Latest Ratios: P/E Ratio -42.6x · EV/EBITDA 27.5x · ROE -2.0%. (1997–2025 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 | $3.6B | $3.5B | $4.8B | $3.1B | $2.3B | $5.2B | $4.9B | $8.2B | $7.8B | $10.3B | $11.1B |
| Enterprise Value | $11.3B | $11.1B | $9.1B | $7.3B | $8.6B | $9.9B | $10.0B | $14.0B | $13.2B | $16.1B | $17.4B |
| P/E Ratio → | -42.60 | — | 849.00 | — | — | 11.37 | 12.98 | 30.55 | 30.50 | 118.94 | 47.34 |
| P/S Ratio | 3.62 | 3.50 | 6.75 | 3.72 | 2.70 | 6.49 | 4.75 | 6.81 | 6.29 | 6.74 | 6.26 |
| P/B Ratio | 0.88 | 0.81 | 1.05 | 0.73 | 0.46 | 0.98 | 0.89 | 1.32 | 1.17 | 1.41 | 1.31 |
| P/FCF | 43.82 | 42.33 | 60.26 | 13.59 | 19.89 | 20.43 | 8.81 | 21.77 | 17.58 | 19.03 | 17.31 |
| P/OCF | 43.82 | 42.33 | 16.40 | 13.59 | 5.57 | 20.43 | 8.81 | 21.77 | 17.58 | 18.84 | 17.31 |
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 | — | 11.11 | 12.90 | 8.74 | 10.03 | 12.35 | 9.77 | 11.59 | 10.71 | 10.50 | 9.76 |
| EV / EBITDA | 27.50 | 27.20 | 24.14 | 14.72 | 15.71 | 17.83 | 12.16 | 15.22 | 13.71 | 12.95 | 10.17 |
| EV / EBIT | 73.17 | 70.32 | — | 1086.91 | 71.71 | 78.13 | 50.64 | 37.48 | 32.48 | 35.11 | 48.23 |
| EV / FCF | — | 134.42 | 115.06 | 31.90 | 73.78 | 38.87 | 18.11 | 37.10 | 29.94 | 29.65 | 27.00 |
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 | 34.1% | 34.1% | 35.8% | 44.8% | 50.3% | 54.6% | 58.8% | 61.9% | 63.1% | 62.8% | 66.6% |
| Operating Margin | 15.4% | 15.4% | 23.7% | 31.5% | 39.4% | 42.8% | 49.8% | 53.5% | 55.6% | 56.2% | 61.0% |
| Net Profit Margin | -8.8% | -8.8% | 4.3% | -64.9% | -8.3% | 56.7% | 37.0% | 23.4% | 20.9% | 7.4% | 14.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -2.0% | -2.0% | 0.7% | -11.6% | -1.4% | 8.5% | 6.5% | 4.4% | 3.7% | 1.4% | 3.1% |
| ROA | -0.8% | -0.8% | 0.3% | -5.0% | -0.6% | 4.0% | 3.1% | 2.2% | 1.9% | 0.8% | 1.5% |
| ROIC | 1.1% | 1.1% | 1.4% | 2.0% | 2.4% | 2.5% | 3.4% | 4.0% | 4.1% | 4.6% | 4.9% |
| ROCE | 1.5% | 1.5% | 1.8% | 2.6% | 3.1% | 3.2% | 4.4% | 5.2% | 5.3% | 6.0% | 6.5% |
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 | 1.83 | 1.83 | 0.99 | 1.04 | 1.28 | 0.93 | 0.99 | 0.96 | 0.84 | 0.80 | 0.77 |
| Debt / EBITDA | 19.46 | 19.46 | 11.99 | 8.90 | 11.85 | 8.91 | 6.57 | 6.47 | 5.79 | 4.74 | 3.82 |
| Net Debt / Equity | — | 1.75 | 0.95 | 0.99 | 1.24 | 0.89 | 0.94 | 0.93 | 0.82 | 0.78 | 0.73 |
| Net Debt / EBITDA | 18.63 | 18.63 | 11.50 | 8.45 | 11.48 | 8.46 | 6.24 | 6.29 | 5.66 | 4.64 | 3.65 |
| Debt / FCF | — | 92.09 | 54.80 | 18.31 | 53.89 | 18.44 | 9.30 | 15.32 | 12.36 | 10.62 | 9.70 |
| Interest Coverage | 0.62 | 0.62 | -0.25 | 0.05 | 1.35 | 1.76 | 1.67 | 1.91 | 1.93 | 1.77 | 1.11 |
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 | 1.03 | 1.03 | 2.15 | 0.74 | 0.79 | 0.91 | 1.44 | 1.64 | 2.81 | 2.21 | 1.81 |
| Quick Ratio | 1.03 | 1.03 | 2.15 | 0.74 | 0.79 | 0.91 | 1.44 | 1.64 | 2.81 | 2.21 | 1.81 |
| Cash Ratio | 0.51 | 0.51 | 0.32 | 0.26 | 0.24 | 0.31 | 0.54 | 0.32 | 0.62 | 0.31 | 0.68 |
| Asset Turnover | — | 0.09 | 0.07 | 0.09 | 0.07 | 0.07 | 0.09 | 0.09 | 0.10 | 0.11 | 0.11 |
| 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 | 6.3% | 6.9% | 4.6% | 7.4% | 11.3% | 5.2% | 6.0% | 3.7% | 4.0% | 3.2% | 2.8% |
| Payout Ratio | — | — | 713.9% | — | — | 59.3% | 77.4% | 108.9% | 121.1% | 295.8% | 120.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 0.1% | — | — | 8.8% | 7.7% | 3.3% | 3.3% | 0.8% | 2.1% |
| FCF Yield | 2.3% | 2.4% | 1.7% | 7.4% | 5.0% | 4.9% | 11.4% | 4.6% | 5.7% | 5.3% | 5.8% |
| Buyback Yield | 0.4% | 0.4% | 0.0% | 0.7% | 9.0% | 6.6% | 13.1% | 4.7% | 12.6% | 7.8% | 0.0% |
| Total Shareholder Yield | 6.7% | 7.3% | 4.6% | 8.1% | 20.3% | 11.8% | 19.1% | 8.5% | 16.7% | 11.0% | 2.8% |
| Shares Outstanding | — | $77M | $70M | $69M | $69M | $71M | $77M | $84M | $93M | $97M | $98M |
Manhattan office demand volatility
As reported in recent financial statements, SL Green’s P/FFO multiple has hovered near 60x, a valuation level that appears disconnected from the company's negative FFO per share performance in 2026Q1 and suggests that investors are pricing in a recovery that remains highly speculative given current market headwinds.
The elevated P/FFO multiple warrants caution, as it likely reflects a depressed denominator rather than a premium growth outlook. Investors should monitor whether this valuation gap narrows through earnings recovery or if the stock remains trapped in a cycle of multiple compression as the market re-rates the risk of Manhattan office assets.
Based on the provided quarterly data, NOI margins have exhibited extreme volatility, swinging from 84.6% in 2025Q3 to 35.7% in 2025Q4, which suggests that the company's property-level profitability is highly sensitive to leasing velocity and the rising costs of maintaining an aging Manhattan office portfolio.
The inconsistency in NOI margins implies that organic growth is being undermined by the high fixed-cost burden of NYC real estate. This instability suggests that FFO growth may be difficult to sustain without significant, potentially dilutive, capital injections to modernize assets and meet evolving tenant expectations.
According to the company's reported figures, the FFO payout ratio reached 118.2% in 2025Q1, indicating that distributions are currently exceeding the cash generated from operations, which raises significant concerns regarding the long-term viability of the dividend in the absence of a meaningful improvement in core earnings.
A payout ratio consistently above 100% suggests that the dividend is being funded through non-operating sources or debt, which is an unsustainable practice for a REIT. Investors should monitor whether management chooses to prioritize capital preservation over current yield to address the underlying cash flow shortfall.
As indicated by the reported debt-to-equity ratio of 1.83 in 2025Q4, the company's leverage profile appears highly anomalous, suggesting that standard balance sheet metrics may be failing to capture the full extent of debt held within unconsolidated joint ventures or other off-balance-sheet structures.
The lack of transparency regarding total leverage makes it difficult to assess the true refinancing risk facing the company in a high-interest-rate environment. This warrants further investigation into the maturity schedule of these hidden obligations, as they may pose a greater threat to solvency than the headline figures suggest.
The most commonly misapplied metric for SL Green is the standard P/E ratio, which, at -44.20 TTM, fails to account for the significant non-cash depreciation charges inherent in real estate accounting that artificially depress net income while masking the actual cash-generating capacity of the underlying Manhattan office assets.
Investors should instead focus on P/FFO or P/AFFO, which adjust for these non-cash items to provide a clearer picture of recurring cash flow. Relying on P/E in this context obscures the company's ability to cover its dividend and service debt, leading to potentially flawed conclusions about the REIT's true valuation.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying SLG stock.
SL Green Realty Corp.'s current P/E ratio is -42.6x. The historical average is 33.0x.
SL Green Realty Corp.'s current EV/EBITDA is 27.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.8x.
SL Green Realty Corp.'s return on equity (ROE) is -2.0%. The historical average is 6.7%.
Based on historical data, SL Green Realty Corp. is trading at a P/E of -42.6x. Compare with industry peers and growth rates for a complete picture.
SL Green Realty Corp.'s current dividend yield is 6.31%.
SL Green Realty Corp. has 34.1% gross margin and 15.4% operating margin. Operating margin between 10-20% is typical for established companies.
SL Green Realty Corp.'s Debt/EBITDA ratio is 19.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.