Latest Ratios: P/E Ratio -14.3x · EV/EBITDA 11.3x · ROE -5.4%. (2002–2025 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 | $1.2B | $1.0B | $1.1B | $879M | $1.1B | $2.3B | $2.0B | $2.8B | $2.2B | $2.9B | $3.0B |
| Enterprise Value | $3.5B | $3.3B | $3.5B | $3.0B | $3.2B | $4.2B | $3.7B | $4.3B | $3.9B | $4.6B | $5.1B |
| P/E Ratio → | -14.27 | — | — | — | 7.71 | — | 8.77 | 16.85 | 17.04 | 21.32 | 28.26 |
| P/S Ratio | 2.12 | 1.84 | 1.99 | 1.52 | 2.01 | 4.31 | 3.83 | 5.26 | 4.23 | 4.97 | 5.48 |
| P/B Ratio | 0.79 | 0.69 | 0.71 | 0.51 | 0.61 | 1.27 | 1.08 | 1.54 | 1.30 | 1.44 | 1.40 |
| P/FCF | — | — | — | 16.93 | 12.07 | 19.06 | 25.36 | 26.74 | 17.02 | 17.49 | 24.25 |
| P/OCF | 8.50 | 7.38 | 5.72 | 4.18 | 5.26 | 9.41 | 10.59 | 13.46 | 10.97 | 11.74 | 12.91 |
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 | — | 5.86 | 6.19 | 5.14 | 5.60 | 7.86 | 6.86 | 8.03 | 7.43 | 7.96 | 9.10 |
| EV / EBITDA | 11.32 | 10.80 | 14.00 | 9.48 | 10.23 | 14.45 | 12.55 | 10.72 | 7.43 | 8.66 | 9.64 |
| EV / EBIT | 43.66 | 74.57 | 47.54 | 56.21 | 14.86 | 82.87 | 41.36 | 40.99 | 20.42 | 22.66 | 71.08 |
| EV / FCF | — | — | — | 57.23 | 33.63 | 34.74 | 45.49 | 40.78 | 29.88 | 28.04 | 40.28 |
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 | -20.7% | -20.7% | 58.9% | 59.3% | 59.9% | 60.1% | 59.8% | 60.4% | 60.2% | 61.6% | 60.6% |
| Operating Margin | 14.1% | 14.1% | 13.0% | 13.4% | 14.9% | 15.3% | 16.6% | 53.8% | 22.0% | 14.2% | 13.3% |
| Net Profit Margin | -14.8% | -14.8% | -13.9% | -8.4% | 26.0% | -0.2% | 43.5% | 43.0% | 24.8% | 23.3% | 19.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -5.4% | -5.4% | -4.8% | -2.7% | 8.1% | -0.1% | 12.5% | 13.0% | 7.0% | 6.4% | 4.9% |
| ROA | -2.1% | -2.1% | -1.9% | -1.2% | 3.7% | -0.0% | 6.4% | 6.4% | 3.4% | 3.2% | 2.4% |
| ROIC | 1.5% | 1.5% | 1.4% | 1.5% | 1.7% | 1.7% | 2.0% | 6.4% | 2.4% | 1.5% | 1.3% |
| ROCE | 2.0% | 2.0% | 2.0% | 2.0% | 2.2% | 2.2% | 2.6% | 8.4% | 3.2% | 2.0% | 1.7% |
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 | 1.52 | 1.52 | 1.58 | 1.22 | 1.10 | 1.05 | 0.86 | 0.82 | 0.98 | 0.87 | 0.93 |
| Debt / EBITDA | 7.42 | 7.42 | 9.94 | 6.69 | 6.61 | 6.55 | 5.58 | 3.72 | 3.20 | 3.27 | 3.85 |
| Net Debt / Equity | — | 1.52 | 1.51 | 1.21 | 1.09 | 1.05 | 0.86 | 0.81 | 0.98 | 0.87 | 0.92 |
| Net Debt / EBITDA | 7.42 | 7.42 | 9.50 | 6.68 | 6.56 | 6.52 | 5.55 | 3.69 | 3.20 | 3.26 | 3.84 |
| Debt / FCF | — | — | — | 40.30 | 21.57 | 15.68 | 20.13 | 14.04 | 12.85 | 10.55 | 16.03 |
| Interest Coverage | 0.35 | 0.35 | 0.60 | 0.52 | 3.24 | 0.98 | 1.61 | 1.69 | 3.14 | 2.96 | 1.10 |
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 | 2.00 | 2.00 | 1.15 | 0.82 | 1.09 | 2.15 | 1.89 | 1.39 | 1.27 | 0.94 | 1.03 |
| Quick Ratio | 2.00 | 2.00 | 1.15 | 0.82 | 1.08 | 2.15 | 1.89 | 1.39 | 1.42 | 1.02 | 1.15 |
| Cash Ratio | 0.01 | 0.01 | 0.40 | 0.00 | 0.08 | 0.05 | 0.04 | 0.09 | 0.03 | 0.03 | 0.04 |
| Asset Turnover | — | 0.14 | 0.14 | 0.14 | 0.14 | 0.13 | 0.14 | 0.15 | 0.15 | 0.14 | 0.12 |
| Inventory Turnover | — | — | — | — | 73.78 | — | — | — | — | — | — |
| 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 | 2.6% | 3.0% | 5.5% | 10.6% | 9.2% | 4.6% | 5.2% | 3.8% | 8.3% | 4.3% | 3.0% |
| Payout Ratio | — | — | — | — | 71.1% | — | 45.7% | 46.4% | 141.3% | 91.5% | 84.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | 13.0% | — | 11.4% | 5.9% | 5.9% | 4.7% | 3.5% |
| FCF Yield | — | — | — | 5.9% | 8.3% | 5.2% | 3.9% | 3.7% | 5.9% | 5.7% | 4.1% |
| Buyback Yield | 0.0% | 0.0% | 0.2% | 0.2% | 0.3% | 0.9% | 1.5% | 0.6% | 13.4% | 2.1% | 0.3% |
| Total Shareholder Yield | 2.6% | 3.0% | 5.6% | 10.8% | 9.6% | 5.4% | 6.7% | 4.4% | 21.7% | 6.4% | 3.3% |
| Shares Outstanding | — | $124M | $124M | $124M | $124M | $124M | $126M | $126M | $131M | $145M | $146M |
High tenant improvement costs
Based on reported figures, Piedmont's P/FFO multiple has trended downward from 13.93 in 2023Q4 to 11.89 in 2026Q1, suggesting that market participants are applying a persistent discount to the company's valuation as they weigh the risks of its legacy office holdings against the Sunbelt pivot.
The contraction in valuation multiples appears to reflect investor skepticism regarding the company's ability to achieve meaningful growth while navigating a challenging leasing environment. The current P/FFO level warrants further investigation into whether the market is pricing in a permanent impairment of asset values or simply reacting to the broader sector-wide repricing of office real estate.
As reported in quarterly financial statements, NOI margins have exhibited extreme instability, swinging from a peak of 59.8% in 2025Q3 to a negative 22.2% in 2025Q4, which highlights the significant sensitivity of property-level profitability to lumpy capital expenditures and fluctuating occupancy levels across the portfolio.
This volatility suggests that the company's core property operations are struggling to maintain consistent margins in the face of rising maintenance costs. Investors should monitor whether these margin swings are temporary timing issues or indicative of a structural decline in the profitability of the company's Class A office assets.
According to the company's reported earnings metrics, the FFO payout ratio has shown erratic behavior, including a 104.8% spike in 2024Q1, while frequent negative AFFO figures suggest that recurring capital requirements often exceed the cash generated from operations, thereby complicating the long-term sustainability of the dividend.
The reliance on negative AFFO to fund operations indicates that the dividend is not currently supported by recurring cash flow after accounting for necessary tenant improvements and leasing commissions. This mismatch between accounting FFO and actual cash availability suggests that the dividend payout may be at risk if leasing costs do not moderate.
Based on recent SEC filings, the company's cash reserves have plummeted from $138.5 million in 2024Q2 to a mere $2.3 million by 2026Q1, indicating that the liquidity buffer has been severely depleted to meet ongoing operational and capital expenditure requirements in a high-cost environment.
The rapid depletion of cash reserves, combined with the volatility in reported debt-to-equity metrics, suggests a strained balance sheet that may limit management's flexibility. The company's ability to service its debt obligations appears increasingly dependent on successful asset dispositions rather than organic cash flow generation.
The market frequently misapplies the standard P/E ratio to Piedmont, which obscures the company's true financial health by failing to account for the heavy non-cash depreciation charges inherent to a $5 billion real estate portfolio, as evidenced by the reported negative net income figures.
Using P/E for a REIT like Piedmont is fundamentally misleading because it treats depreciation as a cash expense, which significantly distorts the perceived profitability of the firm. Analysts should instead prioritize FFO or AFFO, which provide a more accurate reflection of the company's actual cash-generating capacity and dividend-paying ability.
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Quick answers to the most common questions about buying PDM stock.
Piedmont Office Realty Trust, Inc.'s current P/E ratio is -14.3x. The historical average is 23.8x.
Piedmont Office Realty Trust, Inc.'s current EV/EBITDA is 11.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.5x.
Piedmont Office Realty Trust, Inc.'s return on equity (ROE) is -5.4%. The historical average is 4.5%.
Based on historical data, Piedmont Office Realty Trust, Inc. is trading at a P/E of -14.3x. Compare with industry peers and growth rates for a complete picture.
Piedmont Office Realty Trust, Inc.'s current dividend yield is 2.60%.
Piedmont Office Realty Trust, Inc. has -20.7% gross margin and 14.1% operating margin. Operating margin between 10-20% is typical for established companies.
Piedmont Office Realty Trust, Inc.'s Debt/EBITDA ratio is 7.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.