A Business at a Glance
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BRANDYWINE REALTY TRUST
BDN
$552M
Mkt Cap
$3.17
+3.26%
BRANDYWINE REALTY TRUST (BDN) has a 5-year average return on invested capital (ROIC) of 1.8%. This is below average and may indicate limited pricing power.
BRANDYWINE REALTY TRUST (BDN) has a market capitalization of $551M. It is classified as a small-cap stock.
Yes, BRANDYWINE REALTY TRUST (BDN) pays a dividend with a trailing twelve-month yield of 16.72%.
BRANDYWINE REALTY TRUST (BDN) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
BRANDYWINE REALTY TRUST (BDN) reported annual revenue of $484 million in its most recent fiscal year, based on SEC EDGAR filings.
BRANDYWINE REALTY TRUST (BDN) has a net profit margin of -37.0%. The company is currently unprofitable.
BRANDYWINE REALTY TRUST (BDN) generated $117 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
We are a self-administered and self-managed real estate investment trust (“REIT”) engaged in the acquisition, development, redevelopment, ownership, management, and operation of a portfolio of office, life science/lab, residential and mixed-use properties. During the twelve months ended December 31, 2025, we owned and managed properties within four segments: (1) Philadelphia Central Business District (“Philadelphia CBD”), (2) Pennsylvania Suburbs, (3) Austin, Texas, and (4) Other. The Philadelphia CBD segment includes properties located in the City of Philadelphia, Pennsylvania. The Pennsylvania Suburbs segment includes properties in Chester, Delaware and Montgomery counties in the Philadelphia suburbs. The Austin, Texas segment includes properties in the City of Austin, Texas. The Other segment includes properties in Washington, D.C., Northern Virginia, Southern Maryland, Camden County, New Jersey and New Castle County, Delaware.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 490M | 484M | 506M | 515M | 506M | 487M |
| Net Income | -201M | -179M | -197M | -197M | 53M | 12M |
| EPS | $-1.16 | $-1.03 | $-1.14 | $-1.15 | $0.31 | $0.07 |
| Free Cash Flow | 0 | 117M | 181M | 174M | 206M | 191M |
| ROIC | 0.3% | 0.8% | 1.7% | -0.6% | 4.5% | 2.7% |
| Gross Margin | 61.3% | 25.4% | 27.7% | 26.4% | 26.4% | 24.7% |
| Debt/Equity | 3.66 | 3.23 | 2.13 | 1.62 | 0.27 | 0.94 |
| Dividends/Share | $0.00 | $0.53 | $0.60 | $0.68 | $0.76 | $0.76 |
| Operating Income | 13M | 27M | 55M | -22M | 120M | 93M |
| Operating Margin | 2.7% | 5.5% | 10.9% | -4.2% | 23.7% | 19.2% |
| ROE | -27.4% | -19.6% | -16.7% | -15.0% | 3.2% | 0.7% |
| Shares Outstanding | 174M | 174M | 173M | 172M | 172M | 170M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 597M | 603M | 525M | 520M | 544M | 580M | 535M | 487M | 506M | 515M | 506M | 484M | 490M |
| Gross Margin | 25.5% | 24.1% | 24.0% | 25.8% | 27.6% | 24.9% | 26.4% | 24.7% | 26.4% | 26.4% | 27.7% | 25.4% | 61.3% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 27M | 29M | 27M | 29M | 28M | 32M | 30M | 30M | 35M | 35M | 43M | 42M | 37M |
| EBIT | 124M | 34M | 185M | 135M | 57M | 115M | 400M | 93M | 120M | -22M | 55M | 27M | 13M |
| Op. Margin | 20.8% | 5.6% | 35.3% | 26.0% | 10.4% | 19.8% | 74.9% | 19.2% | 23.7% | -4.2% | 10.9% | 5.5% | 2.7% |
| Net Income | 7.0M | -38M | 33M | 115M | 134M | 34M | 305M | 12M | 53M | -197M | -197M | -179M | -201M |
| Net Margin | 1.2% | -6.2% | 6.3% | 22.0% | 24.6% | 5.8% | 57.0% | 2.4% | 10.5% | -38.3% | -39.0% | -37.0% | -41.0% |
| Non-Recurring | 1.8M | 82M | 41M | 3.1M | 72M | 0 | 0 | 0 | 4.7M | 132M | 45M | 63M | 63M |
| Returns on Capital | |||||||||||||
| ROIC | 2.9% | 0.8% | 4.7% | 3.7% | 1.5% | 3.0% | 11.0% | 2.7% | 4.5% | -0.6% | 1.7% | 0.8% | 0.3% |
| ROE | 0.3% | -1.8% | 1.7% | 6.2% | 7.4% | 1.9% | 17.6% | 0.7% | 3.2% | -15.0% | -16.7% | -19.6% | -27.4% |
| ROA | 0.1% | -0.8% | 0.8% | 2.8% | 3.3% | 0.8% | 7.7% | 0.3% | 1.4% | -5.3% | -5.5% | -5.1% | -5.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 189M | 197M | 174M | 183M | 227M | 234M | 226M | 191M | 209M | 177M | 181M | 117M | 121M |
| Free Cash Flow | 102M | 17M | 153M | 110M | 31M | 234M | 184M | 191M | 206M | 174M | 181M | 117M | 0 |
| Owner Earnings | -24M | -27M | -20M | -2.6M | 46M | 17M | 31M | 5.6M | 22M | -21M | -14M | -77M | -72M |
| CapEx | 87M | 180M | 20M | 73M | 197M | 0 | 42M | 0 | 3.4M | 3.3M | 0 | 0 | 0 |
| Maint. CapEx | 209M | 219M | 190M | 180M | 176M | 210M | 188M | 178M | 178M | 189M | 178M | 176M | 181M |
| Growth CapEx | 0 | 0 | 0 | 0 | 21M | N/A | 0 | N/A | 0 | 0 | N/A | N/A | 0 |
| D&A | 209M | 219M | 190M | 180M | 176M | 210M | 188M | 178M | 178M | 189M | 178M | 176M | 181M |
| CapEx/OCF | 3.9% | 3.9% | 4.7% | 3.6% | 3.9% | 4.5% | 4.4% | 11.9% | 2.9% | 1.9% | 3.0% | 4.4% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 105M | 114M | 116M | 116M | 129M | 134M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 9.1% | 10.1% | 9.6% | 8.0% | 9.0% | 9.5% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 67M | 0 | 0 | 22M | 17M | 60M | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | 6.1% | N/A | N/A | 1.8% | 1.1% | 5.1% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 4.1M | 5.1M | 4.3M | 4.9M | 5.7M | 6.9M | 6.6M | 7.1M | 8.9M | 9.8M | 17M | 18M | 12M |
| Debt Repayment | 0 | 89M | 195M | 341M | 363M | 441M | 318M | 131M | 413M | 304M | 201M | 209M | 209M |
| Balance Sheet | |||||||||||||
| Net Debt | 2.2B | 2.3B | 1.8B | 1.7B | 2.1B | 2.1B | 1.8B | 1.6B | 421M | 2.0B | 2.1B | 2.5B | 2.7B |
| Cash & Equiv. | 258M | 57M | 194M | 202M | 23M | 90M | 46M | 27M | 18M | 58M | 90M | 32M | 36M |
| Long-Term Debt | 2.4B | 2.4B | 2.0B | 1.9B | 2.0B | 2.1B | 1.8B | 0 | 350M | 2.1B | 2.2B | 2.6B | 2.6B |
| Debt/Equity | 1.13 | 1.23 | 1.08 | 1.06 | 1.18 | 1.28 | 1.02 | 0.94 | 0.27 | 1.62 | 2.13 | 3.23 | 3.66 |
| Interest Coverage | 1.0 | 0.3 | 2.2 | 1.7 | 0.7 | 1.4 | 5.4 | 1.5 | 1.7 | -0.2 | 0.5 | 0.2 | 0.1 |
| Equity | 2.1B | 1.9B | 1.9B | 1.8B | 1.8B | 1.7B | 1.8B | 1.7B | 1.6B | 1.3B | 1.0B | 793M | 734M |
| Total Assets | 4.8B | 4.6B | 4.1B | 4.0B | 4.1B | 4.1B | 3.9B | 3.8B | 3.9B | 3.7B | 3.5B | 3.6B | 3.6B |
| Total Liabilities | 2.7B | 2.6B | 2.2B | 2.1B | 2.3B | 2.4B | 2.1B | 2.1B | 2.2B | 2.4B | 2.4B | 2.8B | 2.8B |
| Intangibles | 99M | 112M | 72M | 65M | 131M | 85M | 49M | 29M | 18M | 7.7M | 5.5M | 22M | 21M |
| Retained Earnings | 529M | 499M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | 126M | N/A | 122M | 150M | 132M | 124M | 130M | 144M | 142M |
| Per Share Data | |||||||||||||
| EPS | 0.04 | -0.21 | 0.19 | 0.65 | 0.75 | 0.19 | 1.77 | 0.07 | 0.31 | -1.15 | -1.14 | -1.03 | -1.16 |
| Owner EPS | -0.13 | -0.15 | -0.12 | -0.01 | 0.26 | 0.10 | 0.18 | 0.03 | 0.13 | -0.12 | -0.08 | -0.44 | -0.42 |
| Book Value | 11.94 | 10.79 | 10.76 | 10.37 | 10.06 | 9.41 | 10.41 | 9.97 | 9.44 | 7.68 | 6.01 | 4.55 | 4.23 |
| Cash Flow/Share | 1.05 | 1.10 | 1.00 | 1.04 | 1.27 | 1.31 | 1.31 | 1.13 | 1.22 | 1.03 | 1.05 | 0.67 | -0.11 |
| Dividends/Share | 0.60 | 0.60 | 0.63 | 0.66 | 0.73 | 0.76 | 0.76 | 0.76 | 0.76 | 0.68 | 0.60 | 0.53 | 0.00 |
| Shares Out. | 179.3M | 179.2M | 173.4M | 176.4M | 178.9M | 178.3M | 172.4M | 169.5M | 172.2M | 171.6M | 172.9M | 174.3M | 173.7M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 39.6 | 13.8 | 8.8 | 44.5 | 3.9 | 119.0 | 12.9 | N/A | N/A | N/A | -2.7 |
| P/FCF | 12.1 | 63.8 | 8.5 | 14.3 | 38.6 | 6.4 | 6.4 | 7.4 | 3.3 | 4.2 | 4.5 | 4.2 | N/A |
| EV/EBIT | 7.2 | 99.4 | 19.7 | 10.5 | 26.1 | 13.7 | 3.3 | 17.5 | 8.3 | N/A | 52.0 | 111.8 | 246.1 |
| Price/Book | 0.6 | 0.6 | 0.7 | 0.9 | 0.7 | 0.9 | 0.7 | 0.8 | 0.4 | 0.5 | 0.8 | 0.6 | 0.7 |
| Price/Sales | 1.9 | 1.9 | 2.3 | 2.8 | 2.6 | 2.4 | 2.1 | 2.8 | 2.2 | 1.1 | 1.4 | 1.4 | 1.1 |
| FCF Yield | 8.4% | 1.6% | 11.8% | 6.9% | 2.6% | 15.5% | 15.6% | 13.5% | 30.0% | 24.1% | 22.0% | 23.9% | N/A |
| Market Cap | 1.2B | 1.1B | 1.3B | 1.6B | 1.2B | 1.5B | 1.2B | 1.4B | 687M | 723M | 824M | 489M | 551M |
| Avg. Price | 6.42 | 6.33 | 6.95 | 8.24 | 7.99 | 7.95 | 6.46 | 8.03 | 6.35 | 3.45 | 4.09 | 3.89 | 3.17 |
| Year-End Price | 6.94 | 6.13 | 7.52 | 8.94 | 6.63 | 8.45 | 6.85 | 8.33 | 3.99 | 4.21 | 4.77 | 2.80 | 3.17 |
BRANDYWINE REALTY TRUST passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 4.9x vs a median of 6.4x. The company's 5-year average ROIC is 1.8% with a gross margin of 26.1%. Total shareholder yield (dividends) is 16.7%. At current prices, the estimated annualized return to fair value is -5.3%.
BRANDYWINE REALTY TRUST (BDN) has a debt-to-equity ratio of 3.23. This indicates higher leverage, which may increase financial risk.
BRANDYWINE REALTY TRUST (BDN) reported earnings per share (EPS) of $-1.03 in its most recent fiscal year.
BRANDYWINE REALTY TRUST (BDN) has a return on equity (ROE) of -19.6%. A negative ROE may indicate losses or negative equity.
BRANDYWINE REALTY TRUST (BDN) has a 5-year average gross margin of 26.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 16 years of financial data for BRANDYWINE REALTY TRUST (BDN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BRANDYWINE REALTY TRUST (BDN) has a book value per share of $4.55, based on its most recent annual SEC filing.