Latest Ratios: P/E Ratio 20.0x · EV/EBITDA 18.0x · ROE 11.0%. (2002–2025 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 | $975M | $720M | $728M | $624M | $482M | $469M | $343M | $565M | $498M | $522M | $408M |
| Enterprise Value | $1.6B | $1.4B | $1.4B | $1.3B | $1.1B | $1.1B | $976M | $1.2B | $1.1B | $1.2B | $948M |
| P/E Ratio → | 19.97 | 14.62 | 19.68 | 32.34 | 13.58 | 38.96 | 56.93 | 23.89 | 23.13 | 65.50 | 55.31 |
| P/S Ratio | 6.06 | 4.48 | 4.68 | 4.22 | 3.43 | 3.75 | 2.77 | 4.69 | 4.15 | 4.15 | 3.91 |
| P/B Ratio | 2.12 | 1.55 | 1.64 | 1.49 | 1.13 | 1.18 | 1.01 | 1.60 | 1.39 | 1.46 | 1.52 |
| P/FCF | 19.20 | 14.19 | 12.50 | 13.12 | 10.84 | 9.60 | 8.01 | 11.83 | 12.30 | — | — |
| P/OCF | 19.20 | 14.19 | 12.50 | 13.12 | 10.84 | 9.60 | 8.01 | 11.83 | 12.59 | 12.76 | 10.42 |
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 | — | 8.45 | 8.71 | 8.52 | 7.84 | 8.81 | 7.90 | 9.96 | 9.20 | 9.32 | 9.08 |
| EV / EBITDA | 18.03 | 15.19 | 15.67 | 15.49 | 13.91 | 17.43 | 16.11 | 13.54 | 9.25 | 9.20 | 8.87 |
| EV / EBIT | 30.12 | 16.05 | 18.85 | 23.89 | 17.37 | 31.20 | 30.23 | 34.09 | 23.21 | 35.98 | 34.30 |
| EV / FCF | — | 26.77 | 23.27 | 26.49 | 24.79 | 22.58 | 22.82 | 25.15 | 27.23 | — | — |
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 | 68.8% | 68.8% | 70.4% | 68.9% | 69.2% | 68.6% | 68.8% | 69.4% | 68.8% | 66.6% | 67.4% |
| Operating Margin | 33.3% | 33.3% | 33.1% | 32.7% | 33.8% | 27.4% | — | 51.4% | 27.9% | 25.9% | 22.9% |
| Net Profit Margin | 31.0% | 31.0% | 23.7% | 13.0% | 25.1% | 9.6% | 4.9% | 19.6% | 17.9% | 6.6% | 7.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.0% | 11.0% | 8.5% | 4.5% | 8.6% | 3.3% | 1.7% | 6.7% | 6.0% | 2.7% | 3.1% |
| ROA | 4.3% | 4.3% | 3.3% | 1.7% | 3.2% | 1.1% | 0.6% | 2.3% | 2.0% | 0.9% | 1.0% |
| ROIC | 3.7% | 3.7% | 3.6% | 3.5% | 3.4% | 2.6% | — | 4.8% | 2.5% | 2.7% | 2.3% |
| ROCE | 4.8% | 4.8% | 4.9% | 4.7% | 5.1% | 3.8% | — | 6.2% | 3.3% | 3.5% | 3.1% |
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 | 1.39 | 1.39 | 1.42 | 1.53 | 1.48 | 1.63 | 1.95 | 1.85 | 1.72 | 1.84 | 2.03 |
| Debt / EBITDA | 7.19 | 7.19 | 7.32 | 7.87 | 7.90 | 10.26 | 10.88 | 7.35 | 5.19 | 5.17 | 5.09 |
| Net Debt / Equity | — | 1.38 | 1.41 | 1.52 | 1.46 | 1.59 | 1.87 | 1.80 | 1.68 | 1.82 | 2.02 |
| Net Debt / EBITDA | 7.14 | 7.14 | 7.26 | 7.82 | 7.83 | 10.01 | 10.46 | 7.17 | 5.07 | 5.11 | 5.05 |
| Debt / FCF | — | 12.59 | 10.77 | 13.37 | 13.95 | 12.98 | 14.81 | 13.32 | 14.93 | — | — |
| Interest Coverage | 2.52 | 2.52 | 2.11 | 1.61 | 2.33 | 1.44 | 1.25 | 1.34 | 1.89 | 1.38 | 1.44 |
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 | 2.86 | 2.86 | 2.03 | 0.61 | 1.04 | 0.17 | 1.49 | 1.11 | 1.26 | 0.95 | 0.91 |
| Quick Ratio | 2.86 | 2.86 | 2.03 | 0.61 | 1.04 | 0.17 | 1.49 | 1.11 | 1.35 | 1.01 | 0.87 |
| Cash Ratio | 0.28 | 0.28 | 0.11 | 0.07 | 0.14 | 0.05 | 0.64 | 0.35 | 0.30 | 0.17 | 0.13 |
| Asset Turnover | — | 0.14 | 0.14 | 0.13 | 0.13 | 0.11 | 0.12 | 0.11 | 0.12 | 0.12 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | 25.16 |
| 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 | — | — | 3.4% | 3.8% | 4.8% | 4.1% | 7.4% | 8.1% | 9.0% | 7.7% | 7.8% |
| Payout Ratio | — | — | 66.6% | 123.5% | 65.1% | 160.4% | 417.7% | 192.7% | 209.7% | 485.6% | 402.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 6.8% | 5.1% | 3.1% | 7.4% | 2.6% | 1.8% | 4.2% | 4.3% | 1.5% | 1.8% |
| FCF Yield | 5.2% | 7.0% | 8.0% | 7.6% | 9.2% | 10.4% | 12.5% | 8.5% | 8.1% | — | — |
| Buyback Yield | 0.2% | 0.3% | 0.4% | 0.1% | 0.1% | 0.1% | 0.6% | 0.1% | 0.4% | 0.8% | 1.0% |
| Total Shareholder Yield | 0.2% | 0.3% | 3.7% | 3.9% | 4.9% | 4.3% | 8.0% | 8.2% | 9.4% | 8.6% | 8.8% |
| Shares Outstanding | — | $52M | $51M | $51M | $50M | $46M | $43M | $41M | $41M | $36M | $28M |
High regional market concentration
As reported in quarterly financial filings, the NOI margin experienced a sharp contraction to 22.5% in 2026Q1, a stark departure from the 67-71% range observed throughout 2025, suggesting that the company is struggling to maintain consistent property-level profitability amidst shifting operating costs and potential tenant turnover.
The significant drop in NOI margin warrants investigation into whether this reflects structural cost increases or temporary accounting noise. Investors should monitor whether the company can return to its historical 70% margin threshold, as failure to do so would imply that the current small-shop leasing strategy is becoming increasingly expensive to manage.
Based on the provided quarterly data, the FFO payout ratio has fluctuated between 21.0% and 59.5% over the last ten quarters, indicating that dividend sustainability is highly sensitive to the inherent volatility of the company's FFO generation rather than a stable, predictable cash flow stream.
The wide variance in payout ratios suggests that the dividend is not supported by a consistent buffer of retained cash flow. This volatility may force management to prioritize capital preservation over dividend growth, particularly if FFO per share continues to exhibit the erratic patterns seen in recent periods.
According to recent financial statements, the company's debt-to-equity ratio has consistently hovered between 1.39 and 1.57, which, when combined with interest coverage ratios as low as 1.31, suggests a strained balance sheet that may struggle to absorb further interest rate volatility or property-level shocks.
The low interest coverage ratio implies that a significant portion of operating cash flow is being diverted to debt service, leaving little room for error. Investors should monitor the maturity profile of this debt, as refinancing in a higher-rate environment could further compress the cash available for distributions.
The market's reliance on the P/E ratio for Whitestone REIT is fundamentally flawed, as reported in financial literature, because it fails to account for the massive non-cash depreciation charges that artificially depress net income and obscure the true cash-generating capacity of the underlying retail assets.
Using P/E ignores the reality that real estate assets often appreciate while accounting rules mandate their depreciation. Analysts should instead utilize P/FFO or P/AFFO to normalize for these non-cash items, providing a more accurate reflection of the company's valuation relative to its actual cash-flow-generating potential.
Includes 30+ ratios · 24 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying WSR stock.
Whitestone REIT's current P/E ratio is 20.0x. The historical average is 44.1x. This places it at the 20th percentile of its historical range.
Whitestone REIT's current EV/EBITDA is 18.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.1x.
Whitestone REIT's return on equity (ROE) is 11.0%. The historical average is 3.7%.
Based on historical data, Whitestone REIT is trading at a P/E of 20.0x. This is at the 20th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Whitestone REIT has 68.8% gross margin and 33.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Whitestone REIT's Debt/EBITDA ratio is 7.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.