Latest Ratios: P/E Ratio 27.7x · EV/EBITDA 11.1x · ROE -0.9%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $275M | $260M | $253M | $263M | $261M | $225M | $132M | $150M | — | — |
| Enterprise Value | $664M | $650M | $561M | $541M | $526M | $490M | $240M | $140M | — | — |
| P/E Ratio → | 27.70 | — | 119.93 | 89.00 | 8.79 | 22.52 | 136.27 | 42.29 | — | — |
| P/S Ratio | 3.62 | 4.30 | 4.85 | 5.76 | 5.78 | 7.48 | 6.86 | 11.35 | — | — |
| P/B Ratio | 0.86 | 0.86 | 0.92 | 0.95 | 0.88 | 0.99 | 0.89 | 0.93 | — | — |
| P/FCF | — | — | 9.89 | — | — | 13.10 | 14.06 | 18.07 | — | — |
| P/OCF | 10.66 | 10.10 | 9.89 | 10.29 | 10.59 | 13.10 | 14.06 | 18.07 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.73 | 10.74 | 11.86 | 11.64 | 16.26 | 12.48 | 10.56 | — | — |
| EV / EBITDA | 11.14 | 14.16 | 14.17 | 13.91 | 7.88 | 15.88 | 19.30 | 14.79 | — | — |
| EV / EBIT | 35.94 | 48.55 | 41.44 | 42.54 | 12.26 | 33.09 | 103.45 | 38.54 | — | — |
| EV / FCF | — | — | 21.91 | — | — | 28.47 | 25.58 | 16.81 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | -10.9% | -10.9% | 77.0% | 84.9% | 79.5% | 77.2% | 88.0% | 84.6% | 86.2% | 82.6% |
| Operating Margin | 30.5% | 30.5% | 26.8% | 28.8% | 96.2% | 50.3% | 13.6% | 27.4% | 34.3% | 36.7% |
| Net Profit Margin | -4.4% | -4.4% | 4.0% | 6.4% | 65.8% | 33.1% | 5.1% | 27.1% | 34.3% | 33.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.9% | -0.9% | 0.7% | 1.0% | 11.4% | 5.3% | 0.6% | 2.5% | 3.2% | 2.3% |
| ROA | -0.4% | -0.4% | 0.4% | 0.5% | 5.5% | 2.6% | 0.5% | 2.5% | 3.2% | 2.2% |
| ROIC | 2.2% | 2.2% | 1.8% | 1.8% | 6.2% | 3.0% | 1.0% | 2.0% | 2.4% | — |
| ROCE | 2.8% | 2.8% | 2.4% | 2.3% | 8.1% | 4.0% | 1.2% | 2.5% | 3.2% | 2.5% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.31 | 1.31 | 1.12 | 1.02 | 0.93 | 1.20 | 0.74 | 0.01 | 0.01 | 0.01 |
| Debt / EBITDA | 8.59 | 8.59 | 7.81 | 7.25 | 4.10 | 8.86 | 8.84 | 0.20 | 0.20 | 0.29 |
| Net Debt / Equity | — | 1.29 | 1.11 | 1.01 | 0.90 | 1.16 | 0.73 | -0.06 | 0.01 | 0.01 |
| Net Debt / EBITDA | 8.49 | 8.49 | 7.77 | 7.15 | 3.97 | 8.57 | 8.69 | -1.10 | 0.20 | 0.29 |
| Debt / FCF | — | — | 12.02 | — | — | 15.37 | 11.52 | -1.26 | 0.30 | 0.33 |
| Interest Coverage | 0.82 | 0.82 | 1.13 | 1.25 | 4.50 | 4.00 | 1.59 | 87.97 | — | 10.83 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.33 | 0.33 | 14.87 | 10.31 | 3.71 | 2.80 | 1.13 | 8.36 | 0.01 | 0.00 |
| Quick Ratio | 0.33 | 0.33 | 14.87 | 10.44 | 3.71 | 2.80 | 1.13 | 8.36 | 0.01 | 0.00 |
| Cash Ratio | 0.33 | 0.33 | 0.23 | 2.24 | 2.23 | 2.10 | 0.74 | 7.91 | 0.01 | 0.00 |
| Asset Turnover | — | 0.08 | 0.09 | 0.08 | 0.08 | 0.06 | 0.07 | 0.08 | 0.09 | 0.07 |
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.9% | 6.8% | 6.6% | 5.8% | 5.1% | 4.7% | 5.5% | 0.3% | — | — |
| Payout Ratio | — | — | 812.5% | 525.1% | 44.6% | 107.1% | 731.3% | 12.8% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | — | 0.8% | 1.1% | 11.4% | 4.4% | 0.7% | 2.4% | — | — |
| FCF Yield | — | — | 10.1% | — | — | 7.6% | 7.1% | 5.5% | — | — |
| Buyback Yield | 3.2% | 3.4% | 0.3% | 5.6% | 0.0% | 0.0% | 3.8% | 0.0% | — | — |
| Total Shareholder Yield | 10.1% | 10.2% | 6.9% | 11.4% | 5.1% | 4.7% | 9.2% | 0.3% | — | — |
| Shares Outstanding | — | $16M | $15M | $16M | $14M | $11M | $9M | $8M | $9M | $9M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying PINE stock.
Alpine Income Property Trust, Inc.'s current P/E ratio is 27.7x. The historical average is 69.8x. This places it at the 33th percentile of its historical range.
Alpine Income Property 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 14.3x.
Alpine Income Property Trust, Inc.'s return on equity (ROE) is -0.9%. The historical average is 2.9%.
Based on historical data, Alpine Income Property Trust, Inc. is trading at a P/E of 27.7x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Alpine Income Property Trust, Inc.'s current dividend yield is 6.86%.
Alpine Income Property Trust, Inc. has -10.9% gross margin and 30.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Alpine Income Property Trust, Inc.'s Debt/EBITDA ratio is 8.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Persistent negative AFFO coverage
Metrics are mathematically derived from official filings.
Yield Premium Signals Cash Flow Doubt
PINE trades at roughly 19.5x trailing FFO with a 7.0% headline dividend yield, per the latest quoted figures. That yield sits above NNN's 5.6% and FCPT's 6.3%, suggesting the market prices the distribution as less dependable than larger net-lease peers' payouts.
The P/FFO multiple has barely moved, from 19.9x in 2026Q1 to 19.5x in 2026Q3, while FFO per share rose sharply, which implies the equity re-rated upward with earnings rather than being bid up on multiple expansion. A price-to-book of 0.84 alongside EV/EBITDA of 14.35x, the lowest in the peer set, suggests the discount is anchored in balance sheet and cash conversion concerns rather than in asset valuation alone. Investors should treat the implied cap rate cautiously, as the negative free cash flow margins across most of the trailing quarters make enterprise-value-based cap rate estimates sensitive to how acquisition spending is classified.
FFO Momentum Outruns Margin Stability
FFO per share reached $0.61 in 2026Q3, up from $0.34 a year earlier, while the NOI margin slipped to 82.7% from 89.6%, as reported in Alpine Income's quarterly results. The divergence suggests per-share gains are acquisition-driven rather than purely organic.
The 2026Q1 NOI margin reading of 2.2% remains an outlier that distorts the trailing average, so trend judgment should lean on the 75.9%–89.6% band in the other nine quarters, which is consistent with a net-lease retail portfolio but shows real quarter-to-quarter expense volatility. ROE of 1.3% against 40.5% year-over-year revenue growth implies the asset base expanded faster than earnings can reward it, a pattern typical of externally funded acquisition programs where purchased assets are not yet accretive on a per-share basis. The quality question for analysts is whether the FFO acceleration persists once acquisition volume normalizes, because same-store contribution is not separately disclosed in the data provided.
Payout Ratio Improves, AFFO Disagrees
The FFO payout ratio fell to 53.0% in 2026Q3 from 86.5% in 2025Q2, based on Alpine Income's reported figures, yet AFFO per share remained negative at $1.28, implying the headline cushion may overstate true distributable cash coverage.
On FFO, the dividend now appears comfortably covered, with roughly 47% of FFO retained in the latest quarter versus only 13.5% retained at the 2025Q2 trough. However, AFFO deficits of $2.11, $0.58, and $1.28 per share across the three most recent quarters indicate that after recurring adjustments the coverage picture may be materially weaker than the FFO payout suggests. With $7.4M of dividends paid against approximately $2.0M of operating cash flow in 2026Q3, the distribution appears to depend on financing, dispositions, or equity issuance, and investors should monitor whether management treats the improved FFO payout as evidence of sustainable coverage.
Deleveraging Extends Coverage Recovery
Debt-to-equity moderated to 1.08 in 2026Q3 from the 1.49 peak in 2025Q3, while interest coverage rebounded to 2.04 from 0.64, per Alpine Income's balance sheet disclosures. The trajectory suggests balance sheet repair is outpacing the portfolio's internal cash generation.
Coverage below 1.0x as recently as 2025Q3 signals a period of genuine strain, so the recovery to 2.04x is meaningful, though it remains thin relative to what investment-grade net-lease operators typically sustain. The deleveraging occurred alongside a $122M increase in total debt over two years, which implies the equity ratio improvement was driven by equity issuance or asset growth rather than debt paydown, a distinction that matters for refinancing risk. With $396.7M of debt against only $11.7M of cash and negative AFFO, the company appears reliant on external capital markets access; fixed-rate exposure and the maturity schedule are not disclosed in the data provided and warrant further investigation.
Peer-Normal Leverage, Sub-Peer Returns
PINE's 1.08 debt-to-equity sits near NNN's 1.09, but its 1.3% ROE matches only NETSTREIT's and trails ADC's 3.7% and GTY's 8.9%, per the comparative peer data. The pairing suggests leverage is peer-normal while capital efficiency remains a distinguishing weakness.
The valuation discount is consistent across metrics: PINE's 0.84 price-to-book is the only sub-1.0x reading in the group against a 1.01–1.78 peer range, and its 7.0% yield is the highest, narrowly above GTY's 6.9%. That pattern typically reflects investor skepticism about return on invested capital rather than about asset coverage alone, especially when ROIC data for PINE is unavailable for comparison against EPRT's 4.4% or FCPT's 4.5%. If the acquisition program begins converting into higher same-store NOI and a rising ROE, the discount has room to narrow; absent that, the yield may simply be a risk premium.
FFO Multiple Hides Cash Shortfall
The P/E of negative 73.9 is unusable for this REIT, but so is the 19.5x P/FFO, which excludes the recurring deductions driving negative AFFO. Investors should instead reference AFFO-based multiples and dividend-to-AFFO coverage, which currently offer no positive denominator.
FFO correctly removes real estate depreciation, yet it also excludes recurring leasing costs, tenant improvements, and maintenance capital that this portfolio clearly incurs: the gap between $11.6M of FFO and negative $24.1M of AFFO in 2026Q3 implies more than $35M of adjustments, a figure large enough that calling them non-recurring would require disclosure that is not present in the data provided. Standard debt-to-equity is a second trap here, since book equity was inflated by a property reclassification between 2026Q1 and 2026Q2, making the 1.08 reading less comparable to its own history than debt-to-gross-assets would be. The more honest framing for analysts is FFO less recurring capital expenditure, dividend coverage measured against AFFO, and cap rates on gross real estate assets; on those measures PINE's 7.0% yield looks less like a bargain and more like compensation for cash flow that has yet to reach shareholders.