Latest Ratios: P/E Ratio 23.7x · EV/EBITDA 23.1x · ROE 6.0%. (1996–2025 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 | $1.8B | $1.5B | $1.7B | $1.6B | $1.5B | $1.7B | $1.1B | $2.3B | $2.0B | $2.2B | $2.9B |
| Enterprise Value | $3.1B | $2.9B | $3.4B | $3.4B | $3.3B | $4.0B | $3.9B | $5.1B | $4.7B | $5.0B | $5.2B |
| P/E Ratio → | 23.74 | 18.60 | — | — | — | — | — | 264.04 | 23.32 | 359.33 | 22.32 |
| P/S Ratio | 6.18 | 5.28 | 6.22 | 6.09 | 6.21 | 5.16 | 3.60 | 6.52 | 5.40 | 3.52 | 4.75 |
| P/B Ratio | 1.52 | 1.19 | 1.36 | 1.22 | 0.76 | 0.85 | 0.54 | 1.06 | 0.97 | 1.15 | 1.69 |
| P/FCF | 23.46 | 20.05 | 36.35 | 35.08 | — | — | — | — | — | — | — |
| P/OCF | 23.46 | 20.05 | 26.04 | 27.53 | 21.83 | 29.75 | 13.22 | 17.66 | 11.81 | 11.07 | 29.13 |
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 | — | 9.97 | 12.36 | 13.14 | 14.27 | 12.45 | 12.49 | 14.38 | 12.95 | 8.04 | 8.52 |
| EV / EBITDA | 23.11 | 21.20 | 28.07 | 33.89 | 53.22 | 37.30 | 39.76 | 31.30 | 27.91 | 15.95 | 17.00 |
| EV / EBIT | 63.47 | 17.64 | 55.62 | 156.61 | 121.06 | — | — | 17.70 | 27.10 | 41.23 | 25.53 |
| EV / FCF | — | 37.85 | 72.25 | 75.63 | — | — | — | — | — | — | — |
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 | 1.3% | 1.3% | -2.0% | -7.5% | -20.9% | -13.2% | -22.9% | -48.4% | -4.1% | -7.9% | -4.4% |
| Operating Margin | 17.1% | 17.1% | 13.5% | 5.6% | -9.8% | -0.6% | -7.5% | -7.4% | 15.7% | 17.1% | 19.7% |
| Net Profit Margin | 26.1% | 26.1% | -8.4% | -42.6% | -24.6% | -39.1% | -17.6% | 5.2% | 28.3% | 0.8% | 19.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.0% | 6.0% | -1.8% | -6.9% | -3.0% | -6.2% | -2.6% | 0.9% | 5.3% | 0.3% | 6.9% |
| ROA | 2.6% | 2.6% | -0.7% | -3.1% | -1.4% | -2.6% | -1.1% | 0.4% | 2.1% | 0.1% | 2.8% |
| ROIC | 1.3% | 1.3% | 0.9% | 0.3% | -0.4% | -0.0% | -0.4% | -0.4% | 0.9% | 1.8% | 2.3% |
| ROCE | 2.0% | 2.0% | 1.3% | 0.4% | -0.6% | -0.0% | -0.5% | -0.6% | 1.5% | 2.9% | 3.4% |
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 | 1.07 | 1.07 | 1.35 | 1.43 | 1.00 | 1.21 | 1.34 | 1.29 | 1.38 | 1.49 | 1.36 |
| Debt / EBITDA | 10.07 | 10.07 | 14.01 | 18.45 | 30.47 | 22.13 | 28.68 | 17.26 | 16.46 | 9.05 | 7.61 |
| Net Debt / Equity | — | 1.06 | 1.34 | 1.41 | 0.98 | 1.20 | 1.32 | 1.27 | 1.36 | 1.48 | 1.34 |
| Net Debt / EBITDA | 9.97 | 9.97 | 13.95 | 18.17 | 30.04 | 21.83 | 28.29 | 17.10 | 16.28 | 8.96 | 7.51 |
| Debt / FCF | — | 17.80 | 35.90 | 40.55 | — | — | — | — | — | — | — |
| Interest Coverage | 1.84 | 1.84 | 0.68 | 0.16 | 0.41 | -1.83 | -0.43 | 3.20 | 2.25 | 1.42 | 2.16 |
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 | 0.08 | 0.08 | 0.08 | 0.42 | 1.28 | 2.37 | 4.56 | 5.39 | 0.26 | 0.32 | 0.27 |
| Quick Ratio | 0.08 | 0.08 | 0.07 | 0.42 | 1.28 | 0.41 | 4.56 | 5.39 | 0.15 | 0.16 | 0.23 |
| Cash Ratio | 6.28 | 6.28 | 0.02 | 0.08 | 0.10 | 0.10 | 0.21 | 0.12 | 0.03 | 0.03 | 0.04 |
| Asset Turnover | — | 0.11 | 0.09 | 0.08 | 0.06 | 0.07 | 0.06 | 0.07 | 0.07 | 0.12 | 0.14 |
| Inventory Turnover | — | — | 37.94 | — | — | 0.59 | — | — | 3.50 | 3.88 | 16.12 |
| 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 | 1.7% | 2.2% | 1.4% | 0.3% | 0.0% | 0.0% | 5.4% | 3.5% | 4.1% | 3.6% | 2.1% |
| Payout Ratio | 43.9% | 43.9% | — | — | — | — | — | 432.3% | 77.8% | 1486.9% | 51.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 5.4% | — | — | — | — | — | 0.4% | 4.3% | 0.3% | 4.5% |
| FCF Yield | 4.3% | 5.0% | 2.8% | 2.9% | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.1% | 0.2% | 0.3% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.7% | 2.2% | 1.4% | 0.3% | 0.2% | 0.1% | 5.6% | 3.8% | 4.1% | 3.6% | 2.1% |
| Shares Outstanding | — | $102M | $101M | $101M | $91M | $91M | $91M | $101M | $101M | $101M | $100M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying VRE stock.
Veris Residential, Inc.'s current P/E ratio is 23.7x. The historical average is 27.1x. This places it at the 60th percentile of its historical range.
Veris Residential, Inc.'s current EV/EBITDA is 23.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.0x.
Veris Residential, Inc.'s return on equity (ROE) is 6.0%. The historical average is 2.3%.
Based on historical data, Veris Residential, Inc. is trading at a P/E of 23.7x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Veris Residential, Inc.'s current dividend yield is 1.70% with a payout ratio of 43.9%.
Veris Residential, Inc. has 1.3% gross margin and 17.1% operating margin. Operating margin between 10-20% is typical for established companies.
Veris Residential, Inc.'s Debt/EBITDA ratio is 10.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Extreme geographic concentration and margin volatility
Metrics are mathematically derived from official filings.
Transformation Discount Persists in Multiples
VRE trades at 12.2x forward P/FFO versus EQR's 21.9x, per reported figures, suggesting the market still applies a discount for its office-to-residential transition.
The P/FFO of 12.2x in 2026Q1 is roughly half the peer average, reflecting skepticism about earnings quality given the volatile FFO stream. The implied cap rate, derived from NOI and enterprise value, appears elevated versus private market transactions, but the thin NOI margin of 2.7% makes this metric unreliable. Investors should monitor whether the multiple expands as the portfolio stabilizes and non-core dispositions complete.
NOI Margins Remain Anomalously Thin
NOI margin of 2.7% in 2026Q1 is a fraction of the 18-44% seen at peers like EQR and ESS, based on reported figures, implying significant non-operating costs or accounting distortions.
The gap between gross margin (1.26%) and operating margin (17.1%) suggests property-level expenses are being classified in a way that understates recurring profitability. FFO growth has been negative in four of the last ten quarters, indicating that organic performance is weak and any improvement is likely tied to asset sales. The 2025Q3 FFO spike of $0.94 per share was non-recurring, as subsequent quarters reverted to sub-$0.10, per financial statements.
Dividend Coverage Hangs by a Thread
FFO payout ratio spiked to 118.3% in 2026Q1, per SEC filings, meaning dividends exceeded FFO, a level that is unsustainable without external funding or asset sales.
AFFO coverage was even more precarious, covering only 33% of dividends paid in 2026Q1, leaving a $5.7M shortfall. While the 2025Q3 quarter showed a payout ratio of 8.5%, that was driven by a one-time gain, not recurring cash flow. The dividend yield of 1.7% is low, but the risk of a cut appears elevated if FFO does not recover to prior levels.
Leverage Metrics Mask Refinancing Risk
Debt-to-equity of 1.09 in 2026Q1 is elevated versus EQR's 0.77, per reported figures, and interest coverage of 0.12x suggests earnings are insufficient to service debt.
The reported D/E of 1.07% in 2025Q4 is implausibly low for a REIT, per financial statements, suggesting potential off-balance-sheet JV debt or accounting anomalies. Total debt declined from $1.9B to $1.4B over the last ten quarters, but the cost of refinancing legacy office debt remains a concern. With interest coverage below 1x in most quarters, the company appears reliant on asset sale proceeds to meet obligations.
Concentrated Waterfront Portfolio Carries Risk
VRE's NOI is heavily concentrated in Hudson County, NJ, with occupancy and rent growth tied to Manhattan commuter demand, as reported in financial statements, creating single-market vulnerability.
The portfolio's hyper-local density in Jersey City and Weehawken allows for operational efficiencies, but it also means any regional economic shock or legislative change could disproportionately impact results. G&A efficiency appears weak, with operating margins of 17.1% versus peers above 30%, suggesting corporate overhead is weighing on profitability. The lack of same-store NOI disclosure limits visibility into organic growth, but negative NOI in four of ten quarters indicates underlying weakness.
P/E Distorts True Earnings Power
Standard P/E of 23.7x is misleading for VRE, per reported figures, because depreciation and one-time gains from office sales obscure recurring cash flow, unlike FFO or AFFO.
The market's use of P/E fails to capture the REIT's core operating performance, as net income includes significant non-cash charges and disposition gains. For example, the 2025Q3 net income of $75.2M was driven by asset sales, not operations, making the P/E appear artificially low. Investors should use P/FFO or P/AFFO, but even these are volatile given the portfolio transition, so a sum-of-the-parts valuation may be more appropriate.