Latest Ratios: P/E Ratio -20.7x · EV/EBITDA 14.4x · ROE -2.5%. (2009–2025 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 | $2.1B | $1.3B | $1.6B | $1.9B | $1.7B | $2.9B | $2.5B | $3.5B | $2.1B | $2.6B | $2.2B |
| Enterprise Value | $4.4B | $3.6B | $4.0B | $4.4B | $4.4B | $5.6B | $5.1B | $6.2B | $4.8B | $3.5B | $3.1B |
| P/E Ratio → | -20.67 | — | — | — | — | — | — | 42.56 | 157.28 | 31.24 | 46.48 |
| P/S Ratio | 1.42 | 0.90 | 1.12 | 1.37 | 1.25 | 3.99 | 5.54 | 2.17 | 2.54 | 3.38 | 2.64 |
| P/B Ratio | 0.85 | 0.52 | 0.58 | 0.68 | 0.57 | 0.92 | 0.75 | 0.96 | 0.56 | 1.73 | 1.34 |
| P/FCF | 13.78 | 8.70 | 5.90 | 8.24 | 10.78 | — | — | 8.88 | 15.52 | 13.34 | 8.93 |
| P/OCF | 8.40 | 5.30 | 5.90 | 8.24 | 6.27 | 41.35 | — | 8.87 | 15.50 | 13.34 | 8.92 |
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 | — | 2.44 | 2.74 | 3.10 | 3.17 | 7.68 | 11.56 | 3.86 | 5.75 | 4.50 | 3.82 |
| EV / EBITDA | 14.43 | 11.88 | 12.71 | 15.81 | 17.35 | 41.86 | — | 13.39 | 6.23 | 4.50 | 3.82 |
| EV / EBIT | 58.10 | 75.91 | 51.83 | 129.76 | — | — | — | 27.97 | 71.69 | 25.57 | 27.16 |
| EV / FCF | — | 23.62 | 14.49 | 18.64 | 27.24 | — | — | 15.76 | 35.17 | 17.75 | 12.92 |
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 | -6.7% | -6.7% | 25.2% | 24.9% | 27.5% | 17.0% | -11.5% | 31.8% | 31.7% | 32.9% | 34.5% |
| Operating Margin | 5.1% | 5.1% | 5.8% | 2.7% | 1.1% | -12.2% | -66.1% | 14.2% | 8.1% | 15.7% | 17.1% |
| Net Profit Margin | -4.5% | -4.5% | -0.3% | -5.5% | -6.3% | -25.2% | -88.4% | 7.2% | 1.6% | 13.0% | 9.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.5% | -2.5% | -0.2% | -2.6% | -2.8% | -5.8% | -11.4% | 3.1% | 0.5% | 6.4% | 4.4% |
| ROA | -1.2% | -1.2% | -0.1% | -1.3% | -1.4% | -3.0% | -6.2% | 1.7% | 0.3% | 3.7% | 2.5% |
| ROIC | 1.1% | 1.1% | 1.2% | 0.5% | 0.2% | -1.1% | -3.6% | 2.7% | 1.1% | 3.7% | 3.9% |
| ROCE | 1.5% | 1.5% | 1.7% | 0.8% | 0.3% | -1.5% | -4.9% | 3.6% | 1.5% | 4.8% | 5.1% |
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 | 0.96 | 0.96 | 0.92 | 0.93 | 0.88 | 0.87 | 0.85 | 0.75 | 0.73 | 0.59 | 0.62 |
| Debt / EBITDA | 8.11 | 8.11 | 8.19 | 9.48 | 10.65 | 20.54 | — | 5.91 | 3.59 | 1.15 | 1.22 |
| Net Debt / Equity | — | 0.89 | 0.85 | 0.86 | 0.86 | 0.85 | 0.82 | 0.75 | 0.71 | 0.57 | 0.60 |
| Net Debt / EBITDA | 7.50 | 7.50 | 7.53 | 8.82 | 10.49 | 20.10 | — | 5.84 | 3.48 | 1.12 | 1.18 |
| Debt / FCF | — | 14.92 | 8.58 | 10.40 | 16.46 | — | — | 6.87 | 19.65 | 4.41 | 3.99 |
| Interest Coverage | 0.46 | 0.46 | 0.75 | 0.32 | -0.01 | -1.14 | — | 2.05 | 1.23 | 3.63 | 2.63 |
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 | 0.70 | 0.70 | 0.72 | 0.19 | 0.11 | 0.38 | 0.70 | 0.44 | 0.53 | 0.58 | 0.58 |
| Quick Ratio | 0.70 | 0.70 | 0.72 | 0.19 | 0.11 | 0.38 | 0.70 | 0.44 | 0.53 | 0.58 | 0.58 |
| Cash Ratio | 0.56 | 0.56 | 0.58 | 0.15 | 0.05 | 0.17 | 0.45 | 0.08 | 0.18 | 0.14 | 0.18 |
| Asset Turnover | — | 0.28 | 0.26 | 0.24 | 0.23 | 0.12 | 0.07 | 0.25 | 0.12 | 0.30 | 0.29 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 566025.00 | — | — |
| 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 | 0.2% | 0.4% | 0.3% | 0.3% | 0.3% | 0.2% | 2.2% | 5.3% | 5.0% | 4.1% | 4.9% |
| Payout Ratio | — | — | — | — | — | — | — | 160.1% | 789.4% | 107.4% | 142.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | 2.3% | 0.6% | 3.2% | 2.2% |
| FCF Yield | 7.3% | 11.5% | 16.9% | 12.1% | 9.3% | — | — | 11.3% | 6.4% | 7.5% | 11.2% |
| Buyback Yield | 3.8% | 5.9% | 1.0% | 4.8% | 4.0% | 0.0% | 0.1% | 0.1% | 0.1% | 3.7% | 10.6% |
| Total Shareholder Yield | 4.0% | 6.3% | 1.3% | 5.0% | 4.4% | 0.2% | 2.2% | 5.4% | 5.1% | 7.8% | 15.5% |
| Shares Outstanding | — | $117M | $120M | $122M | $130M | $131M | $131M | $131M | $74M | $70M | $72M |
Includes 30+ ratios · 17 years · Updated daily
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Quick answers to the most common questions about buying PEB stock.
Pebblebrook Hotel Trust's current P/E ratio is -20.7x. The historical average is 79.1x.
Pebblebrook Hotel Trust's current EV/EBITDA is 14.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.1x.
Pebblebrook Hotel Trust's return on equity (ROE) is -2.5%. The historical average is 0.3%.
Based on historical data, Pebblebrook Hotel Trust is trading at a P/E of -20.7x. Compare with industry peers and growth rates for a complete picture.
Pebblebrook Hotel Trust's current dividend yield is 0.22%.
Pebblebrook Hotel Trust has -6.7% gross margin and 5.1% operating margin.
Pebblebrook Hotel Trust's Debt/EBITDA ratio is 8.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Persistent negative margins amid elevated leverage
Metrics are mathematically derived from official filings.
Valuation Discounted by West Coast Exposure
At an EV/EBITDA of 14.35, Pebblebrook trades at a premium to peers like DiamondRock (13.45) and Sunstone (13.89), suggesting the market assigns a higher value to its lifestyle portfolio despite the risk of its geographic concentration.
The valuation premium is counterintuitive given the company's negative net margin and strained balance sheet, indicating the market may be pricing in a stronger recovery in its core West Coast markets than current fundamentals support. Alternatively, it may reflect the scarcity value of truly differentiated, non-prototypical hotel assets in gateway cities, though this thesis requires sustained RevPAR growth to justify.
NOI Margin Volatility Undermines Predictability
According to the ratio data, Pebblebrook's NOI margin has swung from -10.6% in Q4 2025 to 30.1% in Q2 2026, highlighting extreme operational volatility that makes forecasting property-level profitability exceptionally difficult.
This erratic pattern suggests the company's high fixed-cost structure in unionized, urban markets creates severe profit leverage—both positive and negative. The recent peak of 30.1% appears seasonally driven and may not be sustainable, especially if the portfolio's reliance on high-rate transient travelers persists in a softening economic environment.
Dividend Minimized for Balance Sheet Preservation
As reported in the financial data, Pebblebrook's FFO payout ratio was a mere 1.5% in Q2 2026, retaining almost all operating cash flow, which strongly signals that management views the balance sheet, not shareholder returns, as the primary use of capital.
The negligible dividend yield of 0.2% and minimal payout ratio provide maximum flexibility to fund the aggressive renovation pipeline and service debt without raising dilutive capital. While this prioritizes long-term portfolio quality over current income, it offers investors no margin of safety and suggests confidence in a full operational recovery is a prerequisite for any meaningful distribution increase.
Leverage Near Limiting Thresholds
Based on the reported figures, Pebblebrook's Debt-to-Equity ratio has climbed to 0.98 in Q2 2026, placing it among the most leveraged hotel REITs and near the threshold where further debt becomes significantly more expensive or restrictive.
The interest coverage ratio of 2.39 in Q2 2026, while improved from near-zero levels, remains thin for a cyclical business, especially given the potential for rate volatility. The static absolute debt level over ten quarters, combined with declining equity, indicates that deleveraging is not occurring organically, forcing the company to rely on asset sales or operational cash flow to manage its obligations.
Concentration Risk in Recovering Urban Markets
The portfolio's heavy weighting in San Francisco and other West Coast gateways, where recovery has lagged the broader market, creates a structural performance drag that is evident in the volatile quarterly NOI margins.
While management's pivot toward resort assets may reduce this concentration over time, the current earnings base is overly sensitive to the return of tech-sector corporate travel and convention business. The operational intensity and higher cost base of lifestyle properties in these markets means that occupancy and rate recovery must outpace input cost inflation for sustained margin expansion.
Debt-to-Equity Misleads on True Leverage
The Debt-to-Equity ratio of 0.98 is the most commonly misapplied metric for Pebblebrook, as it uses volatile book equity eroded by non-cash losses, thereby overstating the company's true financial leverage and risk profile.
Standard D/E analysis is deeply misleading for hotel REITs because book equity is continuously written down by depreciation and potential impairments, which are not indicative of cash-flow-generating ability. A more appropriate measure would be Debt-to-Gross-Assets or Net Debt to EBITDA, which would provide a clearer picture of the company's capacity to service debt from its operations, rather than from a declining accounting equity balance.