Latest Ratios: P/E Ratio 17.0x · EV/EBITDA 14.0x · ROE 4.9%. (1996–2025 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 | $4.6B | $4.4B | $4.8B | $4.7B | $4.5B | $7.8B | $6.5B | $8.7B | $6.3B | $7.4B | $6.8B |
| Enterprise Value | $9.2B | $9.1B | $9.3B | $9.2B | $8.6B | $11.6B | $9.8B | $12.3B | $9.2B | $9.7B | $8.9B |
| P/E Ratio → | 16.96 | 16.11 | 22.85 | 22.13 | 19.63 | 12.40 | 35.21 | 59.50 | 24.47 | 49.44 | 24.65 |
| P/S Ratio | 4.11 | 4.00 | 4.21 | 4.14 | 4.13 | 8.14 | 7.27 | 10.40 | 8.45 | 10.25 | 10.60 |
| P/B Ratio | 0.83 | 0.79 | 0.85 | 0.83 | 0.80 | 1.37 | 1.24 | 1.91 | 1.50 | 1.86 | 1.81 |
| P/FCF | — | — | 118.98 | 79.66 | 805.71 | — | — | — | — | — | — |
| P/OCF | 8.08 | 7.85 | 8.83 | 7.77 | 7.65 | 15.05 | 14.33 | 22.54 | 15.41 | 21.24 | 19.74 |
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 | — | 8.19 | 8.22 | 8.17 | 7.82 | 12.10 | 10.93 | 14.69 | 12.31 | 13.43 | 13.91 |
| EV / EBITDA | 13.99 | 13.80 | 13.50 | 13.44 | 13.38 | 19.45 | 18.21 | 24.80 | 12.31 | 13.43 | 13.87 |
| EV / EBIT | 29.29 | 19.66 | 24.69 | 26.17 | 24.94 | 15.67 | 35.30 | 46.65 | 49.44 | 39.16 | 24.85 |
| EV / FCF | — | — | 232.51 | 156.95 | 1523.91 | — | — | — | — | — | — |
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 | 67.0% | 67.0% | 67.2% | 68.9% | 70.7% | 71.8% | 71.0% | 69.7% | 71.8% | 71.8% | 73.1% |
| Operating Margin | 28.4% | 28.4% | 29.5% | 29.2% | 29.6% | 29.6% | 26.6% | 26.5% | 24.9% | 28.7% | 30.5% |
| Net Profit Margin | 24.8% | 24.8% | 18.6% | 18.8% | 21.2% | 65.8% | 20.8% | 23.3% | 34.6% | 22.9% | 45.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.9% | 4.9% | 3.7% | 3.7% | 4.1% | 11.5% | 3.8% | 4.5% | 6.3% | 4.3% | 8.4% |
| ROA | 2.5% | 2.5% | 1.9% | 1.9% | 2.2% | 6.1% | 2.0% | 2.3% | 3.5% | 2.4% | 4.6% |
| ROIC | 2.3% | 2.3% | 2.5% | 2.5% | 2.5% | 2.4% | 2.1% | 2.2% | 2.1% | 2.6% | 2.6% |
| ROCE | 3.0% | 3.0% | 3.2% | 3.2% | 3.3% | 2.9% | 2.7% | 2.9% | 2.8% | 3.3% | 3.4% |
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 | 0.86 | 0.86 | 0.84 | 0.89 | 0.77 | 0.74 | 0.76 | 0.80 | 0.70 | 0.59 | 0.62 |
| Debt / EBITDA | 7.33 | 7.33 | 6.83 | 7.36 | 6.85 | 7.06 | 7.46 | 7.36 | 3.92 | 3.26 | 3.60 |
| Net Debt / Equity | — | 0.83 | 0.81 | 0.80 | 0.71 | 0.66 | 0.62 | 0.79 | 0.69 | 0.58 | 0.57 |
| Net Debt / EBITDA | 7.06 | 7.06 | 6.59 | 6.62 | 6.31 | 6.36 | 6.10 | 7.24 | 3.85 | 3.18 | 3.30 |
| Debt / FCF | — | — | 113.53 | 77.29 | 718.20 | — | — | — | — | — | — |
| Interest Coverage | 2.51 | 2.51 | 2.60 | 3.09 | 4.08 | 9.39 | 3.93 | 5.43 | 3.70 | 3.73 | 6.44 |
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 | 4.24 | 4.24 | 1.20 | 1.86 | 1.16 | 1.27 | 1.79 | 0.72 | 0.76 | 0.71 | 0.81 |
| Quick Ratio | 4.24 | 4.24 | 1.20 | 1.86 | 1.16 | 1.27 | 1.79 | 0.72 | 0.78 | 0.82 | 0.79 |
| Cash Ratio | 1.44 | 1.44 | 0.34 | 1.15 | 0.51 | 0.63 | 1.08 | 0.13 | 0.12 | 0.16 | 0.33 |
| Asset Turnover | — | 0.10 | 0.10 | 0.10 | 0.10 | 0.09 | 0.09 | 0.09 | 0.10 | 0.11 | 0.10 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | 18.33 |
| 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% | 5.8% | 5.4% | 5.5% | 5.5% | 3.1% | 3.4% | 2.3% | 2.8% | 4.6% | 2.0% |
| Payout Ratio | 93.4% | 93.4% | 121.5% | 120.3% | 106.4% | 37.8% | 120.0% | 100.4% | 69.4% | 207.0% | 46.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.9% | 6.2% | 4.4% | 4.5% | 5.1% | 8.1% | 2.8% | 1.7% | 4.1% | 2.0% | 4.1% |
| FCF Yield | — | — | 0.8% | 1.3% | 0.1% | — | — | — | — | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.6% | 0.2% | 0.5% | 0.3% | 0.2% | 0.2% | 0.3% | 2.9% | 0.1% |
| Total Shareholder Yield | 5.7% | 5.9% | 5.9% | 5.7% | 6.0% | 3.3% | 3.7% | 2.4% | 3.1% | 7.5% | 2.1% |
| Shares Outstanding | — | $119M | $118M | $118M | $117M | $117M | $114M | $104M | $100M | $99M | $93M |
West Coast office demand
According to quarterly financial data, KRC's NOI margin collapsed to negative 4.9% in 2026Q1, a dramatic reversal from the 67% levels maintained throughout 2024, suggesting that fixed property costs are no longer being adequately covered by the current rental revenue base in its core West Coast markets.
The shift from stable profitability to negative margins indicates that the company's high-specification assets are struggling to absorb fixed operating expenses amidst declining occupancy. This trend suggests that management's reliance on premium office and life science demand may be failing to offset the rising costs of maintaining specialized facilities.
Based on reported figures, the FFO payout ratio reached 86.0% in 2026Q1, while AFFO per share turned negative at -$0.49, implying that the current dividend distribution is not supported by recurring cash flow and may require further reliance on external financing or balance sheet liquidity.
The divergence between FFO and AFFO highlights the heavy burden of capital expenditures required to retain tenants in a competitive environment. Investors should monitor whether the board maintains the current payout, as the lack of positive AFFO suggests the dividend is currently being funded by non-operational sources.
As indicated by recent SEC filings, KRC's debt-to-equity ratio has remained relatively stable near 0.86, yet this metric appears to obscure the underlying risk posed by a $4.7 billion debt load in the face of deteriorating interest coverage, which fell to 0.62 in 2026Q1.
The low interest coverage ratio suggests that the company's ability to service its debt obligations is becoming increasingly constrained by declining operational performance. This warrants further investigation into the maturity profile of the debt and the potential for refinancing risk in a high-interest-rate environment.
The market's reliance on a 16.40x P/E ratio for KRC is fundamentally misleading, as it fails to account for the significant non-cash depreciation charges inherent in real estate, which artificially depress GAAP earnings and ignore the actual cash-generating capacity of the underlying property portfolio.
Investors should instead focus on P/AFFO or implied cap rates to better understand the valuation of the company's assets. Using P/E in a REIT context obscures the impact of capitalized tenant improvements and leasing commissions, which are essential cash outflows that standard earnings metrics completely fail to capture.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying KRC stock.
Kilroy Realty Corporation's current P/E ratio is 17.0x. The historical average is 33.2x. This places it at the 25th percentile of its historical range.
Kilroy Realty Corporation's current EV/EBITDA is 14.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.3x.
Kilroy Realty Corporation's return on equity (ROE) is 4.9%. The historical average is 6.7%.
Based on historical data, Kilroy Realty Corporation is trading at a P/E of 17.0x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kilroy Realty Corporation's current dividend yield is 5.51% with a payout ratio of 93.4%.
Kilroy Realty Corporation has 67.0% gross margin and 28.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Kilroy Realty Corporation's Debt/EBITDA ratio is 7.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.