Latest Ratios: P/E Ratio -8.7x · EV/EBITDA 14.8x · ROE -6.9%. (2015–2025 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 | $581M | $366M | $240M | $308M | $213M | $1.6B | $1.5B | $1.5B | $1.3B | — | — |
| Enterprise Value | $4.6B | $4.4B | $4.4B | $4.5B | $4.4B | $2.4B | $2.4B | $2.8B | $1.7B | — | — |
| P/E Ratio → | -8.71 | — | — | — | — | 13.69 | 18.48 | 27.68 | 16.96 | — | — |
| P/S Ratio | 1.29 | 0.81 | 0.54 | 0.70 | 0.55 | 7.43 | 5.96 | 6.36 | 7.76 | — | — |
| P/B Ratio | 0.64 | 0.41 | 0.24 | 0.26 | 0.16 | 1.57 | 1.51 | 1.46 | 0.84 | — | — |
| P/FCF | 9.57 | 6.03 | 122.16 | 50.75 | 3.26 | 15.45 | 13.95 | 14.71 | 13.75 | — | — |
| P/OCF | 9.57 | 6.03 | 122.16 | 50.75 | 2.56 | 14.76 | 13.24 | 12.54 | 13.04 | — | — |
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 | — | 9.82 | 10.00 | 10.33 | 11.42 | 11.12 | 9.27 | 12.37 | 10.66 | — | — |
| EV / EBITDA | 14.76 | 14.07 | 14.23 | 14.68 | 16.19 | 15.84 | 8.81 | 17.54 | 14.72 | — | — |
| EV / EBIT | 31.24 | 27.08 | 29.45 | 32.75 | — | 21.32 | 21.78 | 27.58 | 19.14 | — | — |
| EV / FCF | — | 72.63 | 2253.47 | 745.94 | 67.65 | 23.12 | 21.71 | 28.61 | 18.88 | — | — |
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 | 12.6% | 12.6% | 85.9% | 86.3% | 87.0% | 86.3% | 78.5% | 86.8% | 88.1% | 88.6% | 88.8% |
| Operating Margin | 33.0% | 33.0% | 31.4% | 29.5% | 29.1% | 47.2% | 78.4% | 44.5% | 55.6% | 52.8% | 58.2% |
| Net Profit Margin | -14.7% | -14.7% | -21.6% | -24.7% | -58.4% | 54.4% | 32.2% | 22.9% | 45.8% | 51.2% | 56.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -6.9% | -6.9% | -8.8% | -8.7% | -19.1% | 11.7% | 8.2% | 4.2% | 5.2% | 5.8% | 6.4% |
| ROA | -1.2% | -1.2% | -1.7% | -1.9% | -6.0% | 6.3% | 3.8% | 2.6% | 5.0% | 5.7% | 6.1% |
| ROIC | 2.2% | 2.2% | 2.0% | 1.8% | 2.3% | 4.2% | 7.1% | 3.5% | 3.2% | 3.3% | 4.5% |
| ROCE | 3.3% | 3.3% | 2.6% | 2.3% | 3.1% | 5.8% | 9.2% | 5.8% | 10.4% | 8.1% | 6.3% |
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 | 4.69 | 4.69 | 4.28 | 3.72 | 3.21 | 0.81 | 0.86 | 1.41 | 0.32 | 0.59 | 0.06 |
| Debt / EBITDA | 13.49 | 13.49 | 13.89 | 14.04 | 15.58 | 5.45 | 3.23 | 8.70 | 4.08 | 7.54 | 0.75 |
| Net Debt / Equity | — | 4.49 | 4.15 | 3.63 | 3.17 | 0.78 | 0.84 | 1.38 | 0.31 | 0.61 | 0.08 |
| Net Debt / EBITDA | 12.90 | 12.90 | 13.46 | 13.68 | 15.41 | 5.26 | 3.15 | 8.52 | 4.00 | 7.73 | 0.95 |
| Debt / FCF | — | 66.61 | 2131.31 | 695.19 | 64.39 | 7.67 | 7.76 | 13.90 | 5.13 | 8.62 | 1.01 |
| Interest Coverage | 0.61 | 0.61 | 0.51 | 0.48 | -0.05 | 3.22 | 2.10 | 2.02 | 5.63 | 33.86 | 39.44 |
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 | 0.23 | 0.23 | 4.56 | 4.71 | 3.16 | 0.50 | 6.46 | 6.00 | 0.16 | 0.07 | 2.81 |
| Quick Ratio | 0.23 | 0.23 | 4.56 | 4.71 | 3.16 | 0.50 | 6.46 | 6.00 | 0.16 | 1.86 | 86.29 |
| Cash Ratio | 0.13 | 0.13 | 1.62 | 1.45 | 0.62 | 0.14 | 1.55 | 1.72 | 0.02 | -0.03 | -1.34 |
| Asset Turnover | — | 0.09 | 0.08 | 0.08 | 0.07 | 0.12 | 0.13 | 0.09 | 0.11 | 0.11 | 0.11 |
| 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 | 1.4% | 2.2% | 1.1% | 0.9% | 20.8% | 5.3% | 5.7% | 5.9% | 5.5% | — | — |
| Payout Ratio | — | — | — | — | — | 72.1% | 104.9% | 163.7% | 93.7% | 192.1% | 177.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | 7.3% | 5.4% | 3.6% | 5.9% | — | — |
| FCF Yield | 10.4% | 16.6% | 0.8% | 2.0% | 30.7% | 6.5% | 7.2% | 6.8% | 7.3% | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 1.5% | 2.3% | 1.2% | 0.9% | 21.0% | 5.3% | 5.7% | 5.9% | 5.5% | — | — |
| Shares Outstanding | — | $66M | $66M | $65M | $65M | $65M | $65M | $65M | $64M | $65M | $68M |
Excessive debt-to-equity leverage
According to recent market data, ILPT trades at a P/B of 0.68, which suggests that the market is pricing in significant distress or asset impairment risks that are not fully captured by the company's reported book value of its industrial and Hawaii-based land assets.
The persistent negative P/E and the absence of a stable P/FFO multiple indicate that investors are struggling to anchor a valuation on earnings, given the company's history of net losses. This valuation discount appears to be a direct consequence of the high leverage profile and the external management structure, which often necessitates a higher risk premium compared to internally managed industrial peers.
As reported in quarterly financial statements, ILPT's NOI margin has exhibited extreme volatility, swinging from 87.5% in 2023Q4 to a negative 2.0% in 2025Q4, which indicates that property-level profitability is highly sensitive to non-recurring charges and the integration costs of the mainland portfolio.
While the Hawaii ground leases typically provide high-margin stability, the mainland logistics assets appear to be dragging down overall profitability through higher operating expenses and potential lease-up costs. Investors should monitor whether the company can stabilize these margins, as the current inconsistency suggests that organic growth is being undermined by operational inefficiencies.
Based on reported figures, ILPT maintains a debt-to-equity ratio of 4.75x as of 2026Q1, a level that underscores the company's heavy reliance on debt financing and suggests that its balance sheet remains in a vulnerable state despite recent efforts to manage liquidity.
The interest coverage ratio, which has hovered near or below 0.65x, indicates that the company is struggling to generate sufficient operating cash flow to service its debt obligations comfortably. This structural leverage likely limits the firm's ability to pursue new growth opportunities and necessitates a cautious outlook regarding its long-term solvency.
As indicated by the reduction of the dividend to a nominal $0.01 per share, ILPT has shifted its capital allocation strategy toward liquidity preservation, reflecting the reality that its FFO generation is currently insufficient to support a meaningful distribution to shareholders.
The FFO payout ratio, while technically low due to the dividend cut, does not necessarily signal dividend safety but rather a strategic pivot to deleveraging. This move appears to be a necessary response to the high interest expense burden, which continues to consume a significant portion of the company's cash flow.
The most commonly misapplied ratio for ILPT is the standard P/E multiple, which is fundamentally misleading for this REIT because it fails to account for the massive non-cash depreciation charges that distort GAAP net income and obscure the company's actual cash-generating capacity.
Because ILPT consistently reports negative net income, the P/E ratio provides a distorted view of the company's valuation that does not reflect its underlying industrial property performance. Analysts should instead focus on FFO or AFFO, which adjust for these non-cash items and provide a more accurate representation of the firm's ability to generate distributable cash.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying ILPT stock.
Industrial Logistics Properties Trust's current P/E ratio is -8.7x. The historical average is 19.2x.
Industrial Logistics Properties Trust's current EV/EBITDA is 14.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.5x.
Industrial Logistics Properties Trust's return on equity (ROE) is -6.9%. The historical average is 0.3%.
Based on historical data, Industrial Logistics Properties Trust is trading at a P/E of -8.7x. Compare with industry peers and growth rates for a complete picture.
Industrial Logistics Properties Trust's current dividend yield is 1.39%.
Industrial Logistics Properties Trust has 12.6% gross margin and 33.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Industrial Logistics Properties Trust's Debt/EBITDA ratio is 13.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.