Latest Ratios: P/E Ratio -31.4x · EV/EBITDA 12.3x · ROE -1.2%. (2012–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.5B | $1.1B | $1.1B | $1.3B | $1.8B | $2.0B | $3.2B | $3.0B | $3.7B | $3.5B | $3.8B |
| Enterprise Value | $4.8B | $4.4B | $4.5B | $4.7B | $5.1B | $5.4B | $6.7B | $6.2B | $7.1B | $6.9B | $6.7B |
| P/E Ratio → | -31.43 | — | — | — | 887.23 | — | — | 328.80 | 42.84 | — | — |
| P/S Ratio | 1.93 | 1.42 | 1.51 | 1.78 | 2.51 | 2.82 | 4.19 | 3.96 | 5.21 | 5.10 | 5.80 |
| P/B Ratio | 0.36 | 0.27 | 0.28 | 0.30 | 0.41 | 0.45 | 0.70 | 0.62 | 0.75 | 0.71 | 0.72 |
| P/FCF | 5.53 | 4.05 | 6.32 | 10.88 | 13.79 | 8.47 | 9.83 | 8.50 | 7.77 | — | — |
| P/OCF | 5.53 | 4.05 | 4.04 | 5.33 | 7.47 | 8.47 | 11.29 | 19.22 | 19.71 | 24.04 | — |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.78 | 6.05 | 6.41 | 7.06 | 7.53 | 8.76 | 8.22 | 9.83 | 10.12 | 10.12 |
| EV / EBITDA | 12.29 | 11.28 | 11.62 | 11.76 | 12.77 | 7.42 | 9.17 | 8.75 | 9.86 | 10.75 | 18.35 |
| EV / EBIT | 32.14 | 36.35 | — | 42.08 | 37.05 | 43.96 | 47.49 | 40.71 | 28.86 | 46.07 | 35.37 |
| EV / FCF | — | 16.51 | 25.36 | 39.28 | 38.81 | 22.66 | 20.55 | 17.62 | 14.66 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.0% | 60.0% | 26.7% | 62.5% | 63.5% | 62.5% | 64.3% | 63.9% | 63.0% | 63.4% | 63.1% |
| Operating Margin | 19.6% | 19.6% | 18.3% | 23.1% | 23.4% | 16.9% | 20.7% | 16.0% | 17.1% | 15.8% | 10.7% |
| Net Profit Margin | -6.1% | -6.1% | -35.0% | -4.9% | -2.8% | -2.0% | -3.8% | 1.2% | 12.0% | -1.5% | -0.7% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.2% | -1.2% | -6.2% | -0.8% | -0.5% | -0.3% | -0.6% | 0.2% | 1.7% | -0.2% | -0.1% |
| ROA | -0.6% | -0.6% | -3.2% | -0.4% | -0.2% | -0.2% | -0.3% | 0.1% | 1.0% | -0.1% | -0.0% |
| ROIC | 1.5% | 1.5% | 1.3% | 1.6% | 1.6% | 1.1% | 1.5% | 1.1% | 1.1% | 1.0% | 0.7% |
| ROCE | 1.9% | 1.9% | 1.7% | 2.1% | 2.0% | 1.4% | 1.8% | 1.4% | 1.4% | 1.3% | 0.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.92 | 0.92 | 0.95 | 0.87 | 0.86 | 0.84 | 0.83 | 0.73 | 0.71 | 0.74 | 0.57 |
| Debt / EBITDA | 9.48 | 9.48 | 9.83 | 9.52 | 9.54 | 5.24 | 5.20 | 5.00 | 4.94 | 5.59 | 8.23 |
| Net Debt / Equity | — | 0.82 | 0.84 | 0.78 | 0.74 | 0.75 | 0.76 | 0.66 | 0.66 | 0.70 | 0.54 |
| Net Debt / EBITDA | 8.51 | 8.51 | 8.73 | 8.50 | 8.23 | 4.64 | 4.79 | 4.53 | 4.63 | 5.33 | 7.84 |
| Debt / FCF | — | 12.46 | 19.03 | 28.40 | 25.02 | 14.19 | 10.72 | 9.12 | 6.89 | — | — |
| Interest Coverage | 0.77 | 0.77 | -1.52 | 0.78 | 0.98 | 0.91 | 1.03 | 1.12 | 1.85 | 1.00 | 1.13 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 7.76 | 7.76 | 7.16 | 5.81 | 6.60 | 6.99 | 5.72 | 4.35 | 2.87 | 1.86 | 1.57 |
| Quick Ratio | 7.76 | 7.76 | 7.16 | 5.81 | 6.60 | 6.99 | 5.72 | 4.46 | 2.93 | 1.86 | 1.57 |
| Cash Ratio | 3.13 | 3.13 | 3.49 | 2.90 | 3.94 | 3.66 | 2.15 | 2.26 | 1.29 | 0.42 | 0.82 |
| Asset Turnover | — | 0.10 | 0.09 | 0.09 | 0.09 | 0.08 | 0.09 | 0.09 | 0.08 | 0.08 | 0.08 |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.6% | 2.1% | 4.7% | 5.6% | 3.7% | 4.9% | 3.2% | 3.5% | 2.7% | 2.9% | 2.2% |
| Payout Ratio | — | — | — | — | — | — | — | 1148.5% | 116.7% | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 0.1% | — | — | 0.3% | 2.3% | — | — |
| FCF Yield | 18.1% | 24.7% | 15.8% | 9.2% | 7.3% | 11.8% | 10.2% | 11.8% | 12.9% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.2% | 4.8% | 0.0% | 6.0% | 3.0% | 3.4% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.6% | 2.1% | 4.9% | 10.4% | 3.7% | 10.9% | 6.2% | 6.9% | 2.7% | 2.9% | 2.2% |
| Shares Outstanding | — | $217M | $217M | $221M | $219M | $222M | $232M | $240M | $236M | $218M | $212M |
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying PGRE stock.
Paramount Group, Inc.'s current P/E ratio is -31.4x. The historical average is 27.5x.
Paramount Group, Inc.'s current EV/EBITDA is 12.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.9x.
Paramount Group, Inc.'s return on equity (ROE) is -1.2%. The historical average is 0.1%.
Based on historical data, Paramount Group, Inc. is trading at a P/E of -31.4x. Compare with industry peers and growth rates for a complete picture.
Paramount Group, Inc.'s current dividend yield is 1.59%.
Paramount Group, Inc. has 60.0% gross margin and 19.6% operating margin. Operating margin between 10-20% is typical for established companies.
Paramount Group, Inc.'s Debt/EBITDA ratio is 9.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
San Francisco CBD exposure
Metrics are mathematically derived from official filings.
Discounted Valuation Reflects Market Skepticism
Based on recent market data, Paramount Group trades at a P/FFO multiple of approximately 18.49, which, when compared to historical averages and broader office REIT peers, suggests that investors are heavily discounting the firm's future cash flow potential due to persistent geographic concentration risks.
The current valuation appears to reflect a significant 'trophy discount' rather than a premium, as the market remains wary of the recovery trajectory for the firm's San Francisco assets. This pricing suggests that the implied cap rate may be widening, indicating that the market is pricing in a higher risk premium for the company's specific portfolio composition.
NOI Margin Compression Limits Upside
As reported in quarterly financial statements, the company's NOI margin has contracted from 62.0% in 2024Q1 to 54.1% in 2025Q3, indicating that rising property-level operating expenses are increasingly eroding the profitability of the firm's core real estate assets despite their high-end trophy status.
The downward trend in NOI margins suggests that the company is facing difficulty in passing through rising operating costs to tenants in a competitive leasing environment. This margin pressure may indicate that the firm is forced to offer higher tenant improvement allowances to maintain occupancy, which effectively lowers the net effective rent.
Leverage Metrics Signal Financial Constraints
According to the latest quarterly filings, the company's debt-to-equity ratio has remained stubbornly elevated near 0.91, a figure that, when viewed alongside the low interest coverage ratio of 0.19 in 2025Q3, suggests a strained balance sheet with limited flexibility for further capital deployment.
The consistently low interest coverage ratio warrants close monitoring, as it indicates that the firm's ability to service its debt obligations is currently under significant pressure. Investors should consider whether the current debt structure leaves sufficient room for the capital expenditures required to maintain the competitive standing of its trophy assets.
Misapplication of Standard P/E Multiples
Market participants frequently misapply the standard P/E ratio to Paramount Group, which obscures the firm's true economic performance by failing to account for the significant non-cash depreciation charges inherent in the REIT business model, as evidenced by the company's persistent negative GAAP net income.
Using P/E for a REIT like Paramount is fundamentally misleading because it treats depreciation as a cash expense, thereby masking the underlying cash-generating capacity of the portfolio. Analysts should instead prioritize FFO or AFFO metrics, which provide a more accurate reflection of the recurring cash flow available for distribution and reinvestment.