Apartment Investment and Management Company (AIV) Key Metrics
AIV valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $262.3M
- Enterprise value
- $681.7M
- P/E (TTM)
- 8.9 10-yr median 11.5
- Forward P/E
- 714.3
- PEG ratio
- 839.32
- Price / sales
- 1.9 10-yr median 5.9
- Price / book
- 0.6 10-yr median 1.6
- EV / EBITDA
- 10.7 10-yr median 22.1
- Dividend yield
- —
- Beta
- 1.26
AIV key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAIV valuation Price multiples at each fiscal year-end price.
AIV returns How much profit the business earns on the capital it uses.
AIV per-share figures Results divided by the shares outstanding at year-end.
AIV financial health Debt, liquidity and how easily interest is covered.
AIV efficiency & capital use Working capital cycle and where the cash goes.
AIV valuation history
AIV returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AIV debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AIV cash returned to shareholders
AIV price vs earnings per share
AIV key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $837.9M | $1.26B | $1.12B | $1.07B | $1.15B | $784.4M | $826.2M | $870.8M | $715.6M | $742.1M |
| Enterprise value | $1.31B | $2.31B | $2.19B | $2.03B | $2.64B | $2.17B | $5.33B | $9.04B | $8.46B | $4.84B |
| P/E ratio | 1.5 | — | — | 14.2 | — | — | — | 268.5 | 2.3 | 11.5 |
| Price / sales | 6.1 | 6.0 | 6.0 | 5.6 | 6.8 | 5.2 | 5.7 | 6.6 | 0.7 | 0.7 |
| Price / book | 2.3 | 4.0 | 9.1 | 1.4 | 1.9 | 1.6 | 1.6 | 0.5 | 0.4 | 0.4 |
| Price / free cash flow | — | — | — | — | — | 32.7 | 44.4 | 55.7 | 21.1 | 23.9 |
| Price / operating cash flow | 103.5 | 26.8 | 22.3 | 5.3 | 91.7 | 16.4 | 14.3 | 16.3 | 1.8 | 2.0 |
| EV / sales | 9.5 | 11.1 | 11.7 | 10.7 | 15.5 | 14.3 | 36.8 | 68.4 | 8.4 | 4.9 |
| EV / EBITDA | 12.9 | 46.8 | — | 5.9 | 22.1 | 24.2 | 66.6 | 124.3 | 14.2 | 8.3 |
| EV / free cash flow | — | — | — | — | — | 90.5 | 286.4 | 577.6 | 249.0 | 155.8 |
| Earnings yield | 65.2% | −8.1% | −14.8% | 7.1% | −0.5% | −0.6% | 0.0% | 0.4% | 44.2% | 8.7% |
| Free cash flow yield | −10.9% | −9.0% | −19.7% | −3.1% | −14.3% | 3.1% | 2.3% | 1.8% | 4.7% | 4.2% |
| Dividend yield | 49.6% | 0.0% | 0.0% | 0.3% | 0.0% | 0.0% | 29.6% | 28.3% | 32.7% | 29.1% |
| Shareholder yield (dividends + buybacks) | 49.7% | 3.2% | 4.3% | 2.5% | 0.0% | 0.0% | 47.2% | 71.2% | 78.5% | 33.8% |
| Share price at fiscal year-end | $5.94 | $9.09 | $7.83 | $7.12 | $7.72 | $5.28 | $6.89 | $5.85 | $5.83 | $6.06 |
| Per share | ||||||||||
| Revenue per share | $0.98 | $1.51 | $1.30 | $1.26 | $1.14 | $1.02 | $1.21 | $0.89 | $8.19 | $8.13 |
| Earnings per share | $3.88 | −$0.74 | −$1.16 | $0.50 | −$0.04 | −$0.03 | $0.00 | $0.02 | $2.58 | $0.52 |
| Operating cash flow per share | $0.06 | $0.34 | $0.35 | $1.35 | $0.08 | $0.32 | $0.48 | $0.36 | $3.19 | $3.08 |
| Free cash flow per share | −$0.65 | −$0.82 | −$1.55 | −$0.22 | −$1.11 | $0.16 | $0.15 | $0.11 | $0.28 | $0.25 |
| Cash per share | $2.80 | $1.02 | $0.98 | $1.37 | $1.56 | $1.57 | $0.05 | $0.49 | $1.16 | $1.07 |
| Book value per share | $2.57 | $2.25 | $0.86 | $5.25 | $3.99 | $3.37 | $4.32 | $12.53 | $14.31 | $16.72 |
| Tangible book value per share | $2.48 | $2.16 | $0.76 | $5.16 | $3.97 | $3.35 | $3.89 | $12.11 | $13.83 | $16.21 |
| Dividends per share | $2.95 | $0.00 | $0.00 | $0.02 | $0.00 | $0.00 | $2.04 | $1.65 | $1.91 | $1.77 |
| Capex per share | $0.71 | $1.16 | $1.90 | $1.57 | $1.19 | $0.16 | $0.33 | $0.25 | $2.92 | $2.83 |
| Debt per share | $6.17 | $8.61 | $8.37 | $7.73 | $11.47 | $10.88 | $37.55 | $55.33 | $64.20 | $34.54 |
| Shares outstanding | 141.1M | 138.5M | 143.6M | 150.8M | 149.5M | 148.6M | 120.0M | 148.9M | 122.8M | 122.5M |
| Change in shares outstanding | +1.8% | −3.6% | −4.8% | +0.9% | +0.6% | +23.8% | −19.4% | +21.2% | +0.3% | +0.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 162.2% | −47.1% | −36.3% | 10.9% | −1.1% | −1.0% | 0.0% | 0.2% | 16.6% | 3.3% |
| Return on invested capital (ROIC) | −2.1% | −0.1% | 0.6% | −3.5% | −0.6% | 0.6% | 0.8% | 0.2% | 2.9% | 3.2% |
| Return on assets (ROA) | 30.1% | −5.2% | −8.0% | 3.3% | −0.2% | −0.3% | 0.0% | 0.1% | 5.1% | 1.0% |
| Return on tangible assets | 32.9% | −5.3% | −8.6% | 3.5% | −0.2% | −0.2% | 0.0% | 0.1% | 5.3% | 1.0% |
| Free cash flow margin | −66.1% | −54.2% | −118.7% | −17.5% | −97.3% | 15.8% | 12.9% | 11.8% | 3.4% | 3.1% |
| Income quality (OCF / net income) | 0.01 | — | — | 2.70 | — | — | 190.56 | 16.49 | 1.24 | 5.88 |
| Financial health | ||||||||||
| Total debt | $870.7M | $1.19B | $1.20B | $1.17B | $1.71B | $1.62B | $4.51B | $8.24B | $7.88B | $4.23B |
| Cash & short-term investments | $394.9M | $141.1M | $141.1M | $206.5M | $233.4M | $233.4M | $5.4M | $72.6M | $142.5M | $131.2M |
| Net debt | $475.8M | $1.05B | $1.06B | $959.3M | $1.48B | $1.38B | $4.50B | $8.16B | $7.74B | $4.10B |
| Debt / equity | 2.41 | 3.82 | 9.77 | 1.47 | 2.88 | 3.23 | 8.69 | 4.42 | 4.49 | 2.07 |
| Debt / assets | 0.52 | 0.61 | 0.61 | 0.53 | 0.70 | 0.66 | 3.58 | 1.33 | 1.30 | 0.68 |
| Net debt / EBITDA | 4.67 | 21.31 | — | 2.80 | 12.44 | 15.44 | 56.24 | 112.32 | 12.99 | 7.07 |
| Current ratio | 3.21 | 1.51 | 1.51 | 2.52 | 2.51 | 3.19 | 0.44 | 0.34 | 0.33 | 0.29 |
| Quick ratio | 3.21 | 1.51 | 1.53 | 2.68 | 2.77 | 3.32 | −0.14 | 0.23 | 0.30 | 0.02 |
| Interest coverage | -0.5 | -0.0 | 0.3 | -1.1 | -0.3 | 1.0 | 4.3 | 1.2 | 1.9 | 1.7 |
| Working capital | $271.9M | $179.2M | $179.2M | $162.2M | $147.2M | $213.0M | −$19.3M | −$275.7M | −$387.4M | −$392.1M |
| Invested capital | $837.6M | $1.36B | $1.18B | $1.75B | $2.08B | $1.88B | $5.02B | $10.03B | $9.50B | $6.15B |
| Tangible asset value | $540.6M | $299.1M | $299.1M | $778.0M | $592.8M | $592.8M | $467.1M | $1.80B | $1.70B | $1.99B |
| Net current asset value | −$728.0M | −$1.11B | −$1.11B | −$1.12B | −$1.59B | −$1.53B | −$726.4M | −$4.19B | −$4.13B | −$4.02B |
| Graham number | $14.96 | — | — | $7.70 | — | — | $0.50 | $2.48 | $28.80 | $14.05 |
| Graham net-net per share | −$4.45 | −$10.42 | −$10.06 | −$7.70 | −$10.59 | −$10.51 | −$6.04 | −$28.14 | −$33.85 | −$32.41 |
| Capital allocation | ||||||||||
| Dividends paid | $415.6M | $0 | $0 | $3.0M | $0 | $0 | $244.5M | $246.1M | $234.0M | $216.3M |
| Share buybacks (net) | $904,000 | $39.9M | $47.9M | $23.7M | $76,000 | $0 | $145.7M | $373.6M | $327.8M | $34.8M |
| Dividend payout ratio | 76.0% | — | — | 4.0% | — | — | — | — | 74.0% | 336.5% |
| Dividends + buybacks / free cash flow | — | — | — | — | — | 0.0% | — | — | — | 807.9% |
| Capex / revenue | 71.9% | 76.7% | 145.7% | 124.8% | 104.7% | 15.8% | 27.2% | 28.6% | 35.6% | 34.8% |
| Capex / operating cash flow | 1,231.0% | 340.6% | 540.0% | 116.3% | 1,412.8% | 49.9% | 67.9% | 70.8% | 91.3% | 91.8% |
| Capex / depreciation | 1.71 | 1.85 | 3.96 | 1.49 | 2.10 | 0.31 | 0.61 | 0.77 | 0.98 | 1.04 |
| Stock-based compensation / revenue | 4.3% | 3.1% | 4.9% | 3.9% | 3.1% | 0.7% | −1.7% | −0.7% | 0.8% | 0.8% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 24.6% | 15.7% | 17.6% | 20.8% | 19.5% | 6.9% | 4.9% | 4.4% | 4.3% | 4.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 283.3 | 142.2 | 117.4 | 80.9 | 119.5 | 82.1 | 73.1 | 100.3 | 5.5 | 4.8 |
| Days of inventory on hand | — | — | -56.0 | -109.4 | -105.2 | 20.3 | 198.3 | 205.7 | 42.3 | 40.3 |
| Days payables outstanding | — | — | — | — | 432.9 | 1,256.6 | 1,861.1 | 779.4 | 9.9 | 19.3 |
| Cash conversion cycle (days) | — | — | — | — | -418.6 | -1,154.2 | -1,589.7 | -473.4 | 37.8 | 25.8 |
| Receivables turnover | 1.29 | 2.57 | 3.11 | 4.51 | 3.05 | 4.44 | 4.99 | 3.64 | 66.86 | 76.36 |
| Payables turnover | — | — | — | — | 0.84 | 0.29 | 0.20 | 0.47 | 36.82 | 18.95 |
| Inventory turnover | — | — | — | — | — | — | 1.84 | 1.77 | 8.63 | 9.07 |
| Asset turnover | 0.08 | 0.11 | 0.09 | 0.08 | 0.07 | 0.08 | 0.04 | 0.02 | 0.16 | 0.16 |
| Average receivables | $107.5M | $81.3M | $60.1M | $42.2M | $55.6M | $34.1M | $29.0M | $36.3M | $15.0M | $13.0M |
| Average payables | — | — | — | — | $80.2M | $211.8M | $293.4M | $114.4M | $19.6M | $36.4M |
| Average inventory | — | — | −$11.3M | −$21.5M | −$19.5M | $3.4M | $31.3M | $30.2M | $83.5M | $76.1M |
| Intangibles / total assets | 0.7% | 0.7% | 0.7% | 0.6% | 0.1% | 0.1% | 4.1% | 1.0% | 1.0% | 1.0% |
Computed from AIV's annual financial statements (latest annual report filed March 2, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AIV valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Apartment Investment and Management traded at 1.5 times earnings, against a 10-year median of 11.5. Based on the latest twelve months, the trailing P/E is 8.9 and the forward P/E is 714.3. Apartment Investment and Management earned a return on equity of 162.2% and a return on invested capital of −2.1% in fiscal 2025. It ended the year with $870.7 million of debt and $394.9 million in cash and short-term investments, net debt of $475.8 million. It returned $416.5 million to shareholders: $415.6 million in dividends and $0.9 million in share buybacks. The share count rose 15.2% from 122.5M to 141.1M over 9 years.
See the AIV income statement, the AIV chart for price history, or the AIV stock overview for the latest quote and news.
AIV key metrics FAQ
What is Apartment Investment and Management's P/E ratio?
Apartment Investment and Management's trailing P/E ratio is 8.9 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 714.3. At the end of fiscal 2025 it was 1.5, compared with a 10-year median of 11.5.
What is Apartment Investment and Management's EV/EBITDA?
Apartment Investment and Management's enterprise value was 12.9 times EBITDA at the end of fiscal 2025 (enterprise value $1.3 billion, EBITDA $101.9 million); the current EV/EBITDA is 10.7.
What is Apartment Investment and Management's return on equity?
Apartment Investment and Management's return on equity (ROE) was 162.2% in fiscal 2025: net income of $546.7 million on average shareholders' equity of $337.1 million. ROE is high partly because years of buybacks have reduced equity on the balance sheet.
What is Apartment Investment and Management's ROIC?
Apartment Investment and Management's return on invested capital was −2.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Apartment Investment and Management have?
Apartment Investment and Management had total debt of $870.7 million at the end of fiscal 2025, a debt-to-equity ratio of 2.41 and $475.8 million of net debt (4.67 times EBITDA).
What is Apartment Investment and Management's dividend yield?
Apartment Investment and Management paid $415.6 million in dividends in fiscal 2025 ($2.95 per share), a payout ratio of 76.0%.
Does Apartment Investment and Management buy back its shares?
Yes. Apartment Investment and Management spent $0.9 million on net share repurchases in fiscal 2025 Shares outstanding changed +1.8% over the year, to 141.1M..
What is Apartment Investment and Management's free cash flow yield?
Apartment Investment and Management generated -$91.5 million of free cash flow in fiscal 2025, a free cash flow yield of −10.9% on its market value at year-end ($837.9 million).
What is Apartment Investment and Management's current ratio?
Apartment Investment and Management's current ratio was 3.21 at the end of fiscal 2025: current assets were 3.21 times current liabilities.