Latest Ratios: P/E Ratio 268.2x · EV/EBITDA 14.7x · ROE 1.7%. (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 | $724M | $595M | $501M | $390M | $338M | $362M | $198M | $302M | $290M | $354M | $305M |
| Enterprise Value | $1.4B | $1.2B | $1.0B | $886M | $775M | $637M | $467M | $583M | $536M | $543M | $463M |
| P/E Ratio → | 268.21 | 230.41 | — | 515.77 | — | 13.12 | 2.53 | 18.12 | 7.81 | 8.50 | 18.75 |
| P/S Ratio | 4.84 | 3.98 | 4.02 | 3.58 | 4.11 | 5.15 | 3.52 | 6.71 | 3.35 | 3.88 | 4.29 |
| P/B Ratio | 1.22 | 1.05 | 0.82 | 0.85 | 0.67 | 0.84 | 0.57 | 1.06 | 0.62 | 0.89 | 0.92 |
| P/FCF | 14.65 | 12.03 | 7.22 | 8.41 | — | 13.12 | — | — | — | — | — |
| P/OCF | 11.21 | 9.20 | 7.22 | 8.41 | 6.03 | 13.12 | 11.71 | 18.37 | 5.97 | 6.16 | 21.32 |
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 | — | 8.27 | 8.24 | 8.12 | 9.41 | 9.07 | 8.28 | 12.96 | 6.18 | 5.95 | 6.52 |
| EV / EBITDA | 14.67 | 13.28 | 12.41 | 12.54 | 16.63 | 14.51 | 14.90 | 12.24 | 5.48 | 6.22 | 5.67 |
| EV / EBIT | 41.28 | 32.99 | 102.82 | 32.21 | 43.74 | 18.10 | 86.59 | 45.94 | 17.31 | 74.72 | 12.65 |
| EV / FCF | — | 25.00 | 14.80 | 19.10 | — | 23.11 | — | — | — | — | — |
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 | -5.6% | -5.6% | 73.3% | 72.3% | 72.2% | 68.1% | 73.0% | 84.2% | 77.3% | 66.7% | 63.6% |
| Operating Margin | 22.1% | 22.1% | 14.1% | 24.3% | 21.5% | 33.2% | 21.8% | 76.1% | 73.2% | 44.1% | 52.5% |
| Net Profit Margin | 6.7% | 6.7% | -1.6% | 5.1% | 3.8% | 42.6% | 139.2% | 255.8% | 42.9% | 45.6% | 22.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.7% | 1.7% | -0.4% | 1.1% | 0.7% | 7.7% | 24.7% | 30.6% | 8.6% | 11.5% | 6.9% |
| ROA | 0.8% | 0.8% | -0.2% | 0.6% | 0.4% | 4.3% | 11.5% | 18.3% | 7.3% | 9.5% | 4.0% |
| ROIC | 2.1% | 2.1% | 1.3% | 2.1% | 1.6% | 2.6% | 1.5% | 4.0% | 7.3% | 5.6% | 7.1% |
| ROCE | 2.8% | 2.8% | 1.7% | 2.9% | 2.2% | 3.5% | 1.9% | 5.9% | 12.8% | 9.5% | 9.6% |
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 | 1.14 | 1.14 | 0.87 | 1.11 | 0.90 | 0.66 | 0.85 | 1.01 | 0.53 | 0.49 | 0.50 |
| Debt / EBITDA | 6.96 | 6.96 | 6.47 | 7.16 | 9.78 | 6.47 | 9.52 | 6.04 | 2.53 | 2.24 | 2.04 |
| Net Debt / Equity | — | 1.13 | 0.86 | 1.08 | 0.86 | 0.64 | 0.77 | 0.98 | 0.53 | 0.48 | 0.48 |
| Net Debt / EBITDA | 6.89 | 6.89 | 6.36 | 7.02 | 9.37 | 6.27 | 8.58 | 5.90 | 2.51 | 2.17 | 1.94 |
| Debt / FCF | — | 12.98 | 7.58 | 10.69 | — | 9.99 | — | — | — | — | — |
| Interest Coverage | 1.39 | 1.39 | 0.46 | 1.23 | 1.59 | 3.94 | 0.50 | 1.05 | 2.97 | 0.85 | 4.18 |
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 | 2.33 | 2.33 | 2.44 | 2.10 | 1.65 | 2.27 | 4.57 | 2.16 | 6.64 | 1.01 | 1.53 |
| Quick Ratio | 2.33 | 2.33 | 2.43 | 2.10 | 1.65 | 2.27 | 2.56 | 0.64 | 0.35 | 0.77 | 0.89 |
| Cash Ratio | 2.33 | 2.33 | 0.65 | 0.76 | 0.96 | 0.89 | 2.44 | 0.54 | 0.16 | 0.47 | 0.64 |
| Asset Turnover | — | 0.12 | 0.11 | 0.11 | 0.08 | 0.10 | 0.08 | 0.06 | 0.16 | 0.20 | 0.17 |
| Inventory Turnover | — | — | 110.74 | — | — | — | 0.53 | 0.05 | 0.21 | 9.13 | 3.36 |
| 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 | 8.2% | 9.5% | 8.0% | 8.8% | 8.5% | 6.5% | 7.3% | 0.7% | 0.5% | 0.3% | 0.2% |
| Payout Ratio | 560.4% | 560.4% | — | 619.6% | 915.0% | 78.8% | 18.4% | 1.9% | 4.0% | 2.4% | 4.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.4% | 0.4% | — | 0.2% | — | 7.6% | 39.6% | 5.5% | 12.8% | 11.8% | 5.3% |
| FCF Yield | 6.8% | 8.3% | 13.9% | 11.9% | — | 7.6% | — | — | — | — | — |
| Buyback Yield | 1.4% | 1.7% | 0.1% | 1.7% | 0.8% | 0.7% | 2.1% | 13.6% | 3.4% | 2.0% | 2.4% |
| Total Shareholder Yield | 9.6% | 11.3% | 8.2% | 10.5% | 9.4% | 7.2% | 9.4% | 14.4% | 3.9% | 2.3% | 2.7% |
| Shares Outstanding | — | $32M | $25M | $23M | $19M | $18M | $14M | $15M | $17M | $17M | $17M |
External management fee volatility
According to recent market data, CTO trades at a P/FFO multiple of approximately 17.6x, a valuation that appears to incorporate a complexity discount due to the company's dual role as a property owner and the external manager of Alpine Income Property Trust.
The current valuation reflects investor uncertainty regarding the sustainability of fee-based income versus core rental revenue. Investors should monitor whether the market continues to penalize the stock for the lack of transparency inherent in its equity stake in PINE, which complicates traditional NAV-based valuation models.
As reported in financial statements, CTO maintained NOI margins near 75% throughout most of the observed period, though the anomalous negative margin reported in 2025Q4 warrants further investigation into potential non-cash charges or property-level impairments that may have temporarily impacted the company's reported profitability.
While the core portfolio demonstrates strong property-level margins, the volatility in FFO growth suggests that organic growth is frequently offset by transactional accounting noise. The reliance on Sunbelt retail assets requires consistent leasing spreads to maintain these margins against rising insurance and tax costs.
Based on the provided financial data, CTO's dividend payout ratio relative to AFFO has fluctuated significantly, reaching a low of 19.5% in 2025Q4, which indicates that while the dividend appears covered, the underlying cash flow available for distribution remains highly sensitive to non-recurring transactional gains.
The wide variance in payout ratios suggests that management's dividend policy is tied to the timing of land sales rather than stable recurring FFO. Investors should monitor whether the company can sustain its current yield without relying on the liquidation of its legacy land bank.
Based on the provided balance sheet data, CTO’s debt-to-equity ratio hovered near 1.1x through late 2025, reflecting a moderate leverage profile that warrants careful monitoring as the company navigates potential refinancing needs in a higher-for-longer interest rate climate.
The company's ability to recycle capital from land sales into income-producing assets has kept leverage within an adequate range. However, the pro-rata debt associated with the PINE investment may represent a latent risk that is not fully captured by standalone debt-to-equity metrics.
Data from recent financial statements suggests that the market's reliance on standard P/E multiples for CTO is fundamentally flawed, as it fails to account for the massive non-cash depreciation charges that artificially depress net income and obscure the REIT's true operational cash generation capacity.
Using P/E instead of P/FFO or P/AFFO leads to a distorted view of valuation, as it treats necessary capital maintenance as a reduction in earnings power. Analysts should prioritize FFO-based metrics to better align with the actual cash-flow-generating nature of the company's diversified real estate portfolio.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CTO stock.
CTO Realty Growth, Inc.'s current P/E ratio is 268.2x. The historical average is 24.3x. This places it at the 100th percentile of its historical range.
CTO Realty Growth, Inc.'s current EV/EBITDA is 14.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.6x.
CTO Realty Growth, Inc.'s return on equity (ROE) is 1.7%. The historical average is 10.1%.
Based on historical data, CTO Realty Growth, Inc. is trading at a P/E of 268.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CTO Realty Growth, Inc.'s current dividend yield is 8.17% with a payout ratio of 560.4%.
CTO Realty Growth, Inc. has -5.6% gross margin and 22.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
CTO Realty Growth, Inc.'s Debt/EBITDA ratio is 7.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.