Latest Ratios: P/E Ratio -13.4x · EV/EBITDA 11.1x · ROE -5.4%. (2002–2025 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 | $1.1B | $1.0B | $1.1B | $879M | $1.1B | $2.3B | $2.0B | $2.8B | $2.2B | $2.9B | $3.0B |
| Enterprise Value | $3.4B | $3.3B | $3.5B | $3.0B | $3.2B | $4.2B | $3.7B | $4.3B | $3.9B | $4.6B | $5.1B |
| P/E Ratio → | -13.43 | — | — | — | 7.71 | — | 8.77 | 16.85 | 17.04 | 21.32 | 28.26 |
| P/S Ratio | 1.99 | 1.84 | 1.99 | 1.52 | 2.01 | 4.31 | 3.83 | 5.26 | 4.23 | 4.97 | 5.48 |
| P/B Ratio | 0.75 | 0.69 | 0.71 | 0.51 | 0.61 | 1.27 | 1.08 | 1.54 | 1.30 | 1.44 | 1.40 |
| P/FCF | — | — | — | 16.93 | 12.07 | 19.06 | 25.36 | 26.74 | 17.02 | 17.49 | 24.25 |
| P/OCF | 8.01 | 7.38 | 5.72 | 4.18 | 5.26 | 9.41 | 10.59 | 13.46 | 10.97 | 11.74 | 12.91 |
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 | — | 5.86 | 6.19 | 5.14 | 5.60 | 7.86 | 6.86 | 8.03 | 7.43 | 7.96 | 9.10 |
| EV / EBITDA | 11.09 | 10.80 | 14.00 | 9.48 | 10.23 | 14.45 | 12.55 | 10.72 | 7.43 | 8.66 | 9.64 |
| EV / EBIT | 42.79 | 74.57 | 80.36 | 56.21 | 14.86 | 82.87 | 41.36 | 40.99 | 20.42 | 22.66 | 71.08 |
| EV / FCF | — | — | — | 57.23 | 33.63 | 34.74 | 45.49 | 40.78 | 29.88 | 28.04 | 40.28 |
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 | -20.7% | -20.7% | 58.9% | 59.3% | 59.9% | 60.1% | 59.8% | 60.4% | 60.2% | 61.6% | 60.6% |
| Operating Margin | 14.1% | 14.1% | 13.0% | 13.4% | 14.9% | 15.3% | 16.6% | 53.8% | 22.0% | 14.2% | 13.3% |
| Net Profit Margin | -14.8% | -14.8% | -13.9% | -8.4% | 26.0% | -0.2% | 43.5% | 43.0% | 24.8% | 23.3% | 19.4% |
| 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% | -4.8% | -2.7% | 8.1% | -0.1% | 12.5% | 13.0% | 7.0% | 6.4% | 4.9% |
| ROA | -2.1% | -2.1% | -1.9% | -1.2% | 3.7% | -0.0% | 6.4% | 6.4% | 3.4% | 3.2% | 2.4% |
| ROIC | 1.5% | 1.5% | 1.4% | 1.5% | 1.7% | 1.7% | 2.0% | 6.4% | 2.4% | 1.5% | 1.3% |
| ROCE | 2.0% | 2.0% | 2.0% | 2.0% | 2.2% | 2.2% | 2.6% | 8.4% | 3.2% | 2.0% | 1.7% |
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 | 1.52 | 1.52 | 1.58 | 1.22 | 1.10 | 1.05 | 0.86 | 0.82 | 0.98 | 0.87 | 0.93 |
| Debt / EBITDA | 7.42 | 7.42 | 9.94 | 6.69 | 6.61 | 6.55 | 5.58 | 3.72 | 3.20 | 3.27 | 3.85 |
| Net Debt / Equity | — | 1.52 | 1.51 | 1.21 | 1.09 | 1.05 | 0.86 | 0.81 | 0.98 | 0.87 | 0.92 |
| Net Debt / EBITDA | 7.42 | 7.42 | 9.50 | 6.68 | 6.56 | 6.52 | 5.55 | 3.69 | 3.20 | 3.26 | 3.84 |
| Debt / FCF | — | — | — | 40.30 | 21.57 | 15.68 | 20.13 | 14.04 | 12.85 | 10.55 | 16.03 |
| Interest Coverage | 0.35 | 0.35 | 0.36 | 0.52 | 3.24 | 0.98 | 1.61 | 1.69 | 3.14 | 2.96 | 1.10 |
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 | 2.00 | 2.00 | 1.15 | 0.82 | 1.09 | 2.15 | 1.89 | 1.39 | 1.27 | 0.94 | 1.03 |
| Quick Ratio | 2.00 | 2.00 | 1.15 | 0.82 | 1.08 | 2.15 | 1.89 | 1.39 | 1.42 | 1.02 | 1.15 |
| Cash Ratio | 0.01 | 0.01 | 0.40 | 0.00 | 0.08 | 0.05 | 0.04 | 0.09 | 0.03 | 0.03 | 0.04 |
| Asset Turnover | — | 0.14 | 0.14 | 0.14 | 0.14 | 0.13 | 0.14 | 0.15 | 0.15 | 0.14 | 0.12 |
| Inventory Turnover | — | — | — | — | 73.78 | — | — | — | — | — | — |
| 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 | 2.8% | 3.0% | 5.5% | 10.6% | 9.2% | 4.6% | 5.2% | 3.8% | 8.3% | 4.3% | 3.0% |
| Payout Ratio | — | — | — | — | 71.1% | — | 45.7% | 46.4% | 141.3% | 91.5% | 84.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 13.0% | — | 11.4% | 5.9% | 5.9% | 4.7% | 3.5% |
| FCF Yield | — | — | — | 5.9% | 8.3% | 5.2% | 3.9% | 3.7% | 5.9% | 5.7% | 4.1% |
| Buyback Yield | 0.2% | 0.2% | 0.2% | 0.2% | 0.3% | 0.9% | 1.5% | 0.6% | 13.4% | 2.1% | 0.3% |
| Total Shareholder Yield | 3.0% | 3.2% | 5.6% | 10.8% | 9.6% | 5.4% | 6.7% | 4.4% | 21.7% | 6.4% | 3.3% |
| Shares Outstanding | — | $124M | $124M | $124M | $124M | $124M | $126M | $126M | $131M | $145M | $146M |
Includes 30+ ratios · 24 years · Updated daily
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Quick answers to the most common questions about buying PDM stock.
Piedmont Office Realty Trust, Inc.'s current P/E ratio is -13.4x. The historical average is 23.8x.
Piedmont Office Realty Trust, Inc.'s current EV/EBITDA is 11.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.5x.
Piedmont Office Realty Trust, Inc.'s return on equity (ROE) is -5.4%. The historical average is 4.5%.
Based on historical data, Piedmont Office Realty Trust, Inc. is trading at a P/E of -13.4x. Compare with industry peers and growth rates for a complete picture.
Piedmont Office Realty Trust, Inc.'s current dividend yield is 2.76%.
Piedmont Office Realty Trust, Inc. has -20.7% gross margin and 14.1% operating margin. Operating margin between 10-20% is typical for established companies.
Piedmont Office Realty Trust, Inc.'s Debt/EBITDA ratio is 7.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative gross margin persistence
Metrics are mathematically derived from official filings.
Valuation Discount Reflects Weakness
PDM trades at 11.8x forward P/FFO, a discount to peers, but negative FFO growth and thin AFFO suggest the market is pricing in operational strain.
With P/FFO at 11.8x for 2026Q2, Piedmont trades at a meaningful discount to office REIT peers like Highwoods (HIW) at 14.0x, reflecting skepticism about earnings quality. The implied cap rate, derived from NOI and enterprise value, appears elevated relative to private market transactions, suggesting the market is already discounting property-level stress. However, the negative FFO growth trajectory and AFFO often near zero indicate that the discount may be justified, as distributable cash flow is insufficient to support the current valuation without external capital.
NOI Margin Volatility Masks Core Trends
NOI margin swung from 59.8% in 2025Q3 to -22.7% in 2026Q1, per financial statements, indicating non-cash charges or impairments distorting property-level profitability.
The extreme volatility in NOI margin, with negative readings in 2025Q4 and 2026Q1, suggests that reported property-level profitability is being distorted by significant non-cash charges, likely impairments or straight-line rent adjustments. Excluding these distortions, the underlying cash NOI appears stable but under pressure, as evidenced by declining same-store revenue and rising tenant improvement costs. This implies that FFO growth is not being driven organically but rather by portfolio churn, which may not be sustainable.
Dividend Coverage Thin and Deteriorating
FFO payout ratio spiked to 104.8% in 2024Q1, and AFFO has been negative in several quarters, as reported, indicating dividend safety is under pressure.
The FFO payout ratio has been erratic, with a high of 104.8% in 2024Q1, and AFFO has been negative in multiple quarters, including -$0.21 in 2025Q4. This suggests that the dividend is not fully covered by distributable cash flow, and the company may be funding distributions through debt or asset sales. The thin coverage, combined with rising capital expenditure needs for tenant improvements, implies that the dividend is at risk if cash flows do not improve.
Leverage Creeps Higher, Coverage Thins
Debt-to-equity rose from 1.25 in 2024Q1 to 1.54 in 2026Q2, while interest coverage fell to 2.41x, per financial statements, indicating increasing leverage and weakening debt service capacity.
The debt-to-equity ratio has increased steadily over the past two years, reaching 1.54 in 2026Q2, while interest coverage has deteriorated to 2.41x, down from higher levels in 2024. This suggests that the company is taking on more debt to fund operations and capital expenditures, but its ability to service that debt from operating income is weakening. The rising leverage, combined with a thin cash buffer, indicates that refinancing risk is elevated, especially if interest rates remain high.
Occupancy and Capex Pressures Mount
Occupancy appears to be declining, with same-store NOI negative in recent quarters, and capital expenditures averaging $44M quarterly, as per SEC filings, outpacing AFFO.
The portfolio's occupancy is under pressure, as evidenced by negative same-store NOI and declining FFO per share. The heavy capital expenditure requirements, averaging $44M per quarter, are consuming a significant portion of cash flow, with AFFO often below $10M. This suggests that the company is spending heavily on tenant improvements and leasing commissions just to maintain occupancy, which may indicate that the portfolio's competitive position is weakening. The geographic concentration in Atlanta and Dallas, while beneficial in the Sunbelt, exposes the company to specific market risks.
P/E Misleads on Office REITs
Standard P/E is distorted by depreciation, as evidenced by negative GAAP earnings despite positive FFO, so investors should use P/FFO and P/AFFO instead.
The most commonly misapplied ratio for Piedmont is the standard P/E, which is deeply misleading for REITs because it includes non-cash depreciation charges that do not reflect the underlying cash-generating ability of the properties. For example, in 2026Q2, GAAP net income was negative, but FFO was positive, highlighting the distortion. Investors should focus on P/FFO and P/AFFO, which adjust for depreciation and other non-cash items, to get a clearer picture of valuation. Additionally, the debt-to-equity ratio using book value is less relevant than debt-to-gross-assets, which better captures the true leverage of a real estate portfolio.