Latest Ratios: P/E Ratio -2.0x · EV/EBITDA N/A · ROE -18.5%. (2015–2025 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 | $146M | $183M | $232M | $525M | $588M | $563M | $562M | $1.5B | $1.1B | $1.4B | $1.3B |
| Enterprise Value | $146M | $183M | $387M | $759M | $1.5B | $1.9B | $2.0B | $2.9B | $2.2B | $2.5B | $2.5B |
| P/E Ratio → | -2.00 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 8.04 | 10.05 | 13.15 | 25.27 | 5.50 | 4.82 | 4.83 | 8.65 | 5.35 | 5.67 | 5.40 |
| P/B Ratio | 0.44 | 0.55 | 0.57 | 0.93 | 0.81 | 0.67 | 0.64 | 1.40 | 1.00 | 1.04 | 0.94 |
| P/FCF | — | — | — | — | — | — | — | 5.99 | 20.94 | — | 51.15 |
| P/OCF | — | — | — | — | — | — | — | — | 20.94 | 19.64 | 14.52 |
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 | — | 10.03 | 21.94 | 36.51 | 13.89 | 16.42 | 17.49 | 17.35 | 10.31 | 10.26 | 9.88 |
| EV / EBITDA | — | — | — | — | — | — | 209.78 | 60.02 | 10.32 | 10.23 | 10.64 |
| EV / EBIT | — | — | — | — | — | 27.69 | — | 711.66 | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | 12.01 | 40.34 | — | 93.65 |
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 | 9.7% | 9.7% | -15.0% | -31.9% | 38.6% | 31.2% | 33.1% | 52.1% | 66.9% | 72.9% | 73.8% |
| Operating Margin | -200.3% | -200.3% | -259.9% | -322.9% | -44.3% | -48.6% | -74.1% | -33.1% | -55.0% | -47.5% | -12.2% |
| Net Profit Margin | -374.7% | -374.7% | -871.3% | -745.5% | -69.1% | -24.1% | -90.2% | -35.2% | -34.2% | -30.6% | -20.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -18.5% | -18.5% | -31.7% | -24.1% | -9.4% | -3.3% | -10.9% | -5.4% | -5.9% | -5.4% | -3.4% |
| ROA | -12.7% | -12.7% | -18.6% | -11.0% | -3.5% | -1.1% | -3.9% | -2.1% | -2.6% | -2.7% | -1.9% |
| ROIC | -6.1% | -6.1% | -5.1% | -4.2% | -1.9% | -1.9% | -2.7% | -1.8% | -3.8% | -3.5% | -0.9% |
| ROCE | -7.1% | -7.1% | -5.8% | -5.0% | -2.3% | -2.4% | -3.3% | -2.1% | -4.3% | -4.3% | -1.1% |
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 | 0.14 | 0.14 | 0.59 | 0.65 | 1.43 | 1.73 | 1.83 | 1.54 | 1.39 | 1.02 | 0.82 |
| Debt / EBITDA | — | — | — | — | — | — | 166.70 | 32.94 | 7.45 | 5.57 | 5.05 |
| Net Debt / Equity | — | -0.00 | 0.38 | 0.41 | 1.24 | 1.60 | 1.67 | 1.41 | 0.93 | 0.84 | 0.78 |
| Net Debt / EBITDA | — | — | — | — | — | — | 151.91 | 30.08 | 4.96 | 4.57 | 4.83 |
| Debt / FCF | — | — | — | — | — | — | — | 6.02 | 19.40 | — | 42.50 |
| Interest Coverage | -2.36 | -2.36 | -5.08 | -2.47 | -0.38 | 0.64 | -0.67 | 0.04 | -0.27 | -0.72 | -0.42 |
Net cash position: cash ($48M) exceeds total debt ($48M)
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 | 3.89 | 3.89 | 3.30 | 4.97 | 7.66 | 1.77 | 1.67 | 2.65 | 5.60 | 5.61 | 1.90 |
| Quick Ratio | 3.89 | 3.89 | 3.30 | 4.97 | 7.66 | 1.77 | 1.67 | 2.65 | 5.58 | 5.78 | 2.01 |
| Cash Ratio | 3.62 | 3.62 | 2.67 | 3.09 | 1.51 | 1.01 | 1.01 | 1.76 | 5.12 | 2.98 | 0.59 |
| Asset Turnover | — | 0.05 | 0.03 | 0.02 | 0.06 | 0.05 | 0.04 | 0.06 | 0.07 | 0.09 | 0.09 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 36.45 | — | — |
| 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 | 3.3% | 2.7% | 2.1% | 0.9% | 0.8% | 0.9% | 0.9% | 1.2% | 3.1% | 2.5% | 2.9% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | 16.7% | 4.8% | — | 2.0% |
| Buyback Yield | 0.1% | 0.1% | 0.3% | 0.1% | 0.0% | 0.0% | 0.0% | 0.2% | 0.2% | 22.7% | 0.0% |
| Total Shareholder Yield | 3.4% | 2.7% | 2.4% | 1.0% | 0.8% | 0.9% | 0.9% | 1.5% | 3.3% | 25.2% | 2.9% |
| Shares Outstanding | — | $56M | $56M | $56M | $50M | $42M | $38M | $36M | $36M | $34M | $31M |
Liquidation timeline execution risk
As reported in recent financial filings, the company's P/FFO is currently unavailable due to persistent negative earnings, while the P/B ratio of 0.45 suggests that the market is pricing the equity at a significant discount to the stated book value of its remaining real estate assets.
The absence of a meaningful P/FFO multiple confirms that traditional earnings-based valuation is inappropriate for this entity. Investors should monitor the P/B ratio as a proxy for liquidation value, though this may still overstate the net proceeds if carrying costs continue to erode the remaining asset base.
Based on the company's 2026Q1 data, the NOI margin has deteriorated to -27.2%, indicating that the costs associated with maintaining vacant retail boxes now significantly exceed the rental income generated by the remaining tenant base, a trend that warrants close scrutiny by prospective investors.
The negative NOI margin highlights the burden of fixed property-level expenses in a shrinking portfolio. This suggests that the company is effectively paying to hold its assets, which may accelerate the urgency of the liquidation process to prevent further value leakage.
According to the company's quarterly filings, the debt-to-equity ratio has shifted from 0.64 in 2023Q4 to 0.17 in 2026Q1, reflecting a disciplined effort to reduce balance sheet risk as the underlying asset base is systematically liquidated to satisfy creditor obligations.
While the reduction in debt is a positive development for risk mitigation, it is occurring alongside a significant contraction in total assets. This suggests that the company is prioritizing the satisfaction of debt holders over the preservation of equity value during the wind-down phase.
As evidenced by the company's financial history, the P/FFO ratio is the most commonly misapplied metric, as it obscures the reality that the company is no longer an operating REIT but rather a land-bank entity in the final stages of a strategic liquidation process.
Using P/FFO for a company with negative recurring income and a liquidation mandate is deeply misleading, as it ignores the non-recurring nature of asset sales. Analysts should instead focus on Net Asset Value (NAV) estimates, which account for the latent value of the land rather than the non-existent FFO.
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Quick answers to the most common questions about buying SRG stock.
Seritage Growth Properties's current P/E ratio is -2.0x. This places it at the 50th percentile of its historical range.
Seritage Growth Properties's return on equity (ROE) is -18.5%. The historical average is -10.9%.
Based on historical data, Seritage Growth Properties is trading at a P/E of -2.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Seritage Growth Properties's current dividend yield is 3.35%.
Seritage Growth Properties has 9.7% gross margin and -200.3% operating margin.