Latest Ratios: P/E Ratio 44.4x · EV/EBITDA 17.3x · 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 | $8.7B | $9.0B | $8.4B | $11.4B | $9.3B | $11.4B | $6.0B | $4.9B | $2.6B | $2.1B | $1.5B |
| Enterprise Value | $12.1B | $12.3B | $11.7B | $13.6B | $11.2B | $12.7B | $7.1B | $5.8B | $3.3B | $2.8B | $2.0B |
| P/E Ratio → | 44.36 | 45.02 | 32.22 | 50.09 | 59.39 | 101.39 | 96.29 | 97.17 | 71.88 | 60.75 | 64.42 |
| P/S Ratio | 8.70 | 8.98 | 9.02 | 14.28 | 14.80 | 25.12 | 18.03 | 18.25 | 12.11 | 12.94 | 11.57 |
| P/B Ratio | 1.00 | 1.02 | 0.97 | 1.40 | 1.35 | 2.24 | 1.69 | 1.86 | 1.35 | 1.53 | 1.52 |
| P/FCF | 41.80 | 43.15 | 80.04 | 70.78 | 48.51 | 88.08 | 57.10 | 52.82 | 57.42 | 60.80 | 59.59 |
| P/OCF | 16.09 | 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 | 17.31 | 17.71 | 13.16 | 18.05 | 19.32 | 29.48 | 22.17 | 21.82 | 15.55 | 17.44 | 15.70 |
| EV / EBIT | 31.67 | 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 | 2.3% | 2.2% | 3.1% | 2.0% | 1.7% | 1.0% | 1.0% | 1.0% | 1.4% | 1.6% | 1.6% |
| FCF Yield | 2.4% | 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 | 7.5% | 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 |
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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 44.4x. The historical average is 67.9x. This places it at the 10th percentile of its historical range.
Rexford Industrial Realty, Inc.'s current EV/EBITDA is 17.3x. 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 44.4x. This is at the 10th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Rexford Industrial Realty, Inc.'s current dividend yield is 4.65% 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
SoCal concentration and asset sales
Metrics are mathematically derived from official filings.
Premium Valuation Persists Despite Volatility
REXR trades at 35.3x forward P/FFO, a premium to peers like TRNO at 18.3x, reflecting market confidence in SoCal scarcity, according to recent filings.
The P/FFO multiple of 35.3x in 2026Q2, though down from 39.2x a year earlier, remains at a substantial premium to the peer group, with TRNO at 18.3x and PLD at 40.9x. This premium appears justified by the portfolio's irreplaceable infill locations and the potential for outsized rent growth as leases roll. However, the recent EPS miss and the $2 billion disposition plan introduce uncertainty; investors should monitor whether the multiple compresses if the market perceives the SoCal advantage as eroding.
NOI Margin Stability Masks Underlying Shifts
NOI margin held at 77.1% in 2026Q2, consistent with the trailing average, indicating stable property-level profitability despite revenue declines, as reported in financial statements.
The NOI margin has remained remarkably stable around 77% over the past ten quarters, even as revenue growth decelerated to -1.6% YoY in 2026Q2. This suggests that the disposition of non-core assets is not impairing the profitability of the remaining portfolio. However, the sharp drop in NOI margin to 11.5% in 2025Q4, likely due to a one-time charge, highlights the need to focus on core operating trends. The stability of the margin implies that FFO growth, when positive, is driven by organic rent growth rather than dilutive acquisitions.
Dividend Coverage Under Pressure
FFO payout ratio spiked to 63% in 2026Q1, but AFFO turned negative in 2026Q2, implying a coverage gap, based on reported cash flow data.
The FFO payout ratio, which averaged around 60-70% in recent quarters, appeared manageable until 2026Q2 when AFFO per share fell to -$2.15, far below the dividend. This negative AFFO, driven by a large non-cash charge, suggests that the dividend is not fully covered by distributable cash flow in the short term. While the company has raised guidance and plans to reshape the portfolio, investors should monitor whether the dividend remains sustainable as the disposition proceeds and whether the payout ratio normalizes once one-time charges are excluded.
Low Leverage Provides Flexibility
Debt-to-equity stands at 0.43, below the peer average of 0.61, and interest coverage, excluding the 2026Q2 anomaly, has been above 3x, per SEC filings.
REXR's debt-to-equity ratio of 0.43 in 2026Q2 is conservative relative to peers like FR at 0.93 and STAG at 0.90, indicating a strong balance sheet. Interest coverage, which averaged around 3.5x in 2024-2025, deteriorated to -17.3x in 2026Q2 due to the non-cash charge, but this appears to be a one-time distortion. The planned $2 billion disposition could further reduce leverage or fund new investments, but the low debt levels suggest the company has ample capacity to refinance maturities without distress.
Concentration Risk Remains Key
With 100% of operations in Southern California and 232 properties, the portfolio's geographic concentration is extreme, yet NOI margin held at 77.1%, as per financial statements.
The portfolio's extreme concentration in Southern California infill markets is both a strength and a vulnerability. The scarcity of land and high barriers to entry support pricing power, as evidenced by the stable NOI margin. However, any regional economic downturn or regulatory change, such as property tax initiatives, could disproportionately impact the entire portfolio. The $2 billion disposition plan may reduce this concentration, but the company remains highly exposed to the SoCal industrial market, which warrants close monitoring.
P/E Misleads Due to Depreciation
Standard P/E of 43.9x is distorted by non-cash depreciation, obscuring the true earnings power; P/FFO is the appropriate metric, according to industry practice.
For REITs, the standard P/E ratio is misleading because depreciation is a non-cash charge that does not reflect the economic appreciation of real estate assets. REXR's P/E of 43.9x appears elevated, but when using P/FFO, the multiple is 35.3x, which is more comparable to peers. Additionally, the negative FFO in 2026Q2 highlights the importance of using AFFO, which accounts for maintenance capex, to assess true distributable cash flow. Investors should focus on P/FFO and P/AFFO rather than P/E when evaluating REXR.