Latest Ratios: P/E Ratio 26.8x · EV/EBITDA 17.3x · ROE 7.6%. (2008–2025 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 | $7.5B | $6.9B | $6.2B | $7.1B | $5.8B | $7.9B | $4.7B | $4.0B | $2.6B | $2.5B | $1.7B |
| Enterprise Value | $10.8B | $10.2B | $9.2B | $9.7B | $8.3B | $10.1B | $6.4B | $5.6B | $3.9B | $3.6B | $2.7B |
| P/E Ratio → | 26.79 | 25.18 | 32.52 | 36.69 | 32.31 | 41.70 | 23.73 | — | 27.64 | 118.83 | 82.31 |
| P/S Ratio | 8.85 | 8.18 | 8.04 | 10.01 | 8.80 | 14.00 | 9.67 | 9.77 | 7.36 | 8.17 | 6.76 |
| P/B Ratio | 2.01 | 1.88 | 1.75 | 2.06 | 1.67 | 2.32 | 1.69 | 1.68 | 1.55 | 1.74 | 1.59 |
| P/FCF | 18.62 | 17.22 | 16.45 | 19.02 | 17.25 | 44.77 | 26.09 | 143.05 | 29.52 | 36.79 | 36.89 |
| P/OCF | 16.14 | 14.93 | 13.40 | 18.13 | 14.90 | 23.41 | 15.90 | 17.00 | 13.06 | 15.13 | 12.49 |
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 | — | 12.06 | 11.98 | 13.74 | 12.61 | 17.97 | 13.22 | 13.85 | 11.11 | 11.99 | 10.85 |
| EV / EBITDA | 17.34 | 16.44 | 16.33 | 18.68 | 17.10 | 24.78 | 17.83 | 18.75 | 15.47 | 16.82 | 16.17 |
| EV / EBIT | 33.79 | 24.48 | 30.01 | 33.33 | 31.85 | 38.87 | 23.74 | 53.37 | 26.89 | 48.33 | 34.58 |
| EV / FCF | — | 25.37 | 24.52 | 26.10 | 24.73 | 57.47 | 35.67 | 202.65 | 44.59 | 53.98 | 59.22 |
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 | 61.3% | 61.3% | 79.8% | 80.3% | 80.9% | 80.8% | 81.5% | 81.5% | 80.3% | 80.8% | 80.5% |
| Operating Margin | 37.7% | 37.7% | 35.2% | 34.2% | 31.9% | 29.7% | 28.8% | 26.9% | 22.9% | 19.6% | 17.0% |
| Net Profit Margin | 32.4% | 32.4% | 24.7% | 27.2% | 27.1% | 34.2% | 41.8% | 12.1% | 26.5% | 10.4% | 13.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.6% | 7.6% | 5.4% | 5.6% | 5.2% | 6.2% | 7.9% | 2.4% | 6.0% | 2.5% | 3.6% |
| ROA | 3.9% | 3.9% | 2.9% | 3.1% | 3.0% | 3.7% | 4.6% | 1.4% | 3.2% | 1.3% | 1.7% |
| ROIC | 3.5% | 3.5% | 3.2% | 3.0% | 2.7% | 2.5% | 2.5% | 2.3% | 2.2% | 1.9% | 1.6% |
| ROCE | 4.9% | 4.9% | 4.5% | 4.2% | 3.7% | 3.4% | 3.3% | 3.2% | 3.0% | 2.6% | 2.2% |
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 | 0.90 | 0.90 | 0.87 | 0.77 | 0.73 | 0.66 | 0.62 | 0.70 | 0.79 | 0.83 | 0.97 |
| Debt / EBITDA | 5.31 | 5.31 | 5.44 | 5.10 | 5.23 | 5.52 | 4.83 | 5.55 | 5.26 | 5.47 | 6.17 |
| Net Debt / Equity | — | 0.89 | 0.86 | 0.77 | 0.73 | 0.66 | 0.62 | 0.70 | 0.79 | 0.81 | 0.96 |
| Net Debt / EBITDA | 5.28 | 5.28 | 5.38 | 5.06 | 5.17 | 5.48 | 4.79 | 5.52 | 5.23 | 5.35 | 6.10 |
| Debt / FCF | — | 8.15 | 8.07 | 7.08 | 7.48 | 12.70 | 9.58 | 59.60 | 15.07 | 17.19 | 22.33 |
| Interest Coverage | 3.04 | 3.04 | 2.71 | 3.09 | 3.34 | 4.09 | 4.32 | 1.93 | 2.97 | 1.76 | 1.83 |
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 | 0.41 | 0.41 | 0.48 | 0.45 | 0.74 | 0.45 | 0.72 | 0.69 | 0.64 | 0.33 | 0.93 |
| Quick Ratio | 0.41 | 0.41 | 0.48 | 0.45 | 0.74 | 0.45 | 0.72 | 0.69 | 0.64 | 0.33 | 0.93 |
| Cash Ratio | 0.04 | 0.04 | 0.06 | 0.04 | 0.09 | 0.05 | 0.08 | 0.04 | 0.05 | 0.08 | 0.17 |
| Asset Turnover | — | 0.12 | 0.11 | 0.11 | 0.11 | 0.10 | 0.10 | 0.10 | 0.11 | 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 | 3.9% | 4.1% | 4.5% | 3.8% | 4.6% | 3.1% | 4.8% | 4.8% | 6.2% | 5.7% | 6.9% |
| Payout Ratio | 103.8% | 103.8% | 145.3% | 138.7% | 149.6% | 127.8% | 111.0% | 384.7% | 171.0% | 451.1% | 340.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 4.0% | 3.1% | 2.7% | 3.1% | 2.4% | 4.2% | — | 3.6% | 0.8% | 1.2% |
| FCF Yield | 5.4% | 5.8% | 6.1% | 5.3% | 5.8% | 2.2% | 3.8% | 0.7% | 3.4% | 2.7% | 2.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.9% | 4.1% | 4.5% | 3.8% | 4.6% | 3.1% | 4.8% | 4.8% | 6.2% | 5.7% | 6.9% |
| Shares Outstanding | — | $188M | $182M | $181M | $179M | $164M | $149M | $126M | $104M | $90M | $71M |
Single-tenant lease expiration volatility
Based on recent market data, STAG trades at a P/FFO multiple of approximately 19.16x as of 2026Q1, which appears to discount the company relative to larger industrial peers, likely reflecting investor caution regarding the inherent binary risk of its secondary market, single-tenant industrial asset portfolio.
The valuation gap between STAG and Tier-1 industrial REITs suggests that the market assigns a risk premium to the company's secondary market focus. Investors should monitor whether this discount narrows as the company demonstrates sustained leasing spreads and portfolio stability, or if the market continues to view the single-tenant model as structurally inferior to multi-tenant gateway hubs.
According to quarterly financial filings, STAG has maintained NOI margins consistently near 80%, though the 2025Q4 anomaly where margins dipped to 9.2% warrants further investigation into whether this represents a structural shift or a temporary accounting distortion within the property-level operating expense reimbursements.
While the high NOI margin suggests efficient triple-net lease structures, the volatility in same-store performance implies that the company's profitability is highly sensitive to occupancy fluctuations. The reliance on external acquisitions to drive FFO growth may mask underlying organic stagnation, requiring a closer look at whether acquisition yields are sufficiently covering the cost of capital.
As reported in financial statements, the FFO payout ratio has fluctuated between 17.3% and 63.5% over the last ten quarters, suggesting that while the dividend appears covered by current earnings, the variability in cash flow necessitates a cautious approach to long-term distribution growth expectations.
The wide range in payout ratios highlights the impact of periodic capital expenditures and leasing costs on distributable cash. Investors should monitor the AFFO payout ratio specifically, as it provides a more accurate picture of the cash available for dividends after accounting for the recurring maintenance requirements of the industrial portfolio.
Based on reported figures, STAG's Debt/Equity ratio has remained in the 0.77 to 0.90 range, a metric that appears unusually low for an industrial REIT and warrants further investigation to determine if it reflects actual capital structure or a non-standard reporting methodology.
The reported leverage levels appear inconsistent with the capital-intensive nature of industrial real estate, potentially obscuring the true extent of the company's financial risk. Analysts should look beyond the D/E ratio and focus on interest coverage and debt maturity profiles to assess the company's vulnerability to sustained high interest rates.
The most commonly misapplied metric for STAG is the standard P/E ratio, which, as indicated by financial data, fails to account for significant non-cash depreciation charges that artificially depress GAAP earnings and obscure the true economic profitability of the company's industrial real estate assets.
Using P/E to value STAG leads to a distorted view of the company's valuation because it treats depreciation as a cash expense rather than a non-cash accounting entry. Investors should instead utilize P/FFO or P/AFFO, which adjust for these non-cash items to provide a more accurate reflection of the REIT's recurring cash-generating capacity.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying STAG stock.
STAG Industrial, Inc.'s current P/E ratio is 26.8x. The historical average is 46.8x. This places it at the 22th percentile of its historical range.
STAG Industrial, Inc.'s current EV/EBITDA is 17.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.1x.
STAG Industrial, Inc.'s return on equity (ROE) is 7.6%. The historical average is -16.3%.
Based on historical data, STAG Industrial, Inc. is trading at a P/E of 26.8x. This is at the 22th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
STAG Industrial, Inc.'s current dividend yield is 3.86% with a payout ratio of 103.8%.
STAG Industrial, Inc. has 61.3% gross margin and 37.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
STAG Industrial, Inc.'s Debt/EBITDA ratio is 5.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.