Independence Realty Trust, Inc. (IRT) Key Metrics
IRT valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.57B
- Enterprise value
- $5.86B
- P/E (TTM)
- 82.1 10-yr median 47.9
- Forward P/E
- 69.4
- PEG ratio
- 4.57
- Price / sales
- 5.3 10-yr median 6.0
- Price / book
- 1.0 10-yr median 1.2
- EV / EBITDA
- 15.3 10-yr median 20.3
- Dividend yield
- 4.75% $0.72 a year
- Beta
- 0.98
IRT key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsIRT valuation Price multiples at each fiscal year-end price.
IRT returns How much profit the business earns on the capital it uses.
IRT per-share figures Results divided by the shares outstanding at year-end.
IRT financial health Debt, liquidity and how easily interest is covered.
IRT efficiency & capital use Working capital cycle and where the cash goes.
IRT valuation history
IRT returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
IRT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
IRT cash returned to shareholders
IRT price vs earnings per share
IRT key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $4.10B | $4.48B | $3.43B | $3.76B | $2.84B | $1.27B | $1.27B | $802.1M | $742.6M | $465.5M |
| Enterprise value | $6.34B | $6.79B | $5.96B | $6.38B | $5.51B | $2.72B | $2.74B | $2.18B | $1.61B | $1.34B |
| P/E ratio | 72.6 | 113.9 | — | 32.1 | 63.6 | 86.1 | 27.7 | 30.5 | 24.6 | — |
| Price / sales | 6.2 | 7.0 | 5.2 | 6.0 | 11.3 | 6.0 | 6.3 | 4.2 | 4.6 | 3.0 |
| Price / book | 1.2 | 1.3 | 1.0 | 1.0 | 0.8 | 1.8 | 2.1 | 1.3 | 1.1 | 0.9 |
| Price / free cash flow | 28.0 | 52.8 | 29.7 | 22.7 | 305.6 | 33.9 | 43.3 | 28.5 | 18.6 | — |
| Price / operating cash flow | 14.5 | 17.2 | 13.1 | 15.1 | 54.3 | 17.0 | 17.0 | 11.7 | 13.7 | — |
| EV / sales | 9.6 | 10.6 | 9.0 | 10.1 | 22.0 | 12.8 | 13.5 | 11.4 | 10.0 | 8.7 |
| EV / EBITDA | 16.7 | 20.1 | 20.5 | 13.8 | 34.7 | 24.3 | 26.5 | 20.2 | 17.1 | 22.0 |
| EV / free cash flow | 43.3 | 80.2 | 51.6 | 38.5 | 593.1 | 72.4 | 93.2 | 77.6 | 40.4 | — |
| Earnings yield | 1.4% | 0.9% | −0.5% | 3.1% | 1.6% | 1.2% | 3.6% | 3.3% | 4.1% | −2.1% |
| Free cash flow yield | 3.6% | 1.9% | 3.4% | 4.4% | 0.3% | 3.0% | 2.3% | 3.5% | 5.4% | −3.9% |
| Dividend yield | 3.8% | 3.2% | 3.9% | 2.8% | 1.8% | 4.4% | 5.1% | 6.5% | 7.0% | 7.9% |
| Shareholder yield (dividends + buybacks) | 4.5% | 3.3% | 4.1% | 3.0% | 1.9% | 4.5% | 5.1% | 6.6% | 7.1% | 21.2% |
| Share price at fiscal year-end | $17.48 | $19.84 | $15.30 | $16.86 | $25.83 | $13.43 | $14.08 | $9.18 | $10.09 | $8.92 |
| Per share | ||||||||||
| Revenue per share | $2.80 | $2.84 | $2.95 | $2.82 | $2.28 | $2.24 | $2.25 | $2.19 | $2.19 | $2.94 |
| Earnings per share | $0.24 | $0.17 | −$0.08 | $0.53 | $0.41 | $0.16 | $0.51 | $0.30 | $0.41 | −$0.19 |
| Operating cash flow per share | $1.20 | $1.15 | $1.17 | $1.12 | $0.48 | $0.79 | $0.83 | $0.78 | $0.74 | −$0.14 |
| Free cash flow per share | $0.62 | $0.38 | $0.51 | $0.74 | $0.08 | $0.40 | $0.32 | $0.32 | $0.54 | −$0.35 |
| Cash per share | $0.20 | $0.09 | $0.10 | $0.07 | $0.33 | $0.09 | $0.11 | $0.11 | $0.14 | $0.40 |
| Book value per share | $14.74 | $15.26 | $15.29 | $16.12 | $31.69 | $7.53 | $6.85 | $7.21 | $8.78 | $10.13 |
| Tangible book value per share | $14.73 | $15.24 | $15.29 | $16.12 | $30.07 | $7.52 | $6.85 | $7.20 | $8.76 | $10.13 |
| Dividends per share | $0.66 | $0.64 | $0.60 | $0.47 | $0.45 | $0.59 | $0.72 | $0.60 | $0.71 | $0.70 |
| Capex per share | $0.58 | $0.78 | $0.65 | $0.38 | $0.39 | $0.39 | $0.50 | $0.46 | $0.20 | $0.20 |
| Debt per share | $9.72 | $10.35 | $11.36 | $11.79 | $24.63 | $15.39 | $16.32 | $15.88 | $11.96 | $17.08 |
| Shares outstanding | 234.8M | 225.6M | 224.4M | 223.1M | 109.8M | 94.7M | 90.4M | 87.4M | 73.6M | 52.2M |
| Change in shares outstanding | +4.1% | +0.5% | +0.6% | +103.1% | +16.0% | +4.7% | +3.5% | +18.7% | +41.0% | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 1.6% | 1.1% | −0.5% | 3.3% | 2.1% | 2.2% | 7.3% | 4.1% | 5.1% | −2.1% |
| Return on invested capital (ROIC) | 1.7% | 1.7% | 1.9% | 0.8% | 0.6% | 1.0% | 2.5% | 2.9% | 3.0% | 2.1% |
| Return on assets (ROA) | 0.9% | 0.6% | −0.3% | 1.8% | 1.1% | 0.9% | 2.8% | 1.7% | 2.2% | −0.7% |
| Return on tangible assets | 0.9% | 0.6% | −0.3% | 1.8% | 0.7% | 0.9% | 2.8% | 1.6% | 2.1% | −0.8% |
| Free cash flow margin | 22.3% | 13.2% | 17.5% | 26.3% | 3.7% | 17.7% | 14.5% | 14.7% | 24.8% | −11.9% |
| Income quality (OCF / net income) | 4.99 | 6.61 | — | 2.13 | 1.17 | 5.08 | 1.63 | 2.61 | 1.80 | — |
| Financial health | ||||||||||
| Total debt | $2.28B | $2.33B | $2.55B | $2.63B | $2.71B | $1.46B | $1.48B | $1.39B | $880.1M | $891.1M |
| Cash & short-term investments | $47.6M | $21.2M | $22.9M | $16.1M | $36.0M | $8.8M | $9.9M | $9.3M | $10.0M | $20.9M |
| Net debt | $2.23B | $2.31B | $2.53B | $2.62B | $2.67B | $1.45B | $1.47B | $1.38B | $870.1M | $870.2M |
| Debt / equity | 0.66 | 0.68 | 0.74 | 0.73 | 0.78 | 2.04 | 2.38 | 2.20 | 1.36 | 1.69 |
| Debt / assets | 0.38 | 0.39 | 0.41 | 0.40 | 0.42 | 0.84 | 0.89 | 0.84 | 0.61 | 0.69 |
| Net debt / EBITDA | 5.88 | 6.86 | 8.68 | 5.68 | 16.81 | 12.93 | 14.21 | 12.78 | 9.22 | 14.31 |
| Current ratio | 0.05 | 0.16 | 2.26 | 0.08 | 0.93 | 0.34 | 0.33 | 2.57 | 0.98 | 4.91 |
| Quick ratio | −0.03 | 0.05 | 0.33 | 0.05 | 0.48 | 0.34 | 0.33 | 0.63 | 1.30 | 1.68 |
| Interest coverage | 1.5 | 1.7 | 1.6 | 1.1 | 1.4 | 1.2 | 2.6 | 1.4 | 1.6 | 1.1 |
| Working capital | −$881.9M | −$782.3M | $193.2M | −$894.6M | −$9.5M | −$26.0M | −$29.7M | $62.4M | −$535,000 | $73.6M |
| Invested capital | $5.69B | $5.75B | $5.96B | $6.21B | $6.15B | $2.16B | $2.09B | $2.01B | $1.52B | $1.40B |
| Tangible asset value | $3.59B | $3.57B | $3.57B | $3.74B | $3.46B | $712.0M | $619.3M | $629.3M | $645.0M | $528.6M |
| Net current asset value | −$2.38B | −$2.33B | −$2.37B | −$2.71B | −$2.74B | −$1.01B | −$1.03B | −$927.2M | −$782.3M | −$673.1M |
| Graham number | $8.94 | $7.73 | — | $13.81 | $17.01 | $5.14 | $8.85 | $6.99 | $9.00 | — |
| Graham net-net per share | −$10.00 | −$10.67 | −$11.33 | −$12.37 | −$25.45 | −$10.70 | −$11.44 | −$11.16 | −$10.77 | −$13.61 |
| Capital allocation | ||||||||||
| Dividends paid | $154.4M | $144.0M | $134.9M | $105.8M | $49.8M | $56.1M | $64.7M | $52.5M | $52.3M | $36.6M |
| Share buybacks (net) | $30.0M | $2.6M | $5.2M | $6.0M | $2.9M | $1.5M | $642,000 | $354,000 | $569,000 | $62.2M |
| Dividend payout ratio | 273.0% | 366.5% | — | 90.3% | 111.8% | 380.2% | 141.1% | 199.6% | 173.2% | — |
| Dividends + buybacks / free cash flow | 125.8% | 173.1% | 121.2% | 67.5% | 568.3% | 153.5% | 222.6% | 188.0% | 132.3% | — |
| Capex / revenue | 20.6% | 27.4% | 22.2% | 13.4% | 17.2% | 17.6% | 22.5% | 21.1% | 8.9% | 7.0% |
| Capex / operating cash flow | 48.1% | 67.4% | 55.9% | 33.7% | 82.2% | 49.9% | 60.8% | 59.0% | 26.5% | — |
| Capex / depreciation | 0.56 | 0.79 | 0.67 | 0.33 | 0.56 | 0.62 | 0.86 | 0.89 | 0.42 | 0.31 |
| Stock-based compensation / revenue | 1.2% | 1.1% | 1.2% | 1.3% | 2.9% | 2.6% | 1.5% | 1.3% | 1.2% | 0.8% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 3.6% | 3.8% | 3.4% | 4.2% | 7.4% | 7.1% | 6.3% | 5.7% | 5.9% | 7.1% |
| Efficiency | ||||||||||
| Days sales outstanding | — | — | — | — | 5.7 | — | — | 15.6 | 14.5 | 10.2 |
| Days of inventory on hand | 45.1 | 279.4 | 223.3 | 69.3 | 218.6 | — | — | 153.3 | 138.0 | 163.1 |
| Days payables outstanding | 45.2 | 140.0 | 147.1 | 153.8 | 233.9 | 101.4 | 100.8 | 87.7 | 80.6 | 89.5 |
| Cash conversion cycle (days) | — | — | — | — | -9.6 | — | — | 81.2 | 71.9 | 83.8 |
| Receivables turnover | — | — | — | — | 64.02 | — | — | 23.38 | 25.26 | 35.78 |
| Payables turnover | 8.08 | 2.61 | 2.48 | 2.37 | 1.56 | 3.60 | 3.62 | 4.16 | 4.53 | 4.08 |
| Inventory turnover | 8.10 | 1.31 | 1.63 | 5.27 | 1.67 | — | — | 2.38 | — | 2.24 |
| Asset turnover | 0.11 | 0.10 | 0.10 | 0.10 | 0.06 | 0.12 | 0.12 | 0.12 | 0.12 | 0.11 |
| Average receivables | — | — | — | — | $3.9M | — | — | $8.2M | $6.4M | $4.3M |
| Average payables | $93.5M | $101.9M | $109.4M | $108.0M | $65.9M | $25.4M | $24.1M | $20.0M | $15.6M | $16.7M |
| Average inventory | $93.3M | $203.2M | $166.1M | $48.7M | $61.6M | — | — | $35.0M | $26.7M | $30.4M |
| Intangibles / total assets | 0.0% | 0.1% | 0.0% | 0.0% | 2.7% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% |
Computed from IRT's annual financial statements (latest annual report filed February 17, 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.
IRT valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Independence Realty traded at 72.6 times earnings, against a 10-year median of 47.9. Based on the latest twelve months, the trailing P/E is 82.1 and the forward P/E is 69.4. Independence Realty earned a return on equity of 1.6% and a return on invested capital of 1.7% in fiscal 2025. It ended the year with $2.3 billion of debt and $47.6 million in cash and short-term investments, net debt of $2.2 billion. It returned $184.4 million to shareholders: $154.4 million in dividends and $30.0 million in share buybacks, 126% of free cash flow. The share count rose 349.9% from 52.2M to 234.8M over 9 years.
See the IRT income statement, the IRT chart for price history, or the IRT stock overview for the latest quote and news.
IRT key metrics FAQ
What is Independence Realty's P/E ratio?
Independence Realty's trailing P/E ratio is 82.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 69.4. At the end of fiscal 2025 it was 72.6, compared with a 10-year median of 47.9.
What is Independence Realty's EV/EBITDA?
Independence Realty's enterprise value was 16.7 times EBITDA at the end of fiscal 2025 (enterprise value $6.3 billion, EBITDA $379.9 million); the current EV/EBITDA is 15.3.
What is Independence Realty's return on equity?
Independence Realty's return on equity (ROE) was 1.6% in fiscal 2025: net income of $56.6 million on average shareholders' equity of $3.5 billion.
What is Independence Realty's ROIC?
Independence Realty's return on invested capital was 1.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Independence Realty have?
Independence Realty had total debt of $2.3 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.66 and $2.2 billion of net debt (5.88 times EBITDA).
What is Independence Realty's dividend yield?
Independence Realty's forward dividend yield is 4.75%. Independence Realty paid $154.4 million in dividends in fiscal 2025 ($0.66 per share), a payout ratio of 273.0%.
Does Independence Realty buy back its shares?
Yes. Independence Realty spent $30.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +4.1% over the year, to 234.8M..
What is Independence Realty's free cash flow yield?
Independence Realty generated $146.5 million of free cash flow in fiscal 2025, a free cash flow yield of 3.6% on its market value at year-end ($4.1 billion).
What is Independence Realty's current ratio?
Independence Realty's current ratio was 0.05 at the end of fiscal 2025: current assets were 0.05 times current liabilities.