Latest Ratios: P/E Ratio 39.9x · EV/EBITDA 16.2x · ROE 2.4%. (2011–2025 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 | $7.9B | $9.0B | $8.4B | $11.4B | $9.3B | $11.4B | $6.0B | $4.9B | $2.6B | $2.1B | $1.5B |
| Enterprise Value | $11.3B | $12.3B | $11.7B | $13.6B | $11.2B | $12.7B | $7.1B | $5.8B | $3.3B | $2.8B | $2.0B |
| P/E Ratio → | 39.93 | 45.02 | 32.22 | 50.09 | 59.39 | 101.39 | 96.29 | 97.17 | 71.88 | 60.75 | 64.42 |
| P/S Ratio | 7.92 | 8.98 | 9.02 | 14.28 | 14.80 | 25.12 | 18.03 | 18.25 | 12.11 | 12.94 | 11.57 |
| P/B Ratio | 0.90 | 1.02 | 0.97 | 1.40 | 1.35 | 2.24 | 1.69 | 1.86 | 1.35 | 1.53 | 1.52 |
| P/FCF | 38.08 | 43.15 | 80.04 | 70.78 | 48.51 | 88.08 | 57.10 | 52.82 | 57.42 | 60.80 | 59.59 |
| P/OCF | 14.66 | 16.61 | 17.64 | 26.65 | 28.51 | 49.09 | 32.52 | 34.96 | 25.04 | 27.24 | 25.87 |
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 | — | 12.30 | 12.53 | 17.03 | 17.81 | 28.12 | 21.38 | 21.61 | 15.32 | 17.27 | 15.56 |
| EV / EBITDA | 16.19 | 17.71 | 13.16 | 18.05 | 19.32 | 29.48 | 22.17 | 21.82 | 15.55 | 17.44 | 15.70 |
| EV / EBIT | 29.63 | 38.00 | 32.02 | 46.50 | 51.55 | 88.34 | 71.85 | 77.44 | 58.91 | 86.26 | 88.02 |
| EV / FCF | — | 59.13 | 111.21 | 84.40 | 58.37 | 98.59 | 67.72 | 62.54 | 72.64 | 81.14 | 80.11 |
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 | 77.3% | 77.3% | 77.5% | 76.9% | 76.2% | 76.2% | 75.9% | 76.3% | 75.7% | 73.9% | 73.4% |
| Operating Margin | 37.9% | 37.9% | 68.8% | 67.5% | 66.0% | 65.3% | 64.7% | 65.0% | 63.7% | 60.2% | 58.4% |
| Net Profit Margin | 21.1% | 21.1% | 29.2% | 29.8% | 26.5% | 28.4% | 23.1% | 23.2% | 21.7% | 25.2% | 19.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.4% | 2.4% | 3.2% | 3.2% | 2.8% | 3.0% | 2.5% | 2.7% | 2.8% | 3.5% | 3.0% |
| ROA | 1.7% | 1.7% | 2.3% | 2.4% | 2.1% | 2.2% | 1.8% | 1.9% | 1.9% | 2.2% | 1.9% |
| ROIC | 2.4% | 2.4% | 4.3% | 4.2% | 4.1% | 4.0% | 3.9% | 4.3% | 4.4% | 4.1% | 4.3% |
| ROCE | 3.1% | 3.1% | 5.7% | 5.5% | 5.3% | 5.2% | 5.1% | 5.5% | 5.7% | 5.5% | 5.7% |
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 | 0.40 | 0.40 | 0.38 | 0.27 | 0.28 | 0.28 | 0.36 | 0.37 | 0.45 | 0.52 | 0.54 |
| Debt / EBITDA | 5.02 | 5.02 | 3.75 | 2.96 | 3.33 | 3.24 | 4.03 | 3.69 | 4.12 | 4.41 | 4.15 |
| Net Debt / Equity | — | 0.38 | 0.38 | 0.27 | 0.27 | 0.27 | 0.31 | 0.34 | 0.36 | 0.51 | 0.52 |
| Net Debt / EBITDA | 4.79 | 4.79 | 3.69 | 2.91 | 3.26 | 3.14 | 3.48 | 3.39 | 3.26 | 4.37 | 4.02 |
| Debt / FCF | — | 15.98 | 31.18 | 13.62 | 9.86 | 10.51 | 10.62 | 9.72 | 15.22 | 20.34 | 20.52 |
| Interest Coverage | 3.09 | 3.09 | 3.72 | 4.76 | 4.50 | 3.59 | 3.18 | 2.78 | 2.17 | 1.60 | 1.50 |
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 | 7.16 | 7.16 | 0.83 | 0.73 | 0.56 | 0.74 | 2.02 | 1.42 | 3.12 | 0.70 | 0.87 |
| Quick Ratio | 7.16 | 7.16 | 0.83 | 0.73 | 0.56 | 0.74 | 2.02 | 1.42 | 3.12 | 0.70 | 0.87 |
| Cash Ratio | 2.40 | 2.40 | 0.13 | 0.08 | 0.15 | 0.25 | 1.47 | 0.87 | 2.70 | 0.11 | 0.37 |
| Asset Turnover | — | 0.08 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 |
| 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 | 5.2% | 4.6% | 0.1% | 2.7% | 2.3% | 1.2% | 1.7% | 1.8% | 2.1% | 2.0% | 2.3% |
| Payout Ratio | 194.6% | 194.6% | 3.4% | 127.0% | 125.6% | 106.2% | 134.3% | 143.0% | 119.4% | 102.0% | 135.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.5% | 2.2% | 3.1% | 2.0% | 1.7% | 1.0% | 1.0% | 1.0% | 1.4% | 1.6% | 1.6% |
| FCF Yield | 2.6% | 2.3% | 1.2% | 1.4% | 2.1% | 1.1% | 1.8% | 1.9% | 1.7% | 1.6% | 1.7% |
| Buyback Yield | 3.2% | 2.8% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% |
| Total Shareholder Yield | 8.3% | 7.4% | 0.1% | 2.7% | 2.3% | 1.2% | 1.7% | 1.8% | 2.2% | 2.1% | 2.4% |
| Shares Outstanding | — | $233M | $218M | $203M | $171M | $140M | $121M | $107M | $87M | $72M | $63M |
Southern California geographic concentration
Based on recent market data, Rexford's P/FFO multiple of 37.82x suggests investors are pricing in a significant scarcity premium for its Southern California infill portfolio, which consistently trades at a valuation multiple that appears elevated relative to broader industrial REIT peers lacking such geographic concentration.
The current valuation suggests that the market views the company's infill assets as irreplaceable, effectively treating the portfolio as a long-term land bank rather than a traditional yield-focused REIT. Investors should monitor whether this premium persists if regional rent growth begins to normalize or if the cost of capital increases, as the current multiple leaves little room for operational disappointment.
As reported in quarterly financial statements, the company maintained a robust NOI margin of 76.8% in 2026Q1, which indicates that the underlying property-level profitability remains highly resilient despite the cyclical headwinds currently impacting the broader industrial warehouse sector's leasing velocity and rent growth expectations.
The stability of these margins suggests that the triple-net lease structure effectively insulates the REIT from rising operating expenses. However, the reliance on mark-to-market rent spreads means that future profitability growth is highly sensitive to the regional economic throughput of the Southern California logistics hubs.
According to recent SEC filings, the FFO payout ratio of 63.0% in 2026Q1 provides a moderate buffer for distributions, though the underlying AFFO payout ratio warrants caution given the significant recurring capital expenditures required to maintain the aging infill portfolio's competitive positioning in the market.
While the FFO payout appears manageable, the gap between FFO and AFFO highlights the cash-intensive nature of this business model. Investors should monitor whether the company's capital allocation strategy prioritizes dividend growth or the necessary reinvestment into property upgrades to sustain long-term occupancy.
Based on reported figures, the company maintains a debt-to-equity ratio of 0.38 as of 2026Q1, which is notably lower than many industrial peers and suggests a strong balance sheet that provides significant insulation against potential interest rate volatility or regional economic downturns in Southern California.
This low leverage profile appears to be a strategic choice, allowing the REIT to maintain flexibility for opportunistic acquisitions or redevelopment projects. However, the lack of geographic diversification means that the balance sheet's strength is inherently tied to the regulatory and economic health of a single state.
As evidenced by the company's 39.94x P/E ratio, the standard price-to-earnings metric is frequently misapplied to this REIT, as it fails to account for the massive non-cash depreciation charges that artificially depress GAAP net income and obscure the true cash-generating capacity of the industrial portfolio.
Using P/E for a REIT like Rexford is fundamentally misleading because it ignores the economic reality that industrial assets often appreciate in value rather than depreciate. Analysts should instead prioritize P/FFO or P/AFFO to better capture the recurring cash flow available for distribution and reinvestment.
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying REXR stock.
Rexford Industrial Realty, Inc.'s current P/E ratio is 39.9x. The historical average is 67.9x. This places it at the 10th percentile of its historical range.
Rexford Industrial Realty, Inc.'s current EV/EBITDA is 16.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.8x.
Rexford Industrial Realty, Inc.'s return on equity (ROE) is 2.4%. The historical average is 1.1%.
Based on historical data, Rexford Industrial Realty, Inc. is trading at a P/E of 39.9x. This is at the 10th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Rexford Industrial Realty, Inc.'s current dividend yield is 5.17% with a payout ratio of 194.6%.
Rexford Industrial Realty, Inc. has 77.3% gross margin and 37.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Rexford Industrial Realty, Inc.'s Debt/EBITDA ratio is 5.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.