Latest Ratios: P/E Ratio 26.6x · EV/EBITDA 15.4x · ROE 6.8%. (2012–2025 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 | $2.5B | $2.4B | $2.6B | $2.2B | $1.7B | $2.3B | $1.5B | $2.3B | $1.9B | $3.0B | $2.7B |
| Enterprise Value | $4.1B | $4.0B | $4.3B | $3.8B | $3.4B | $3.9B | $2.8B | $3.5B | $3.0B | $4.1B | $3.8B |
| P/E Ratio → | 26.62 | 25.93 | 35.83 | 8.67 | 36.13 | 21.59 | 16.38 | 21.08 | 18.07 | 41.79 | 30.23 |
| P/S Ratio | 5.26 | 5.12 | 5.87 | 5.16 | 4.31 | 5.43 | 4.62 | 5.93 | 4.58 | 7.41 | 8.42 |
| P/B Ratio | 1.80 | 1.76 | 1.92 | 1.76 | 1.66 | 2.20 | 1.53 | 2.27 | 1.88 | 3.05 | 5.53 |
| P/FCF | 13.59 | 13.22 | 17.04 | 13.20 | 72.70 | 57.84 | 18.10 | 35.32 | 103.72 | 44.02 | 40.76 |
| P/OCF | 13.59 | 13.22 | 17.04 | 13.20 | 12.28 | 17.06 | 13.52 | 14.70 | 13.83 | 19.11 | 20.00 |
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 | — | 8.55 | 9.56 | 9.21 | 8.50 | 9.17 | 8.51 | 9.03 | 7.26 | 10.05 | 11.69 |
| EV / EBITDA | 15.44 | 15.19 | 17.23 | 16.42 | 16.41 | 16.19 | 18.92 | 17.67 | 13.58 | 16.73 | 20.06 |
| EV / EBIT | 32.43 | 22.62 | 26.69 | 10.89 | 30.97 | 23.36 | 21.65 | 19.00 | 16.21 | 31.75 | 25.52 |
| EV / FCF | — | 22.07 | 27.78 | 23.55 | 143.50 | 97.70 | 33.33 | 53.74 | 164.45 | 59.69 | 56.59 |
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 | 8.6% | 8.6% | -0.7% | 15.7% | 13.2% | 22.4% | 2.5% | 15.7% | 14.9% | 29.7% | 32.8% |
| Operating Margin | 26.8% | 26.8% | 21.7% | 29.9% | 27.1% | 34.9% | 15.9% | 26.8% | 29.4% | 39.9% | 41.1% |
| Net Profit Margin | 19.8% | 19.8% | 16.3% | 59.6% | 11.6% | 24.2% | 28.4% | 28.3% | 25.4% | 16.5% | 27.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.8% | 6.8% | 5.6% | 22.1% | 4.4% | 10.0% | 9.3% | 10.8% | 10.5% | 9.0% | 18.8% |
| ROA | 2.8% | 2.8% | 2.2% | 7.9% | 1.5% | 3.5% | 3.2% | 3.9% | 3.7% | 2.8% | 4.8% |
| ROIC | 3.2% | 3.2% | 2.4% | 3.3% | 3.0% | 4.5% | 1.8% | 3.6% | 4.4% | 6.7% | 6.5% |
| ROCE | 3.9% | 3.9% | 3.1% | 4.2% | 3.7% | 5.1% | 1.9% | 3.7% | 4.4% | 7.0% | 7.1% |
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 | 1.21 | 1.21 | 1.24 | 1.46 | 1.70 | 1.67 | 1.68 | 1.61 | 1.54 | 1.58 | 2.41 |
| Debt / EBITDA | 6.27 | 6.27 | 6.83 | 7.65 | 8.51 | 7.29 | 11.23 | 8.24 | 7.01 | 6.40 | 6.30 |
| Net Debt / Equity | — | 1.17 | 1.21 | 1.38 | 1.62 | 1.52 | 1.29 | 1.18 | 1.10 | 1.08 | 2.15 |
| Net Debt / EBITDA | 6.09 | 6.09 | 6.66 | 7.22 | 8.09 | 6.61 | 8.64 | 6.06 | 5.02 | 4.39 | 5.61 |
| Debt / FCF | — | 8.85 | 10.73 | 10.35 | 70.80 | 39.86 | 15.23 | 18.42 | 60.73 | 15.67 | 15.83 |
| Interest Coverage | 2.28 | 2.28 | 1.95 | 4.71 | 1.85 | 2.88 | 1.83 | 2.76 | 2.86 | 2.29 | 2.88 |
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 | 2.54 | 2.54 | 1.71 | 1.14 | 4.64 | 11.47 | 4.81 | 12.21 | 13.14 | 8.99 | 7.23 |
| Quick Ratio | 2.54 | 2.54 | 1.62 | 1.14 | 4.64 | 11.47 | 4.74 | 12.08 | 12.52 | 8.94 | 6.55 |
| Cash Ratio | 0.68 | 0.68 | 0.36 | 0.44 | 1.76 | 6.08 | 3.59 | 8.71 | 9.91 | 7.04 | 3.74 |
| Asset Turnover | — | 0.14 | 0.13 | 0.13 | 0.13 | 0.14 | 0.11 | 0.14 | 0.15 | 0.14 | 0.17 |
| Inventory Turnover | — | — | 43.57 | — | — | — | 45.62 | 49.73 | 12.84 | 87.07 | 9.20 |
| 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 | 3.9% | 4.0% | 3.2% | 3.5% | 4.4% | 5.4% | 1.7% | 4.6% | 5.3% | 3.2% | 3.0% |
| Payout Ratio | 102.1% | 102.1% | 114.3% | 30.3% | 162.7% | 120.8% | 28.5% | 96.9% | 95.3% | 142.2% | 89.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.8% | 3.9% | 2.8% | 11.5% | 2.8% | 4.6% | 6.1% | 4.7% | 5.5% | 2.4% | 3.3% |
| FCF Yield | 7.4% | 7.6% | 5.9% | 7.6% | 1.4% | 1.7% | 5.5% | 2.8% | 1.0% | 2.3% | 2.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.5% | 0.3% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.9% | 4.0% | 3.2% | 3.5% | 4.4% | 5.4% | 5.3% | 4.9% | 5.3% | 3.2% | 3.0% |
| Shares Outstanding | — | $126M | $121M | $118M | $122M | $121M | $118M | $120M | $114M | $118M | $100M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying UE stock.
Urban Edge Properties's current P/E ratio is 26.6x. The historical average is 28.7x. This places it at the 55th percentile of its historical range.
Urban Edge Properties's current EV/EBITDA is 15.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.3x.
Urban Edge Properties's return on equity (ROE) is 6.8%. The historical average is 13.4%.
Based on historical data, Urban Edge Properties is trading at a P/E of 26.6x. This is at the 55th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Urban Edge Properties's current dividend yield is 3.85% with a payout ratio of 102.1%.
Urban Edge Properties has 8.6% gross margin and 26.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Urban Edge Properties's Debt/EBITDA ratio is 6.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Geographic concentration in NY/NJ
Metrics are mathematically derived from official filings.
P/FFO Discount Reflects Concentration Risk
Urban Edge trades at roughly 10.5x forward FFO, a discount to Kimco's 18x EV/EBITDA, per reported multiples, suggesting the market prices in its NY/NJ concentration overhang.
The P/FFO of 10.46 in 2026Q2, based on reported quarterly data, sits below the broader shopping center peer group, implying investors demand a yield premium for the geographic concentration in the tri-state area. While the implied cap rate derived from NOI and enterprise value appears attractive relative to private market transactions, the discount may also reflect skepticism about the durability of the recent FFO beat. The elevated P/B of 1.98 versus peers like Kimco at 1.55 suggests the market is paying up for the asset quality, but the P/FFO discount indicates lingering concerns about growth sustainability.
NOI Margin Volatility Masks Core Stability
NOI margin swung from 66.6% in 2026Q2 to 8.1% in 2025Q4, per company filings, indicating significant non-recurring items or accounting adjustments distorting property-level profitability trends.
The extreme quarterly volatility in NOI margin, from 66.6% to 8.1%, appears to reflect non-comparable portfolio changes or one-time charges rather than a genuine deterioration in property operations. The 2026Q2 margin of 66.6% aligns with typical retail REIT levels, suggesting the core portfolio remains profitable, but the 2025Q4 figure of 8.1% warrants scrutiny for potential impairments or reclassification. Investors should monitor whether the recent FFO beat of $0.40 per share, which exceeded consensus by $0.28, is driven by sustainable same-store NOI growth or by non-recurring gains that may not repeat.
AFFO Gap Threatens Dividend Coverage
In 2026Q2, AFFO turned negative at -$30.3M against dividends of $26.5M, per the latest quarterly report, implying the payout was not covered by true distributable cash flow.
The FFO payout ratio of 50% in 2026Q2 appears healthy on the surface, but the negative AFFO of -$30.3M, as reported in the cash flow statement, suggests the dividend may be funded by external sources or by drawing down cash reserves. The $83.2M capital expenditure spike in the same quarter, per company filings, likely drove the AFFO shortfall, indicating a major redevelopment phase that could pressure near-term cash flow. While the raised guidance suggests management confidence, the negative AFFO warrants close monitoring to determine whether the capex is truly value-creating or if the dividend is being maintained at the expense of balance sheet flexibility.
Debt Ratios Mask Refinancing Exposure
Debt-to-equity rose to 1.38 in 2026Q2 from 1.24 a year earlier, per reported balance sheet data, while interest coverage fell to 1.90x, indicating tighter debt service capacity.
The reported D/E of 1.38 appears low for a REIT, but the interest coverage of 1.90x in 2026Q2, down from 4.14x in 2025Q2, suggests that earnings before interest and taxes are barely covering interest obligations. Total debt increased to $1.9B from $1.7B over the past year, per reported figures, while equity remained stable near $1.3B, indicating growth is increasingly debt-funded. The low interest coverage, combined with the volatile NOI margins, suggests the company may face refinancing risk if interest rates remain elevated, though the fixed-rate exposure and maturity profile are not disclosed in the provided data.
Grocer-Anchored Shift Enhances Defensiveness
Urban Edge's shift toward grocer-anchored and essential retail tenants, per company disclosures, appears to support occupancy and cash flow stability despite the volatile NOI margins reported in recent quarters.
The portfolio repositioning toward essential retail, as highlighted in the recent earnings release, likely underpins the strong FFO beat of $0.40 per share in 2026Q2, which exceeded consensus by $0.28. The signed-but-not-occupied pipeline, per company disclosures, suggests contracted future revenue that could boost NOI in coming quarters, providing forward visibility. However, the extreme geographic concentration in the NY/NJ area, which likely accounts for over 80% of NOI, remains a structural vulnerability to regional economic shifts or outbound migration trends, as noted in the prior analysis.
P/E Misleads on REIT Earnings Quality
The standard P/E of 29.32, per reported valuation metrics, is distorted by non-cash depreciation charges, obscuring Urban Edge's true cash-generating ability and making FFO the appropriate valuation metric.
For REITs, the P/E ratio is deeply misleading because GAAP net income includes substantial non-cash depreciation, which understates the cash flow available for distribution. Urban Edge's P/E of 29.32, as reported, appears elevated, but the P/FFO of 10.46 in 2026Q2, per quarterly data, provides a more accurate picture of valuation relative to cash earnings. Investors should rely on P/FFO and P/AFFO multiples, and adjust for maintenance capex, to assess the sustainability of the dividend and the true economic profitability of the portfolio.