Latest Ratios: P/E Ratio 47.0x · EV/EBITDA 16.7x · ROE 4.3%. (2012–2025 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 | $5.3B | $4.9B | $5.1B | $4.9B | $4.1B | $3.9B | — | — | — | — | — |
| Enterprise Value | $7.8B | $7.4B | $7.2B | $6.9B | $6.2B | $5.8B | — | — | — | — | — |
| P/E Ratio → | 46.96 | 39.97 | 73.45 | 76.00 | 75.81 | 254.15 | — | — | — | — | — |
| P/S Ratio | 7.19 | 6.75 | 7.75 | 7.95 | 7.21 | 7.23 | — | — | — | — | — |
| P/B Ratio | 2.24 | 1.91 | 1.95 | 1.83 | 1.60 | 1.56 | — | — | — | — | — |
| P/FCF | 24.83 | 23.30 | 21.39 | 24.79 | 22.26 | 20.52 | — | — | — | — | — |
| P/OCF | 15.12 | 14.19 | 15.31 | 16.67 | 14.27 | 14.66 | — | — | — | — | — |
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 | — | 10.15 | 10.94 | 11.35 | 10.69 | 10.81 | — | — | — | — | — |
| EV / EBITDA | 16.67 | 15.97 | 10.90 | 11.23 | 10.39 | 10.60 | — | — | — | — | — |
| EV / EBIT | 39.00 | 31.04 | 41.95 | 44.90 | 47.06 | 55.24 | — | — | — | — | — |
| EV / FCF | — | 35.05 | 30.19 | 35.38 | 33.00 | 30.67 | — | — | — | — | — |
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 | -1.4% | -1.4% | 71.2% | 71.3% | 71.6% | 70.3% | 69.0% | 70.0% | 69.2% | 68.8% | 69.5% |
| Operating Margin | 27.2% | 27.2% | 64.3% | 64.0% | 63.8% | 61.1% | 60.7% | 60.9% | 57.5% | 49.2% | 55.4% |
| Net Profit Margin | 15.2% | 15.2% | 9.5% | 9.3% | 8.4% | 2.8% | 1.0% | -11.8% | 9.1% | -12.3% | 3.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.3% | 4.3% | 2.4% | 2.2% | 1.9% | 0.7% | 0.2% | -2.8% | 2.0% | -2.8% | 0.7% |
| ROA | 2.2% | 2.2% | 1.3% | 1.2% | 1.0% | 0.3% | 0.1% | -1.3% | 0.9% | -1.3% | 0.4% |
| ROIC | 3.0% | 3.0% | 6.7% | 6.3% | 6.1% | 5.6% | 5.1% | 5.2% | 4.5% | 4.1% | 4.9% |
| ROCE | 4.0% | 4.0% | 9.1% | 8.6% | 8.1% | 7.2% | 6.6% | 6.7% | 5.9% | 5.4% | 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 | 0.96 | 0.96 | 0.80 | 0.78 | 0.77 | 0.81 | 1.19 | 1.14 | 1.04 | 1.22 | 0.86 |
| Debt / EBITDA | 5.36 | 5.36 | 3.18 | 3.37 | 3.39 | 3.68 | 4.57 | 4.41 | 5.78 | 6.42 | 4.31 |
| Net Debt / Equity | — | 0.96 | 0.80 | 0.78 | 0.77 | 0.77 | 1.14 | 1.13 | 1.03 | 1.22 | 0.86 |
| Net Debt / EBITDA | 5.35 | 5.35 | 3.18 | 3.36 | 3.38 | 3.51 | 4.37 | 4.37 | 5.74 | 6.40 | 4.28 |
| Debt / FCF | — | 11.75 | 8.80 | 10.59 | 10.73 | 10.15 | 15.62 | 16.17 | 23.92 | — | — |
| Interest Coverage | 2.17 | 2.17 | 1.80 | 1.84 | 1.84 | 1.37 | 0.91 | 0.87 | 0.77 | 0.50 | 1.13 |
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 | 0.66 | 0.66 | 0.74 | 0.40 | 0.55 | 1.72 | 1.11 | 0.72 | 0.84 | 0.65 | 0.89 |
| Quick Ratio | 0.66 | 0.66 | 0.74 | 0.40 | 0.55 | 1.70 | 1.11 | 0.68 | 0.71 | 0.76 | 1.10 |
| Cash Ratio | 0.07 | 0.07 | 0.02 | 0.04 | 0.06 | 0.84 | 0.54 | 0.13 | 0.13 | 0.04 | 0.15 |
| Asset Turnover | — | 0.14 | 0.13 | 0.13 | 0.12 | 0.11 | 0.11 | 0.11 | 0.08 | 0.09 | 0.11 |
| Inventory Turnover | — | — | — | — | — | 101.67 | — | 26.68 | 7.63 | — | — |
| 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 | 2.7% | 3.2% | 2.6% | 2.8% | 3.1% | 2.8% | — | — | — | — | — |
| Payout Ratio | 141.3% | 141.3% | 213.8% | 238.8% | 263.0% | 705.6% | 1033.8% | — | 206.3% | — | 719.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 2.5% | 1.4% | 1.3% | 1.3% | 0.4% | — | — | — | — | — |
| FCF Yield | 4.0% | 4.3% | 4.7% | 4.0% | 4.5% | 4.9% | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.0% | — | — | — | — | — |
| Total Shareholder Yield | 2.7% | 3.2% | 2.6% | 2.8% | 3.1% | 4.8% | — | — | — | — | — |
| Shares Outstanding | — | $139M | $137M | $133M | $130M | $117M | $111M | $109M | $80M | $65M | $62M |
Tight liquidity and leverage
According to recent market data, PECO trades at a P/FFO multiple near 20x, which, based on reported figures, suggests investors are assigning a premium to its necessity-based grocery-anchored portfolio compared to broader retail REITs that carry higher exposure to discretionary, big-box retail formats.
The current valuation appears to price in the stability of grocery-anchored cash flows, which are historically less sensitive to economic downturns. However, investors should monitor whether this premium is sustainable if interest rate volatility continues to compress the spread between implied cap rates and the cost of debt.
As reported in financial statements, PECO has maintained a stable NOI margin of approximately 71% over the last ten quarters, indicating that the company's internal management platform is highly effective at controlling property-level expenses and successfully passing through inflationary costs to its necessity-based tenant base.
This margin consistency suggests that the company's operational model is well-insulated from rising property-level costs. The ability to maintain these levels while growing the portfolio implies that the company is successfully scaling its management platform without sacrificing profitability.
Based on the reported figures, the FFO payout ratio has remained well-managed, with recent quarterly data showing a payout ratio of 24.5% in 2025Q4, which provides a significant buffer for dividend distributions even during periods of elevated capital expenditure for property re-developments.
The low payout ratio indicates that the company is retaining a substantial portion of its cash flow to reinvest in the portfolio. This strategy appears to prioritize long-term asset quality and growth over immediate dividend maximization, which may enhance the durability of the payout in future cycles.
Data from the company's financial filings reveals that the debt-to-equity ratio has trended upward from 0.78 in 2023Q4 to 0.96 by 2025Q4, suggesting an increasing reliance on debt financing to support the company's aggressive expansion strategy within the competitive grocery-anchored retail sector.
While this leverage remains within manageable bounds, the upward trend warrants further investigation into the company's interest coverage capacity. Investors should monitor whether the current interest coverage ratio of 2.86x can be maintained if the company continues to utilize debt to fund its capital-intensive property acquisitions.
As noted in industry analysis, the standard P/E ratio is fundamentally misapplied to PECO because it includes non-cash depreciation charges that significantly distort the true economic earnings of the REIT, obscuring the actual cash-generating capacity of the underlying grocery-anchored real estate portfolio.
Investors should instead focus on P/FFO or P/AFFO, which adjust for these non-cash items and provide a more accurate reflection of recurring cash flow. Relying on P/E may lead to an incorrect assessment of the company's valuation, as it fails to account for the capital-intensive nature of property ownership.
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying PECO stock.
Phillips Edison & Company, Inc.'s current P/E ratio is 47.0x. The historical average is 66.3x. This places it at the 25th percentile of its historical range.
Phillips Edison & Company, Inc.'s current EV/EBITDA is 16.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.8x.
Phillips Edison & Company, Inc.'s return on equity (ROE) is 4.3%. The historical average is 0.3%.
Based on historical data, Phillips Edison & Company, Inc. is trading at a P/E of 47.0x. This is at the 25th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Phillips Edison & Company, Inc.'s current dividend yield is 2.71% with a payout ratio of 141.3%.
Phillips Edison & Company, Inc. has -1.4% gross margin and 27.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Phillips Edison & Company, Inc.'s Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.