Latest Ratios: P/E Ratio 128.1x · EV/EBITDA 13.7x · ROE 0.8%. (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 | $5.1B | $4.3B | $4.7B | $3.7B | $3.8B | $6.0B | $5.0B | $5.3B | $3.4B | $3.9B | $2.2B |
| Enterprise Value | $8.7B | $8.0B | $7.9B | $6.2B | $6.2B | $8.3B | $7.2B | $7.6B | $4.4B | $4.9B | $3.5B |
| P/E Ratio → | 128.13 | 107.42 | 102.13 | 44.27 | 13.60 | 28.57 | 28.88 | 52.82 | 42.70 | 17.79 | 27.45 |
| P/S Ratio | 5.09 | 4.38 | 5.51 | 4.61 | 4.99 | 7.94 | 6.73 | 8.14 | 7.11 | 8.40 | 8.41 |
| P/B Ratio | 1.10 | 0.92 | 0.97 | 0.81 | 0.82 | 1.30 | 1.11 | 1.21 | 1.20 | 1.39 | 0.87 |
| P/FCF | 37.47 | 32.21 | 31.99 | 41.67 | 165.94 | 15.40 | 14.18 | 17.64 | — | — | 976.58 |
| P/OCF | 12.58 | 10.81 | 11.79 | 10.05 | 10.42 | 15.40 | 14.18 | 17.64 | 14.74 | 18.50 | 19.58 |
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 | — | 8.07 | 9.17 | 7.73 | 8.12 | 10.96 | 9.72 | 11.58 | 9.34 | 10.42 | 13.60 |
| EV / EBITDA | 13.68 | 12.56 | 14.56 | 12.31 | 13.01 | 17.75 | 12.25 | 19.37 | 10.08 | 10.31 | 11.86 |
| EV / EBIT | 39.15 | 35.96 | 46.48 | 32.79 | 25.78 | 23.93 | 24.09 | 36.85 | 36.92 | 66.29 | 3678.49 |
| EV / FCF | — | 59.38 | 53.27 | 69.87 | 269.87 | 21.26 | 20.50 | 25.12 | — | — | 1579.56 |
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 | 26.5% | 26.5% | 67.2% | 66.8% | 66.1% | 65.6% | 66.1% | 66.2% | 65.3% | 64.8% | 62.6% |
| Operating Margin | 22.4% | 22.4% | 20.4% | 23.6% | 23.6% | 23.6% | — | 20.7% | 14.2% | 16.7% | 15.0% |
| Net Profit Margin | 4.1% | 4.1% | 5.4% | 10.3% | 21.9% | 36.9% | 32.0% | 15.4% | 16.7% | 46.4% | 30.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.8% | 0.8% | 1.0% | 1.8% | 3.6% | 6.1% | 5.3% | 2.8% | 2.8% | 8.1% | 3.8% |
| ROA | 0.5% | 0.5% | 0.6% | 1.1% | 2.2% | 3.9% | 3.3% | 1.8% | 1.9% | 5.2% | 2.3% |
| ROIC | 2.0% | 2.0% | 1.7% | 2.0% | 1.9% | 2.0% | — | 1.9% | 1.3% | 1.5% | 0.9% |
| ROCE | 2.8% | 2.8% | 2.3% | 2.7% | 2.6% | 2.6% | — | 2.5% | 1.7% | 1.9% | 1.2% |
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 | 0.78 | 0.78 | 0.65 | 0.55 | 0.51 | 0.50 | 0.49 | 0.52 | 0.38 | 0.39 | 0.55 |
| Debt / EBITDA | 5.76 | 5.76 | 5.83 | 4.98 | 5.02 | 4.91 | 3.78 | 5.80 | 2.41 | 2.32 | 4.65 |
| Net Debt / Equity | — | 0.78 | 0.64 | 0.55 | 0.51 | 0.50 | 0.49 | 0.51 | 0.38 | 0.33 | 0.54 |
| Net Debt / EBITDA | 5.75 | 5.75 | 5.82 | 4.97 | 5.01 | 4.89 | 3.77 | 5.76 | 2.41 | 2.00 | 4.53 |
| Debt / FCF | — | 27.17 | 21.28 | 28.19 | 103.93 | 5.86 | 6.31 | 7.48 | — | — | 602.97 |
| Interest Coverage | — | — | 1.38 | 1.79 | 3.31 | 5.16 | 4.93 | 3.83 | 3.05 | 2.19 | 0.04 |
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 | 0.34 | 0.34 | 0.38 | 0.44 | 0.46 | 0.53 | 1.00 | 1.59 | 0.66 | 1.59 | 0.83 |
| Quick Ratio | 0.34 | 0.34 | 0.38 | 0.44 | 0.46 | 0.53 | 1.00 | 1.59 | 0.66 | 1.59 | 0.83 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.01 | 0.05 | 0.02 | 0.85 | 0.25 |
| Asset Turnover | — | 0.11 | 0.10 | 0.11 | 0.10 | 0.10 | 0.10 | 0.09 | 0.11 | 0.11 | 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 | 4.2% | 5.0% | 4.1% | 5.2% | 5.1% | 3.0% | 3.5% | 2.7% | 3.2% | 2.5% | 2.3% |
| Payout Ratio | 532.8% | 532.8% | 425.2% | 234.3% | 115.3% | 65.6% | 74.3% | 140.7% | 135.4% | 45.8% | 63.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.8% | 0.9% | 1.0% | 2.3% | 7.4% | 3.5% | 3.5% | 1.9% | 2.3% | 5.6% | 3.6% |
| FCF Yield | 2.7% | 3.1% | 3.1% | 2.4% | 0.6% | 6.5% | 7.1% | 5.7% | — | — | 0.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.6% |
| Total Shareholder Yield | 4.2% | 5.0% | 4.2% | 5.2% | 5.1% | 3.0% | 3.5% | 2.7% | 3.2% | 2.5% | 3.0% |
| Shares Outstanding | — | $169M | $154M | $152M | $150M | $149M | $149M | $130M | $107M | $106M | $64M |
Sun Belt geographic concentration
As reported in quarterly financial statements, Cousins Properties' NOI margins have exhibited significant instability, fluctuating from a high of 69.2% in 2025Q1 to a low of 24.8% in 2024Q1, suggesting that property-level profitability is highly sensitive to the timing of leasing activity and non-reimbursable operating expenses.
The wide variance in NOI margins indicates that the company's core property operations are not yet achieving the consistent scale required to offset the high fixed costs of its trophy office portfolio. Investors should monitor whether these margin swings are a byproduct of temporary development-related costs or a more permanent structural issue regarding the cost of maintaining high-end Sun Belt assets.
Based on the company's reported figures, the FFO payout ratio has remained relatively stable near 45-50%, yet the underlying AFFO payout ratio is highly erratic, with quarterly AFFO per share swinging from $0.41 in 2025Q1 to a negative $1.12 in 2025Q3, indicating significant dividend sustainability risks.
The extreme volatility in AFFO suggests that the dividend is frequently being supported by cash flows that do not account for the heavy capital expenditure requirements of the portfolio. This disconnect between FFO-based payout metrics and actual cash availability warrants caution, as the dividend may be vulnerable during periods of elevated tenant improvement spending.
According to recent SEC filings, the company's debt-to-equity ratio has trended upward from 0.55 in 2023Q4 to 0.84 in 2026Q1, reflecting a reliance on debt financing to fund its development-heavy growth strategy in an increasingly challenging interest rate environment for office REITs.
The steady increase in leverage, coupled with interest coverage ratios that have compressed to 0.45 in 2026Q1, suggests that the company's financial flexibility is narrowing. This trend warrants further investigation into the firm's ability to refinance upcoming debt maturities without further diluting shareholder value or compromising the dividend.
As evidenced by the provided data, the market's reliance on a 124.83x P/E ratio for Cousins Properties is fundamentally misleading, as it fails to account for the massive non-cash depreciation charges that artificially depress GAAP earnings while ignoring the recurring capital expenditures essential to maintaining trophy office assets.
Investors should prioritize FFO and AFFO multiples over standard P/E ratios to gain a clearer picture of the company's true earnings power. Using P/E in this context obscures the actual cash-generating capacity of the portfolio and ignores the capital-intensive nature of the office leasing business, leading to a distorted view of valuation.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CUZ stock.
Cousins Properties Incorporated's current P/E ratio is 128.1x. The historical average is 29.4x. This places it at the 100th percentile of its historical range.
Cousins Properties Incorporated's current EV/EBITDA is 13.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.5x.
Cousins Properties Incorporated's return on equity (ROE) is 0.8%. The historical average is 10.4%.
Based on historical data, Cousins Properties Incorporated is trading at a P/E of 128.1x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cousins Properties Incorporated's current dividend yield is 4.16% with a payout ratio of 532.8%.
Cousins Properties Incorporated has 26.5% gross margin and 22.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cousins Properties Incorporated's Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.