Explain this page
Arphra AIPlain-English read on Federal Realty Investment Trust’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +66.71% | +66.79% | +67.93% | +67.42% | +9.73% | +47.32% | +48.64% | +49.60% | +48.38% |
| Operating margin | +41.50% | +49.00% | +35.90% | +39.28% | +35.93% | +37.34% | +36.10% | +37.93% | +37.84% |
| EBITDA margin | +71.15% | +77.72% | +65.08% | +68.39% | +76.06% | +69.08% | +70.42% | +68.83% | +68.35% |
| EBIT margin | +41.71% | +49.58% | +36.66% | +39.90% | +47.29% | +41.78% | +41.70% | +42.45% | +40.54% |
| Pre-tax margin | +28.29% | +36.83% | +21.84% | +25.31% | +33.13% | +26.44% | +27.51% | +27.40% | +26.20% |
| Net margin | +27.49% | +35.88% | +20.93% | +24.55% | +32.15% | +25.70% | +26.17% | +26.40% | +25.34% |
| Cost structure | |||||||||
| Cost of revenue / sales | +33.29% | +33.21% | +32.07% | +32.58% | +90.27% | +52.06% | +51.85% | +52.22% | +52.11% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +5.24% | +4.90% | +4.48% | +4.14% | +3.67% | +4.06% | +4.10% | +4.16% | +3.98% |
| Effective tax rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +9.09% | +12.00% | +7.35% | +8.62% | +11.74% | +9.30% | +9.55% | +9.24% | +9.16% |
| Return on assets (ROA) | +3.43% | +4.68% | +2.81% | +3.46% | +4.50% | +3.60% | +3.64% | +3.61% | +3.45% |
| Return on capital (ROC) | +5.58% | +6.85% | +5.14% | +5.92% | +5.39% | +5.64% | +5.34% | +5.59% | +5.61% |
| Return on invested capital (ROIC) | +3.70% | +5.01% | +2.99% | +3.70% | +4.82% | +3.88% | +3.87% | +3.89% | +3.76% |
| Asset turnover | +12.48% | +13.05% | +13.42% | +14.11% | +14.01% | +14.01% | +13.93% | +13.67% | +13.61% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +27.49% | +35.88% | +20.93% | +24.55% | +32.15% | +25.70% | +26.17% | +26.40% | +25.34% |
| Asset turnover (× revenue / assets) | +12.48% | +13.05% | +13.42% | +14.11% | +14.01% | +14.01% | +13.93% | +13.67% | +13.61% |
| Equity multiplier (× assets / equity) | +264.95% | +256.32% | +261.55% | +248.94% | +260.82% | +258.12% | +262.08% | +255.93% | +265.65% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.12 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 | 0.14 |
| Fixed-asset turnover | 6.77 | 7.67 | 12.06 | 13.01 | 14.28 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 5.33 | 5.19 | 5.37 | 5.05 | 4.94 | — | — | — | — |
| Payables turnover | 1.35 | 1.87 | 2.08 | 2.13 | 5.25 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 68.51 | 70.36 | 68.00 | 72.31 | 73.88 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 271.10 | 194.72 | 175.63 | 171.01 | 69.46 | — | — | — | — |
| Cash conversion cycle | -202.59 | -124.36 | -107.63 | -98.70 | 4.42 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.80 | 1.34 | 2.35 | 1.95 | 1.51 | 1.94 | 1.83 | 1.85 | 1.93 |
| FCF / Net income | 0.12 | 0.26 | 1.03 | 1.11 | 0.81 | 1.00 | 0.94 | 0.97 | 0.97 |
| FCF margin | +3.24% | +9.31% | +21.61% | +27.26% | +25.89% | +25.61% | +24.53% | +25.64% | +24.62% |
| OCF margin | +49.55% | +48.10% | +49.09% | +47.78% | +48.67% | +49.97% | +48.02% | +48.88% | +48.80% |
| CapEx / Revenue | +46.31% | +38.79% | +27.48% | +20.52% | +22.78% | +23.35% | +23.14% | +23.23% | +23.44% |
| CapEx / D&A | 1.57 | 1.38 | 0.97 | 0.72 | 0.79 | — | — | — | — |
| Stock-based comp / Revenue | +1.37% | +1.28% | +1.26% | +1.36% | +1.14% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 3.26 | 4.71 | 2.80 | 3.42 | 4.79 | 3.74 | 3.08 | 3.51 | 3.39 |
| EPS · basic | 3.26 | 4.71 | 2.80 | 3.42 | 4.79 | 3.79 | 3.07 | 3.46 | 3.35 |
| Book value / share | 37.18 | 39.90 | 39.67 | 40.98 | 40.78 | 43.39 | 45.56 | 50.28 | 52.84 |
| Tangible BV / share | 37.18 | 39.90 | 39.67 | 40.88 | 40.59 | 43.39 | 45.56 | 50.28 | 52.84 |
| Sales / share | 12.29 | 13.34 | 13.92 | 14.39 | 14.90 | 15.69 | 16.63 | 17.60 | 19.11 |
| Operating CF / share | 6.09 | 6.42 | 6.84 | 6.88 | 7.25 | 7.84 | 7.98 | 8.60 | 9.32 |
| Free cash flow / share | 0.40 | 1.24 | 3.01 | 3.92 | 3.86 | 4.02 | 4.08 | 4.51 | 4.70 |
| Dividends / share | 4.34 | 4.31 | 4.42 | 4.45 | 4.52 | 4.92 | 5.17 | 5.52 | 5.81 |
| Payout ratio | +128.36% | +90.09% | +151.57% | +125.87% | +94.40% | +122.05% | +118.79% | +118.83% | +120.04% |
| Retention ratio | -28.36% | +9.91% | -51.57% | -25.87% | +5.60% | -22.05% | -18.79% | -18.83% | -20.04% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +12.95% | +5.38% | +6.21% | +6.35% | +6.07% | +4.29% | +6.09% | +9.15% | +7.03% |
| Gross profit · YoY | — | +13.08% | +7.17% | +5.41% | -84.65% | +415.96% | +7.19% | +8.19% | +6.46% | +2.82% |
| Profit | ||||||||||
| Operating income · YoY | — | +33.36% | -22.78% | +16.21% | -2.72% | +10.21% | +0.83% | +11.47% | +8.89% | +5.80% |
| EBITDA · YoY | — | +23.39% | -11.77% | +11.62% | +18.26% | -3.66% | +6.30% | +3.70% | +8.39% | +6.50% |
| Net income · YoY | — | +47.42% | -38.52% | +24.57% | +39.25% | -15.19% | +6.20% | +7.00% | +4.80% | +5.95% |
| Operating | ||||||||||
| EBIT · YoY | — | +34.24% | -22.08% | +15.61% | +26.04% | -6.30% | +4.10% | +7.99% | +4.26% | +6.65% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +44.48% | -40.55% | +22.14% | +40.06% | -21.90% | -17.71% | +14.01% | -3.42% | +0.49% |
| EPS · basic · YoY | — | +44.48% | -40.55% | +22.14% | +40.06% | -20.78% | -18.99% | +12.72% | -3.44% | +0.32% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $4.19B | $4.47B | $4.69B | $4.56B | $5.03B | $5.23B | $5.69B | $5.89B | $6.51B |
| Net debt | $4.03B | $4.39B | $4.44B | $4.44B | $4.92B | $5.04B | $5.5B | $5.69B | $6.29B |
| Net debt / EBITDA | 5.96 | 5.26 | 6.02 | 5.40 | 5.06 | 5.38 | 5.52 | 5.51 | 5.62 |
| Debt / equity | 1.46 | 1.39 | 1.45 | 1.33 | 1.44 | 1.39 | 1.47 | 1.37 | 1.44 |
| Debt / assets | +55.00% | +54.35% | +55.56% | +53.51% | +55.07% | +54.00% | +55.97% | +53.67% | +54.07% |
| Equity / assets | +37.74% | +39.01% | +38.23% | +40.17% | +38.34% | +38.74% | +38.16% | +39.07% | +37.64% |
| Coverage | |||||||||
| EBITDA / interest expense | 5.30 | 6.10 | 4.39 | 4.69 | 5.37 | 4.87 | 4.78 | 4.61 | 4.63 |
| Operating income / interest | 3.09 | 3.84 | 2.42 | 2.69 | 2.54 | 2.63 | 2.45 | 2.54 | 2.56 |
| Interest expense | $127.7M | $136.99M | $167.81M | $175.48M | $181.11M | $192.48M | $208.35M | $223.99M | $242.06M |
| Liquidity | |||||||||
| Current ratio | 0.98 | 0.95 | 1.55 | 1.16 | 1.02 | — | — | — | — |
| Quick ratio | 0.98 | 0.95 | 1.55 | 1.16 | 1.04 | — | — | — | — |
| Cash ratio | 0.47 | 0.28 | 0.84 | 0.40 | 0.31 | — | — | — | — |
| Working capital | -$6.36M | -$16.45M | $163.92M | $50.39M | $6.15M | — | — | — | — |
| Working capital / revenue | -0.67% | -1.53% | +14.48% | +4.19% | +0.48% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).