Latest Ratios: P/E Ratio 33.7x · EV/EBITDA 0.0x · ROE N/A. (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 | $203M | $226M | $293M | $250M | $256M | $248M | $183M | $228M | $211M | $276M | $231M |
| Enterprise Value | $713M | $736M | $682M | $641M | $617M | $522M | $465M | $520M | $456M | $519M | $436M |
| P/E Ratio → | 33.71 | 37.50 | 18.54 | 29.29 | 68.93 | — | 128.62 | — | 50.41 | 39.86 | 46.49 |
| P/S Ratio | 2.27 | 2.53 | 3.64 | 3.36 | 3.75 | 3.95 | 2.95 | 3.77 | 3.64 | 5.23 | 4.65 |
| P/B Ratio | — | — | — | — | — | — | — | — | — | — | — |
| P/FCF | 7.33 | 8.16 | 8.03 | 8.83 | 16.45 | 19.86 | 10.50 | 10.14 | 9.80 | — | 22.65 |
| P/OCF | 7.33 | 8.16 | 8.03 | 8.83 | 11.88 | 15.68 | 10.50 | 10.14 | 8.23 | 17.13 | 15.03 |
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 | — | 8.25 | 8.46 | 8.60 | 9.04 | 8.33 | 7.49 | 8.60 | 7.86 | 9.83 | 8.79 |
| EV / EBITDA | 0.03 | 0.03 | 16.09 | 17.53 | 17.91 | 16.88 | 13.93 | 16.27 | 6.48 | 8.12 | 8.79 |
| EV / EBIT | 32.77 | 29.88 | 21.90 | 26.50 | 32.89 | 47.76 | 31.07 | 27.73 | 27.55 | 28.78 | 28.77 |
| EV / FCF | — | 26.60 | 18.67 | 22.60 | 39.68 | 41.87 | 26.65 | 23.16 | 21.21 | — | 42.82 |
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 | 16.4% | 16.4% | 67.4% | 64.7% | 66.1% | 65.6% | 85.9% | 67.9% | 84.2% | 84.1% | 83.3% |
| Operating Margin | 24.4% | 24.4% | 31.5% | 26.6% | 26.5% | 22.7% | 24.1% | 28.6% | 25.7% | 26.8% | 26.8% |
| Net Profit Margin | 6.8% | 6.8% | 19.4% | 11.4% | 5.5% | -4.3% | 2.3% | 10.8% | 7.2% | 13.1% | 10.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | — | — | — | — |
| ROA | 1.3% | 1.3% | 4.0% | 2.2% | 1.0% | -0.8% | 0.5% | 2.4% | 1.8% | 3.3% | 2.5% |
| ROIC | 4.3% | 4.3% | 5.8% | 4.7% | 5.2% | 4.6% | 4.5% | 5.6% | 5.4% | 5.6% | 5.7% |
| ROCE | 4.9% | 4.9% | 6.6% | 5.1% | 4.8% | 4.5% | 5.4% | 6.4% | 6.3% | 6.8% | 6.8% |
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 | — | — | — | — | — | — | — | — | — | — | — |
| Debt / EBITDA | 0.02 | 0.02 | 9.59 | 11.18 | 11.93 | 11.98 | 9.00 | 9.38 | 3.61 | 3.91 | 4.29 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | — | — | — |
| Net Debt / EBITDA | 0.02 | 0.02 | 9.17 | 10.68 | 10.49 | 8.88 | 8.44 | 9.14 | 3.48 | 3.80 | 4.14 |
| Debt / FCF | — | 18.44 | 10.65 | 13.77 | 23.23 | 22.01 | 16.15 | 13.02 | 11.40 | — | 20.16 |
| Interest Coverage | 1.32 | 1.32 | 2.01 | 1.54 | 1.25 | 0.80 | 1.09 | 1.54 | 1.34 | 1.62 | 1.49 |
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 | 4.71 | 4.71 | 29.34 | 37.19 | — | 36.19 | — | — | — | — | — |
| Quick Ratio | 4.71 | 4.71 | 29.34 | 37.19 | — | 36.19 | — | — | — | — | — |
| Cash Ratio | 2.66 | 2.66 | 28.28 | 36.08 | — | 35.52 | 1.34 | — | — | — | — |
| Asset Turnover | — | 0.18 | 0.20 | 0.19 | 0.17 | 0.18 | 0.21 | 0.21 | 0.23 | 0.23 | 0.26 |
| 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 | 8.3% | 7.4% | 3.8% | 4.0% | 3.6% | 1.9% | 2.6% | 2.1% | 2.1% | 2.9% | 2.9% |
| Payout Ratio | 278.4% | 278.4% | — | — | 248.9% | — | 328.2% | 71.7% | 107.4% | 115.1% | 135.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 2.7% | 5.4% | 3.4% | 1.5% | — | 0.8% | — | 2.0% | 2.5% | 2.2% |
| FCF Yield | 13.6% | 12.3% | 12.5% | 11.3% | 6.1% | 5.0% | 9.5% | 9.9% | 10.2% | — | 4.4% |
| Buyback Yield | 0.4% | 0.4% | 0.6% | 1.6% | 2.1% | 0.2% | 0.2% | 1.8% | 0.0% | 0.0% | 0.7% |
| Total Shareholder Yield | 8.7% | 7.8% | 4.4% | 5.5% | 5.7% | 2.1% | 2.8% | 3.8% | 2.1% | 2.9% | 3.6% |
| Shares Outstanding | — | $3M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M | $4M |
Refinancing and Regulatory Exposure
Based on reported figures, NEN trades at a P/E of 34.62, which appears disconnected from the partnership's recent net losses and suggests that investors may be pricing the entity on a speculative recovery or private-market asset value rather than current earnings-based performance metrics.
The P/E multiple of 34.62 implies a growth expectation that is difficult to reconcile with the current volatility in operating margins and the erosion of the equity base. Investors should monitor whether this valuation reflects a premium for the underlying Boston-area real estate or if it represents a mispricing of the partnership's limited liquidity and high debt service requirements.
According to historical data, NEN's ROIC has trended downward from 1.5% in early 2025 to 0.6% by the end of the year, indicating that the partnership is struggling to generate meaningful returns on its invested capital amidst rising interest costs and stagnant property-level performance.
The consistent decline in ROIC suggests that the partnership's capital allocation strategy is failing to keep pace with the rising cost of debt. This trend warrants further investigation into whether the aging portfolio requires significant capital expenditures that are currently suppressing returns on invested capital.
As reported in financial statements, NEN's asset turnover has remained stagnant at 0.05 over the last several quarters, revealing a lack of operational velocity that is typical of a passive, long-term holding strategy rather than an active property management business model.
The extremely low asset turnover ratio suggests that the partnership is not effectively sweating its assets to drive revenue growth. This lack of efficiency, combined with the erratic nature of its working capital cycles, implies that the business may be overly reliant on external financing rather than internal operational cash generation.
Based on the provided figures, NEN's interest coverage ratio has fluctuated significantly, dropping to 0.32 in 2026Q1, which indicates that the partnership's ability to cover its interest obligations from operating income is becoming increasingly precarious in the current high-interest-rate environment.
The high D/EBITDA ratio, consistently hovering near 40x-50x, suggests that the partnership is heavily reliant on its existing debt structure to maintain operations. This level of leverage leaves the entity highly vulnerable to any further compression in net margins or increases in the cost of refinancing maturing mortgage debt.
The P/E ratio is the most commonly misapplied metric for NEN, as it fails to account for the significant non-cash depreciation charges inherent in real estate partnerships, which artificially deflate net income and distort the true cash-generative capacity of the underlying property portfolio.
Investors should instead prioritize Funds From Operations (FFO) or Adjusted Funds From Operations (AFFO) to assess the partnership's actual ability to fund distributions. Relying on P/E in this context obscures the reality that NEN is a capital-intensive land bank rather than a traditional earnings-growth company.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NEN stock.
New England Realty Associates Limited Partnership's current P/E ratio is 33.7x. The historical average is 52.3x. This places it at the 42th percentile of its historical range.
New England Realty Associates Limited Partnership's current EV/EBITDA is 0.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.3x.
Based on historical data, New England Realty Associates Limited Partnership is trading at a P/E of 33.7x. This is at the 42th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
New England Realty Associates Limited Partnership's current dividend yield is 8.28% with a payout ratio of 278.4%.
New England Realty Associates Limited Partnership has 16.4% gross margin and 24.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
New England Realty Associates Limited Partnership's Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.