Latest Ratios: P/E Ratio 12.6x · EV/EBITDA 19.2x · ROE 6.8%. (2009–2025 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 | $1.4B | $1.3B | $1.2B | $1.7B | $1.8B | $2.2B | $1.7B | $3.2B | $2.6B | $1.9B | $1.2B |
| Enterprise Value | $9.1B | $9.1B | $7.3B | $8.4B | $8.5B | $7.9B | $5.9B | $6.9B | $4.9B | $3.7B | $2.4B |
| P/E Ratio → | 12.63 | 11.95 | — | 40.48 | 6.40 | 9.01 | 1175.79 | 13.06 | 11.26 | 12.22 | 9.72 |
| P/S Ratio | 1.91 | 1.89 | 1.72 | 2.13 | 2.78 | 5.26 | 4.82 | 6.57 | 6.20 | 6.48 | 4.11 |
| P/B Ratio | 0.77 | 0.72 | 0.65 | 0.75 | 0.76 | 0.97 | 0.73 | 1.22 | 1.02 | 0.89 | 0.63 |
| P/FCF | 32.12 | 31.77 | 39.33 | 8.24 | 7.59 | 11.12 | 10.08 | 11.76 | 9.64 | 12.17 | 10.39 |
| P/OCF | 9.54 | 9.43 | 6.04 | 6.06 | 6.65 | 11.12 | 10.08 | 11.76 | 9.64 | 12.06 | 10.25 |
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 | — | 12.84 | 10.38 | 10.80 | 13.30 | 18.71 | 17.16 | 14.09 | 11.91 | 12.86 | 8.19 |
| EV / EBITDA | 19.21 | 19.18 | 16.96 | 17.63 | 13.11 | 18.90 | 35.16 | 17.99 | 14.72 | 13.67 | 10.96 |
| EV / EBIT | 19.68 | 15.54 | 18.93 | 15.99 | 15.92 | 20.42 | 35.16 | 17.99 | 14.72 | 13.67 | 10.96 |
| EV / FCF | — | 215.60 | 236.82 | 41.68 | 36.34 | 39.56 | 35.85 | 25.20 | 18.52 | 24.14 | 20.72 |
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 | 80.1% | 80.1% | 79.9% | 83.6% | 85.6% | 85.0% | 88.4% | 91.7% | 91.2% | 89.0% | 92.1% |
| Operating Margin | 65.4% | 65.4% | 59.5% | 60.2% | 101.3% | 98.4% | 40.5% | 42.6% | 88.5% | 61.9% | 53.1% |
| Net Profit Margin | 17.8% | 17.8% | -17.1% | 7.5% | 41.4% | 53.1% | 5.4% | 47.1% | 53.2% | 67.0% | 53.2% |
| 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% | -5.9% | 2.5% | 11.4% | 9.8% | 0.8% | 9.0% | 9.6% | 9.6% | 9.5% |
| ROA | 1.4% | 1.4% | -1.4% | 0.6% | 2.9% | 2.9% | 0.3% | 3.8% | 4.8% | 5.1% | 5.1% |
| ROIC | 4.0% | 4.0% | 3.7% | 3.9% | 5.7% | 4.3% | 1.6% | 2.8% | 6.2% | 3.8% | 4.1% |
| ROCE | 5.6% | 5.6% | 5.3% | 5.3% | 8.0% | 6.1% | 2.2% | 4.0% | 9.6% | 4.7% | 5.1% |
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 | 4.27 | 4.27 | 3.41 | 3.15 | 2.96 | 2.62 | 2.01 | 1.57 | 0.98 | 0.92 | 0.76 |
| Debt / EBITDA | 16.65 | 16.65 | 14.88 | 14.62 | 10.72 | 14.41 | 27.22 | 10.77 | 7.39 | 7.07 | 6.65 |
| Net Debt / Equity | — | 4.19 | 3.24 | 3.05 | 2.87 | 2.47 | 1.86 | 1.40 | 0.94 | 0.88 | 0.63 |
| Net Debt / EBITDA | 16.36 | 16.36 | 14.14 | 14.14 | 10.38 | 13.59 | 25.28 | 9.59 | 7.06 | 6.78 | 5.47 |
| Debt / FCF | — | 183.83 | 197.48 | 33.44 | 28.76 | 28.44 | 25.77 | 13.44 | 8.88 | 11.97 | 10.33 |
| Interest Coverage | 1.28 | 1.28 | 0.76 | 1.13 | 1.98 | 2.38 | 1.12 | 2.51 | 2.92 | 3.47 | 3.48 |
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 | 0.30 | 0.30 | 0.37 | 0.34 | 0.64 | 0.31 | 0.73 | 0.60 | 0.18 | — | — |
| Quick Ratio | 0.30 | 0.30 | 0.37 | 0.34 | 0.64 | 0.31 | 0.73 | 0.60 | 0.18 | — | — |
| Cash Ratio | 0.20 | 0.20 | 0.32 | 0.26 | 0.49 | 0.28 | 0.65 | 0.56 | 0.14 | — | — |
| Asset Turnover | — | 0.07 | 0.08 | 0.08 | 0.07 | 0.05 | 0.05 | 0.07 | 0.08 | 0.07 | 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 | 9.9% | 10.5% | 15.4% | 12.2% | 11.3% | 9.0% | 14.4% | 8.4% | 8.9% | 9.8% | 10.9% |
| Payout Ratio | 111.5% | 111.5% | — | 347.5% | 75.6% | 89.3% | 1293.7% | 117.0% | 103.3% | 95.3% | 83.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.9% | 8.4% | — | 2.5% | 15.6% | 11.1% | 0.1% | 7.7% | 8.9% | 8.2% | 10.3% |
| FCF Yield | 3.1% | 3.1% | 2.5% | 12.1% | 13.2% | 9.0% | 9.9% | 8.5% | 10.4% | 8.2% | 9.6% |
| Buyback Yield | 0.0% | 0.0% | 3.4% | 0.0% | 0.0% | 0.0% | 7.7% | 0.0% | 0.0% | 6.3% | 0.0% |
| Total Shareholder Yield | 9.9% | 10.5% | 18.7% | 12.2% | 11.3% | 9.0% | 22.1% | 8.4% | 8.9% | 16.1% | 10.9% |
| Shares Outstanding | — | $139M | $140M | $141M | $166M | $168M | $148M | $176M | $154M | $101M | $73M |
CRE valuation and liquidity
As reported in recent financial statements, ARI trades at a P/B ratio of 0.81, which, when combined with the absence of stable P/FFO multiples, suggests that the market is heavily discounting the firm's book value due to persistent concerns regarding the underlying quality of its mortgage portfolio.
The persistent discount to book value indicates that investors are skeptical of the carrying values assigned to the company's subordinate and mezzanine loan positions. This valuation gap warrants further investigation into whether the current market price accurately reflects the potential for future credit impairments rather than just a temporary sector-wide repricing.
Based on the provided quarterly data, the NOI margin collapsed to 23.4% in 2026Q1 from historical levels above 80%, which implies that rising credit loss provisions are significantly eroding the profitability of the firm's interest-spread business model and limiting organic growth potential.
The sharp decline in profitability suggests that the company is struggling to maintain its net interest margin amidst a challenging credit environment. Investors should monitor whether this margin compression is a structural shift caused by non-accrual loans or a temporary impact from aggressive provisioning for future losses.
According to recent quarterly filings, the FFO payout ratio has frequently exceeded 100% or become non-calculable due to negative earnings, which indicates that the current dividend distribution policy is not supported by recurring cash flow and may be reliant on capital preservation or external financing.
The inconsistency in FFO and the recurring negative AFFO figures suggest that the dividend is currently being paid out of capital rather than operational earnings. This trend appears unsustainable and may necessitate a dividend reduction to align payouts with the company's actual cash-generating capacity.
As indicated by the company's reported figures, the debt-to-equity ratio of 4.27x in 2025Q4 highlights a highly levered capital structure that leaves the firm with minimal buffer to absorb further declines in commercial real estate valuations or potential covenant breaches in its warehouse facilities.
High leverage in a volatile interest rate environment increases the risk of margin calls and restricts the company's ability to pivot its strategy. The reliance on repo markets and warehouse lines for funding suggests that any tightening in credit availability could force the company into dilutive capital raises.
Based on standard institutional analysis, the P/E ratio is frequently misapplied to ARI, as it fails to account for the significant non-cash depreciation and CECL provisions that distort GAAP net income, thereby obscuring the true cash-generating capacity of the mortgage REIT's underlying loan portfolio.
Investors should prioritize FFO and AFFO over P/E to better understand the company's ability to fund dividends and operations. Relying on P/E ignores the fundamental reality that mortgage REITs are cash-flow-driven entities where accounting earnings are often disconnected from actual liquidity.
Includes 30+ ratios · 17 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ARI stock.
Apollo Commercial Real Estate Finance, Inc.'s current P/E ratio is 12.6x. The historical average is 13.3x. This places it at the 71th percentile of its historical range.
Apollo Commercial Real Estate Finance, Inc.'s current EV/EBITDA is 19.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.6x.
Apollo Commercial Real Estate Finance, Inc.'s return on equity (ROE) is 6.8%. The historical average is 6.6%.
Based on historical data, Apollo Commercial Real Estate Finance, Inc. is trading at a P/E of 12.6x. This is at the 71th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Apollo Commercial Real Estate Finance, Inc.'s current dividend yield is 9.94% with a payout ratio of 111.5%.
Apollo Commercial Real Estate Finance, Inc. has 80.1% gross margin and 65.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Apollo Commercial Real Estate Finance, Inc.'s Debt/EBITDA ratio is 16.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.