Latest Ratios: P/E Ratio 0.8x · EV/EBITDA 30.9x · ROE 126.4%. (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 | $423M | $838M | $1.3B | $1.1B | $1.1B | $1.2B | $784M | $826M | $871M | $895M | $917M |
| Enterprise Value | $899M | $1.3B | $2.3B | $2.3B | $2.0B | $2.5B | $1.6B | $1.4B | $886M | $1.1B | $978M |
| P/E Ratio → | 0.76 | 1.53 | — | — | 14.53 | — | — | 2752.00 | 268.35 | 2.83 | 14.40 |
| P/S Ratio | 3.05 | 6.05 | 6.03 | 6.01 | 5.64 | 6.79 | 5.18 | 5.71 | 6.59 | 0.89 | 0.92 |
| P/B Ratio | 0.75 | 1.52 | 4.03 | 1.90 | 1.36 | 1.94 | 1.39 | 1.59 | 0.09 | 0.09 | 0.09 |
| P/FCF | — | — | — | — | — | — | 32.74 | 44.39 | 55.67 | 26.35 | 29.51 |
| P/OCF | 52.26 | 103.53 | 26.79 | 22.28 | 5.26 | 91.69 | 16.40 | 14.25 | 16.28 | 2.28 | 2.43 |
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 | — | 9.49 | 11.07 | 12.13 | 10.67 | 14.94 | 10.33 | 9.54 | 6.70 | 1.05 | 0.98 |
| EV / EBITDA | 30.94 | 45.23 | 27.23 | 28.21 | 25.74 | 36.72 | 17.46 | 9.57 | 1.14 | 0.92 | 0.90 |
| EV / EBIT | — | 30.14 | — | — | 11.08 | 73.84 | 134.90 | 86.22 | 38.00 | 4.59 | 3.96 |
| EV / FCF | — | — | — | — | — | — | 65.27 | 74.16 | 56.64 | 31.06 | 31.46 |
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 | -33.5% | -33.5% | 56.4% | 60.6% | 62.3% | 60.2% | 59.4% | 60.2% | 59.5% | 28.3% | 30.7% |
| Operating Margin | -21.1% | -21.1% | -0.7% | 6.2% | -42.1% | -9.2% | — | 55.3% | 17.8% | 36.4% | 33.4% |
| Net Profit Margin | 394.8% | 394.8% | -49.1% | -88.9% | 39.8% | -3.5% | -3.3% | 0.2% | 2.5% | 31.5% | 6.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 126.4% | 126.4% | -22.7% | -24.0% | 10.9% | -1.0% | -0.9% | 0.0% | 0.0% | 3.2% | 1.1% |
| ROA | 30.1% | 30.1% | -5.1% | -7.8% | 3.3% | -0.3% | -0.3% | 0.0% | 0.1% | 9.8% | 2.0% |
| ROIC | -1.8% | -1.8% | -0.1% | 0.5% | -3.2% | -0.7% | — | 1.1% | 0.2% | 2.7% | 3.2% |
| ROCE | -1.9% | -1.9% | -0.1% | 0.6% | -3.6% | -0.8% | — | 15.1% | 0.9% | 13.8% | 11.5% |
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 | 1.57 | 1.57 | 3.85 | 2.14 | 1.47 | 2.71 | 1.90 | 1.08 | 0.01 | 0.03 | 0.02 |
| Debt / EBITDA | 29.98 | 29.98 | 14.16 | 15.75 | 14.74 | 23.39 | 11.94 | 3.88 | 0.11 | 0.26 | 0.18 |
| Net Debt / Equity | — | 0.86 | 3.37 | 1.93 | 1.21 | 2.32 | 1.38 | 1.07 | 0.00 | 0.02 | 0.01 |
| Net Debt / EBITDA | 16.38 | 16.38 | 12.39 | 14.22 | 12.12 | 20.02 | 8.70 | 3.84 | 0.02 | 0.14 | 0.06 |
| Debt / FCF | — | — | — | — | — | — | 32.53 | 29.77 | 0.96 | 4.71 | 1.95 |
| Interest Coverage | 0.73 | 0.73 | -0.53 | -3.51 | 2.48 | 0.65 | 0.42 | 0.86 | 1.19 | 1.18 | 1.26 |
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 | 3.21 | 3.21 | 1.51 | 1.79 | 2.73 | 3.19 | 4.64 | 0.44 | 0.34 | 0.33 | 0.29 |
| Quick Ratio | 3.21 | 3.21 | 1.51 | 1.79 | 2.73 | 3.19 | 4.64 | 0.44 | 0.23 | 0.30 | 0.02 |
| Cash Ratio | 3.21 | 3.21 | 0.40 | 1.01 | 1.94 | 2.40 | 3.78 | 0.16 | 0.17 | 0.25 | 0.24 |
| Asset Turnover | — | 0.08 | 0.11 | 0.09 | 0.09 | 0.07 | 0.08 | 0.11 | 0.54 | 0.17 | 2.87 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 1.26 | 40.13 | 4.63 |
| 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 | 100.0% | 49.6% | — | — | 0.3% | — | — | — | 28.3% | 26.1% | 23.6% |
| Payout Ratio | 76.0% | 76.0% | — | — | 4.0% | — | — | — | — | 74.0% | 336.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 100.0% | 65.2% | — | — | 6.9% | — | — | 0.0% | 0.4% | 35.4% | 6.9% |
| FCF Yield | — | — | — | — | — | — | 3.1% | 2.3% | 1.8% | 3.8% | 3.4% |
| Buyback Yield | 0.2% | 0.1% | 3.2% | 4.3% | 2.2% | 0.0% | 0.0% | 0.0% | 42.9% | 0.0% | 3.8% |
| Total Shareholder Yield | 100.0% | 49.7% | 3.2% | 4.3% | 2.5% | 0.0% | 0.0% | 0.0% | 71.2% | 26.1% | 27.4% |
| Shares Outstanding | — | $141M | $138M | $144M | $151M | $149M | $149M | $120M | $149M | $154M | $152M |
Development pipeline execution volatility
Based on reported figures, the company's P/FFO multiple of 5.52x in 2026Q1 appears disconnected from traditional residential REIT benchmarks, suggesting that investors are valuing the firm based on its underlying development pipeline and potential asset liquidation value rather than current, highly volatile FFO generation.
The absence of a stable P/FFO or P/AFFO multiple reflects the company's transition away from stabilized income-producing assets. Investors should monitor whether the current valuation discount to NAV persists as the development pipeline matures and projects reach stabilization.
According to recent SEC filings, the company's NOI margin fluctuated from a peak of 61.4% in 2023Q4 to 50.5% by 2025Q4, indicating that property-level profitability is currently strained by the costs associated with taking assets offline for intensive repositioning and development projects.
The compression in margins suggests that the firm is prioritizing long-term value creation over immediate operational efficiency. This trend warrants further investigation into whether the current margin profile is a temporary byproduct of the development cycle or a sign of structural inefficiency.
As reported in financial statements, the company's FFO payout ratio reached 104.3% in 2025Q4, which suggests that dividend distributions are not supported by recurring cash flow and instead rely on non-recurring capital recycling events to maintain liquidity for shareholders.
The extreme variance in payout ratios indicates that the dividend is not a reliable indicator of operational health. Investors should monitor the sustainability of these distributions given the company's reliance on asset dispositions to fund its ongoing capital-intensive development strategy.
Based on reported financial statements, the company successfully reduced its debt-to-equity ratio from a peak of 4.33 in 2025Q2 to 0.62 by 2026Q1, reflecting a disciplined approach to balance sheet management during a period of significant portfolio transformation and asset recycling.
This reduction in leverage appears to provide a necessary buffer against the volatility inherent in the development-heavy business model. However, the reliance on joint venture structures may obscure the true extent of off-balance-sheet obligations that are not fully captured in the reported debt-to-equity figures.
The most commonly misapplied metric for this REIT is the standard P/E ratio, which is deeply misleading because it fails to account for the massive non-cash depreciation and non-recurring gains on property sales that dominate the company's income statement.
Using P/E obscures the underlying operational reality of a development-focused vehicle, as it treats one-time asset dispositions as recurring earnings. Analysts should instead focus on Net Asset Value (NAV) and development yield-on-cost to better assess the firm's true economic value.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AIV stock.
Apartment Investment and Management Company's current P/E ratio is 0.8x. The historical average is 6.5x. This places it at the 24th percentile of its historical range.
Apartment Investment and Management Company's current EV/EBITDA is 30.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.4x.
Apartment Investment and Management Company's return on equity (ROE) is 126.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 7.1%.
Based on historical data, Apartment Investment and Management Company is trading at a P/E of 0.8x. This is at the 24th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Apartment Investment and Management Company's current dividend yield is 100.00% with a payout ratio of 76.0%.
Apartment Investment and Management Company has -33.5% gross margin and -21.1% operating margin.
Apartment Investment and Management Company's Debt/EBITDA ratio is 30.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.