Latest Ratios: P/E Ratio 23.2x · EV/EBITDA 17.7x · ROE 7.3%. (2013–2025 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 | $2.8B | $2.4B | $2.6B | $2.2B | $2.1B | $2.3B | $2.1B | $1.9B | $1.7B | $1.6B | $1.2B |
| Enterprise Value | $4.0B | $3.6B | $3.7B | $3.3B | $3.1B | $3.1B | $2.9B | $2.6B | $2.2B | $2.0B | $1.6B |
| P/E Ratio → | 23.19 | 21.16 | 25.36 | 23.64 | 21.61 | 26.50 | 27.56 | 26.59 | 20.47 | 21.78 | 7.80 |
| P/S Ratio | 9.43 | 8.07 | 9.52 | 8.96 | 9.50 | 11.33 | 12.47 | 12.07 | 11.74 | 11.71 | 9.86 |
| P/B Ratio | 1.59 | 1.45 | 1.76 | 1.78 | 1.86 | 2.34 | 2.52 | 2.66 | 2.41 | 2.99 | 2.60 |
| P/FCF | 14.43 | 12.35 | 17.72 | 13.60 | 14.94 | 18.46 | 23.31 | 18.48 | — | — | — |
| P/OCF | 14.43 | 12.35 | 17.72 | 13.60 | 14.94 | 18.46 | 23.31 | 18.48 | 20.86 | 19.76 | 17.23 |
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 | — | 12.15 | 13.77 | 13.36 | 13.87 | 15.74 | 16.87 | 16.25 | 15.39 | 15.10 | 13.18 |
| EV / EBITDA | 17.71 | 15.93 | 18.13 | 17.84 | 18.50 | 20.63 | 21.15 | 20.82 | 15.55 | 17.72 | 15.08 |
| EV / EBIT | 24.25 | 21.70 | 24.59 | 23.88 | 23.01 | 26.65 | 26.93 | 26.11 | 21.43 | 22.02 | 17.90 |
| EV / FCF | — | 18.58 | 25.62 | 20.28 | 21.80 | 25.64 | 31.52 | 24.88 | — | — | — |
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 | 95.4% | 95.4% | 84.9% | 83.9% | 84.0% | 85.2% | 88.5% | 86.8% | 86.8% | 86.0% | 85.6% |
| Operating Margin | 55.7% | 55.7% | 55.6% | 54.6% | 56.4% | 58.9% | 62.5% | 61.6% | 60.6% | 45.8% | 48.2% |
| Net Profit Margin | 38.2% | 38.2% | 37.5% | 38.0% | 43.8% | 42.9% | 45.2% | 45.3% | 57.4% | 53.6% | 126.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.3% | 7.3% | 7.4% | 8.0% | 9.3% | 9.5% | 9.8% | 10.2% | 13.5% | 14.4% | 34.4% |
| ROA | 4.0% | 4.0% | 3.9% | 4.1% | 4.8% | 4.8% | 5.0% | 5.2% | 6.8% | 7.1% | 16.8% |
| ROIC | 4.5% | 4.5% | 4.5% | 4.6% | 4.8% | 5.1% | 5.4% | 5.7% | 5.9% | 4.9% | 5.5% |
| ROCE | 6.0% | 6.0% | 6.0% | 6.0% | 6.3% | 6.7% | 7.0% | 7.2% | 7.4% | 6.2% | 6.5% |
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 | 0.74 | 0.74 | 0.79 | 0.89 | 0.88 | 0.92 | 0.90 | 0.93 | 0.88 | 0.99 | 0.93 |
| Debt / EBITDA | 5.40 | 5.40 | 5.61 | 5.96 | 5.98 | 5.82 | 5.59 | 5.39 | 4.33 | 4.54 | 4.05 |
| Net Debt / Equity | — | 0.73 | 0.79 | 0.87 | 0.86 | 0.91 | 0.89 | 0.92 | 0.75 | 0.86 | 0.88 |
| Net Debt / EBITDA | 5.34 | 5.34 | 5.59 | 5.87 | 5.82 | 5.78 | 5.51 | 5.35 | 3.69 | 3.98 | 3.80 |
| Debt / FCF | — | 6.23 | 7.90 | 6.68 | 6.86 | 7.18 | 8.21 | 6.39 | — | — | — |
| Interest Coverage | 3.17 | 3.17 | 3.05 | 3.14 | 3.70 | 3.62 | 3.66 | 3.76 | 5.17 | 4.69 | 6.16 |
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 | 0.30 | 0.30 | 0.20 | 0.61 | 0.85 | 0.30 | 0.51 | 0.31 | 3.99 | 2.57 | 1.84 |
| Quick Ratio | 0.29 | 0.29 | 0.19 | 0.61 | 0.69 | 0.29 | 0.43 | 0.30 | 3.99 | 2.57 | 1.82 |
| Cash Ratio | 0.17 | 0.17 | 0.08 | 0.33 | 0.56 | 0.15 | 0.29 | 0.15 | 3.80 | 2.30 | 1.84 |
| Asset Turnover | — | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.11 | 0.11 | 0.12 | 0.13 |
| Inventory Turnover | 55.12 | 55.12 | 183.71 | 169.15 | 4.59 | 117.47 | 6.65 | 108.22 | 103.90 | 100.28 | 88.38 |
| 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 | 5.5% | 6.1% | 5.0% | 5.3% | 5.1% | 4.3% | 4.0% | 4.1% | 4.1% | 3.8% | 9.9% |
| Payout Ratio | 128.1% | 128.1% | 127.5% | 125.6% | 110.0% | 113.2% | 111.6% | 108.1% | 84.3% | 82.2% | 77.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 4.7% | 3.9% | 4.2% | 4.6% | 3.8% | 3.6% | 3.8% | 4.9% | 4.6% | 12.8% |
| FCF Yield | 6.9% | 8.1% | 5.6% | 7.4% | 6.7% | 5.4% | 4.3% | 5.4% | — | — | — |
| 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 | 5.5% | 6.1% | 5.0% | 5.3% | 5.1% | 4.3% | 4.0% | 4.1% | 4.1% | 3.8% | 9.9% |
| Shares Outstanding | — | $103M | $94M | $89M | $82M | $77M | $72M | $69M | $64M | $61M | $60M |
Casual dining credit concentration
Based on reported financial data, FCPT's P/FFO multiple of 15.21x in 2026Q1 suggests a valuation that remains competitive against broader net-lease peers, reflecting market confidence in the trust's specialized outparcel strategy and its ability to maintain consistent earnings growth despite a volatile interest rate environment.
The current valuation appears to price in a premium for the fungibility of FCPT's land-rich outparcel portfolio compared to traditional single-tenant retail. Investors should monitor whether this multiple expansion is sustainable as the company continues to diversify away from its legacy Darden-branded assets into more varied service-oriented retail.
As reported in recent quarterly filings, FCPT maintains a robust NOI margin consistently near 95%, which underscores the structural efficiency of its triple-net lease model where tenants assume the primary burden of property-level operating expenses, insurance, and tax obligations across the entire portfolio.
This high margin profile suggests that FCPT is well-insulated from inflationary pressures on property-level operating costs. However, the stability of these margins warrants further investigation into whether the company is successfully passing through all maintenance-related capital expenditures to tenants or if hidden holding costs are beginning to emerge.
According to historical financial statements, FCPT's FFO payout ratio has remained disciplined, hovering between 80% and 87% over the last ten quarters, which indicates that the trust retains sufficient cash flow to support ongoing portfolio expansion while maintaining a reliable dividend distribution for its shareholders.
The consistency of this payout ratio suggests a conservative approach to capital allocation that prioritizes long-term growth over aggressive dividend hikes. Investors should monitor whether this retention level remains adequate to fund future acquisitions without necessitating dilutive equity issuances in a higher-cost capital environment.
Based on reported figures, FCPT has successfully reduced its debt-to-equity ratio from 1.35 in 2024Q2 to 0.72 by 2026Q1, signaling a proactive shift toward a more conservative capitalization strategy that strengthens the trust's ability to navigate potential sector-specific headwinds in the casual dining industry.
This reduction in leverage appears to provide the company with significant dry powder for opportunistic acquisitions as the market for net-lease assets evolves. The improved interest coverage ratio further suggests that the trust is well-positioned to manage its existing debt obligations despite the broader macro-economic uncertainty.
The most commonly misapplied metric for FCPT is the standard P/E ratio, which, as noted in financial analysis, fails to account for the significant non-cash depreciation charges inherent in real estate ownership that artificially depress reported net income and distort the company's true cash-generative capacity.
Investors should instead prioritize FFO or AFFO multiples to accurately assess the trust's valuation relative to its actual cash flow performance. Relying on P/E obscures the underlying profitability of the portfolio and may lead to an incorrect assessment of the company's valuation compared to its net-lease peers.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying FCPT stock.
Four Corners Property Trust, Inc.'s current P/E ratio is 23.2x. The historical average is 22.2x. This places it at the 50th percentile of its historical range.
Four Corners Property Trust, Inc.'s current EV/EBITDA is 17.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.1x.
Four Corners Property Trust, Inc.'s return on equity (ROE) is 7.3%. The historical average is 9.8%.
Based on historical data, Four Corners Property Trust, Inc. is trading at a P/E of 23.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Four Corners Property Trust, Inc.'s current dividend yield is 5.53% with a payout ratio of 128.1%.
Four Corners Property Trust, Inc. has 95.4% gross margin and 55.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Four Corners Property Trust, Inc.'s Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.