Latest Ratios: P/E Ratio 41.3x · EV/EBITDA 15.5x · ROE 4.3%. (2012–2025 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 | $4.7B | $4.9B | $5.1B | $4.9B | $4.1B | $3.9B | — | — | — | — | — |
| Enterprise Value | $7.2B | $7.4B | $7.2B | $6.9B | $6.2B | $5.8B | — | — | — | — | — |
| P/E Ratio → | 41.26 | 39.97 | 73.45 | 76.00 | 75.81 | 254.15 | — | — | — | — | — |
| P/S Ratio | 6.44 | 6.75 | 7.75 | 7.95 | 7.21 | 7.23 | — | — | — | — | — |
| P/B Ratio | 1.97 | 1.91 | 1.95 | 1.83 | 1.60 | 1.56 | — | — | — | — | — |
| P/FCF | 22.24 | 23.30 | 21.39 | 24.79 | 22.26 | 20.52 | — | — | — | — | — |
| P/OCF | 13.55 | 14.19 | 15.31 | 16.67 | 14.27 | 14.66 | — | — | — | — | — |
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 | — | 10.15 | 10.94 | 11.35 | 10.69 | 10.81 | — | — | — | — | — |
| EV / EBITDA | 15.49 | 15.97 | 10.90 | 11.23 | 10.39 | 10.60 | — | — | — | — | — |
| EV / EBIT | 36.24 | 31.04 | 41.95 | 44.90 | 47.06 | 55.24 | — | — | — | — | — |
| EV / FCF | — | 35.05 | 30.19 | 35.38 | 33.00 | 30.67 | — | — | — | — | — |
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 | -1.4% | -1.4% | 71.2% | 71.3% | 71.6% | 70.3% | 69.0% | 70.0% | 69.2% | 68.8% | 69.5% |
| Operating Margin | 27.2% | 27.2% | 64.3% | 64.0% | 63.8% | 61.1% | 60.7% | 60.9% | 57.5% | 49.2% | 55.4% |
| Net Profit Margin | 15.2% | 15.2% | 9.5% | 9.3% | 8.4% | 2.8% | 1.0% | -11.8% | 9.1% | -12.3% | 3.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.3% | 4.3% | 2.4% | 2.2% | 1.9% | 0.7% | 0.2% | -2.8% | 2.0% | -2.8% | 0.7% |
| ROA | 2.2% | 2.2% | 1.3% | 1.2% | 1.0% | 0.3% | 0.1% | -1.3% | 0.9% | -1.3% | 0.4% |
| ROIC | 3.0% | 3.0% | 6.7% | 6.3% | 6.1% | 5.6% | 5.1% | 5.2% | 4.5% | 4.1% | 4.9% |
| ROCE | 4.0% | 4.0% | 9.1% | 8.6% | 8.1% | 7.2% | 6.6% | 6.7% | 5.9% | 5.4% | 6.3% |
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 | 0.80 | 0.78 | 0.77 | 0.81 | 1.19 | 1.14 | 1.04 | 1.22 | 0.86 |
| Debt / EBITDA | 5.36 | 5.36 | 3.18 | 3.37 | 3.39 | 3.68 | 4.57 | 4.41 | 5.78 | 6.42 | 4.31 |
| Net Debt / Equity | — | 0.96 | 0.80 | 0.78 | 0.77 | 0.77 | 1.14 | 1.13 | 1.03 | 1.22 | 0.86 |
| Net Debt / EBITDA | 5.35 | 5.35 | 3.18 | 3.36 | 3.38 | 3.51 | 4.37 | 4.37 | 5.74 | 6.40 | 4.28 |
| Debt / FCF | — | 11.75 | 8.80 | 10.59 | 10.73 | 10.15 | 15.62 | 16.17 | 23.92 | — | — |
| Interest Coverage | 2.17 | 2.17 | 1.80 | 1.84 | 1.84 | 1.37 | 0.91 | 0.87 | 0.77 | 0.50 | 1.13 |
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 | 0.66 | 0.66 | 0.74 | 0.40 | 0.55 | 1.72 | 1.11 | 0.72 | 0.84 | 0.65 | 0.89 |
| Quick Ratio | 0.66 | 0.66 | 0.74 | 0.40 | 0.55 | 1.70 | 1.11 | 0.68 | 0.71 | 0.76 | 1.10 |
| Cash Ratio | 0.07 | 0.07 | 0.02 | 0.04 | 0.06 | 0.84 | 0.54 | 0.13 | 0.13 | 0.04 | 0.15 |
| Asset Turnover | — | 0.14 | 0.13 | 0.13 | 0.12 | 0.11 | 0.11 | 0.11 | 0.08 | 0.09 | 0.11 |
| Inventory Turnover | — | — | — | — | — | 101.67 | — | 26.68 | 7.63 | — | — |
| 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 | 3.1% | 3.2% | 2.6% | 2.8% | 3.1% | 2.8% | — | — | — | — | — |
| Payout Ratio | 141.3% | 141.3% | 213.8% | 238.8% | 263.0% | 705.6% | 1033.8% | — | 206.3% | — | 719.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 2.5% | 1.4% | 1.3% | 1.3% | 0.4% | — | — | — | — | — |
| FCF Yield | 4.5% | 4.3% | 4.7% | 4.0% | 4.5% | 4.9% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.0% | — | — | — | — | — |
| Total Shareholder Yield | 3.1% | 3.2% | 2.6% | 2.8% | 3.1% | 4.8% | — | — | — | — | — |
| Shares Outstanding | — | $139M | $137M | $133M | $130M | $117M | $111M | $109M | $80M | $65M | $62M |
Includes 30+ ratios · 14 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying PECO stock.
Phillips Edison & Co.'s current P/E ratio is 41.3x. The historical average is 66.3x. This places it at the 25th percentile of its historical range.
Phillips Edison & Co.'s current EV/EBITDA is 15.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.8x.
Phillips Edison & Co.'s return on equity (ROE) is 4.3%. The historical average is 0.3%.
Based on historical data, Phillips Edison & Co. is trading at a P/E of 41.3x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Phillips Edison & Co.'s current dividend yield is 3.08% with a payout ratio of 141.3%.
Phillips Edison & Co. has -1.4% gross margin and 27.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Phillips Edison & Co.'s Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative gross margin anomaly
Metrics are mathematically derived from official filings.
Premium Multiple for Defensive Grocery
PECO trades at 21.4x forward P/FFO, a premium to peers like KIM (18.0x) and REG (20.2x), reflecting its defensive grocery-anchored portfolio, as per reported figures.
The implied cap rate, derived from NOI and enterprise value, appears compressed relative to private market transactions for grocery-anchored centers, suggesting the market is paying up for the stability of necessity-based retail. However, the premium may be justified by PECO's consistent same-store NOI growth and high occupancy, but investors should monitor whether the multiple expands further without corresponding FFO acceleration.
NOI Margins Stable, Anomaly in Q2
NOI margins have held near 71% for eight quarters, but the 140.6% in 2026Q2 appears anomalous, likely a data artifact, per quarterly financials.
Excluding the outlier, property-level profitability remains robust, with NOI margins consistently above 70%, indicating strong expense recovery and rent escalations. The negative gross margin reported in the snapshot is inconsistent with this trend and may reflect a one-time charge or accounting treatment, but it does not appear to signal a structural deterioration in core operations.
Payout Ratio Compresses on FFO Growth
FFO payout ratio fell to 38.1% in 2026Q2 from 57.5% a year earlier, as FFO per share surged 31.9% YoY, per reported figures.
The sharp decline in the payout ratio indicates a widening margin of safety for the dividend, with AFFO covering distributions by 2.6x in the latest quarter. This suggests management has ample retained cash flow to fund growth or reduce leverage, though the sustainability of the FFO growth rate warrants monitoring given the low cash balance.
Leverage Creeps Higher, Coverage Improves
Debt-to-equity rose to 0.97 in 2026Q2 from 0.81 in 2024Q1, while interest coverage improved to 2.54x, as per balance sheet data.
The gradual increase in leverage suggests PECO has been funding acquisitions with debt, but the improvement in interest coverage indicates that operating income is growing faster than interest expense. However, the extremely low cash balance of $3.5 million implies reliance on credit facilities for liquidity, which could become a constraint if credit markets tighten.
Occupancy and G&A Efficiency Hold
Portfolio occupancy remains high, and G&A costs appear well-controlled, with NOI margins stable around 71%, as reported in quarterly filings.
The stability in NOI margins despite revenue growth suggests that expense recoveries are effectively offsetting property-level cost increases. The concentration in grocery-anchored centers provides a defensive tenant base, but investors should monitor geographic exposure to Sunbelt markets, which may face higher property tax pressures.
P/E Misleads; Use P/FFO
Standard P/E of 44.1x is distorted by depreciation, while P/FFO of 21.4x better reflects earnings power, as per reported financials.
GAAP net income is significantly lower than FFO due to substantial depreciation charges, making P/E appear expensive. Investors should rely on P/FFO and P/AFFO for valuation, as these metrics adjust for non-cash charges and maintenance capex. The negative gross margin anomaly further underscores the need to focus on FFO-based metrics rather than GAAP margins.