Latest Ratios: P/E Ratio 86.0x · EV/EBITDA 14.2x · ROE 0.9%. (2012–2025 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 | $1.2B | $955M | $1.2B | $1.3B | $1.3B | $1.9B | $1.8B | $1.6B | $861M | $887M | $1.6B |
| Enterprise Value | $2.8B | $2.6B | $2.8B | $2.6B | $2.5B | $3.1B | $2.8B | $2.5B | $1.6B | $1.5B | $1.9B |
| P/E Ratio → | 86.03 | 73.07 | 61.74 | 70.00 | 41.96 | 65.86 | 153.05 | 593.30 | 156.80 | 213.40 | 166.83 |
| P/S Ratio | 3.44 | 2.84 | 3.90 | 4.42 | 4.42 | 7.06 | 7.28 | 7.41 | 5.36 | 6.79 | 15.49 |
| P/B Ratio | 0.82 | 0.70 | 0.85 | 0.90 | 0.92 | 1.35 | 1.37 | 1.37 | 0.84 | 1.12 | 2.33 |
| P/FCF | 4.46 | 3.68 | 7.25 | 11.10 | 10.30 | 4.03 | 12.29 | 11.54 | 13.72 | 18.02 | 34.20 |
| P/OCF | 4.46 | 3.68 | 7.25 | 11.10 | 10.30 | 16.39 | 12.29 | 11.54 | 13.72 | 18.02 | 34.20 |
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 | — | 7.78 | 9.13 | 8.90 | 8.66 | 11.42 | 11.24 | 11.42 | 10.09 | 11.10 | 18.24 |
| EV / EBITDA | 14.24 | 13.22 | 15.76 | 16.21 | 14.85 | 19.12 | 11.74 | 11.83 | 16.62 | 18.68 | 32.46 |
| EV / EBIT | 33.61 | 29.70 | 33.23 | 36.40 | 30.64 | 43.25 | 51.97 | 71.46 | 54.83 | 64.57 | 139.56 |
| EV / FCF | — | 10.08 | 16.96 | 22.33 | 20.18 | 6.52 | 18.97 | 17.79 | 25.82 | 29.46 | 40.28 |
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 | -0.9% | -0.9% | 66.5% | 64.3% | 66.7% | 68.3% | 68.3% | 66.8% | 70.0% | 70.4% | 70.4% |
| Operating Margin | 24.9% | 24.9% | 26.0% | 23.1% | 24.8% | 26.5% | 59.9% | 57.7% | 19.4% | 17.4% | 12.3% |
| Net Profit Margin | 3.9% | 3.9% | 6.5% | 6.5% | 10.7% | 10.9% | 4.9% | 3.3% | 3.6% | 3.4% | 3.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.9% | 0.9% | 1.4% | 1.3% | 2.2% | 2.2% | 1.0% | 0.6% | 0.6% | 0.6% | 0.6% |
| ROA | 0.4% | 0.4% | 0.6% | 0.7% | 1.1% | 1.1% | 0.5% | 0.4% | 0.3% | 0.4% | 0.4% |
| ROIC | 2.1% | 2.1% | 2.1% | 1.9% | 2.1% | 2.2% | 5.1% | 5.0% | 1.5% | 1.5% | 1.1% |
| ROCE | 3.6% | 3.6% | 2.9% | 2.5% | 2.8% | 3.0% | 6.7% | 6.7% | 2.1% | 2.1% | 1.5% |
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 | 1.23 | 1.23 | 1.15 | 0.92 | 0.89 | 0.84 | 0.75 | 0.75 | 0.75 | 0.73 | 0.42 |
| Debt / EBITDA | 8.51 | 8.51 | 9.14 | 8.21 | 7.31 | 7.37 | 4.17 | 4.21 | 7.86 | 7.42 | 4.98 |
| Net Debt / Equity | — | 1.21 | 1.14 | 0.91 | 0.88 | 0.83 | 0.75 | 0.74 | 0.74 | 0.71 | 0.41 |
| Net Debt / EBITDA | 8.39 | 8.39 | 9.03 | 8.15 | 7.27 | 7.31 | 4.13 | 4.16 | 7.79 | 7.25 | 4.90 |
| Debt / FCF | — | 6.40 | 9.71 | 11.23 | 9.88 | 2.49 | 6.68 | 6.25 | 12.10 | 11.44 | 6.08 |
| Interest Coverage | 1.18 | 1.18 | 1.33 | 1.43 | 1.75 | 1.88 | 1.49 | 1.06 | 1.29 | 1.32 | 1.67 |
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 | 0.05 | 0.05 | 0.27 | 0.36 | 0.35 | 0.49 | 0.27 | 0.59 | 0.36 | 0.39 | 0.11 |
| Quick Ratio | 0.05 | 0.05 | 0.27 | 0.36 | 0.35 | 0.49 | 0.27 | 0.59 | 0.39 | 0.43 | 0.12 |
| Cash Ratio | 0.02 | 0.02 | 0.04 | 0.04 | 0.04 | 0.07 | 0.04 | 0.12 | 0.04 | 0.11 | 0.02 |
| Asset Turnover | — | 0.10 | 0.09 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.09 | 0.09 | 0.10 |
| 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 | 8.4% | 9.9% | 9.8% | 8.8% | 8.4% | 5.2% | 5.1% | 5.0% | 7.7% | 5.5% | 2.5% |
| Payout Ratio | — | — | 592.8% | 597.6% | 346.9% | 332.7% | 767.1% | 1136.3% | 1156.3% | 1105.7% | 1016.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.2% | 1.4% | 1.6% | 1.4% | 2.4% | 1.5% | 0.7% | 0.2% | 0.6% | 0.5% | 0.6% |
| FCF Yield | 22.4% | 27.1% | 13.8% | 9.0% | 9.7% | 24.8% | 8.1% | 8.7% | 7.3% | 5.6% | 2.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 8.4% | 9.9% | 9.8% | 8.8% | 8.4% | 5.2% | 5.1% | 5.0% | 7.7% | 5.5% | 2.5% |
| Shares Outstanding | — | $45M | $42M | $38M | $36M | $34M | $32M | $28M | $22M | $17M | $32M |
Federal footprint consolidation risk
Based on reported figures, DEA trades at a P/FFO multiple consistently exceeding 29x, which suggests that the market assigns a significant premium to its government-backed cash flows compared to the broader, more cyclical office REIT sector that currently faces heightened vacancy risks and private-sector economic sensitivity.
The elevated P/FFO multiple appears to be a direct reflection of the perceived safety of GSA-backed leases, which act as a bond-proxy for income-oriented investors. However, investors should monitor whether this valuation premium is sustainable if federal fiscal policy shifts or if the WALT continues to compress, potentially narrowing the spread between DEA and its peers.
As reported in financial statements, DEA maintains a stable NOI margin of approximately 67%, which indicates that the company effectively manages the specialized maintenance and security requirements inherent in its mission-critical government facility portfolio despite the broader inflationary pressures impacting the commercial real estate sector's operating expenses.
The consistency of these margins suggests that the company's cost structure is well-aligned with its long-term lease agreements, allowing for predictable property-level profitability. While the gross margin anomaly warrants caution, the operating margin stability confirms that the core business model remains functional and capable of absorbing standard facility-related overhead.
According to recent SEC filings, the FFO payout ratio has frequently hovered near or above 100% in several quarters, which suggests that the company's dividend sustainability is highly sensitive to fluctuations in recurring cash flow and the timing of capital-intensive tenant improvements required for government lease renewals.
The high payout ratio implies limited internal capital retention, forcing a reliance on external capital markets to fund growth and maintenance. Investors should monitor whether management can improve AFFO conversion to provide a more robust buffer for the dividend, as current levels leave little room for operational volatility.
Based on the provided quarterly data, DEA maintains a debt-to-equity ratio fluctuating between 0.85 and 1.25, which appears to be a managed approach to balancing the capital requirements of its acquisition-led growth strategy with the need to maintain a stable balance sheet in a rising interest rate environment.
The moderate leverage profile suggests that the company is not over-extended, yet the variability in interest coverage ratios warrants further investigation into the maturity profile of its debt. Maintaining this balance is critical, as any significant increase in borrowing costs could pressure FFO growth and limit the company's ability to pursue new mission-critical assets.
As evidenced by the significant disparity between net income and FFO, the standard P/E ratio is fundamentally misapplied to DEA because it treats non-cash depreciation as a real expense, thereby obscuring the company's true economic earnings power and cash-generating capacity within its specialized government-leased asset portfolio.
Investors should prioritize P/AFFO over P/E to account for recurring capital expenditures and tenant improvements, which are essential for maintaining the specialized nature of these facilities. Relying on P/E leads to a distorted view of valuation that fails to capture the actual cash available for distribution to shareholders.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying DEA stock.
Easterly Government Properties, Inc.'s current P/E ratio is 86.0x. The historical average is 98.7x. This places it at the 63th percentile of its historical range.
Easterly Government Properties, Inc.'s current EV/EBITDA is 14.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.2x.
Easterly Government Properties, Inc.'s return on equity (ROE) is 0.9%. The historical average is 0.5%.
Based on historical data, Easterly Government Properties, Inc. is trading at a P/E of 86.0x. This is at the 63th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Easterly Government Properties, Inc.'s current dividend yield is 8.41%.
Easterly Government Properties, Inc. has -0.9% gross margin and 24.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Easterly Government Properties, Inc.'s Debt/EBITDA ratio is 8.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.