Latest Ratios: P/E Ratio -41.4x · EV/EBITDA 27.1x · ROE -2.0%. (1997–2025 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 | $3.5B | $3.5B | $4.8B | $3.1B | $2.3B | $5.2B | $4.9B | $8.2B | $7.8B | $10.3B | $11.1B |
| Enterprise Value | $11.1B | $11.1B | $9.1B | $7.3B | $8.6B | $9.9B | $10.0B | $14.0B | $13.2B | $16.1B | $17.4B |
| P/E Ratio → | -41.36 | — | 849.00 | — | — | 11.37 | 12.98 | 30.55 | 30.50 | 118.94 | 47.34 |
| P/S Ratio | 3.46 | 3.50 | 6.75 | 3.72 | 2.70 | 6.49 | 4.75 | 6.81 | 6.29 | 6.74 | 6.26 |
| P/B Ratio | 0.86 | 0.81 | 1.05 | 0.73 | 0.46 | 0.98 | 0.89 | 1.32 | 1.17 | 1.41 | 1.31 |
| P/FCF | 41.87 | 42.33 | 60.26 | 13.59 | 19.89 | 20.43 | 8.81 | 21.77 | 17.58 | 19.03 | 17.31 |
| P/OCF | 41.87 | 42.33 | 16.40 | 13.59 | 5.57 | 20.43 | 8.81 | 21.77 | 17.58 | 18.84 | 17.31 |
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 | — | 11.11 | 12.90 | 8.74 | 10.03 | 12.35 | 9.77 | 11.59 | 10.71 | 10.50 | 9.76 |
| EV / EBITDA | 27.11 | 27.20 | 24.14 | 14.72 | 15.71 | 17.83 | 12.16 | 15.22 | 13.71 | 12.95 | 10.17 |
| EV / EBIT | 72.12 | 70.32 | — | 1086.91 | 71.71 | 78.13 | 50.64 | 37.48 | 32.48 | 35.11 | 48.23 |
| EV / FCF | — | 134.42 | 115.06 | 31.90 | 73.78 | 38.87 | 18.11 | 37.10 | 29.94 | 29.65 | 27.00 |
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 | 34.1% | 34.1% | 35.8% | 44.8% | 50.3% | 54.6% | 58.8% | 61.9% | 63.1% | 62.8% | 66.6% |
| Operating Margin | 15.4% | 15.4% | 23.7% | 31.5% | 39.4% | 42.8% | 49.8% | 53.5% | 55.6% | 56.2% | 61.0% |
| Net Profit Margin | -8.8% | -8.8% | 4.3% | -64.9% | -8.3% | 56.7% | 37.0% | 23.4% | 20.9% | 7.4% | 14.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.0% | -2.0% | 0.7% | -11.6% | -1.4% | 8.5% | 6.5% | 4.4% | 3.7% | 1.4% | 3.1% |
| ROA | -0.8% | -0.8% | 0.3% | -5.0% | -0.6% | 4.0% | 3.1% | 2.2% | 1.9% | 0.8% | 1.5% |
| ROIC | 1.1% | 1.1% | 1.4% | 2.0% | 2.4% | 2.5% | 3.4% | 4.0% | 4.1% | 4.6% | 4.9% |
| ROCE | 1.5% | 1.5% | 1.8% | 2.6% | 3.1% | 3.2% | 4.4% | 5.2% | 5.3% | 6.0% | 6.5% |
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 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.83 | 1.83 | 0.99 | 1.04 | 1.28 | 0.93 | 0.99 | 0.96 | 0.84 | 0.80 | 0.77 |
| Debt / EBITDA | 19.46 | 19.46 | 11.99 | 8.90 | 11.85 | 8.91 | 6.57 | 6.47 | 5.79 | 4.74 | 3.82 |
| Net Debt / Equity | — | 1.75 | 0.95 | 0.99 | 1.24 | 0.89 | 0.94 | 0.93 | 0.82 | 0.78 | 0.73 |
| Net Debt / EBITDA | 18.63 | 18.63 | 11.50 | 8.45 | 11.48 | 8.46 | 6.24 | 6.29 | 5.66 | 4.64 | 3.65 |
| Debt / FCF | — | 92.09 | 54.80 | 18.31 | 53.89 | 18.44 | 9.30 | 15.32 | 12.36 | 10.62 | 9.70 |
| Interest Coverage | 0.62 | 0.62 | -0.25 | 0.05 | 1.35 | 1.76 | 1.67 | 1.91 | 1.93 | 1.77 | 1.11 |
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 | 1.03 | 1.03 | 2.15 | 0.74 | 0.79 | 0.91 | 1.44 | 1.64 | 2.81 | 2.21 | 1.81 |
| Quick Ratio | 1.03 | 1.03 | 2.15 | 0.74 | 0.79 | 0.91 | 1.44 | 1.64 | 2.81 | 2.21 | 1.81 |
| Cash Ratio | 0.51 | 0.51 | 0.32 | 0.26 | 0.24 | 0.31 | 0.54 | 0.32 | 0.62 | 0.31 | 0.68 |
| Asset Turnover | — | 0.09 | 0.07 | 0.09 | 0.07 | 0.07 | 0.09 | 0.09 | 0.10 | 0.11 | 0.11 |
| 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 | 7.1% | 7.5% | 4.6% | 7.4% | 11.3% | 5.2% | 6.0% | 3.7% | 4.0% | 3.2% | 2.8% |
| Payout Ratio | — | — | 713.9% | — | — | 59.3% | 77.4% | 108.9% | 121.1% | 295.8% | 120.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 0.1% | — | — | 8.8% | 7.7% | 3.3% | 3.3% | 0.8% | 2.1% |
| FCF Yield | 2.4% | 2.4% | 1.7% | 7.4% | 5.0% | 4.9% | 11.4% | 4.6% | 5.7% | 5.3% | 5.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.7% | 9.0% | 6.6% | 13.1% | 4.7% | 12.6% | 7.8% | 0.0% |
| Total Shareholder Yield | 7.1% | 7.6% | 4.6% | 8.1% | 20.3% | 11.8% | 19.1% | 8.5% | 16.7% | 11.0% | 2.8% |
| Shares Outstanding | — | $77M | $70M | $69M | $69M | $71M | $77M | $84M | $93M | $97M | $98M |
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying SLG stock.
SL Green Realty Corp.'s current P/E ratio is -41.4x. The historical average is 33.0x.
SL Green Realty Corp.'s current EV/EBITDA is 27.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.8x.
SL Green Realty Corp.'s return on equity (ROE) is -2.0%. The historical average is 6.7%.
Based on historical data, SL Green Realty Corp. is trading at a P/E of -41.4x. Compare with industry peers and growth rates for a complete picture.
SL Green Realty Corp.'s current dividend yield is 7.07%.
SL Green Realty Corp. has 34.1% gross margin and 15.4% operating margin. Operating margin between 10-20% is typical for established companies.
SL Green Realty Corp.'s Debt/EBITDA ratio is 19.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
JV debt and refinancing risk
Metrics are mathematically derived from official filings.
P/FFO Distorted by Erratic FFO
SLG's P/FFO of 57.47 in 2026Q2 appears elevated versus peers like VNO at 9.2x, but erratic FFO per share swings make this multiple unreliable, per reported quarterly data.
The P/FFO multiple has hovered between 56.8x and 62.5x over the past ten quarters, yet FFO per share has swung from -$0.40 to $1.23, indicating that the denominator is unstable and the multiple is not comparable to peers with steadier earnings. The implied cap rate, derived from NOI and enterprise value, is not directly provided but the negative net margin suggests that property-level income may not support the current valuation. Investors should focus on normalized FFO, excluding one-time gains and DPE volatility, to assess whether the stock is truly cheap or fairly valued relative to Manhattan office peers.
NOI Margin Volatility Masks Core Trends
NOI margin swung from 1.3% in 2026Q1 to 83.9% in 2026Q2, per financial statements, indicating that property-level profitability is distorted by non-cash adjustments or one-time items, not stable operations.
The extreme quarterly NOI margin volatility suggests that reported figures are heavily influenced by asset sales, impairments, or straight-line rent adjustments, making it difficult to discern organic same-store growth. The negative net margin of -8.8% persists despite the revenue spike, implying that interest burdens and depreciation continue to erode GAAP profitability. This pattern suggests that FFO growth, when positive, may be driven by transactional gains rather than recurring rent increases, warranting scrutiny of the quality of earnings.
Payout Ratio Stretched by Negative AFFO
FFO payout ratio reached 117.9% in 2026Q2, while AFFO per share was only $0.20, per reported figures, indicating that dividends are not fully covered by distributable cash flow.
The FFO payout ratio has exceeded 100% in multiple quarters, including 2026Q2 and 2025Q2, suggesting that the dividend is being funded by external sources or asset sales rather than recurring FFO. AFFO per share turned deeply negative in 2026Q1 at -$1.55, highlighting that maintenance capex and straight-line rent adjustments are consuming cash flow. The 5.9% dividend yield may appear attractive, but the thin coverage and volatile AFFO suggest that dividend sustainability is questionable unless operational cash flow improves materially.
Leverage Elevated Despite Debt Reduction
Debt-to-equity fell from 1.83 in 2025Q4 to 1.17 in 2026Q2, per balance sheet data, but interest coverage of 3.68x remains thin, indicating ongoing refinancing risk in a high-rate environment.
Total debt declined from $8.0B to $5.2B over the past two quarters, yet the D/E ratio of 1.17 is still elevated relative to peers like KRC at 0.86, suggesting that the balance sheet remains leveraged. Interest coverage improved to 3.68x in 2026Q2 from negative levels in prior quarters, but this is still below the 4-5x threshold typically considered safe for office REITs. The reliance on floating-rate debt and upcoming maturities, combined with the off-balance-sheet JV debt, suggests that refinancing risk remains a key concern, especially if rates stay elevated.
Manhattan Concentration Amplifies Occupancy Risk
With nearly 100% of operations tied to Manhattan, per company intelligence, SLG's portfolio quality is highly vulnerable to local office demand shifts, and occupancy trends appear unstable given NOI volatility.
The extreme geographic concentration in the Grand Central submarket provides a competitive moat but also magnifies the impact of any downturn in New York City office demand. The erratic NOI margins and negative net income suggest that property-level performance is not stable, potentially reflecting tenant rollover or mark-to-market rent declines on older assets. G&A efficiency is not directly disclosed, but the high fixed-cost structure and unionized labor costs may pressure margins if occupancy softens further.
P/E Misleads Due to Depreciation Distortion
The standard P/E of -49.24 is meaningless for SLG because depreciation charges on Manhattan properties depress GAAP earnings, per financial statements, obscuring the REIT's actual cash-generating ability.
GAAP net income is negative in most quarters, yet FFO is positive in several, highlighting that depreciation is a non-cash charge that does not reflect economic reality for a REIT with a long-lived portfolio. Investors should use P/FFO or P/AFFO instead, but even these metrics are distorted by volatile DPE income and straight-line rent adjustments. The most appropriate adjustment is to normalize FFO by excluding one-time gains, impairments, and non-cash DPE interest, which would provide a clearer picture of recurring earnings power.