Latest Ratios: P/E Ratio 24.4x · EV/EBITDA 17.8x · ROE 6.5%. (2016–2025 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 | $6.7B | $6.0B | $5.5B | $3.9B | $3.2B | $3.4B | $2.0B | $1.9B | $605M | — | — |
| Enterprise Value | $9.2B | $8.4B | $7.6B | $5.6B | $4.6B | $4.5B | $2.9B | $2.6B | $1.1B | — | — |
| P/E Ratio → | 24.36 | 23.17 | 27.20 | 20.61 | 23.71 | 35.16 | 48.18 | 39.38 | 38.44 | — | — |
| P/S Ratio | 12.00 | 10.64 | 12.32 | 10.91 | 11.13 | 14.71 | 12.43 | 13.41 | 6.29 | — | — |
| P/B Ratio | 1.49 | 1.42 | 1.55 | 1.31 | 1.28 | 1.66 | 1.29 | 1.55 | 0.75 | — | — |
| P/FCF | 17.69 | 15.69 | 17.96 | 15.41 | 15.11 | 20.23 | 20.52 | 21.10 | 13.69 | — | — |
| P/OCF | 17.69 | 15.69 | 17.96 | 15.41 | 15.11 | 20.23 | 20.52 | 21.10 | 13.19 | — | — |
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 | — | 15.02 | 16.97 | 15.50 | 15.95 | 19.62 | 17.53 | 18.56 | 11.86 | — | — |
| EV / EBITDA | 17.84 | 16.36 | 19.05 | 16.17 | 17.31 | 22.24 | 21.75 | 21.02 | 16.93 | — | — |
| EV / EBIT | 25.40 | 23.11 | 26.97 | 22.32 | 27.71 | 34.43 | 39.73 | 34.33 | 22.38 | — | — |
| EV / FCF | — | 22.15 | 24.73 | 21.90 | 21.66 | 26.99 | 28.93 | 29.21 | 25.81 | — | — |
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 | 84.0% | 84.0% | 98.9% | 98.7% | 98.8% | 97.5% | 97.6% | 97.8% | 97.9% | 97.2% | 61.6% |
| Operating Margin | 64.5% | 64.5% | 61.9% | 67.5% | 61.2% | 58.4% | 44.4% | 57.3% | 20.6% | 45.0% | 33.2% |
| Net Profit Margin | 45.0% | 45.0% | 45.2% | 53.0% | 46.8% | 41.6% | 25.8% | 30.0% | 16.2% | 11.6% | 24.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.5% | 6.5% | 6.2% | 7.0% | 5.9% | 5.3% | 3.0% | 4.2% | 1.8% | 0.9% | 0.8% |
| ROA | 4.0% | 4.0% | 3.8% | 4.3% | 3.7% | 3.3% | 1.9% | 2.5% | 1.3% | 0.9% | 0.8% |
| ROIC | 4.4% | 4.4% | 4.1% | 4.3% | 3.7% | 3.6% | 2.5% | 3.7% | 1.0% | 1.5% | — |
| ROCE | 5.8% | 5.8% | 5.3% | 5.6% | 4.9% | 4.7% | 3.3% | 4.8% | 1.7% | 3.5% | 1.1% |
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 | 0.60 | 0.60 | 0.60 | 0.57 | 0.58 | 0.58 | 0.55 | 0.60 | 0.67 | 0.81 | 0.60 |
| Debt / EBITDA | 4.89 | 4.89 | 5.32 | 4.91 | 5.47 | 5.86 | 6.53 | 5.91 | 8.01 | 13.51 | 25.76 |
| Net Debt / Equity | — | 0.59 | 0.58 | 0.55 | 0.55 | 0.55 | 0.53 | 0.60 | 0.66 | 0.80 | 0.60 |
| Net Debt / EBITDA | 4.77 | 4.77 | 5.21 | 4.79 | 5.23 | 5.57 | 6.32 | 5.84 | 7.95 | 13.38 | 25.59 |
| Debt / FCF | — | 6.46 | 6.77 | 6.49 | 6.55 | 6.76 | 8.42 | 8.11 | 12.12 | 32.75 | 25.77 |
| Interest Coverage | 3.17 | 3.17 | 3.60 | 4.75 | 4.09 | 3.90 | 2.44 | 2.79 | 1.69 | 1.29 | — |
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 | 6.13 | 6.13 | 6.40 | 2.31 | 6.09 | 5.38 | 3.10 | 4.25 | 3.07 | 4.69 | 5.66 |
| Quick Ratio | 6.13 | 6.13 | 6.29 | 2.20 | 6.02 | 5.14 | 3.10 | 4.22 | 2.11 | 4.08 | 5.66 |
| Cash Ratio | 0.57 | 0.57 | 0.45 | 0.56 | 0.91 | 0.92 | 0.79 | 0.23 | 0.23 | 1.06 | 0.75 |
| Asset Turnover | — | 0.08 | 0.08 | 0.08 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.06 | 0.03 |
| Inventory Turnover | — | — | 0.50 | 0.63 | 0.72 | 0.37 | — | 2.54 | 0.11 | 0.37 | — |
| 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 | 3.7% | 3.9% | 3.6% | 4.3% | 4.4% | 3.3% | 4.2% | 3.4% | 2.3% | — | — |
| Payout Ratio | 92.5% | 92.5% | 98.4% | 88.2% | 105.6% | 117.4% | 204.6% | 152.7% | 90.1% | 1607.7% | 268.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 4.3% | 3.7% | 4.9% | 4.2% | 2.8% | 2.1% | 2.5% | 2.6% | — | — |
| FCF Yield | 5.7% | 6.4% | 5.6% | 6.5% | 6.6% | 4.9% | 4.9% | 4.7% | 7.3% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 3.7% | 3.9% | 3.6% | 4.3% | 4.4% | 3.3% | 4.2% | 3.4% | 2.3% | — | — |
| Shares Outstanding | — | $202M | $177M | $154M | $136M | $117M | $96M | $75M | $44M | $41M | $41M |
External capital dependency
Based on recent market data, EPRT trades at a P/FFO multiple of approximately 20.73x as of 2026Q1, suggesting that investors are pricing in a significant growth premium relative to the broader net lease sector, likely driven by the company's consistent double-digit FFO per share growth rates.
The current valuation appears to reflect a market consensus that EPRT's middle-market underwriting advantage justifies a higher multiple than traditional, investment-grade focused peers. However, investors should monitor whether this premium remains sustainable if acquisition spreads compress or if the company's reliance on external equity issuance leads to earnings dilution.
As reported in quarterly financial statements, EPRT maintains exceptionally high NOI margins consistently near 99%, which underscores the structural efficiency of the triple-net lease model in shifting property-level operating expenses directly to the tenant base, effectively insulating the company from inflationary pressures on property maintenance costs.
While these margins appear robust, they should be interpreted as a function of the lease structure rather than operational outperformance. The stability of these margins suggests that the company's profitability is highly predictable, provided that the tenant base remains solvent and capable of meeting their triple-net obligations.
According to reported figures, the FFO payout ratio has remained relatively stable, averaging approximately 60% over the last ten quarters, which appears to provide a comfortable buffer for dividend distributions despite the persistent and puzzling negative AFFO figures observed in the company's recent financial disclosures.
The divergence between FFO-based payout ratios and negative AFFO warrants further investigation, as it suggests that the dividend may be supported by accounting adjustments rather than true recurring cash flow. Investors should remain cautious, as the sustainability of the dividend appears contingent on the company's ability to continue recycling capital through external financing.
Based on the provided balance sheet data, EPRT maintains a debt-to-equity ratio of 0.60 as of 2026Q1, which appears notably conservative compared to broader net lease REIT peers and suggests a disciplined approach to managing property-level financing during this period of rapid asset base expansion.
This low leverage profile may indicate a strategic preference for equity-funded growth, which protects the balance sheet but potentially limits the return on equity for shareholders. The interest coverage ratio, hovering near 2.92x, suggests that while the debt load is manageable, the company's capacity to absorb further interest rate volatility may be constrained.
The most commonly misapplied metric for EPRT is the standard P/E ratio, which, at 23.92x, fails to account for the significant non-cash depreciation charges inherent in the REIT business model, thereby obscuring the company's true cash-generative capacity and leading to a distorted view of its valuation.
Analysts should prioritize P/FFO or P/AFFO to normalize for these non-cash items, as the P/E ratio significantly overstates the cost of the company's earnings. Relying on P/E in this context may lead to an incorrect assessment of the company's valuation relative to its peers, as it ignores the capital-intensive nature of the net lease business.
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Quick answers to the most common questions about buying EPRT stock.
Essential Properties Realty Trust, Inc.'s current P/E ratio is 24.4x. The historical average is 32.0x. This places it at the 38th percentile of its historical range.
Essential Properties Realty Trust, Inc.'s current EV/EBITDA is 17.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.9x.
Essential Properties Realty Trust, Inc.'s return on equity (ROE) is 6.5%. The historical average is 4.2%.
Based on historical data, Essential Properties Realty Trust, Inc. is trading at a P/E of 24.4x. This is at the 38th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Essential Properties Realty Trust, Inc.'s current dividend yield is 3.72% with a payout ratio of 92.5%.
Essential Properties Realty Trust, Inc. has 84.0% gross margin and 64.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Essential Properties Realty Trust, Inc.'s Debt/EBITDA ratio is 4.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.