Alexandria Real Estate Equities, Inc. (ARE) Key Metrics
ARE valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $7.16B
- Enterprise value
- $21.62B
- P/E (TTM)
- — 10-yr median 51.0
- Forward P/E
- 16.7
- PEG ratio
- 3.24
- Price / sales
- 2.5 10-yr median 9.3
- Price / book
- 0.6 10-yr median 1.7
- EV / EBITDA
- 31.4 10-yr median 23.4
- Dividend yield
- 6.92% $2.88 a year
- Beta
- 1.18
ARE key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsARE valuation Price multiples at each fiscal year-end price.
ARE returns How much profit the business earns on the capital it uses.
ARE per-share figures Results divided by the shares outstanding at year-end.
ARE financial health Debt, liquidity and how easily interest is covered.
ARE efficiency & capital use Working capital cycle and where the cash goes.
ARE valuation history
ARE returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ARE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ARE cash returned to shareholders
ARE price vs earnings per share
ARE key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $8.34B | $16.79B | $21.67B | $23.55B | $32.88B | $22.54B | $18.18B | $11.91B | $12.02B | $8.46B |
| Enterprise value | $20.55B | $28.98B | $32.75B | $33.23B | $41.58B | $29.88B | $25.04B | $17.15B | $16.62B | $12.56B |
| P/E ratio | — | 52.0 | 209.1 | 45.1 | 57.6 | 29.2 | 50.1 | 31.4 | 71.1 | — |
| Price / sales | 2.8 | 5.5 | 7.6 | 9.1 | 15.6 | 12.0 | 11.9 | 9.0 | 10.7 | 9.4 |
| Price / book | 0.5 | 0.9 | 1.2 | 1.0 | 1.7 | 1.9 | 2.1 | 1.6 | 2.0 | 1.7 |
| Price / free cash flow | 5.9 | 11.2 | 13.3 | 18.2 | — | — | 26.6 | — | — | — |
| Price / operating cash flow | 5.9 | 11.2 | 13.3 | 18.2 | 32.5 | 25.5 | 26.6 | 20.9 | 26.7 | 21.5 |
| EV / sales | 6.9 | 9.5 | 11.5 | 12.9 | 19.7 | 15.8 | 16.4 | 12.9 | 14.8 | 14.0 |
| EV / EBITDA | 57.0 | 15.3 | 22.6 | 18.8 | 30.8 | 24.3 | 25.4 | 19.1 | 22.5 | 33.9 |
| EV / free cash flow | 14.5 | 19.3 | 20.1 | 25.7 | — | — | 36.6 | — | — | — |
| Earnings yield | −17.2% | 1.9% | 0.5% | 2.2% | 1.7% | 3.4% | 2.0% | 3.2% | 1.4% | −0.8% |
| Free cash flow yield | 17.0% | 9.0% | 7.5% | 5.5% | −19.2% | −10.6% | 3.8% | −11.5% | −9.2% | −12.3% |
| Dividend yield | 10.9% | 5.4% | 3.9% | 3.2% | 2.0% | 2.4% | 2.5% | 3.2% | 2.7% | 3.1% |
| Shareholder yield (dividends + buybacks) | 13.4% | 5.7% | 4.0% | 3.2% | 2.0% | 2.4% | 2.5% | 3.4% | 3.9% | 5.6% |
| Share price at fiscal year-end | $48.94 | $97.55 | $126.77 | $145.67 | $222.96 | $178.22 | $161.58 | $115.24 | $130.59 | $111.13 |
| Per share | ||||||||||
| Revenue per share | $17.43 | $17.72 | $16.63 | $15.94 | $14.34 | $14.91 | $13.61 | $12.85 | $12.21 | $11.80 |
| Earnings per share | −$8.40 | $1.88 | $0.61 | $3.23 | $3.87 | $6.10 | $3.23 | $3.67 | $1.84 | −$0.87 |
| Operating cash flow per share | $8.30 | $8.74 | $9.54 | $8.01 | $6.85 | $6.98 | $6.08 | $5.52 | $4.89 | $5.16 |
| Free cash flow per share | $8.30 | $8.74 | $9.54 | $8.01 | −$42.88 | −$18.87 | $6.08 | −$13.30 | −$11.99 | −$13.72 |
| Cash per share | $3.22 | $3.21 | $3.62 | $5.10 | $2.45 | $4.49 | $1.69 | $2.27 | $2.76 | $1.64 |
| Book value per share | $90.79 | $103.96 | $108.08 | $140.32 | $129.07 | $92.70 | $78.79 | $71.06 | $64.63 | $64.33 |
| Tangible book value per share | $89.59 | $102.19 | $105.38 | $136.51 | $124.94 | $89.05 | $76.29 | $69.60 | $63.78 | $63.33 |
| Dividends per share | $5.35 | $5.22 | $4.96 | $4.69 | $4.45 | $4.21 | $4.01 | $3.73 | $3.49 | $3.45 |
| Capex per share | $10.98 | $15.52 | $14.56 | $38.26 | $49.74 | $25.84 | $30.91 | $18.82 | $16.88 | $18.88 |
| Debt per share | $74.89 | $74.11 | $68.45 | $65.01 | $61.45 | $62.53 | $62.65 | $53.02 | $52.71 | $55.50 |
| Shares outstanding | 170.4M | 172.1M | 170.9M | 161.7M | 147.5M | 126.5M | 112.5M | 103.3M | 92.1M | 76.1M |
| Change in shares outstanding | −1.0% | +0.7% | +5.7% | +9.6% | +16.6% | +12.4% | +8.9% | +12.2% | +21.0% | +6.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −8.6% | 1.8% | 0.5% | 2.5% | 3.7% | 7.5% | 4.5% | 5.7% | 3.1% | −1.5% |
| Return on invested capital (ROIC) | −3.3% | 2.0% | 2.2% | 1.8% | 1.4% | 2.2% | 1.6% | 3.7% | 1.6% | 0.4% |
| Return on assets (ROA) | −4.0% | 0.9% | 0.3% | 1.6% | 2.2% | 3.7% | 2.2% | 2.9% | 1.5% | −0.7% |
| Return on tangible assets | −4.2% | 0.9% | 0.3% | 1.5% | 1.9% | 3.4% | 2.0% | 2.6% | 1.4% | −0.6% |
| Free cash flow margin | 47.6% | 49.3% | 57.4% | 50.2% | −299.1% | −126.6% | 44.7% | −103.5% | −98.1% | −116.3% |
| Income quality (OCF / net income) | — | 4.66 | 15.73 | 2.48 | 1.77 | 1.14 | 1.88 | 1.50 | 2.66 | — |
| Financial health | ||||||||||
| Total debt | $12.76B | $12.75B | $11.70B | $10.51B | $9.06B | $7.91B | $7.05B | $5.48B | $4.85B | $4.22B |
| Cash & short-term investments | $549.1M | $552.1M | $618.2M | $825.2M | $361.3M | $568.5M | $189.7M | $234.2M | $254.4M | $125.0M |
| Net debt | $12.21B | $12.20B | $11.08B | $9.68B | $8.70B | $7.34B | $6.86B | $5.24B | $4.60B | $4.10B |
| Debt / equity | 0.82 | 0.71 | 0.63 | 0.46 | 0.48 | 0.67 | 0.80 | 0.75 | 0.82 | 0.86 |
| Debt / assets | 0.37 | 0.34 | 0.32 | 0.30 | 0.30 | 0.35 | 0.38 | 0.38 | 0.40 | 0.41 |
| Net debt / EBITDA | 33.88 | 6.42 | 7.65 | 5.48 | 6.44 | 5.97 | 6.95 | 5.83 | 6.22 | 11.06 |
| Current ratio | 0.43 | 0.40 | 0.39 | 0.32 | 0.16 | 0.64 | 0.27 | 0.33 | 0.47 | 0.29 |
| Quick ratio | 0.43 | 0.40 | 0.41 | 0.34 | −0.03 | 0.08 | 0.02 | 0.29 | 0.47 | 0.29 |
| Interest coverage | -5.3 | 4.1 | 9.3 | 6.5 | 3.7 | 3.1 | 2.5 | 2.7 | 1.4 | 0.4 |
| Working capital | −$1.24B | −$1.17B | −$1.22B | −$1.81B | −$2.24B | −$418.2M | −$924.9M | −$712.4M | −$393.0M | −$500.4M |
| Invested capital | $27.68B | $30.09B | $29.55B | $32.37B | $27.73B | $19.07B | $15.73B | $12.59B | $10.55B | $8.99B |
| Tangible asset value | $18.95B | $22.09B | $22.16B | $22.07B | $18.42B | $12.98B | $9.88B | $7.74B | $6.41B | $5.31B |
| Net current asset value | −$13.99B | −$14.35B | −$13.37B | −$11.97B | −$10.76B | −$8.66B | −$7.89B | −$6.22B | −$5.27B | −$4.77B |
| Graham number | — | $66.26 | $38.40 | $100.93 | $106.07 | $112.75 | $75.64 | $76.61 | $51.68 | — |
| Graham net-net per share | −$82.95 | −$83.98 | −$78.98 | −$74.44 | −$71.71 | −$66.89 | −$69.70 | −$60.78 | −$57.89 | −$63.23 |
| Capital allocation | ||||||||||
| Dividends paid | $911.5M | $898.6M | $847.5M | $757.7M | $656.0M | $533.0M | $451.2M | $385.8M | $321.8M | $262.8M |
| Share buybacks (net) | $208.2M | $50.1M | $24.6M | $0 | $0 | $0 | $9.2M | $14.0M | $148.3M | $206.8M |
| Dividend payout ratio | — | 278.2% | 817.7% | 145.3% | 114.8% | 69.1% | 124.2% | 101.7% | 190.3% | — |
| Dividends + buybacks / free cash flow | 79.2% | 63.1% | 53.5% | 58.5% | — | — | 67.3% | — | — | — |
| Capex / revenue | 63.0% | 87.6% | 87.5% | 240.1% | 346.9% | 173.4% | 227.1% | 146.5% | 138.2% | 160.0% |
| Capex / operating cash flow | 132.3% | 177.6% | 152.6% | 477.9% | 726.0% | 370.4% | 508.5% | 340.9% | 345.0% | 366.0% |
| Capex / depreciation | 1.39 | 2.22 | 2.28 | 6.67 | 8.93 | 4.68 | 6.39 | 4.07 | 3.73 | 4.58 |
| Stock-based compensation / revenue | 1.4% | 2.0% | 2.9% | 2.2% | 2.3% | 2.3% | 2.8% | 2.6% | 2.3% | 2.8% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 3.9% | 5.5% | 7.0% | 6.9% | 7.2% | 7.1% | 7.1% | 6.8% | 6.7% | 7.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 30.2 | 13.9 | 4.6 | 1.1 | 4.8 | 9.6 | 12.0 | 13.6 | 15.7 | 15.2 |
| Days of inventory on hand | — | — | -17.3 | 102.6 | 329.9 | 325.1 | 141.7 | 18.7 | — | — |
| Days payables outstanding | 206.8 | 212.6 | 636.3 | 1,091.0 | 730.4 | 166.6 | 169.8 | 270.8 | 401.3 | 397.2 |
| Cash conversion cycle (days) | -176.6 | -198.7 | -649.1 | -987.3 | -395.6 | 168.1 | -16.1 | -238.4 | -385.6 | -382.0 |
| Receivables turnover | 12.07 | 26.22 | 79.22 | 343.63 | 75.54 | 37.85 | 30.47 | 26.89 | 23.19 | 23.99 |
| Payables turnover | 1.77 | 1.72 | 0.57 | 0.33 | 0.50 | 2.19 | 2.15 | 1.35 | 0.91 | 0.92 |
| Inventory turnover | — | — | — | — | 1.11 | 1.12 | 2.58 | 19.47 | — | — |
| Asset turnover | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.10 | 0.10 | 0.09 |
| Average receivables | $246.1M | $116.3M | $35.9M | $7.5M | $28.0M | $49.8M | $50.3M | $49.4M | $48.5M | $37.4M |
| Average payables | $522.7M | $529.6M | $1.50B | $2.34B | $1.25B | $242.0M | $207.3M | $282.7M | $358.0M | $303.0M |
| Average inventory | — | — | −$40.8M | $220.2M | $563.6M | $472.2M | $173.0M | $19.6M | $0 | $0 |
| Intangibles / total assets | 0.6% | 0.8% | 1.3% | 1.7% | 2.0% | 2.0% | 1.5% | 1.0% | 0.6% | 0.7% |
Computed from ARE's annual financial statements (latest annual report filed January 26, 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.
ARE valuation and financial ratios
Alexandria Real Estate earned a return on equity of −8.6% and a return on invested capital of −3.3% in fiscal 2025. It ended the year with $12.8 billion of debt and $549.1 million in cash and short-term investments, net debt of $12.2 billion. It returned $1.1 billion to shareholders: $911.5 million in dividends and $208.2 million in share buybacks, 79% of free cash flow. The share count rose 123.9% from 76.1M to 170.4M over 9 years.
See the ARE income statement, the ARE chart for price history, or the ARE stock overview for the latest quote and news.
ARE key metrics FAQ
What is Alexandria Real Estate's EV/EBITDA?
Alexandria Real Estate's enterprise value was 57.0 times EBITDA at the end of fiscal 2025 (enterprise value $20.6 billion, EBITDA $360.4 million); the current EV/EBITDA is 31.4.
What is Alexandria Real Estate's return on equity?
Alexandria Real Estate's return on equity (ROE) was −8.6% in fiscal 2025: net income of -$1.4 billion on average shareholders' equity of $16.7 billion.
What is Alexandria Real Estate's ROIC?
Alexandria Real Estate's return on invested capital was −3.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Alexandria Real Estate have?
Alexandria Real Estate had total debt of $12.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.82 and $12.2 billion of net debt (33.88 times EBITDA).
What is Alexandria Real Estate's dividend yield?
Alexandria Real Estate's forward dividend yield is 6.92%. Alexandria Real Estate paid $911.5 million in dividends in fiscal 2025 ($5.35 per share), a payout ratio of —.
Does Alexandria Real Estate buy back its shares?
Yes. Alexandria Real Estate spent $208.2 million on net share repurchases in fiscal 2025 Shares outstanding changed −1.0% over the year, to 170.4M..
What is Alexandria Real Estate's free cash flow yield?
Alexandria Real Estate generated $1.4 billion of free cash flow in fiscal 2025, a free cash flow yield of 17.0% on its market value at year-end ($8.3 billion).
What is Alexandria Real Estate's current ratio?
Alexandria Real Estate's current ratio was 0.43 at the end of fiscal 2025: current assets were 0.43 times current liabilities.