Latest Ratios: P/E Ratio -3.1x · EV/EBITDA 12.1x · ROE -19.5%. (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 | $558M | $507M | $966M | $929M | $1.1B | $2.3B | $2.1B | $2.8B | $2.3B | $3.2B | $2.9B |
| Enterprise Value | $3.1B | $3.1B | $3.1B | $3.0B | $3.1B | $4.2B | $3.9B | $4.9B | $4.3B | $4.9B | $4.7B |
| P/E Ratio → | -3.12 | — | — | — | 19.84 | 194.78 | 6.73 | 82.89 | 17.16 | 27.98 | 86.89 |
| P/S Ratio | 1.15 | 1.05 | 1.91 | 1.80 | 2.09 | 4.75 | 3.84 | 4.79 | 4.18 | 6.18 | 5.53 |
| P/B Ratio | 0.70 | 0.63 | 0.92 | 0.70 | 0.65 | 1.36 | 1.14 | 1.65 | 1.30 | 1.74 | 1.54 |
| P/FCF | 13.06 | 11.86 | 18.81 | 44.62 | — | 41.47 | 31.31 | 77.44 | 154.33 | 162.13 | — |
| P/OCF | 4.78 | 4.34 | 5.33 | 5.24 | 5.06 | 12.11 | 9.09 | 11.88 | 10.01 | 17.67 | 16.87 |
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 | — | 6.31 | 6.16 | 5.89 | 6.16 | 8.55 | 7.22 | 8.37 | 7.87 | 9.50 | 8.99 |
| EV / EBITDA | 12.07 | 11.88 | 13.35 | 18.13 | 10.48 | 15.33 | 6.55 | 14.96 | 18.40 | 15.66 | 18.98 |
| EV / EBIT | 38.44 | — | — | — | 24.77 | 53.44 | 10.05 | 40.90 | 19.77 | 24.14 | 36.75 |
| EV / FCF | — | 71.55 | 60.59 | 145.70 | — | 74.63 | 58.87 | 135.23 | 290.28 | 249.27 | — |
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 | -11.1% | -11.1% | 62.9% | 63.1% | 61.6% | 61.3% | 61.6% | 61.1% | 59.9% | 60.4% | 60.1% |
| Operating Margin | 16.7% | 16.7% | 10.9% | -4.2% | 23.7% | 19.2% | 74.9% | 19.8% | 10.4% | 26.0% | 11.3% |
| Net Profit Margin | -37.0% | -37.0% | -38.8% | -38.2% | 10.6% | 2.5% | 57.1% | 5.9% | 24.7% | 22.2% | 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 | -19.5% | -19.5% | -16.5% | -13.3% | 3.2% | 0.7% | 17.5% | 2.0% | 7.5% | 6.2% | 2.1% |
| ROA | -5.1% | -5.1% | -5.4% | -5.2% | 1.4% | 0.3% | 7.7% | 0.7% | 2.8% | 2.8% | 0.9% |
| ROIC | 1.9% | 1.9% | 1.2% | -0.5% | 2.5% | 2.0% | 8.1% | 2.3% | 1.2% | 2.8% | 1.1% |
| ROCE | 2.4% | 2.4% | 1.6% | -0.6% | 3.3% | 2.5% | 10.5% | 2.5% | 1.2% | 3.5% | 1.4% |
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 | 3.23 | 3.23 | 2.14 | 1.63 | 1.27 | 1.10 | 1.03 | 1.28 | 1.16 | 1.05 | 1.07 |
| Debt / EBITDA | 10.03 | 10.03 | 9.60 | 12.93 | 6.98 | 6.91 | 3.15 | 6.67 | 8.71 | 6.11 | 8.09 |
| Net Debt / Equity | — | 3.19 | 2.05 | 1.59 | 1.26 | 1.09 | 1.00 | 1.23 | 1.14 | 0.94 | 0.97 |
| Net Debt / EBITDA | 9.91 | 9.91 | 9.21 | 12.58 | 6.92 | 6.81 | 3.07 | 6.39 | 8.62 | 5.47 | 7.31 |
| Debt / FCF | — | 59.68 | 41.78 | 101.08 | — | 33.17 | 27.56 | 57.79 | 135.95 | 87.14 | — |
| Interest Coverage | -0.28 | -0.28 | -0.62 | -0.98 | 1.75 | 1.19 | 5.00 | 1.41 | 2.68 | 2.43 | 1.46 |
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 | 10.51 | 10.51 | 1.53 | 1.53 | 1.09 | 0.90 | 1.26 | 1.58 | 0.77 | 2.14 | 2.41 |
| Quick Ratio | 10.51 | 10.51 | 1.53 | 1.53 | 1.09 | 0.90 | 1.26 | 1.58 | 0.80 | 2.17 | 2.43 |
| Cash Ratio | 1.43 | 1.43 | 0.47 | 0.33 | 0.09 | 0.12 | 0.26 | 0.50 | 0.08 | 1.11 | 1.17 |
| Asset Turnover | — | 0.14 | 0.14 | 0.14 | 0.13 | 0.13 | 0.14 | 0.14 | 0.10 | 0.13 | 0.13 |
| 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 | 16.7% | 18.4% | 10.8% | 13.4% | 12.3% | 5.6% | 6.4% | 4.8% | 5.7% | 3.6% | 4.0% |
| Payout Ratio | — | — | — | — | 242.9% | 1059.9% | 42.9% | 391.5% | 95.8% | 100.9% | — |
| 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% | 0.5% | 14.9% | 1.2% | 5.8% | 3.6% | 1.2% |
| FCF Yield | 7.7% | 8.4% | 5.3% | 2.2% | — | 2.4% | 3.2% | 1.3% | 0.6% | 0.6% | — |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.0% | 0.4% | 0.1% | 2.9% | 0.6% | 1.3% | 3.1% | 0.0% |
| Total Shareholder Yield | 16.7% | 18.4% | 10.9% | 13.4% | 12.7% | 5.7% | 9.3% | 5.4% | 6.9% | 6.7% | 4.0% |
| Shares Outstanding | — | $173M | $173M | $172M | $172M | $172M | $172M | $177M | $177M | $177M | $176M |
Refinancing and liquidity constraints
Based on reported financial data, Brandywine's P/FFO multiple has compressed significantly, trading at 4.25x in 2026Q1, which suggests that the market is heavily discounting the REIT's future earnings potential due to persistent volatility in its core office portfolio and ongoing capital-intensive development requirements.
The lack of a stable P/FFO multiple over several quarters indicates that investors are struggling to price the company's earnings power amidst erratic FFO performance. This valuation compression appears to reflect a market-wide skepticism regarding the terminal value of urban office assets in the current interest rate environment.
As reported in recent financial statements, Brandywine's NOI margin reached 91.1% in 2026Q1, a sharp departure from the 60.8% to 64.9% range observed throughout 2024 and 2025, which warrants further investigation into whether this reflects genuine structural efficiency or non-recurring accounting adjustments to property-level operating expenses.
The historical consistency of margins in the low 60s suggests that the recent spike may be an outlier rather than a permanent improvement in profitability. Investors should monitor whether this margin expansion is sustainable or if it is merely a temporary byproduct of reduced maintenance spending or accounting reclassifications.
According to historical data, the FFO payout ratio has frequently exceeded 100% or become non-calculable due to negative FFO, indicating that the company's dividend distributions have historically lacked a sufficient margin of safety relative to its recurring operational cash flow generation.
The recent reduction in the quarterly dividend appears to be a necessary response to the persistent inability to cover distributions through AFFO. The reliance on external capital or asset sales to fund dividends suggests that the current payout policy remains vulnerable to further adjustments if cash flow does not stabilize.
Based on reported figures, the company’s debt-to-equity ratio has trended upward from 1.63 in 2023Q4 to 3.23 by 2025Q4, signaling that the equity base is eroding faster than the company can reduce its absolute debt load in the current high-interest rate environment.
The negative interest coverage ratios observed in several quarters suggest that the company is facing significant difficulty in servicing its debt obligations from operating income alone. This trend warrants close monitoring, as it indicates a reliance on non-operating sources of liquidity to meet interest payments.
The most commonly misapplied metric for Brandywine is the standard P/E ratio, which is fundamentally distorted by the heavy non-cash depreciation charges inherent in the REIT business model, thereby obscuring the company's actual cash-generating capacity and leading to misleading valuation conclusions.
Investors should prioritize FFO and AFFO over P/E, as these metrics adjust for the non-cash depreciation that artificially depresses GAAP earnings. Relying on P/E ignores the significant capital expenditures required to maintain urban office assets, which are essential for understanding the true economic health of the portfolio.
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Quick answers to the most common questions about buying BDN stock.
Brandywine Realty Trust's current P/E ratio is -3.1x. The historical average is 46.8x.
Brandywine Realty Trust's current EV/EBITDA is 12.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.4x.
Brandywine Realty Trust's return on equity (ROE) is -19.5%. The historical average is 1.6%.
Based on historical data, Brandywine Realty Trust is trading at a P/E of -3.1x. Compare with industry peers and growth rates for a complete picture.
Brandywine Realty Trust's current dividend yield is 16.71%.
Brandywine Realty Trust has -11.1% gross margin and 16.7% operating margin. Operating margin between 10-20% is typical for established companies.
Brandywine Realty Trust's Debt/EBITDA ratio is 10.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.