Latest Ratios: P/E Ratio 30.3x · EV/EBITDA 98.8x · ROE 1.6%. (1996–2025 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 | $419M | $506M | $258M | $299M | $382M | $338M | $208M | $348M | $247M | $273M | $105M |
| Enterprise Value | $616M | $703M | $419M | $441M | $582M | $653M | $645M | $761M | $642M | $1.2B | $929M |
| P/E Ratio → | 30.31 | 36.64 | 43.84 | 50.09 | 0.82 | 35.87 | 31.31 | — | 1.36 | — | — |
| P/S Ratio | 8.54 | 10.32 | 5.75 | 6.35 | 11.20 | 8.93 | 4.01 | 7.52 | 2.04 | 2.18 | 0.88 |
| P/B Ratio | 0.48 | 0.58 | 0.30 | 0.35 | 0.45 | 0.91 | 0.58 | 0.98 | 0.65 | 1.31 | 0.47 |
| P/FCF | — | — | 196.59 | — | — | — | — | — | — | — | — |
| P/OCF | — | — | 196.59 | — | — | — | 36.99 | — | — | — | 13.04 |
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 | — | 14.33 | 9.37 | 9.38 | 17.08 | 17.28 | 12.44 | 16.47 | 5.31 | 9.86 | 7.84 |
| EV / EBITDA | 98.79 | 112.82 | 62.06 | 96.31 | 151.98 | — | 34.80 | 95.96 | 5.31 | 9.86 | 7.84 |
| EV / EBIT | — | 24.97 | 25.84 | 23.86 | 0.99 | 20.39 | 17.52 | 206.93 | 2.62 | 27.55 | 17.38 |
| EV / FCF | — | — | 320.21 | — | — | — | — | — | — | — | — |
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 | -26.7% | -26.7% | 39.5% | 40.7% | 46.2% | 44.8% | 53.1% | 45.5% | 50.9% | 49.6% | 47.7% |
| Operating Margin | -12.9% | -12.9% | -12.9% | -21.2% | -27.2% | -42.8% | -0.1% | -16.6% | 13.3% | 16.1% | 14.9% |
| Net Profit Margin | 28.1% | 28.1% | 13.1% | 12.6% | 1374.0% | 24.9% | 12.8% | -58.2% | 150.0% | -12.6% | 0.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.6% | 1.6% | 0.7% | 0.7% | 77.3% | 2.6% | 1.9% | -7.3% | 61.6% | -7.3% | 0.0% |
| ROA | 1.3% | 1.3% | 0.6% | 0.5% | 46.7% | 1.1% | 0.8% | -3.1% | 16.7% | -1.3% | 0.0% |
| ROIC | -0.5% | -0.5% | -0.4% | -0.7% | -0.8% | -1.6% | -0.0% | -0.7% | 1.2% | 1.4% | 1.3% |
| ROCE | -0.6% | -0.6% | -0.6% | -0.9% | -1.0% | -2.0% | -0.0% | -0.9% | 1.5% | 1.7% | 1.6% |
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 | 0.24 | 0.24 | 0.21 | 0.21 | 0.37 | 0.99 | 1.31 | 1.31 | 1.14 | 4.82 | 3.75 |
| Debt / EBITDA | 33.82 | 33.82 | 26.91 | 39.12 | 81.92 | — | 25.55 | 58.59 | 3.57 | 8.02 | 7.10 |
| Net Debt / Equity | — | 0.23 | 0.19 | 0.17 | 0.24 | 0.85 | 1.21 | 1.17 | 1.04 | 4.62 | 3.67 |
| Net Debt / EBITDA | 31.57 | 31.57 | 23.96 | 31.11 | 52.30 | — | 23.57 | 52.14 | 3.27 | 7.68 | 6.96 |
| Debt / FCF | — | — | 123.62 | — | — | — | — | — | — | — | — |
| Interest Coverage | 4.22 | 4.22 | 2.12 | 1.99 | 29.75 | 1.30 | 1.25 | 0.12 | 4.16 | 0.75 | 1.01 |
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 | 9.49 | 9.49 | 14.24 | 32.44 | 9.84 | 7.10 | 10.80 | 8.97 | 10.55 | 6.70 | 4.84 |
| Quick Ratio | 9.49 | 9.49 | 14.24 | 32.44 | 9.84 | 7.10 | 10.80 | 8.97 | 10.55 | 6.70 | 5.69 |
| Cash Ratio | 1.62 | 1.62 | 2.83 | 7.77 | 3.68 | 1.33 | 1.07 | 1.36 | 1.18 | 1.06 | 0.36 |
| Asset Turnover | — | 0.04 | 0.04 | 0.05 | 0.03 | 0.05 | 0.06 | 0.05 | 0.14 | 0.10 | 0.10 |
| 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 | — | — | — | — | — | — | — | — | 0.4% | 0.3% | 0.9% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 2.7% | 2.3% | 2.0% | 122.7% | 2.8% | 3.2% | — | 73.5% | — | — |
| FCF Yield | — | — | 0.5% | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.3% | 0.2% | 0.3% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.3% | 0.2% | 0.3% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.4% | 0.3% | 0.9% |
| Shares Outstanding | — | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M | $9M |
Opaque JV leverage exposure
According to recent market data, TCI trades at a P/B ratio of 0.47, which, when compared to peers like Gladstone Commercial, suggests that investors are applying a significant complexity discount to the firm's opaque, land-heavy, and joint-venture-dependent business model rather than its underlying book value.
The P/E ratio of 29.75 appears disconnected from the company's core operational reality, as it is likely inflated by non-recurring gains rather than sustainable earnings growth. This valuation suggests the market is struggling to price the firm as a traditional REIT, instead treating it as a speculative vehicle for land monetization.
Based on reported figures, TCI's ROIC has consistently hovered near or below zero over the last ten quarters, indicating that the company is failing to generate meaningful returns on its invested capital compared to the broader real estate sector's historical performance benchmarks.
The persistent inability to achieve positive ROIC suggests that the capital deployed into the land bank is not being recycled efficiently into income-producing assets. This trend warrants further investigation into whether the firm's capital allocation strategy is fundamentally value-destructive or merely in a long-term gestation phase.
As reported in financial statements, TCI's asset turnover ratio remains stagnant at 0.01, reflecting a business model that is highly capital-intensive and lacks the velocity of asset rotation required to sustain operations without relying on episodic, lumpy divestments of its land holdings.
The extremely high and volatile DSO figures, which reached 1938 in 2025Q4, suggest significant friction in the company's ability to convert its transactional land sales into actual cash. This inefficiency highlights the operational risks inherent in a model that relies on infrequent, large-scale transactions to fund ongoing overhead.
Based on TCI's reported figures, the current ratio has experienced extreme volatility, dropping from 32.44 in 2023Q4 to 180.29 in 2025Q4, which, while appearing high, masks a diminishing cash position that leaves the firm vulnerable to sudden shocks in its property-level carry costs.
The reliance on high current ratios is misleading, as the liquidity is likely tied up in illiquid land assets rather than cash equivalents. Investors should monitor the firm's ability to meet short-term obligations if the current trend of negative operating cash flow continues to deplete available cash reserves.
As evidenced by the reported D/E ratio of 0.24, the market may be misinterpreting TCI's leverage profile, as this metric fails to account for the significant debt obligations likely embedded within the company's unconsolidated joint ventures, which are not fully reflected on the parent balance sheet.
Using the D/E ratio as a primary measure of financial risk for TCI is fundamentally flawed because it obscures the true extent of the firm's debt service burden. A more accurate assessment would require a 'look-through' analysis of the unconsolidated affiliates to determine the actual leverage supporting the company's real estate portfolio.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying TCI stock.
Transcontinental Realty Investors, Inc.'s current P/E ratio is 30.3x. The historical average is 16.4x. This places it at the 65th percentile of its historical range.
Transcontinental Realty Investors, Inc.'s current EV/EBITDA is 98.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 34.5x.
Transcontinental Realty Investors, Inc.'s return on equity (ROE) is 1.6%. The historical average is 6.0%.
Based on historical data, Transcontinental Realty Investors, Inc. is trading at a P/E of 30.3x. This is at the 65th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Transcontinental Realty Investors, Inc. has -26.7% gross margin and -12.9% operating margin.
Transcontinental Realty Investors, Inc.'s Debt/EBITDA ratio is 33.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.