Latest Ratios: P/E Ratio -0.0x · EV/EBITDA 8.4x · ROE 8.3%. (2010–2025 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 | $200903 | $2M | — | — | — | — | — | — | — | — | — |
| Enterprise Value | $460M | $462M | — | — | — | — | — | — | — | — | — |
| P/E Ratio → | -0.02 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.00 | 0.02 | — | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.00 | 0.02 | 477.73 | 42061.54 | 32529.60 | — | 8677.67 | — | — | — | — |
| P/FCF | 0.05 | 0.54 | — | — | — | — | — | — | — | — | — |
| P/OCF | 0.01 | 0.10 | — | — | — | — | — | — | — | — | — |
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 | — | 4.65 | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | 8.42 | 8.45 | — | — | — | — | — | — | — | — | — |
| EV / EBIT | 14.50 | 10.07 | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | 114.82 | — | — | — | — | — | — | — | — | — |
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 | 66.8% | 66.8% | 66.4% | 65.9% | 66.4% | 68.0% | 69.0% | 69.7% | 30.7% | 28.9% | 26.3% |
| Operating Margin | 31.9% | 31.9% | 35.9% | 28.7% | 32.1% | 31.8% | 30.3% | 17.2% | 21.5% | 4.4% | 11.3% |
| Net Profit Margin | 8.8% | 8.8% | -9.2% | -4.6% | -16.2% | -15.4% | 0.4% | -12.8% | -25.1% | -23.2% | -26.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.3% | 8.3% | -7.4% | -3.2% | -10.0% | -9.0% | 0.2% | -6.9% | -13.5% | -9.7% | -9.0% |
| ROA | 1.4% | 1.4% | -1.4% | -0.7% | -2.2% | -2.0% | 0.1% | -1.6% | -3.4% | -2.9% | -3.0% |
| ROIC | 4.2% | 4.2% | 4.7% | 3.5% | 3.5% | 3.3% | 3.0% | 1.7% | 2.4% | 0.4% | 1.0% |
| ROCE | 5.3% | 5.3% | 6.0% | 4.6% | 4.5% | 4.3% | 3.9% | 2.3% | 3.0% | 0.6% | 1.3% |
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 | 5.11 | 5.11 | 4.22 | 3.57 | 3.32 | 3.63 | 3.09 | 3.12 | 3.05 | 2.57 | 2.02 |
| Debt / EBITDA | 8.84 | 8.84 | 7.84 | 8.73 | 11.47 | 10.19 | 9.86 | 11.41 | 8.98 | 11.03 | 12.43 |
| Net Debt / Equity | — | 4.86 | 3.95 | 3.44 | 3.13 | 3.39 | 3.02 | 3.07 | 2.91 | 2.47 | 1.93 |
| Net Debt / EBITDA | 8.41 | 8.41 | 7.33 | 8.42 | 10.83 | 9.52 | 9.64 | 11.24 | 8.54 | 10.61 | 11.86 |
| Debt / FCF | — | 114.28 | 133.13 | 533.75 | 21.49 | 30.75 | 25.15 | 27.70 | 21.44 | 18.54 | 33.27 |
| Interest Coverage | 1.48 | 1.48 | — | 1.22 | 0.60 | 0.72 | — | — | — | — | — |
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 | 2.95 | 2.95 | 2.67 | 1.52 | 1.64 | 2.90 | 2.61 | 2.61 | — | — | — |
| Quick Ratio | 2.95 | 2.95 | 2.67 | 1.52 | 1.64 | 2.90 | 2.61 | 2.61 | — | — | — |
| Cash Ratio | 1.01 | 1.01 | 1.52 | 0.53 | 0.67 | 1.28 | 0.31 | 0.47 | 1.08 | 0.73 | 1.15 |
| Asset Turnover | — | 0.17 | 0.16 | 0.15 | 0.11 | 0.13 | 0.12 | 0.13 | 0.13 | 0.13 | 0.09 |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| 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 | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | 100.0% | 184.6% | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $35634 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Capital structure insolvency risk
As reported in recent financial filings, WHLR's NOI margin experienced a sharp contraction to 22.4% in 2026Q1 from a 2025 peak of 70.3%, suggesting that the company's property-level cost structure is highly sensitive to occupancy fluctuations and rising operational burdens within its necessity-based retail portfolio.
The dramatic decline in NOI margin indicates that the company is struggling to maintain profitability at the property level, likely due to rising operating expenses or declining rental income. This volatility suggests that the REIT's core operations may be unable to absorb even minor shocks in occupancy or property-level costs, warranting significant caution regarding future margin stability.
According to the latest quarterly financial statements, WHLR maintains a debt-to-equity ratio of 5.21, reflecting a highly leveraged capital structure that appears to leave minimal room for operational errors or further asset value impairment within its secondary market retail portfolio.
The high leverage ratio suggests that the company is heavily reliant on debt financing, which increases the risk of insolvency in a high-interest-rate environment. Investors should monitor the interest coverage ratio, which has struggled to remain above 1.0x, indicating that the company may face significant challenges in servicing its debt obligations without further capital restructuring.
Based on the provided financial data, the FFO payout ratio has been erratic and frequently unavailable, with AFFO per share figures showing extreme volatility, such as the -448.66 recorded in 2025Q2, which indicates that the company lacks the consistent cash flow generation required to support reliable distributions.
The lack of a consistent dividend payout ratio, combined with negative AFFO in multiple periods, suggests that any potential distributions are not supported by recurring cash flow. This implies that the company's capital allocation strategy is currently focused on survival rather than shareholder returns, making the dividend profile highly unreliable for income-oriented investors.
As indicated by the provided data, the market's reliance on standard P/E multiples for WHLR is deeply misleading, as the company's heavy depreciation charges and complex capital structure adjustments frequently distort GAAP earnings, obscuring the underlying cash-generating capacity of the REIT's retail portfolio.
Investors should prioritize FFO or AFFO metrics over P/E, as the latter fails to account for the non-cash nature of real estate depreciation. Relying on P/E in this context may lead to an inaccurate assessment of valuation, as the company's earnings are often disconnected from the actual cash flow available to common shareholders.
Includes 30+ ratios · 16 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying WHLR stock.
Wheeler Real Estate Investment Trust, Inc.'s current P/E ratio is -0.0x. This places it at the 50th percentile of its historical range.
Wheeler Real Estate Investment Trust, Inc.'s current EV/EBITDA is 8.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.5x.
Wheeler Real Estate Investment Trust, Inc.'s return on equity (ROE) is 8.3%. The historical average is -14.7%.
Based on historical data, Wheeler Real Estate Investment Trust, Inc. is trading at a P/E of -0.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Wheeler Real Estate Investment Trust, Inc. has 66.8% gross margin and 31.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Wheeler Real Estate Investment Trust, Inc.'s Debt/EBITDA ratio is 8.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.