Latest Ratios: P/E Ratio 20.6x · EV/EBITDA 15.9x · ROE 9.0%. (2003–2025 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 | $5.8B | $5.1B | $5.5B | $5.0B | $4.6B | $2.4B | $1.3B | $1.6B | $1.2B | $1.6B | $2.0B |
| Enterprise Value | $9.1B | $8.5B | $8.6B | $8.0B | $7.8B | $5.7B | $2.5B | $2.8B | $2.7B | $3.3B | $3.7B |
| P/E Ratio → | 20.64 | 17.37 | 1364.32 | 103.91 | — | — | — | — | — | 140.00 | 2348.00 |
| P/S Ratio | 6.82 | 6.06 | 6.59 | 6.10 | 5.75 | 6.45 | 4.72 | 5.20 | 3.33 | 4.57 | 5.53 |
| P/B Ratio | 1.91 | 1.61 | 1.63 | 1.38 | 1.21 | 0.61 | 0.99 | 1.22 | 0.81 | 1.00 | 1.13 |
| P/FCF | 20.83 | 18.51 | 19.94 | 19.93 | 20.89 | 55.99 | 21.99 | 19.36 | 12.40 | 19.73 | 32.33 |
| P/OCF | 13.46 | 11.96 | 13.24 | 12.73 | 12.16 | 24.01 | 13.18 | 11.88 | 7.64 | 10.68 | 12.65 |
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 | — | 10.00 | 10.27 | 9.77 | 9.67 | 15.40 | 9.22 | 8.98 | 7.59 | 9.24 | 10.37 |
| EV / EBITDA | 15.92 | 14.80 | 16.97 | 17.52 | 13.74 | 31.65 | 14.83 | 13.70 | 9.35 | 9.43 | 10.37 |
| EV / EBIT | 46.55 | 19.57 | 66.37 | 61.82 | 84.15 | — | 73.20 | 48.00 | 133.64 | 41.71 | 52.81 |
| EV / FCF | — | 30.52 | 31.09 | 31.91 | 35.14 | 133.55 | 42.93 | 33.44 | 28.26 | 39.88 | 60.56 |
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 | 53.3% | 53.3% | 74.2% | 74.4% | 73.6% | 71.8% | 71.2% | 73.2% | 73.8% | 74.1% | 74.4% |
| Operating Margin | 23.1% | 23.1% | 13.2% | 18.5% | 11.4% | -5.8% | 13.1% | 22.8% | 5.9% | 18.0% | 18.5% |
| Net Profit Margin | 35.2% | 35.2% | 0.5% | 5.8% | -1.6% | -21.6% | -6.1% | -0.2% | -13.1% | 3.3% | 0.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.0% | 9.0% | 0.1% | 1.3% | -0.3% | -3.1% | -1.2% | -0.0% | -3.0% | 0.7% | 0.1% |
| ROA | 4.3% | 4.3% | 0.1% | 0.7% | -0.2% | -1.6% | -0.6% | -0.0% | -1.4% | 0.3% | 0.0% |
| ROIC | 2.3% | 2.3% | 1.3% | 1.7% | 1.0% | -0.3% | 1.0% | 2.0% | 0.5% | 1.4% | 1.4% |
| ROCE | 3.0% | 3.0% | 1.6% | 2.2% | 1.3% | -0.4% | 1.4% | 2.6% | 0.7% | 1.9% | 1.9% |
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 | 1.06 | 1.06 | 0.95 | 0.84 | 0.85 | 0.86 | 0.98 | 0.91 | 1.06 | 1.04 | 1.00 |
| Debt / EBITDA | 5.89 | 5.89 | 6.34 | 6.66 | 5.78 | 18.89 | 7.50 | 5.92 | 5.37 | 4.84 | 4.89 |
| Net Debt / Equity | — | 1.04 | 0.91 | 0.83 | 0.82 | 0.84 | 0.94 | 0.89 | 1.03 | 1.02 | 0.99 |
| Net Debt / EBITDA | 5.82 | 5.82 | 6.08 | 6.58 | 5.57 | 18.38 | 7.23 | 5.77 | 5.25 | 4.77 | 4.83 |
| Debt / FCF | — | 12.01 | 11.14 | 11.99 | 14.24 | 77.56 | 20.95 | 14.08 | 15.86 | 20.15 | 28.23 |
| Interest Coverage | 3.51 | 3.51 | 1.04 | 1.24 | 0.88 | -0.36 | 0.67 | 1.00 | 0.30 | 1.21 | 1.06 |
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 | 1.44 | 1.44 | 3.30 | 0.78 | 1.07 | 1.05 | 1.24 | 1.78 | 0.72 | 0.61 | 0.52 |
| Quick Ratio | 1.44 | 1.44 | 3.30 | 0.78 | 1.07 | 1.05 | 1.24 | 1.78 | 0.74 | 0.63 | 0.52 |
| Cash Ratio | 0.09 | 0.09 | 2.31 | 0.18 | 0.59 | 0.78 | 0.38 | 0.39 | 0.21 | 0.14 | 0.11 |
| Asset Turnover | — | 0.13 | 0.12 | 0.12 | 0.11 | 0.05 | 0.10 | 0.12 | 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 | 3.9% | 4.6% | 4.0% | 4.2% | 3.9% | 2.4% | 3.0% | 8.1% | 9.0% | 6.2% | 4.8% |
| Payout Ratio | 79.2% | 79.2% | 5448.1% | 443.3% | — | — | — | — | — | 851.7% | 8002.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 5.8% | 0.1% | 1.0% | — | — | — | — | — | 0.7% | 0.0% |
| FCF Yield | 4.8% | 5.4% | 5.0% | 5.0% | 4.8% | 1.8% | 4.5% | 5.2% | 8.1% | 5.1% | 3.1% |
| Buyback Yield | 4.3% | 4.8% | 0.0% | 0.0% | 0.0% | 0.6% | 0.1% | 0.0% | 0.0% | 0.0% | 0.1% |
| Total Shareholder Yield | 8.2% | 9.4% | 4.0% | 4.2% | 3.9% | 3.0% | 3.1% | 8.2% | 9.0% | 6.2% | 4.9% |
| Shares Outstanding | — | $214M | $220M | $220M | $219M | $111M | $84M | $84M | $84M | $84M | $83M |
Sunbelt migration plateau risk
According to quarterly income statements, KRG maintained an NOI margin of 72.1% in 2026Q1, which, while slightly lower than the 74% range seen throughout 2024, indicates that property-level operating expenses are being managed with relative efficiency despite inflationary pressures on insurance and maintenance costs.
The stability of the NOI margin suggests that the company is successfully passing through common area maintenance and other recoverable expenses to its tenant base. Investors should monitor whether this margin profile can be sustained if the current retail environment leads to higher vacancy rates or increased concessions in the Sunbelt portfolio.
Based on the provided quarterly data, KRG's dividend payout ratio relative to AFFO has fluctuated significantly, reaching a peak of 1.06 in 2024Q2 before stabilizing near 0.66 in 2025Q4, suggesting that the company's ability to cover distributions remains sensitive to periodic volatility in recurring cash flows.
The wide variance in the payout ratio implies that dividend sustainability is heavily dependent on the timing of capital recycling and non-recurring income items. A payout ratio that swings this dramatically warrants caution, as it may indicate that the dividend is not yet fully supported by stable, recurring cash flows.
As reported in recent quarterly filings, KRG has maintained a debt-to-equity ratio consistently near 1.0, with the most recent figure of 1.00 in 2026Q1 suggesting a conservative capital structure that provides a meaningful buffer against potential volatility in the broader retail real estate sector.
This disciplined approach to leverage appears to provide the company with significant dry powder for future acquisitions or redevelopment projects. However, investors should investigate whether this low leverage is a strategic choice to mitigate risk or a byproduct of limited attractive investment opportunities in the current high-rate environment.
Market participants frequently misapply the standard P/E ratio to KRG, which obscures the company's true economic performance by failing to account for the significant non-cash depreciation charges inherent in the REIT business model, as evidenced by the massive gap between GAAP net income and FFO.
Using P/E for a REIT like KRG is fundamentally flawed because depreciation is a non-cash accounting expense that does not reflect the actual value appreciation or maintenance requirements of the properties. Analysts should instead utilize P/FFO or P/AFFO to better capture the cash-generating capacity of the underlying real estate assets.
Includes 30+ ratios · 23 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying KRG stock.
Kite Realty Group Trust's current P/E ratio is 20.6x. The historical average is 68.1x. This places it at the 13th percentile of its historical range.
Kite Realty Group Trust's current EV/EBITDA is 15.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.8x.
Kite Realty Group Trust's return on equity (ROE) is 9.0%. The historical average is 1.9%.
Based on historical data, Kite Realty Group Trust is trading at a P/E of 20.6x. This is at the 13th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Kite Realty Group Trust's current dividend yield is 3.87% with a payout ratio of 79.2%.
Kite Realty Group Trust has 53.3% gross margin and 23.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Kite Realty Group Trust's Debt/EBITDA ratio is 5.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.