evidenced by positive FFO per share throughout the period. The persistence of negative gross margins (-30.7% TTM) suggests that depreciation and impairments continue to distort GAAP profitability, but the core leasing business remains profitable on an FFO basis.
Payout Ratio Elevated but Covered
FFO payout ratio spiked to 88% in Q2 2026 from 53.8% in Q4 2025, yet AFFO still covered dividends by 1.08x, according to recent financial statements.
The sharp increase in the FFO payout ratio reflects the decline in FFO per share to $0.83 in Q2 2026, likely due to one-time charges. However, AFFO of $0.79 per share still exceeded the dividend, providing a modest retained buffer. The sustainability of the dividend hinges on the stabilization of FFO, which may improve as the portfolio becomes fully industrial and impairments subside. Investors should monitor whether the payout ratio remains above 80% in coming quarters, as that would signal reduced financial flexibility.
Low Leverage Provides Flexibility
LXP's debt-to-equity ratio of 0.70 in Q2 2026 is conservative versus peers like STAG at 0.90 and FR at 0.93, based on reported figures.
The low leverage, combined with an interest coverage ratio of 1.01x in Q2 2026, suggests that LXP has ample balance sheet capacity to fund its development pipeline. However, the interest coverage ratio has deteriorated from 3.14x in Q4 2025, reflecting higher interest expenses and lower EBITDA. The company's fixed-rate exposure and debt maturity profile are not disclosed, but the low overall debt levels mitigate refinancing risk. The recent cash drawdown from $229.7M to $18.0M indicates that proceeds from asset sales have been deployed, likely into development projects.
Occupancy and G&A Efficiency
Occupancy rates remain undisclosed, but G&A costs appear efficient, with operating margins of 14.04% TTM, as per LXP's financial statements.
The lack of occupancy data limits a full assessment of portfolio quality, but the focus on single-tenant, Class A industrial assets suggests lower tenant improvement costs and higher credit quality. The negative gross margin, however, raises questions about the cost structure, though it is likely driven by non-cash charges. The geographic concentration in Sunbelt and Midwest logistics hubs, such as Phoenix and Chicago, may expose LXP to regional economic downturns, but these markets have shown strong industrial demand. Investors should monitor any single market exceeding 10-15% of the portfolio.
P/E Misleads on Earnings Quality
Standard P/E of 33.46x is distorted by depreciation and impairments, obscuring LXP's true cash-generating ability, as reported in financial statements.
The P/E ratio is deeply misleading for REITs because it incorporates non-cash depreciation charges and one-time gains from asset sales. For LXP, the negative gross margin and volatile net income make P/E nearly meaningless. Instead, investors should rely on P/FFO and P/AFFO, which adjust for depreciation and other non-cash items. The P/FFO of 33.75x provides a clearer picture of valuation, but even this metric may be skewed by the ongoing portfolio transition. A more appropriate measure would be the implied cap rate, which compares NOI to enterprise value, offering a direct assessment of asset-level returns.