Latest Ratios: P/E Ratio -5.9x · EV/EBITDA 140.1x · ROE -6.9%. (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 | $8.6B | $8.3B | $16.8B | $21.7B | $23.5B | $32.9B | $22.5B | $18.2B | $11.9B | $12.0B | $8.5B |
| Enterprise Value | $20.8B | $20.6B | $29.0B | $32.7B | $33.3B | $41.7B | $29.9B | $25.0B | $17.2B | $16.6B | $12.6B |
| P/E Ratio → | -5.85 | — | 54.19 | 234.76 | 45.81 | 58.37 | 38.16 | 101.62 | 23.00 | 82.65 | — |
| P/S Ratio | 2.88 | 2.81 | 5.50 | 7.62 | 9.14 | 15.59 | 11.90 | 11.99 | 8.97 | 10.69 | 9.42 |
| P/B Ratio | 0.44 | 0.44 | 0.75 | 0.96 | 1.04 | 1.73 | 1.68 | 1.79 | 1.51 | 1.85 | 1.57 |
| P/FCF | 6.05 | 5.90 | 11.16 | 13.29 | 18.19 | — | 25.54 | 26.59 | — | — | — |
| P/OCF | 6.05 | 5.90 | 11.16 | 13.29 | 18.19 | 32.55 | 25.54 | 26.59 | 20.88 | 26.70 | 21.55 |
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 | — | 6.92 | 9.50 | 11.52 | 12.92 | 19.80 | 15.78 | 16.51 | 12.92 | 14.78 | 13.98 |
| EV / EBITDA | 140.12 | 138.67 | 14.70 | 18.36 | 20.61 | 31.31 | 15.97 | 26.02 | 12.58 | 15.55 | 18.02 |
| EV / EBIT | — | — | 41.61 | 92.19 | 43.52 | 52.41 | 56.16 | 43.34 | 30.61 | 51.48 | 219.68 |
| EV / FCF | — | 14.53 | 19.27 | 20.08 | 25.72 | — | 33.86 | 36.62 | — | — | — |
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 | 68.9% | 68.9% | 70.2% | 69.8% | 69.6% | 70.4% | 72.0% | 70.6% | 71.3% | 71.0% | 69.0% |
| Operating Margin | -40.5% | -40.5% | 25.2% | 24.3% | 23.8% | 24.3% | 65.0% | 27.6% | 31.8% | 16.1% | 4.6% |
| Net Profit Margin | -48.2% | -48.2% | 10.6% | 3.6% | 20.3% | 27.1% | 40.7% | 23.9% | 39.0% | 15.0% | -7.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -6.9% | -6.9% | 1.4% | 0.5% | 2.5% | 3.5% | 6.5% | 4.0% | 7.2% | 2.9% | -1.4% |
| ROA | -4.0% | -4.0% | 0.9% | 0.3% | 1.6% | 2.2% | 3.7% | 2.2% | 3.9% | 1.5% | -0.7% |
| ROIC | -2.7% | -2.7% | 1.7% | 1.6% | 1.5% | 1.6% | 4.9% | 2.1% | 2.6% | 1.3% | 0.3% |
| ROCE | -3.6% | -3.6% | 2.2% | 2.0% | 2.0% | 2.0% | 6.3% | 2.7% | 3.4% | 1.7% | 0.5% |
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 | 0.67 | 0.67 | 0.57 | 0.52 | 0.47 | 0.48 | 0.59 | 0.69 | 0.69 | 0.75 | 0.78 |
| Debt / EBITDA | 86.11 | 86.11 | 6.47 | 6.56 | 6.54 | 6.92 | 4.23 | 7.32 | 4.02 | 4.54 | 6.06 |
| Net Debt / Equity | — | 0.64 | 0.54 | 0.49 | 0.43 | 0.47 | 0.55 | 0.67 | 0.66 | 0.71 | 0.76 |
| Net Debt / EBITDA | 82.40 | 82.40 | 6.19 | 6.21 | 6.03 | 6.65 | 3.92 | 7.13 | 3.85 | 4.30 | 5.88 |
| Debt / FCF | — | 8.64 | 8.11 | 6.80 | 7.53 | — | 8.32 | 10.03 | — | — | — |
| Interest Coverage | -4.37 | -4.37 | 3.75 | 4.79 | 8.12 | 5.60 | 3.10 | 3.33 | 3.56 | 2.51 | 0.53 |
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 | 0.43 | 0.43 | 0.40 | 0.39 | 0.58 | 0.41 | 0.64 | 0.27 | 0.33 | 0.47 | 0.29 |
| Quick Ratio | 0.43 | 0.43 | 0.40 | 0.39 | 0.58 | 0.41 | 0.64 | 0.27 | 0.33 | 0.47 | 0.29 |
| Cash Ratio | 0.25 | 0.25 | 0.28 | 0.31 | 0.49 | 0.21 | 0.50 | 0.15 | 0.22 | 0.34 | 0.18 |
| Asset Turnover | — | 0.09 | 0.08 | 0.08 | 0.07 | 0.07 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| 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 | 10.8% | 10.9% | 5.4% | 3.9% | 3.2% | 2.0% | 2.4% | 2.5% | 3.2% | 2.6% | 2.8% |
| Payout Ratio | — | — | 278.2% | 817.7% | 145.3% | 114.8% | 69.1% | 123.1% | 73.6% | 184.6% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 1.8% | 0.4% | 2.2% | 1.7% | 2.6% | 1.0% | 4.3% | 1.2% | — |
| FCF Yield | 16.5% | 17.0% | 9.0% | 7.5% | 5.5% | — | 3.9% | 3.8% | — | — | — |
| Buyback Yield | 2.4% | 2.5% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 1.2% | 2.4% |
| Total Shareholder Yield | 13.3% | 13.4% | 5.7% | 3.9% | 3.2% | 2.0% | 2.4% | 2.5% | 3.3% | 3.8% | 5.3% |
| Shares Outstanding | — | $170M | $172M | $171M | $162M | $147M | $126M | $113M | $103M | $92M | $76M |
Biotech funding cycle sensitivity
As reported in recent financial filings, the P/FFO multiple has remained elevated above 100x, suggesting that market participants are pricing in a recovery in biotech R&D spending that may not be fully supported by the company's current earnings volatility and recent revenue contraction trends.
The persistent P/FFO levels exceeding 100x indicate that investors are assigning a significant premium to the firm's specialized lab infrastructure despite the recent instability in FFO per share. This valuation appears to rely on the assumption that the 'cluster' model provides a defensive moat, yet the lack of a clear path to earnings growth suggests that the current pricing may be disconnected from near-term operational realities.
According to quarterly data, NOI margins have compressed from 71.2% in 2024Q2 to 66.6% in 2026Q1, indicating that the firm's ability to maintain pricing power within its innovation clusters is facing mounting pressure from increased competition and rising operational costs associated with specialized lab maintenance.
The downward trend in NOI margins suggests that the firm's triple-net lease structure may be less effective at insulating the bottom line than in previous cycles. Investors should monitor whether this margin erosion is a temporary byproduct of development-related expenses or a structural shift indicating that tenants are successfully pushing back on rent escalations.
Based on the company's reported figures, the FFO payout ratio has exhibited extreme instability, reaching as high as 123.9% in 2023Q4, which raises significant concerns regarding the long-term sustainability of the dividend in the absence of consistent, positive cash flow generation from the core portfolio.
The erratic nature of the FFO payout ratio, combined with the recent negative FFO per share in 2025Q4, suggests that the dividend is currently being supported by balance sheet liquidity rather than recurring operational earnings. This payout profile warrants caution, as it implies that any further deterioration in the biotech funding environment could necessitate a re-evaluation of the current distribution policy.
As evidenced by the company's reported figures, the debt-to-equity ratio has trended upward from 0.52 in 2023Q4 to 0.65 in 2026Q1, signaling that the firm's reliance on debt financing is increasing even as the total asset base undergoes a strategic reduction.
The combination of rising leverage and a shrinking asset base suggests that the firm is struggling to deleverage effectively in the current high-interest-rate environment. The interest coverage ratio, which has shown significant volatility and even negative values in recent quarters, indicates that the cost of servicing this debt is becoming a material risk to the firm's financial flexibility.
The most commonly misapplied metric for this REIT is the standard P/E ratio, which is fundamentally distorted by significant non-cash depreciation and impairment charges that obscure the firm's actual cash-generating capacity and lead to misleadingly negative earnings figures in the provided data.
Using P/E to evaluate a REIT like Alexandria ignores the reality that depreciation is a non-cash accounting entry that does not reflect the economic value of specialized lab assets. Analysts should instead focus on FFO or AFFO, which adjust for these non-cash items, to gain a more accurate understanding of the company's ability to fund operations and sustain its dividend.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ARE stock.
Alexandria Real Estate Equities, Inc.'s current P/E ratio is -5.9x. The historical average is 42.0x.
Alexandria Real Estate Equities, Inc.'s current EV/EBITDA is 140.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.2x.
Alexandria Real Estate Equities, Inc.'s return on equity (ROE) is -6.9%. The historical average is 5.0%.
Based on historical data, Alexandria Real Estate Equities, Inc. is trading at a P/E of -5.9x. Compare with industry peers and growth rates for a complete picture.
Alexandria Real Estate Equities, Inc.'s current dividend yield is 10.83%.
Alexandria Real Estate Equities, Inc. has 68.9% gross margin and -40.5% operating margin.
Alexandria Real Estate Equities, Inc.'s Debt/EBITDA ratio is 86.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.