Latest Ratios: P/E Ratio 26.8x · EV/EBITDA 16.1x · ROE 3.0%. (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 | $2.9B | $3.3B | $3.0B | $3.7B | $3.6B | $4.6B | $3.9B | $4.8B | $3.6B | $3.1B | $2.8B |
| Enterprise Value | $18.6B | $19.0B | $18.4B | $22.6B | $23.8B | $22.0B | $16.5B | $17.3B | $14.5B | $10.3B | $9.0B |
| P/E Ratio → | 26.80 | 29.89 | — | 14.87 | 14.50 | 11.05 | 28.38 | 15.84 | 12.74 | 14.18 | 11.89 |
| P/S Ratio | 1.90 | 2.15 | 1.71 | 1.82 | 2.74 | 5.47 | 5.03 | 5.48 | 4.79 | 5.75 | 5.70 |
| P/B Ratio | 0.84 | 0.93 | 0.80 | 0.84 | 0.79 | 1.00 | 1.00 | 1.28 | 1.07 | 1.06 | 1.14 |
| P/FCF | 10.49 | 11.86 | 8.27 | 8.00 | 9.10 | 12.13 | 11.60 | 15.92 | 12.51 | 13.58 | 11.97 |
| P/OCF | 10.49 | 11.86 | 8.26 | 8.00 | 9.10 | 12.13 | 11.60 | 15.92 | 12.51 | 13.58 | 11.97 |
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 | — | 12.48 | 10.43 | 11.24 | 18.02 | 25.94 | 21.30 | 19.58 | 19.14 | 19.10 | 18.08 |
| EV / EBITDA | 16.06 | 16.38 | 16.78 | 13.94 | 24.62 | 29.09 | 34.15 | 22.54 | 22.41 | 22.70 | 20.99 |
| EV / EBIT | 17.07 | 17.29 | 16.88 | 13.94 | 24.62 | 29.09 | 34.15 | 22.54 | 22.41 | 22.70 | 20.99 |
| EV / FCF | — | 68.81 | 50.38 | 49.30 | 59.89 | 57.49 | 49.09 | 56.84 | 49.95 | 45.10 | 37.98 |
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 | 76.9% | 76.9% | 93.3% | 94.1% | 91.6% | 89.6% | 90.0% | 91.1% | 90.1% | 89.8% | 88.7% |
| Operating Margin | 71.6% | 71.6% | 61.6% | 80.4% | 73.2% | 89.2% | 62.4% | 34.8% | 37.8% | 40.6% | 49.0% |
| Net Profit Margin | 7.2% | 7.2% | -11.5% | 12.2% | 18.8% | 49.4% | 17.7% | 34.6% | 37.7% | 40.5% | 47.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.0% | 3.0% | -5.0% | 5.5% | 5.4% | 9.8% | 3.6% | 8.5% | 9.1% | 8.0% | 9.5% |
| ROA | 0.6% | 0.6% | -0.9% | 1.0% | 1.0% | 2.1% | 0.8% | 2.0% | 2.3% | 2.3% | 2.6% |
| ROIC | 4.3% | 4.3% | 3.8% | 5.1% | 3.1% | 2.9% | 2.2% | 1.5% | 1.8% | 1.7% | 2.0% |
| ROCE | 11.3% | 11.3% | 5.0% | 6.6% | 4.0% | 3.8% | 2.9% | 2.0% | 2.3% | 2.3% | 2.7% |
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 | 4.61 | 4.61 | 4.15 | 4.40 | 4.50 | 3.88 | 3.31 | 3.33 | 3.25 | 2.48 | 2.50 |
| Debt / EBITDA | 13.95 | 13.95 | 14.32 | 11.89 | 21.18 | 23.68 | 26.68 | 16.42 | 16.96 | 16.02 | 14.55 |
| Net Debt / Equity | — | 4.48 | 4.06 | 4.32 | 4.43 | 3.76 | 3.23 | 3.29 | 3.22 | 2.46 | 2.47 |
| Net Debt / EBITDA | 13.56 | 13.56 | 14.02 | 11.68 | 20.88 | 22.95 | 26.08 | 16.23 | 16.80 | 15.87 | 14.38 |
| Debt / FCF | — | 56.95 | 42.11 | 41.30 | 50.78 | 45.36 | 37.50 | 40.92 | 37.44 | 31.52 | 26.01 |
| Interest Coverage | 1.11 | 1.11 | 0.85 | 1.19 | 1.36 | 2.22 | 1.39 | 1.67 | 1.80 | 1.92 | 2.32 |
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 | 0.06 | 0.06 | — | — | — | — | 87.79 | — | — | — | — |
| Quick Ratio | 0.06 | 0.06 | — | — | — | — | 87.79 | — | — | — | — |
| Cash Ratio | 0.04 | 0.04 | — | — | — | — | 1.51 | — | — | — | — |
| Asset Turnover | — | 0.08 | 0.09 | 0.08 | 0.05 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 |
| 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 | 11.0% | 9.9% | 13.4% | 11.6% | 11.7% | 8.0% | 8.9% | 6.6% | 7.6% | 7.6% | 8.2% |
| Payout Ratio | 294.5% | 294.5% | — | 173.2% | 169.5% | 88.4% | 253.4% | 105.0% | 97.3% | 108.0% | 97.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 3.3% | — | 6.7% | 6.9% | 9.0% | 3.5% | 6.3% | 7.8% | 7.1% | 8.4% |
| FCF Yield | 9.5% | 8.4% | 12.1% | 12.5% | 11.0% | 8.2% | 8.6% | 6.3% | 8.0% | 7.4% | 8.4% |
| Buyback Yield | 3.8% | 3.3% | 1.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 14.8% | 13.2% | 14.3% | 11.6% | 11.7% | 8.0% | 8.9% | 6.6% | 7.6% | 7.6% | 8.2% |
| Shares Outstanding | — | $171M | $174M | $173M | $171M | $152M | $142M | $130M | $114M | $96M | $94M |
CRE portfolio credit impairment
As reported in financial statements, BXMT's P/FFO multiple has remained range-bound between 20x and 25x, suggesting that market participants are pricing the firm at a significant discount to historical norms due to ongoing concerns regarding the underlying quality of its commercial mortgage loan portfolio.
The current valuation appears to be heavily influenced by the market's skepticism regarding the firm's ability to navigate the office-heavy collateral base without further impairments. Investors should monitor whether the implied cap rate remains disconnected from private market transaction levels, which may indicate that the stock is being priced for a distressed recovery rather than normalized earnings growth.
According to recent SEC filings, the company's NOI margin has experienced a sharp decline from 96.1% in 2024Q1 to 20.4% in 2026Q1, indicating that property-level profitability is under severe pressure as credit-related costs and operating expenses consume a larger portion of the firm's interest income.
This margin contraction suggests that the firm's core lending business is struggling to maintain profitability in an environment where credit loss provisions are rising. The shift in profitability appears to be driven by the need to absorb potential defaults, which may continue to weigh on earnings until the portfolio risk profile stabilizes.
Based on BXMT's reported figures, the FFO payout ratio reached a volatile 132.8% in 2025Q4, signaling that the firm has struggled to maintain dividend coverage from recurring cash flows, necessitating a cautious outlook for income-focused investors evaluating the long-term viability of the current distribution.
The erratic nature of the payout ratio suggests that management's recent dividend reduction was a necessary response to preserve liquidity. Investors should monitor whether future distributions can be sustainably funded by distributable earnings, as the current payout levels appear to leave little margin for further credit-related shocks.
As reported in financial statements, BXMT's debt-to-equity ratio has remained stubbornly high at 4.65x in 2026Q1, indicating that the firm's deleveraging efforts have been largely offset by the erosion of equity value due to ongoing credit loss provisions and portfolio impairments.
The persistent reliance on high leverage in a volatile interest rate environment warrants further investigation into the firm's refinancing risk. The current debt profile appears to limit the firm's ability to pivot toward new, higher-quality originations, as capital remains tied up in legacy assets that are currently underperforming.
Financial data indicates that the most commonly misapplied metric for BXMT is GAAP net income, which obscures the firm's actual cash-generating capacity by including significant non-cash CECL provisions that do not reflect immediate liquidity realities for the mortgage REIT.
Investors should prioritize Distributable Earnings over GAAP net income to better assess the firm's ability to cover its dividend and fund operations. Relying on standard P/E ratios is particularly misleading for this REIT, as it fails to account for the non-cash nature of credit loss reserves that currently distort the bottom line.
Includes 30+ ratios · 30 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 BXMT stock.
Blackstone Mortgage Trust, Inc.'s current P/E ratio is 26.8x. The historical average is 11.7x. This places it at the 87th percentile of its historical range.
Blackstone Mortgage Trust, Inc.'s current EV/EBITDA is 16.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.6x.
Blackstone Mortgage Trust, Inc.'s return on equity (ROE) is 3.0%. The historical average is -13.4%.
Based on historical data, Blackstone Mortgage Trust, Inc. is trading at a P/E of 26.8x. This is at the 87th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Blackstone Mortgage Trust, Inc.'s current dividend yield is 11.01% with a payout ratio of 294.5%.
Blackstone Mortgage Trust, Inc. has 76.9% gross margin and 71.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Blackstone Mortgage Trust, Inc.'s Debt/EBITDA ratio is 14.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.