Piedmont Office Realty Trust, Inc. (PDM) Key Metrics
PDM valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.14B
- Enterprise value
- $3.40B
- P/E (TTM)
- — 10-yr median 14.7
- Forward P/E
- 75.2
- PEG ratio
- 16.74
- Price / sales
- 2.0 10-yr median 4.0
- Price / book
- 0.8 10-yr median 1.2
- EV / EBITDA
- 12.1 10-yr median 13.5
- Dividend yield
- —
- Beta
- 1.38
PDM key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPDM valuation Price multiples at each fiscal year-end price.
PDM returns How much profit the business earns on the capital it uses.
PDM per-share figures Results divided by the shares outstanding at year-end.
PDM financial health Debt, liquidity and how easily interest is covered.
PDM efficiency & capital use Working capital cycle and where the cash goes.
PDM valuation history
PDM returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PDM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PDM cash returned to shareholders
PDM price vs earnings per share
PDM key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.04B | $1.13B | $879.2M | $1.13B | $2.28B | $2.05B | $2.81B | $2.23B | $2.85B | $3.05B |
| Enterprise value | $3.31B | $3.53B | $2.98B | $3.45B | $4.44B | $4.00B | $4.28B | $4.11B | $4.59B | $5.24B |
| P/E ratio | — | — | — | 7.7 | — | 8.8 | 12.2 | 17.1 | 21.3 | 28.2 |
| Price / sales | 1.8 | 2.0 | 1.5 | 2.0 | 4.3 | 3.8 | 5.3 | 4.2 | 5.0 | 5.5 |
| Price / book | 0.7 | 0.7 | 0.5 | 0.6 | 1.3 | 1.1 | 1.5 | 1.3 | 1.4 | 1.4 |
| Price / free cash flow | — | — | 16.9 | 12.1 | 19.1 | 25.4 | 26.7 | 17.0 | 17.5 | 24.2 |
| Price / operating cash flow | 7.4 | 5.7 | 4.2 | 5.3 | 9.4 | 10.6 | 13.5 | 11.0 | 11.7 | 12.9 |
| EV / sales | 5.9 | 6.2 | 5.2 | 6.1 | 8.4 | 7.5 | 8.0 | 7.8 | 8.0 | 9.4 |
| EV / EBITDA | 12.3 | 13.3 | 10.6 | 8.1 | 17.3 | 13.7 | 19.8 | 14.3 | 11.6 | 17.0 |
| EV / free cash flow | — | — | 57.3 | 36.8 | 37.1 | 49.5 | 40.8 | 31.5 | 28.2 | 41.8 |
| Earnings yield | −8.1% | −7.0% | −5.5% | 13.0% | −0.1% | 11.4% | 8.2% | 5.9% | 4.7% | 3.5% |
| Free cash flow yield | −1.6% | −1.2% | 5.9% | 8.3% | 5.2% | 3.9% | 3.7% | 5.9% | 5.7% | 4.1% |
| Dividend yield | 3.0% | 5.5% | 10.6% | 9.2% | 4.6% | 5.2% | 3.8% | 8.3% | 4.3% | 3.0% |
| Shareholder yield (dividends + buybacks) | 3.2% | 5.6% | 10.8% | 9.6% | 5.6% | 6.8% | 4.5% | 21.7% | 6.4% | 3.3% |
| Share price at fiscal year-end | $8.34 | $9.15 | $7.11 | $9.17 | $18.38 | $16.23 | $22.24 | $17.04 | $19.61 | $20.91 |
| Per share | ||||||||||
| Revenue per share | $4.54 | $4.60 | $4.67 | $4.56 | $4.26 | $4.24 | $4.23 | $4.03 | $3.95 | $3.82 |
| Earnings per share | −$0.67 | −$0.64 | −$0.39 | $1.19 | −$0.01 | $1.85 | $1.82 | $1.00 | $0.92 | $0.74 |
| Operating cash flow per share | $1.13 | $1.60 | $1.70 | $1.74 | $1.95 | $1.53 | $1.65 | $1.55 | $1.67 | $1.62 |
| Free cash flow per share | −$0.13 | −$0.11 | $0.42 | $0.76 | $0.96 | $0.64 | $0.83 | $1.00 | $1.12 | $0.86 |
| Cash per share | $0.01 | $0.88 | $0.01 | $0.13 | $0.06 | $0.06 | $0.11 | $0.03 | $0.05 | $0.05 |
| Book value per share | $12.02 | $12.80 | $13.92 | $14.97 | $14.42 | $15.05 | $14.42 | $13.11 | $13.66 | $14.96 |
| Tangible book value per share | $10.64 | $11.88 | $12.82 | $13.37 | $12.86 | $13.55 | $12.99 | $11.75 | $12.45 | $13.04 |
| Dividends per share | $0.25 | $0.50 | $0.75 | $0.84 | $0.84 | $0.84 | $0.84 | $1.41 | $0.84 | $0.63 |
| Capex per share | $1.26 | $1.71 | $1.28 | $0.98 | $0.99 | $0.89 | $0.82 | $0.55 | $0.55 | $0.76 |
| Debt per share | $18.28 | $20.21 | $16.96 | $18.89 | $17.49 | $15.54 | $11.79 | $14.48 | $12.05 | $15.15 |
| Shares outstanding | 124.4M | 123.9M | 123.7M | 123.5M | 124.0M | 126.1M | 126.2M | 130.6M | 145.4M | 145.6M |
| Change in shares outstanding | +0.4% | +0.2% | +0.1% | −0.4% | −1.7% | −0.1% | −3.4% | −10.1% | −0.2% | −3.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −5.4% | −4.8% | −2.7% | 8.1% | −0.1% | 12.5% | 13.0% | 7.0% | 6.4% | 4.9% |
| Return on invested capital (ROIC) | 1.6% | 1.5% | 1.5% | 2.1% | 1.6% | 1.9% | 8.3% | 3.2% | 2.0% | 1.7% |
| Return on assets (ROA) | −2.1% | −1.9% | −1.2% | 3.7% | −0.0% | 6.4% | 6.4% | 3.4% | 3.2% | 2.4% |
| Return on tangible assets | −2.2% | −2.0% | −1.2% | 3.8% | −0.0% | 6.6% | 6.9% | 3.8% | 3.5% | 2.6% |
| Free cash flow margin | −3.0% | −2.5% | 9.0% | 16.6% | 22.6% | 15.1% | 19.7% | 24.9% | 28.4% | 22.6% |
| Income quality (OCF / net income) | — | — | — | 1.47 | — | 0.83 | 0.91 | 1.56 | 1.82 | 2.19 |
| Financial health | ||||||||||
| Total debt | $2.27B | $2.51B | $2.10B | $2.33B | $2.17B | $1.96B | $1.49B | $1.89B | $1.75B | $2.21B |
| Cash & short-term investments | $731,000 | $109.6M | $825,000 | $16.5M | $7.4M | $7.3M | $13.5M | $4.6M | $7.4M | $7.0M |
| Net debt | $2.27B | $2.40B | $2.10B | $2.32B | $2.16B | $1.95B | $1.47B | $1.89B | $1.74B | $2.20B |
| Debt / equity | 1.52 | 1.58 | 1.22 | 1.26 | 1.21 | 1.03 | 0.82 | 1.10 | 0.88 | 1.01 |
| Debt / assets | 0.56 | 0.61 | 0.52 | 0.57 | 0.55 | 0.52 | 0.42 | 0.53 | 0.44 | 0.50 |
| Net debt / EBITDA | 8.47 | 9.04 | 7.50 | 5.42 | 8.41 | 6.67 | 6.81 | 6.54 | 4.40 | 7.14 |
| Current ratio | 2.00 | 1.15 | 0.82 | 1.09 | 1.36 | 1.65 | 0.98 | 1.27 | 0.94 | 1.03 |
| Quick ratio | 2.00 | 1.15 | 0.83 | 1.08 | −0.01 | 1.65 | 0.98 | 1.42 | 1.02 | 1.15 |
| Interest coverage | 0.6 | 0.6 | 0.8 | 1.3 | 1.6 | 1.6 | 4.7 | 1.9 | 1.2 | 1.1 |
| Working capital | $112.1M | $41.8M | −$52.4M | $17.9M | $80.2M | $112.7M | −$3.8M | $41.9M | −$15.1M | $6.7M |
| Invested capital | $3.77B | $3.98B | $3.82B | $4.17B | $3.95B | $3.85B | $3.29B | $3.60B | $3.73B | $4.38B |
| Tangible asset value | $1.33B | $1.47B | $1.59B | $1.65B | $1.59B | $1.71B | $1.64B | $1.54B | $1.81B | $1.90B |
| Net current asset value | −$2.31B | −$2.21B | −$2.10B | −$2.02B | −$1.84B | −$1.55B | −$1.52B | −$1.68B | −$1.78B | −$2.07B |
| Graham number | — | — | — | $20.01 | — | $25.00 | $24.28 | $17.15 | $16.81 | $15.79 |
| Graham net-net per share | −$19.03 | −$18.29 | −$17.72 | −$16.88 | −$14.29 | −$12.89 | −$12.40 | −$13.45 | −$12.97 | −$14.63 |
| Capital allocation | ||||||||||
| Dividends paid | $30.9M | $61.9M | $93.1M | $104.4M | $103.9M | $106.3M | $106.4M | $184.1M | $122.3M | $91.6M |
| Share buybacks (net) | $2.3M | $1.8M | $1.8M | $3.9M | $22.6M | $32.7M | $20.2M | $298.5M | $60.5M | $7.9M |
| Dividend payout ratio | — | — | — | 71.1% | — | 45.7% | 46.4% | 141.3% | 91.5% | 84.9% |
| Dividends + buybacks / free cash flow | — | — | 182.7% | 115.4% | 105.8% | 172.2% | 120.7% | 369.1% | 112.1% | 79.3% |
| Capex / revenue | 27.8% | 37.2% | 27.4% | 21.5% | 23.2% | 21.0% | 19.4% | 13.7% | 13.9% | 19.8% |
| Capex / operating cash flow | 111.9% | 107.1% | 75.3% | 56.4% | 50.6% | 58.2% | 49.7% | 35.5% | 32.9% | 46.7% |
| Capex / depreciation | 0.70 | 0.96 | 0.70 | 0.56 | 0.62 | 0.58 | 0.58 | 0.43 | 0.41 | 0.55 |
| Stock-based compensation / revenue | 1.7% | 1.7% | 1.4% | 1.6% | 2.1% | 1.8% | 2.9% | 1.9% | 1.6% | 1.4% |
| R&D / revenue | — | — | 0.0% | 0.0% | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 5.4% | 6.2% | 5.1% | 5.2% | 5.7% | 5.1% | 6.5% | 5.6% | 5.4% | 5.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 135.6 | 124.8 | 116.1 | 149.2 | 194.1 | 149.2 | 113.9 | 121.0 | 116.9 | 136.7 |
| Days of inventory on hand | — | — | 0.0 | 246.9 | 262.0 | 0.0 | -20.6 | -39.3 | -36.1 | -35.1 |
| Days payables outstanding | 86.1 | 218.7 | 187.7 | 181.5 | 195.9 | 194.9 | 213.2 | 301.8 | 316.0 | 245.0 |
| Cash conversion cycle (days) | 49.4 | -96.2 | -71.6 | 214.7 | 260.1 | -45.6 | -120.0 | -220.0 | -235.2 | -143.4 |
| Receivables turnover | 2.69 | 2.92 | 3.14 | 2.45 | 1.88 | 2.45 | 3.20 | 3.02 | 3.12 | 2.67 |
| Payables turnover | 4.24 | 1.67 | 1.94 | 2.01 | 1.86 | 1.87 | 1.71 | 1.21 | 1.15 | 1.49 |
| Inventory turnover | — | — | — | 1.48 | 1.39 | 214,933,000.00 | — | — | — | — |
| Asset turnover | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.14 | 0.14 | 0.13 |
| Average receivables | $209.9M | $195.0M | $183.8M | $230.5M | $281.1M | $218.7M | $166.4M | $174.3M | $183.8M | $208.1M |
| Average payables | $161.0M | $140.3M | $120.9M | $112.4M | $113.2M | $114.7M | $123.5M | $173.1M | $191.0M | $146.9M |
| Average inventory | — | −$1.5M | $16,000 | $152.9M | $151.4M | $1 | −$11.9M | −$22.5M | −$21.8M | −$21.1M |
| Intangibles / total assets | 4.3% | 2.8% | 3.4% | 4.8% | 4.9% | 5.1% | 5.1% | 4.9% | 4.4% | 6.3% |
Computed from PDM'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.
PDM valuation and financial ratios
Piedmont Office Realty earned a return on equity of −5.4% and a return on invested capital of 1.6% in fiscal 2025. It ended the year with $2.3 billion of debt and $0.7 million in cash and short-term investments, net debt of $2.3 billion. It returned $33.1 million to shareholders: $30.9 million in dividends and $2.3 million in share buybacks. The share count fell 14.6% from 145.6M to 124.4M over 9 years.
See the PDM income statement, the PDM chart for price history, or the PDM stock overview for the latest quote and news.
PDM key metrics FAQ
What is Piedmont Office Realty's EV/EBITDA?
Piedmont Office Realty's enterprise value was 12.3 times EBITDA at the end of fiscal 2025 (enterprise value $3.3 billion, EBITDA $268.5 million); the current EV/EBITDA is 12.1.
What is Piedmont Office Realty's return on equity?
Piedmont Office Realty's return on equity (ROE) was −5.4% in fiscal 2025: net income of -$83.6 million on average shareholders' equity of $1.5 billion.
What is Piedmont Office Realty's ROIC?
Piedmont Office Realty's return on invested capital was 1.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Piedmont Office Realty have?
Piedmont Office Realty had total debt of $2.3 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.52 and $2.3 billion of net debt (8.47 times EBITDA).
What is Piedmont Office Realty's dividend yield?
Piedmont Office Realty paid $30.9 million in dividends in fiscal 2025 ($0.25 per share), a payout ratio of —.
Does Piedmont Office Realty buy back its shares?
Yes. Piedmont Office Realty spent $2.3 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.4% over the year, to 124.4M..
What is Piedmont Office Realty's free cash flow yield?
Piedmont Office Realty generated -$16.7 million of free cash flow in fiscal 2025, a free cash flow yield of −1.6% on its market value at year-end ($1.0 billion).
What is Piedmont Office Realty's current ratio?
Piedmont Office Realty's current ratio was 2.00 at the end of fiscal 2025: current assets were 2.00 times current liabilities.