Latest Ratios: P/E Ratio 125.4x · EV/EBITDA 12.3x · ROE 0.5%. (2005–2025 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 | $2.0B | $1.8B | $3.1B | $2.5B | $2.8B | $5.9B | $5.1B | $7.6B | $5.8B | $6.6B | $5.6B |
| Enterprise Value | $7.3B | $7.1B | $8.2B | $7.5B | $7.7B | $10.6B | $9.7B | $12.6B | $9.8B | $11.0B | $9.9B |
| P/E Ratio → | 125.41 | 113.07 | 142.77 | — | — | — | — | — | 50.19 | 70.79 | 66.47 |
| P/S Ratio | 2.03 | 1.83 | 3.15 | 2.41 | 2.77 | 6.40 | 5.76 | 8.07 | 6.58 | 8.15 | 7.54 |
| P/B Ratio | 0.59 | 0.53 | 0.85 | 0.64 | 0.64 | 1.47 | 1.28 | 1.74 | 1.51 | 1.70 | 1.86 |
| P/FCF | 10.50 | 9.46 | 18.35 | 10.34 | 10.65 | 38.21 | 41.74 | 32.88 | 31.27 | 28.61 | 25.47 |
| P/OCF | 5.28 | 4.76 | 7.60 | 5.76 | 5.55 | 13.15 | 12.18 | 16.21 | 13.39 | 16.44 | 16.50 |
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 | — | 7.04 | 8.28 | 7.34 | 7.74 | 11.50 | 10.92 | 13.40 | 11.10 | 13.53 | 13.27 |
| EV / EBITDA | 12.33 | 11.99 | 13.83 | 12.29 | 12.52 | 18.46 | 10.63 | 13.33 | 11.47 | 13.53 | 13.28 |
| EV / EBIT | 38.16 | 27.68 | 34.47 | 56.05 | 31.17 | 51.89 | 61.48 | 50.66 | 37.35 | 44.02 | 40.69 |
| EV / FCF | — | 36.34 | 48.26 | 31.50 | 29.72 | 68.67 | 79.11 | 54.63 | 52.77 | 47.50 | 44.83 |
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 | -16.1% | -16.1% | 64.5% | 19.5% | 66.4% | 67.0% | 65.6% | 68.4% | 68.1% | 68.2% | 68.0% |
| Operating Margin | 19.0% | 19.0% | 21.0% | 14.7% | 24.3% | 21.9% | 61.1% | 64.4% | 28.6% | 29.7% | 29.7% |
| Net Profit Margin | 1.6% | 1.6% | 2.4% | -4.2% | 9.8% | 7.1% | 5.7% | 38.5% | 13.2% | 11.6% | 11.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.5% | 0.5% | 0.6% | -1.1% | 2.4% | 1.6% | 1.2% | 8.9% | 3.0% | 2.7% | 3.2% |
| ROA | 0.2% | 0.2% | 0.2% | -0.4% | 1.0% | 0.7% | 0.5% | 4.1% | 1.4% | 1.2% | 1.2% |
| ROIC | 1.6% | 1.6% | 1.8% | 1.2% | 2.0% | 1.7% | 4.5% | 5.3% | 2.3% | 2.3% | 2.5% |
| ROCE | 2.1% | 2.1% | 2.2% | 1.6% | 2.6% | 2.2% | 6.0% | 7.1% | 3.1% | 3.1% | 3.3% |
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 | 1.60 | 1.60 | 1.51 | 1.44 | 1.22 | 1.26 | 1.19 | 1.19 | 1.07 | 1.16 | 1.45 |
| Debt / EBITDA | 9.44 | 9.44 | 9.32 | 9.11 | 8.47 | 8.77 | 5.21 | 5.47 | 4.85 | 5.60 | 5.89 |
| Net Debt / Equity | — | 1.50 | 1.38 | 1.31 | 1.15 | 1.18 | 1.15 | 1.15 | 1.04 | 1.12 | 1.41 |
| Net Debt / EBITDA | 8.87 | 8.87 | 8.57 | 8.25 | 8.03 | 8.19 | 5.02 | 5.31 | 4.67 | 5.38 | 5.73 |
| Debt / FCF | — | 26.87 | 29.91 | 21.16 | 19.07 | 30.46 | 37.38 | 21.76 | 21.50 | 18.88 | 19.36 |
| Interest Coverage | 0.96 | 0.96 | 1.03 | 0.64 | 1.64 | 1.38 | 1.10 | 1.74 | 1.96 | 1.72 | 1.66 |
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 | 3.05 | 3.05 | 4.81 | 5.25 | 3.91 | 2.55 | 1.19 | 1.80 | 1.28 | 2.43 | 2.28 |
| Quick Ratio | 3.05 | 3.05 | 4.81 | 5.25 | 3.91 | 2.55 | 1.19 | 1.80 | 1.31 | 2.49 | 2.34 |
| Cash Ratio | 1.98 | 1.98 | 2.73 | 3.21 | 1.54 | 1.73 | 0.64 | 0.85 | 0.52 | 1.21 | 1.03 |
| Asset Turnover | — | 0.11 | 0.10 | 0.11 | 0.10 | 0.10 | 0.10 | 0.10 | 0.11 | 0.10 | 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 | 6.2% | 6.9% | 4.1% | 5.3% | 7.1% | 3.3% | 3.8% | 2.4% | 2.9% | 2.2% | 2.3% |
| Payout Ratio | 782.3% | 782.3% | 540.8% | — | 202.6% | 301.1% | 389.4% | 49.4% | 146.3% | 154.6% | 153.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.8% | 0.9% | 0.7% | — | — | — | — | — | 2.0% | 1.4% | 1.5% |
| FCF Yield | 9.5% | 10.6% | 5.4% | 9.7% | 9.4% | 2.6% | 2.4% | 3.0% | 3.2% | 3.5% | 3.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 4.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% |
| Total Shareholder Yield | 6.3% | 6.9% | 4.1% | 9.8% | 7.2% | 3.3% | 3.8% | 2.4% | 2.9% | 2.4% | 2.4% |
| Shares Outstanding | — | $167M | $167M | $170M | $176M | $175M | $175M | $173M | $170M | $161M | $153M |
Geographic concentration in California
As reported in recent quarterly filings, DEI's NOI margin experienced a precipitous decline to negative 13.9% in 2026Q1, marking a significant departure from the 60% plus margins observed in previous periods and suggesting severe underlying pressure on property-level expense management and revenue realization.
The dramatic swing in NOI margins indicates that the company's high fixed-cost base is failing to scale effectively during periods of occupancy fluctuation. This volatility suggests that the core portfolio may be struggling to absorb rising operating expenses, which warrants further investigation into whether these margin pressures are structural or transitory.
Based on the provided financial data, the FFO payout ratio has fluctuated between 23.1% and 60.2% over the last ten quarters, indicating that while the dividend appears covered on an FFO basis, the underlying cash flow volatility makes the sustainability of these distributions increasingly uncertain.
Investors should monitor the divergence between FFO and AFFO, as the latter accounts for the heavy recurring capital expenditures required to maintain high-tier office assets. The reliance on non-recurring capital sources to fund dividends may indicate that the current payout level is not supported by organic cash generation.
According to the company's reported figures, the debt-to-equity ratio has remained consistently above 1.45x, which, when viewed alongside the interest coverage ratio that dipped to 0.80x in 2026Q1, suggests a highly leveraged capital structure that is increasingly vulnerable to interest rate volatility.
The declining interest coverage ratio implies that the company's ability to service its debt obligations is being severely tested by current market conditions. This leverage profile limits the firm's capacity to fund necessary tenant improvements, potentially creating a cycle of deferred maintenance that could further erode asset quality.
The most commonly misapplied metric for Douglas Emmett is the standard P/E ratio, which, as evidenced by the TTM P/E of 122.74, fails to account for the significant non-cash depreciation charges inherent in high-value coastal real estate, thereby providing a deeply distorted view of valuation.
Because depreciation is a non-cash expense that does not reflect the actual economic value of the properties, the P/E ratio obscures the company's true cash-generating capacity. Analysts should instead prioritize P/FFO or P/AFFO to better align valuation with the REIT's actual operational performance and cash flow reality.
Includes 30+ ratios · 21 years · Updated daily
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Quick answers to the most common questions about buying DEI stock.
Douglas Emmett, Inc.'s current P/E ratio is 125.4x. The historical average is 93.2x. This places it at the 78th percentile of its historical range.
Douglas Emmett, Inc.'s current EV/EBITDA is 12.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.1x.
Douglas Emmett, Inc.'s return on equity (ROE) is 0.5%. The historical average is 1.0%.
Based on historical data, Douglas Emmett, Inc. is trading at a P/E of 125.4x. This is at the 78th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Douglas Emmett, Inc.'s current dividend yield is 6.23% with a payout ratio of 782.3%.
Douglas Emmett, Inc. has -16.1% gross margin and 19.0% operating margin. Operating margin between 10-20% is typical for established companies.
Douglas Emmett, Inc.'s Debt/EBITDA ratio is 9.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.