Latest Ratios: P/E Ratio -11.1x · EV/EBITDA 11.7x · ROE -2.3%. (2011–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $282M | $222M | $244M | $359M | $871M | $461M | $595M | $386M | $393M | $269M | $151M |
| Enterprise Value | $910M | $850M | $883M | $1.2B | $1.5B | $1.1B | $1.1B | $1.0B | $870M | $626M | $488M |
| P/E Ratio → | -11.10 | — | — | 14.20 | 1.83 | — | — | 10.15 | — | — | — |
| P/S Ratio | 1.65 | 1.29 | 1.36 | 1.99 | 5.31 | 2.87 | 3.81 | 2.98 | 3.69 | 3.72 | 2.75 |
| P/B Ratio | 0.38 | 0.30 | 0.32 | 0.45 | 1.00 | 1.10 | 1.08 | 0.97 | 1.09 | 1.05 | 2.05 |
| P/FCF | 4.79 | 3.76 | 4.26 | 3.70 | 13.39 | 8.85 | 13.05 | 10.12 | — | — | — |
| P/OCF | 4.79 | 3.76 | 4.26 | 3.37 | 11.89 | 7.70 | 12.02 | 9.15 | 10.75 | 14.07 | 10.67 |
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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.97 | 4.93 | 6.77 | 9.16 | 6.92 | 7.24 | 7.84 | 8.17 | 8.64 | 8.86 |
| EV / EBITDA | 11.67 | 10.89 | 9.37 | 6.81 | 9.16 | 6.92 | 7.24 | 8.06 | 8.17 | 8.64 | 18.65 |
| EV / EBIT | 48.72 | 53.66 | 29.60 | 28.11 | 45.23 | 35.35 | 36.70 | 16.65 | 31.21 | 44.13 | 165.88 |
| EV / FCF | — | 14.43 | 15.44 | 12.58 | 23.11 | 21.36 | 24.84 | 26.62 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.4% | 59.4% | 60.9% | 62.5% | 64.6% | 63.7% | 63.3% | 61.5% | 59.7% | 60.9% | 62.9% |
| Operating Margin | 10.9% | 10.9% | 17.5% | 19.5% | 20.3% | 19.6% | 18.4% | 12.1% | 14.3% | -0.4% | 8.2% |
| Net Profit Margin | -10.3% | -10.3% | -1.5% | 14.0% | 295.3% | -13.6% | -17.0% | 29.5% | 5.4% | -1.2% | -12.0% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.3% | -2.3% | -0.3% | 3.0% | 75.2% | -4.5% | -5.6% | 10.1% | 1.9% | -0.5% | -8.0% |
| ROA | -1.2% | -1.2% | -0.2% | 1.6% | 35.1% | -1.8% | -2.3% | 3.8% | 0.7% | -0.2% | -1.8% |
| ROIC | 1.0% | 1.0% | 1.5% | 1.7% | 1.9% | 2.2% | 2.0% | 1.3% | 1.6% | -0.0% | 1.0% |
| ROCE | 1.5% | 1.5% | 2.2% | 2.3% | 2.5% | 2.8% | 2.6% | 1.6% | 2.0% | -0.1% | 1.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.88 | 0.88 | 0.87 | 1.11 | 0.75 | 1.62 | 1.11 | 1.62 | 1.36 | 1.45 | 4.68 |
| Debt / EBITDA | 8.29 | 8.29 | 7.10 | 4.97 | 3.98 | 4.21 | 3.89 | 5.12 | 4.60 | 5.11 | 13.18 |
| Net Debt / Equity | — | 0.86 | 0.83 | 1.07 | 0.73 | 1.56 | 0.98 | 1.58 | 1.33 | 1.39 | 4.57 |
| Net Debt / EBITDA | 8.05 | 8.05 | 6.78 | 4.81 | 3.85 | 4.05 | 3.44 | 4.99 | 4.48 | 4.92 | 12.87 |
| Debt / FCF | — | 10.67 | 11.17 | 8.88 | 9.72 | 12.51 | 11.79 | 16.50 | — | — | — |
| Interest Coverage | 0.48 | 0.48 | 0.94 | 1.69 | 1.43 | 1.19 | 1.09 | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.32 | 0.32 | 0.70 | 1.98 | 1.88 | 1.15 | 3.50 | 1.84 | 2.73 | 1.90 | 2.61 |
| Quick Ratio | 0.32 | 0.32 | 0.70 | 1.98 | 1.88 | 1.15 | 3.50 | 1.84 | 2.73 | 1.90 | 2.61 |
| Cash Ratio | 0.06 | 0.06 | 0.22 | 0.63 | 0.55 | 0.23 | 1.98 | 0.37 | 0.35 | 0.53 | 0.54 |
| Asset Turnover | — | 0.12 | 0.12 | 0.11 | 0.10 | 0.14 | 0.13 | 0.12 | 0.12 | 0.11 | 0.12 |
| 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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 8.4% | 10.6% | 12.8% | 11.5% | 3.8% | 8.9% | 8.1% | 10.9% | 9.2% | 7.7% | 9.5% |
| Payout Ratio | — | — | — | 164.1% | 6.9% | — | — | 110.5% | 629.9% | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 7.0% | 54.8% | — | — | 9.9% | — | — | — |
| FCF Yield | 20.9% | 26.6% | 23.5% | 27.0% | 7.5% | 11.3% | 7.7% | 9.9% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.7% | 13.9% | 0.0% | 21.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 8.4% | 10.6% | 13.5% | 25.5% | 3.9% | 30.7% | 8.1% | 10.9% | 9.2% | 7.7% | 9.5% |
| Shares Outstanding | — | $40M | $40M | $43M | $44M | $47M | $44M | $38M | $30M | $20M | $12M |
Persistent FFO and revenue erosion
As reported in recent financial filings, City Office REIT's P/FFO multiple has shown significant volatility, currently trading at 15.12x, which reflects investor skepticism regarding the company's ability to stabilize earnings in a challenging office market environment characterized by persistent revenue contraction and negative net margins.
The current valuation appears to be heavily discounted relative to historical averages, suggesting that the market is pricing in a high probability of further dividend cuts or asset impairments. Investors should monitor the implied cap rate, as the current valuation may not fully account for the potential for further yield expansion in secondary office markets.
Based on quarterly data, NOI margins have compressed from 61.3% in 2023Q2 to 58.1% in 2025Q3, indicating that rising property-level operating expenses are increasingly outpacing rental income growth and placing significant pressure on the company's ability to generate organic FFO growth.
The contraction in margins suggests that the company is facing higher costs to retain tenants and maintain occupancy in its secondary market portfolio. This trend warrants further investigation into whether these costs are structural or if they represent a temporary spike in maintenance requirements.
According to the company's reported figures, the FFO payout ratio reached 87.2% in 2025Q3, which leaves a narrow margin for error and suggests that the current dividend distribution may be unsustainable if the downward trend in core operating performance continues throughout the upcoming fiscal year.
The high payout ratio indicates that the company is distributing a substantial portion of its available cash flow, limiting its ability to reinvest in the portfolio. Investors should be cautious, as any further decline in FFO could necessitate a dividend reduction to preserve liquidity.
As indicated by the financial data, the debt-to-equity ratio has fluctuated significantly, reaching 1.06 in 2025Q2 before settling at 0.66 in 2025Q3, which highlights the company's ongoing struggle to manage its capital structure amidst a period of declining asset values and limited liquidity.
The low interest coverage ratio of 0.17 in 2025Q3 is particularly concerning and suggests that the company may face significant challenges in servicing its debt obligations. This vulnerability warrants close monitoring of upcoming debt maturities and the company's access to capital markets.
The most commonly misapplied metric for City Office REIT is the standard P/E ratio, which is fundamentally distorted by high non-cash depreciation charges that artificially depress GAAP earnings and obscure the true cash-generating capacity of the company's office property portfolio.
Using P/E to evaluate a REIT like CIO leads to misleading conclusions about profitability and valuation. Analysts should instead utilize P/FFO or P/AFFO, which adjust for depreciation and provide a more accurate representation of the cash available for distributions and debt service.
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Quick answers to the most common questions about buying CIO stock.
City Office REIT, Inc.'s current P/E ratio is -11.1x. The historical average is 8.7x.
City Office REIT, Inc.'s current EV/EBITDA is 11.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.9x.
City Office REIT, Inc.'s return on equity (ROE) is -2.3%. The historical average is 1.6%.
Based on historical data, City Office REIT, Inc. is trading at a P/E of -11.1x. Compare with industry peers and growth rates for a complete picture.
City Office REIT, Inc.'s current dividend yield is 8.36%.
City Office REIT, Inc. has 59.4% gross margin and 10.9% operating margin. Operating margin between 10-20% is typical for established companies.
City Office REIT, Inc.'s Debt/EBITDA ratio is 8.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.