The company's financial leverage has increased, with the debt-to-equity ratio rising to 1.53 in 2025Q3, while return on equity has sharply eroded to negative 9.3%.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Assets | 1.57B | 1.37B | 1.44B | 1.52B | 1.27B | 920.27M | 685.48M | 470.16M | 329.95M | 145.75M | 150.05M | 169.53M | 5.2M | 1.84M |
| Asset Growth % | 9.23% | -5.1% | -5.22% | 19.71% | 38.09% | 34.25% | 45.8% | 42.49% | 126.39% | -2.87% | -11.49% | 3161.04% | 182.13% | - |
| Real Estate & Other Assets | 1.44B | 1.22B | 1.36B | 1.42B | 33.92M | 815.42M | 11.98M | 5.93M | 4.78M | 1.95M | 1.12M | 1.72M | 87.77K | 16.73K |
| PP&E (Net) | 0 | 0 | 4.83M | 0 | 1.11B | 0 | 594.01M | 411.33M | 278.39M | 123.06M | 129.71M | 137.11M | 0 | 0 |
| Investment Securities | 1000K | 1000K | 0 | 0 | 1000K | 1000K | 0 | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 41.97M | 43.63M | 26.2M | 31.21M | 43.37M | 32.05M | 22.4M | 14.96M | 19.16M | 10.2M | 1.46M | 5.72M | 279.88K | 183.87K |
| Cash & Equivalents | 15.82M | 17.55M | 14.49M | 11M | 26.23M | 15.67M | 10.46M | 14.96M | 19.16M | 941K | 698K | 4.97M | 265.95K | 174.44K |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.43K |
| Other Current Assets | 26.15M | 26.08M | 11.71M | 20.21M | 17.14M | 16.39M | 11.93M | 9.57M | 6.25M | 9.26M | 757K | 744K | 0 | 0 |
| Intangible Assets | 52.57M | 41.68M | 51.47M | 70.72M | 75.86M | 66.12M | 57.09M | 37.94M | 27.62M | 10.53M | 14.77M | 19.42M | 0 | 0 |
| Total Liabilities | 1.02B | 781.3M | 953.66M | 998.09M | 767.29M | 581.05M | 442.06M | 346.24M | 269.81M | 183.32M | 211.09M | 181.9M | 240.19K | 430.93K |
| Total Debt | 846.23M | 646.02M | 872.55M | 916.62M | 690.14M | 520.37M | 399.6M | 317.18M | 245.63M | 145.31M | 196.8M | 173.63M | 0 | 0 |
| Net Debt | 830.4M | 628.47M | 858.05M | 905.62M | 663.91M | 504.7M | 389.13M | 302.22M | 226.47M | 144.37M | 196.1M | 168.65M | -265.95K | -174.44K |
| Long-Term Debt | 622.02M | 623.72M | 847.24M | 836.88M | 687.91M | 428.16M | 397.46M | 317.18M | 245.36M | 145.31M | 196.8M | 0 | 0 | 0 |
| Short-Term Borrowings | 221.9M | 20M | 19.57M | 77.5M | 0 | 90M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 9.2M | 2.3M | 2.27M | 2.25M | 2.23M | 2.21M | 2.14M | 7.07M | 6.81M | 1.41M | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 312.37M | 103.83M | 88.72M | 150.05M | 60.81M | 139.34M | 34.06M | 22M | 17.37M | 5.56M | 12.35M | 5.8M | 240.19K | 430.93K |
| Accounts Payable | 90.47M | 83.83M | 67.71M | 72.55M | 60.81M | 49.34M | 33.61M | 22M | 16.02M | 5.35M | 4.27M | 4.15M | 240K | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 346.24M | -20.84M | -31.04M | 0 | -173.63M | 0 | 0 |
| Other Liabilities | 80.8M | 51.45M | 15.43M | 8.92M | 16.34M | 11.35M | 8.85M | -28.19M | 535K | 264K | 1.94M | 176.1M | 0 | 0 |
| Total Equity | 552.98M | 587.12M | 488.24M | 523.23M | 503.51M | 339.22M | 243.43M | 123.92M | 60.14M | -37.58M | -61.04M | -12.37M | 4.96M | 1.41M |
| Equity Growth % | 93.05% | 20.25% | -6.69% | 3.92% | 48.43% | 39.35% | 96.44% | 106.05% | 260.05% | 38.44% | -393.28% | -349.56% | 251.24% | - |
| Shareholders Equity | 470.06M | 579.55M | 483.02M | 517.84M | 498.68M | 334.45M | 236.66M | 109.45M | 53.03M | -98.03M | -61.04M | -12.37M | 4.96M | 1.41M |
| Minority Interest | 82.91M | 7.57M | 5.22M | 5.39M | 4.83M | 4.77M | 6.77M | 14.47M | 7.12M | 60.45M | 0 | 0 | 0 | 0 |
| Common Stock | 446K | 454K | 452K | 428K | 361K | 253K | 141K | 49K | 39K | 3K | 13K | 13K | 11.93K | 3.68K |
| Additional Paid-in Capital | 559.45M | 604.84M | 644.94M | 635.07M | 532.67M | 360.75M | 256.26M | 126.33M | 123.27M | 12.48M | 12.48M | 12.47M | 11.18M | 3.62M |
| Retained Earnings | -97.87M | -43.26M | -182.61M | -194.24M | -177.26M | -162.25M | -148.4M | -137.98M | -119.21M | -110.51M | -73.52M | -24.85M | -6.24M | -2.21M |
| Preferred Stock | 0 | 0 | 0 | 46.84M | 142.91M | 135.69M | 128.66M | 121.06M | 48.93M | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | 6.26% | 9.92% | 0.92% | -1.21% | -1.37% | -4.15% | -1.8% | -4.68% | -3.66% | -25.01% | -30.46% | -21.09% | -98.63% | -117.59% |
| Return on Equity (ROE) | 15.86% | 25.92% | 2.7% | -3.29% | -3.56% | -11.44% | -5.67% | -20.34% | -77.17% | - | - | - | -109.02% | -153.48% |
| Debt / Assets | 53.88% | 47.21% | 60.51% | 60.25% | 54.31% | 56.55% | 58.29% | 67.46% | 74.44% | 99.7% | 131.16% | 102.42% | - | - |
| Debt / Equity | 1.53x | 1.10x | 1.79x | 1.75x | 1.37x | 1.53x | 1.64x | 2.56x | 4.08x | - | - | - | - | - |
| Net Debt / EBITDA | 7.15x | 5.21x | 7.01x | 8.16x | 8.29x | 4.59x | 5.09x | 6.14x | 9.13x | 7.26x | 30.56x | - | - | - |
| Book Value per Share | 12.52 | 13.03 | 11.19 | 13.15 | 16.29 | 18.45 | 28.63 | 25.70 | 16.50 | -10.36 | -16.83 | -3.41 | 1.37 | 0.39 |
Elevated Debt-to-Equity Volatility
According to quarterly financial data, Plymouth's debt-to-equity ratio spiked to 1.53 in 2025Q3, reflecting a significant increase in leverage that warrants close monitoring as the company navigates a period of negative FFO and tightening access to cost-effective capital markets for its secondary market portfolio.
The recent escalation in the debt-to-equity ratio suggests that the company's reliance on debt financing has intensified, potentially limiting its flexibility to manage property-level capital requirements. Investors should consider whether this leverage profile remains sustainable if the current trend of negative FFO persists, as the company's ability to service its debt obligations may become increasingly sensitive to interest rate fluctuations.
Based on reported figures, cash reserves have dwindled to $15.8 million as of 2025Q3, a level that appears insufficient given the company's substantial debt load and the ongoing capital expenditure requirements necessary to maintain its aging Class B industrial assets in competitive secondary markets.
The limited cash position suggests that Plymouth may have minimal buffer to address unexpected property-level maintenance or potential vacancies within its multi-tenant portfolio. This liquidity profile may force management to rely more heavily on revolving credit facilities, which could further increase interest expense and constrain future growth initiatives.
As indicated by the 2025Q3 financial statements, the company's return on equity has fallen to negative 9.3%, a sharp reversal that highlights the erosion of shareholder value and the challenges inherent in the current capital allocation strategy for its industrial warehouse holdings.
The negative return on equity suggests that the capital deployed into the portfolio is currently failing to generate sufficient returns to cover the cost of capital and operational expenses. This trend may indicate that the company's historical strategy of aggressive acquisition-led growth is no longer yielding the expected accretive benefits for shareholders.
Analysis of the balance sheet reveals that total assets remain stagnant at $1.6 billion, which, when contrasted with the recent negative FFO, may suggest that the carrying value of the portfolio is not adequately reflecting the current market realities of secondary industrial assets.
The lack of growth in total assets despite ongoing capital expenditures may imply that the portfolio is experiencing valuation compression or that impairment risks are mounting. Investors should monitor whether the company will be forced to recognize write-downs on its Class B assets, which could further weaken the balance sheet and impact future debt covenant compliance.
Quick answers to the most common questions about buying PLYM stock.
As of 2024, Plymouth Industrial REIT, Inc. (PLYM) had total assets of $1.37B including $43.6M in current assets.
Plymouth Industrial REIT, Inc. (PLYM) carries total debt of $646.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Plymouth Industrial REIT, Inc. (PLYM) has total shareholders' equity (book value) of $579.5M ($13.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Plymouth Industrial REIT, Inc. (PLYM) reported a current ratio of 0.42x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.