Latest Ratios: P/E Ratio -1.1x · EV/EBITDA 259.9x · 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 | $13.8B | $4.1B | $5M | $2M | $4M | $5M | $6M | $5M | $3M | $6M | $7M |
| Enterprise Value | $14.2B | $4.5B | $466M | $490M | $482M | $332M | $346M | $352M | $355M | $311M | $311M |
| P/E Ratio → | -1.06 | — | — | — | — | — | 0.02 | — | — | — | — |
| P/S Ratio | 138.32 | 40.90 | 0.05 | 0.02 | 0.06 | 0.08 | 0.10 | 0.08 | 0.05 | 0.10 | 0.16 |
| P/B Ratio | 42.90 | 42.96 | 0.04 | 0.02 | 0.03 | 0.05 | 0.05 | 0.04 | 0.03 | 0.05 | 0.04 |
| P/FCF | 3416.68 | 1010.34 | 1.37 | 2.67 | 0.20 | 0.48 | 0.45 | 0.40 | 0.19 | 0.37 | 0.75 |
| P/OCF | 650.93 | 192.49 | 0.18 | 0.12 | 0.14 | 0.30 | 0.38 | 0.33 | 0.14 | 0.25 | 0.62 |
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 | — | 45.53 | 4.45 | 4.79 | 6.29 | 5.41 | 5.69 | 5.59 | 5.40 | 5.32 | 7.04 |
| EV / EBITDA | 259.92 | 82.79 | 7.41 | 8.46 | 10.93 | 9.67 | 9.81 | 11.40 | 8.61 | 10.82 | 12.13 |
| EV / EBIT | 447.76 | 98.58 | 15.35 | 14.48 | 37.32 | 14.02 | 18.21 | 21.95 | 25.10 | 121.20 | 62.16 |
| EV / FCF | — | 1124.62 | 134.50 | 536.42 | 21.68 | 31.23 | 25.60 | 28.10 | 21.63 | 18.91 | 34.02 |
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 | 5.2% | 5.2% | 6.0% | 4.6% | 4.5% | 4.3% | 3.9% | 2.2% | 2.9% | 0.5% | 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 | 4.32 | 3.57 | 3.32 | 3.63 | 3.09 | 3.12 | 3.05 | 2.57 | 2.02 |
| Debt / EBITDA | 8.84 | 8.84 | 8.02 | 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 | 1.03 | 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 | 8.91 | 8.91 | 2.67 | 1.52 | 1.64 | 2.90 | 2.61 | 2.61 | — | — | — |
| Quick Ratio | 8.91 | 8.91 | 2.67 | 1.52 | 1.64 | 2.90 | 2.61 | 2.61 | — | — | — |
| Cash Ratio | 6.71 | 6.71 | 1.52 | 0.53 | 0.67 | 1.28 | 0.31 | 0.47 | — | — | — |
| 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 | — | — | — | — | — | — | — | — | 100.0% | 100.0% | 100.0% |
| 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 | — | — | — | — | — | — | 4041.9% | — | — | — | — |
| FCF Yield | 0.0% | 0.1% | 72.9% | 37.5% | 511.2% | 207.4% | 222.9% | 249.2% | 530.7% | 272.8% | 133.1% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 18.2% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 18.2% | 0.0% | 100.0% | 100.0% | 100.0% |
| Shares Outstanding | — | $107M | $175000 | $187000 | $338913 | $337000 | $336746 | $335828 | $321397 | $300494 | $292374 |
Capital structure insolvency risk
As reported in recent financial filings, the lack of meaningful P/FFO or P/AFFO multiples, combined with a P/B ratio of 40.64, suggests that the market is pricing the equity as a distressed option rather than a traditional income-producing real estate vehicle.
The absence of stable FFO multiples indicates that investors are struggling to assign value to common equity given the massive preferred dividend arrears. This valuation disconnect suggests that the market views the underlying real estate as secondary to the complex capital structure obligations.
Based on the provided quarterly data, the NOI margin experienced a sharp contraction to 22.4% in 2026Q1, which indicates that the company's core property-level profitability is highly susceptible to rising operating costs and potential tenant attrition within its secondary market portfolio.
The significant variance in NOI margins suggests that the company lacks the operational scale to absorb inflationary pressures in property taxes and maintenance. This trend implies that the REIT's ability to generate organic growth is currently compromised by its reliance on smaller, less resilient inline tenants.
According to the company's reported figures, the FFO payout ratio has been largely non-existent or erratic, with AFFO frequently turning negative, which confirms that there is no recurring cash flow buffer available to support common dividends or address preferred arrears.
The inability to maintain a consistent positive AFFO payout ratio highlights the structural weakness in the company's cash generation. Investors should monitor the persistent negative AFFO, as it suggests that capital is being consumed by maintenance requirements rather than being available for distribution.
As reported in quarterly filings, the debt-to-equity ratio of 5.13x as of 2026Q1, coupled with interest coverage ratios often hovering near 1.0x, indicates a highly vulnerable balance sheet that is dangerously exposed to interest rate volatility and refinancing risks.
The high leverage profile suggests that the company has limited financial flexibility to navigate credit market tightening. This level of indebtedness warrants further investigation, as it appears to leave little room for error in managing debt maturities or funding necessary property improvements.
Financial statements indicate that the standard P/E ratio is the most commonly misapplied metric for this REIT, as it fails to account for the significant non-cash depreciation charges that artificially depress GAAP earnings and mask the true economic performance of the property portfolio.
Using P/E for a REIT like Wheeler ignores the reality that depreciation is a non-cash accounting entry that does not reflect the actual value of the real estate. Analysts should instead focus on FFO or AFFO, which provide a more accurate representation of the cash flow available to stakeholders.
Includes 30+ ratios · 16 years · Updated daily
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Quick answers to the most common questions about buying WHLRD stock.
Wheeler Real Estate Investment Trust, Inc.'s current P/E ratio is -1.1x. The historical average is 0.0x.
Wheeler Real Estate Investment Trust, Inc.'s current EV/EBITDA is 259.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.2x.
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 -1.1x. 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.