Latest Ratios: P/E Ratio -18.0x · EV/EBITDA 17.5x · ROE 2.4%. (2011–2025 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 | $8.6B | $9.0B | $8.4B | $11.4B | $9.3B | $11.4B | $6.0B | $4.9B | $2.6B | $2.1B | $1.5B |
| Enterprise Value | $12.0B | $12.3B | $11.7B | $13.6B | $11.2B | $12.7B | $7.1B | $5.8B | $3.3B | $2.8B | $2.0B |
| P/E Ratio → | -17.97 | 45.02 | 32.22 | 50.09 | 59.39 | 101.39 | 96.29 | 97.17 | 71.88 | 60.75 | 64.42 |
| P/S Ratio | 8.91 | 8.98 | 9.02 | 14.28 | 14.80 | 25.12 | 18.03 | 18.25 | 12.11 | 12.94 | 11.57 |
| P/B Ratio | 0.99 | 1.02 | 0.97 | 1.40 | 1.35 | 2.24 | 1.69 | 1.86 | 1.35 | 1.53 | 1.52 |
| P/FCF | 32.93 | 43.15 | 80.04 | 70.78 | 48.51 | 88.08 | 57.10 | 52.82 | 57.42 | 60.80 | 59.59 |
| P/OCF | 15.94 | 16.61 | 17.64 | 26.65 | 28.51 | 49.09 | 32.52 | 34.96 | 25.04 | 27.24 | 25.87 |
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 | — | 12.30 | 12.53 | 17.03 | 17.81 | 28.12 | 21.38 | 21.61 | 15.32 | 17.27 | 15.56 |
| EV / EBITDA | 17.52 | 17.71 | 13.16 | 18.05 | 19.32 | 29.48 | 22.17 | 21.82 | 15.55 | 17.44 | 15.70 |
| EV / EBIT | 31.46 | 38.00 | 32.02 | 46.50 | 51.55 | 88.34 | 71.85 | 77.44 | 58.91 | 86.26 | 88.02 |
| EV / FCF | — | 59.13 | 111.21 | 84.40 | 58.37 | 98.59 | 67.72 | 62.54 | 72.64 | 81.14 | 80.11 |
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 | 77.3% | 77.3% | 77.5% | 76.9% | 76.2% | 76.2% | 75.9% | 76.3% | 75.7% | 73.9% | 73.4% |
| Operating Margin | 37.9% | 37.9% | 68.8% | 67.5% | 66.0% | 65.3% | 64.7% | 65.0% | 63.7% | 60.2% | 58.4% |
| Net Profit Margin | 21.1% | 21.1% | 29.2% | 29.8% | 26.5% | 28.4% | 23.1% | 23.2% | 21.7% | 25.2% | 19.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.4% | 2.4% | 3.2% | 3.2% | 2.8% | 3.0% | 2.5% | 2.7% | 2.8% | 3.5% | 3.0% |
| ROA | 1.7% | 1.7% | 2.3% | 2.4% | 2.1% | 2.2% | 1.8% | 1.9% | 1.9% | 2.2% | 1.9% |
| ROIC | 2.4% | 2.4% | 4.3% | 4.2% | 4.1% | 4.0% | 3.9% | 4.3% | 4.4% | 4.1% | 4.3% |
| ROCE | 3.1% | 3.1% | 5.7% | 5.5% | 5.3% | 5.2% | 5.1% | 5.5% | 5.7% | 5.5% | 5.7% |
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 | 0.40 | 0.40 | 0.38 | 0.27 | 0.28 | 0.28 | 0.36 | 0.37 | 0.45 | 0.52 | 0.54 |
| Debt / EBITDA | 5.02 | 5.02 | 3.75 | 2.96 | 3.33 | 3.24 | 4.03 | 3.69 | 4.12 | 4.41 | 4.15 |
| Net Debt / Equity | — | 0.38 | 0.38 | 0.27 | 0.27 | 0.27 | 0.31 | 0.34 | 0.36 | 0.51 | 0.52 |
| Net Debt / EBITDA | 4.79 | 4.79 | 3.69 | 2.91 | 3.26 | 3.14 | 3.48 | 3.39 | 3.26 | 4.37 | 4.02 |
| Debt / FCF | — | 15.98 | 31.18 | 13.62 | 9.86 | 10.51 | 10.62 | 9.72 | 15.22 | 20.34 | 20.52 |
| Interest Coverage | 3.09 | 3.09 | 3.72 | 4.76 | 4.50 | 3.59 | 3.18 | 2.78 | 2.17 | 1.60 | 1.50 |
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 | 7.16 | 7.16 | 0.83 | 0.73 | 0.56 | 0.74 | 2.02 | 1.42 | 3.12 | 0.70 | 0.87 |
| Quick Ratio | 7.16 | 7.16 | 0.83 | 0.73 | 0.56 | 0.74 | 2.02 | 1.42 | 3.12 | 0.70 | 0.87 |
| Cash Ratio | 2.40 | 2.40 | 0.13 | 0.08 | 0.15 | 0.25 | 1.47 | 0.87 | 2.70 | 0.11 | 0.37 |
| Asset Turnover | — | 0.08 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.7% | 4.6% | 0.1% | 2.7% | 2.3% | 1.2% | 1.7% | 1.8% | 2.1% | 2.0% | 2.3% |
| Payout Ratio | 194.6% | 194.6% | 3.4% | 127.0% | 125.6% | 106.2% | 134.3% | 143.0% | 119.4% | 102.0% | 135.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | 2.2% | 3.1% | 2.0% | 1.7% | 1.0% | 1.0% | 1.0% | 1.4% | 1.6% | 1.6% |
| FCF Yield | 3.0% | 2.3% | 1.2% | 1.4% | 2.1% | 1.1% | 1.8% | 1.9% | 1.7% | 1.6% | 1.7% |
| Buyback Yield | 2.9% | 2.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% |
| Total Shareholder Yield | 7.6% | 7.4% | 0.1% | 2.7% | 2.3% | 1.2% | 1.7% | 1.8% | 2.2% | 2.1% | 2.4% |
| Shares Outstanding | — | $233M | $218M | $203M | $171M | $140M | $121M | $107M | $87M | $72M | $63M |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying REXR stock.
Rexford Industrial Realty, Inc.'s current P/E ratio is -18.0x. The historical average is 67.9x.
Rexford Industrial Realty, Inc.'s current EV/EBITDA is 17.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.8x.
Rexford Industrial Realty, Inc.'s return on equity (ROE) is 2.4%. The historical average is 1.1%.
Based on historical data, Rexford Industrial Realty, Inc. is trading at a P/E of -18.0x. Compare with industry peers and growth rates for a complete picture.
Rexford Industrial Realty, Inc.'s current dividend yield is 4.69% with a payout ratio of 194.6%.
Rexford Industrial Realty, Inc. has 77.3% gross margin and 37.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Rexford Industrial Realty, Inc.'s Debt/EBITDA ratio is 5.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
AFFO payout exceeding distributable cash flow
Metrics are mathematically derived from official filings.
Premium Multiple on Shrinking Earnings Base
REXR trades at a P/FFO near 34x in 2026Q3 versus an EV/EBITDA of 17.49, roughly in line with peers on EBITDA but demanding on FFO while reported FFO growth of -46.3% and a 45.01 trailing P/E suggest the valuation embeds recovery the numbers do not yet show.
The compression in P/FFO from 40.35 in 2025Q1 to 34.08 in 2026Q3 appears driven more by depressed FFO per share than by price weakness, since the shares sit at $38.71 with a 4.6% stated yield. A 34x multiple on quarterly FFO of $0.42 annualizes to roughly 20x run-rate if the disposition losses prove non-recurring, which frames the current print as a trough artifact rather than a re-rating. Investors should treat the implied cap rate as the cleaner lens: with NOI margins near 76% and equity eroding 18%, the multiple support appears to rest on SoCal rent-growth expectations rather than current distributable income, warranting close monitoring of mark-to-market spreads.
NOI Margins Durable Despite Portfolio Surgery
According to REXR's reported financials, NOI margins held in a tight 76.2-78.2% band across ten quarters outside the anomalous 2025Q4 print of 11.5%, indicating that property-level economics survived the $2 billion non-core disposition program essentially intact even as GAAP results collapsed.
This margin profile suggests the triple-net structure and infill pricing power persist at the property level, meaning the FFO deterioration documented elsewhere is likely driven by disposition accounting, impairment charges, and portfolio shrinkage rather than same-store deterioration. The judgment call is whether the roughly 100 basis points of margin erosion from 78.2% in 2024Q2 to 76.2% in 2026Q3 reflects a genuine trend of rising non-recoverable costs or simply portfolio mix shift toward assets with slightly higher operating burdens; investors should monitor whether the redeployment of proceeds into higher-quality infill restores the prior margin run-rate.
Payout Outpaces AFFO in Eight of Nine Periods
Based on REXR's quarterly disclosures, the FFO payout ratio reached 106.1% in 2026Q3 while AFFO per share was flat to negative in most periods with data, implying that the roughly $100 million quarterly dividend has been funded partly by balance-sheet and disposition proceeds rather than distributable cash flow.
The 30-40% typical gap between FFO and AFFO signals recurring capital intensity that the headline payout ratio understates, so even the periods showing 58-74% FFO payouts may mask an economically tighter cushion. The cash build to $423.6M in 2026Q3 provides roughly four quarters of dividend coverage, which appears adequate in the near term but is a one-time disposition inflow rather than a self-funding structure. A dividend cut does not appear imminent given the raised guidance, yet investors should monitor whether the redeployed capital base restores AFFO coverage above 100% before the disposition proceeds are drawn down.
Conservative Debt Ratios Mask Reinvestment Claims
Per REXR's reported balance sheet, the debt-to-equity ratio of 0.37 in 2026Q3 compares favorably with Prologis at 0.61 and First Industrial at 0.93, while interest coverage of 1.73x reflects the disposition-driven losses rather than a distress signal in debt service.
The deleveraging from $3.5B to $2.8B of total debt against an 18% smaller asset base suggests the ratio improvement is partly mechanical shrinkage rather than pure credit strengthening, a distinction that matters for per-share metrics. Interest coverage near 4.4-4.5x in clean quarters versus the 1.73x print and the negative -17.33 reading in 2026Q2 indicates the leverage profile itself is sound, but the recurring capex implied by the FFO-AFFO gap functions economically like a fixed obligation that standard ratios do not capture. Given the low reported debt load, the company appears to retain meaningful capacity, and the disposition proceeds may precede either debt reduction, opportunistic issuance, or capital return, all of which warrant tracking.
SoCal Purity Commands Valuation Premium
Compared with Terreno Realty's 0.23 debt-to-equity and 84.6% net margin, REXR's own D/E of 0.37 and its 4.6% yield — above the 2.8-3.2% offered by PLD, EGP, and FR — suggest the market is discounting REXR's single-market concentration despite superior infill barriers.
On EV/EBITDA, REXR at 17.49 sits below every listed peer, which appears inconsistent with the historical premium attributed to its SoCal concentration and may reflect the market pricing in disposition execution risk and the negative earnings quarter. The higher yield relative to higher-quality peers like EastGroup is notable: either REXR offers relative value on a normalized FFO basis, or the yield compensates for the geographic risk peers do not carry. Investors should note that peers' ROE figures of 3.2-12.6% are not directly comparable given REXR's disposition-distorted equity base, so any cross-sectional comparison should wait for a post-realignment quarter.
P/E Misleads; AFFO Payout Is the Real Gauge
The 45.01 trailing P/E is the most misleading metric applied to REXR, distorted by the $506.9 million disposition loss in 2026Q2, and should be replaced by AFFO payout coverage, which across the ten-quarter series more accurately reflects dividend durability for this capital-intensive industrial REIT.
GAAP net income swings from positive ROE quarters to -6.1% reflect non-cash depreciation and one-time losses on assets that economically appreciated, so the earnings multiple tells an analyst essentially nothing about value. The substitute metric — AFFO per share against the fixed dividend — obscures nothing, since it captures the $48-120 million quarterly capex range and recurring leasing costs that FFO ignores; its consistent shortfall is the signal most worth tracking. Similarly, the debt-to-equity ratio using book equity, already eroded 18% by write-downs, flatters the leverage picture, so debt-to-gross-assets against the shrinking $10.8B asset base is the more honest gauge of obligation intensity as the portfolio is rebuilt.