A Business at a Glance
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Phillips Edison & Company, Inc.
PECO
$5.4B
Mkt Cap
$43.53
+1.99%
Phillips Edison & Company, Inc. (PECO) has a current P/E ratio of 48.9, compared to its historical median P/E of 69.0. The stock is currently considered Cheap based on its historical valuation range.
Phillips Edison & Company, Inc. (PECO) has a 5-year average return on invested capital (ROIC) of 2.6%. This is below average and may indicate limited pricing power.
Phillips Edison & Company, Inc. (PECO) has a market capitalization of $6.0B. It is classified as a mid-cap stock.
Yes, Phillips Edison & Company, Inc. (PECO) pays a dividend with a trailing twelve-month yield of 2.65%.
Based on historical P/E analysis, Phillips Edison & Company, Inc. (PECO) appears cheap. The current P/E of 48.9 is 29% below its historical median of 69.0. The estimated fair value CAGR (P/E method) is 44.3%.
Phillips Edison & Company, Inc. (PECO) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Phillips Edison & Company, Inc. (PECO) reported annual revenue of $727 million in its most recent fiscal year, based on SEC EDGAR filings.
ITEM 1. BUSINESS All references to “Notes” throughout this Annual Report on Form 10-K refer to the footnotes to the consolidated financial statements in “Part II, Item 8. Financial Statements and Supplementary Data”. OVERVIEW—Phillips Edison & Company, Inc. (“we,” the “Company,” “PECO,” “our,” or “us”), a real estate investment trust (“REIT”) founded 35 years ago, is one of the nation’s largest owners and operators of omni-channel grocery-anchored shopping centers. Additionally, we operate a third-party investment management business providing property management and advisory services to three unconsolidated institutional joint ventures, in which we have partial ownership interests, and one private fund (collectively, the “Managed Funds”). The majority of our revenues are lease revenues derived from our real estate investments. Our portfolio primarily consists of neighborhood centers anchored by the #1 or #2 grocer tenants by sales within their respective formats by trade area.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 739M | 727M | 661M | 610M | 575M | 533M |
| Net Income | 115M | 111M | 63M | 57M | 48M | 15M |
| EPS | $0.85 | $0.89 | $0.51 | $0.48 | $0.42 | $0.15 |
| Free Cash Flow | 326M | -12M | 38M | 21M | 8.9M | -45M |
| ROIC | 2.4% | 2.8% | 3.6% | 3.4% | 2.9% | 0.4% |
| Gross Margin | - | 26.9% | 23.8% | 22.9% | 18.5% | 17.6% |
| Debt/Equity | 1.09 | 1.04 | 0.91 | 0.85 | 0.85 | 0.88 |
| Dividends/Share | $1.15 | $1.25 | $1.19 | $1.14 | $1.09 | $1.04 |
| Operating Income | 4.3M | 127M | 161M | 141M | 119M | 3.0M |
| Operating Margin | 0.6% | 17.5% | 24.4% | 23.2% | 20.6% | 0.6% |
| ROE | 5.1% | 4.8% | 2.7% | 2.5% | 2.2% | 0.8% |
| Shares Outstanding | 139M | 125M | 123M | 118M | 115M | 101M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 188M | 242M | 258M | 312M | 430M | 537M | 498M | 533M | 575M | 610M | 661M | 727M | 739M |
| Gross Margin | 41.8% | 43.5% | 43.7% | 41.9% | 17.5% | 13.9% | 11.0% | 17.6% | 18.5% | 22.9% | 23.8% | 26.9% | N/A |
| 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 | 8.6M | 16M | 38M | 37M | 50M | 49M | 41M | 49M | 45M | 44M | 46M | 52M | 51M |
| EBIT | -2.3M | 46M | 41M | 7.3M | 112M | 40M | 2.7M | 3.0M | 119M | 141M | 161M | 127M | 4.3M |
| Op. Margin | -1.2% | 18.9% | 16.1% | 2.3% | 26.0% | 7.4% | 0.5% | 0.6% | 20.6% | 23.2% | 24.4% | 17.5% | 0.6% |
| Net Income | -23M | 13M | 8.9M | -38M | 39M | -64M | 4.8M | 15M | 48M | 57M | 63M | 111M | 115M |
| Net Margin | -12.0% | 5.5% | 3.5% | -12.3% | 9.1% | -11.8% | 1.0% | 2.8% | 8.4% | 9.3% | 9.5% | 15.3% | 15.6% |
| Non-Recurring | 12K | 190K | 4.4M | 2.5M | 150M | 28M | 6.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | -0.2% | 2.3% | 1.9% | 0.3% | 3.0% | 0.9% | 0.1% | 0.4% | 2.9% | 3.4% | 3.6% | 2.8% | 2.4% |
| ROE | -1.6% | 1.0% | 0.7% | -3.4% | 2.6% | -3.3% | 0.3% | 0.8% | 2.2% | 2.5% | 2.7% | 4.8% | 5.1% |
| ROA | -1.2% | 0.6% | 0.4% | -1.3% | 0.9% | -1.3% | 0.1% | 0.3% | 1.0% | 1.2% | 1.3% | 2.2% | 2.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 76M | 106M | 103M | 109M | 153M | 227M | 211M | 263M | 291M | 291M | 335M | 348M | 343M |
| Free Cash Flow | 73M | 104M | 100M | 106M | 54M | 155M | 169M | -45M | 8.9M | 21M | 38M | -12M | 326M |
| Owner Earnings | -883K | 7.7M | -206K | -18M | -29M | -12M | -20M | 25M | 39M | 48M | 72M | 70M | 65M |
| CapEx | 3.1M | 2.3M | 3.3M | 2.5M | 99M | 72M | 41M | 308M | 282M | 270M | 296M | 360M | 17M |
| Maint. CapEx | 77M | 98M | 103M | 127M | 178M | 231M | 225M | 221M | 236M | 236M | 253M | 266M | 267M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 87M | 46M | 34M | 43M | 94M | 0 |
| D&A | 77M | 98M | 103M | 127M | 178M | 231M | 225M | 221M | 236M | 236M | 253M | 266M | 267M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.5% | 3.4% | 3.4% | 4.8% | 3.8% | 5.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 57M | 59M | 64M | 74M | 81M | 123M | 49M | 107M | 127M | 136M | 134M | 157M | 160M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6.2% | 3.8% | 3.8% | 3.3% | 3.7% | 2.7% |
| Share Buybacks | 3.3M | 74M | 20M | 47M | 53M | 35M | 5.3M | 78M | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.8% | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | N/A | N/A | 0 | 0 | 5.1M | 7.7M | 5.9M | 16M | 15M | 6.9M | 9.7M | 12M | 12M |
| Debt Repayment | 29M | 77M | 111M | 83M | 302M | 279M | 65M | 1.2B | 82M | 102M | 408M | 146M | 146M |
| Balance Sheet | |||||||||||||
| Net Debt | 403M | 956M | 1.0B | 1.9B | 2.4B | 2.4B | 2.2B | 1.8B | 1.9B | 2.0B | 2.1B | 2.4B | 2.5B |
| Cash & Equiv. | 16M | 41M | 8.2M | 5.7M | 17M | 18M | 104M | 93M | 5.5M | 4.9M | 4.9M | 3.5M | 18M |
| Long-Term Debt | 650M | 846M | 1.1B | 1.8B | 2.5B | 2.4B | 2.3B | 1.9B | 1.9B | 2.0B | 2.1B | 2.4B | 2.5B |
| Debt/Equity | 0.31 | 0.79 | 0.85 | 1.84 | 1.23 | 1.35 | 1.37 | 0.88 | 0.85 | 0.85 | 0.91 | 1.04 | 1.09 |
| Interest Coverage | -0.1 | 1.4 | 1.3 | 0.2 | 1.5 | 0.4 | 0.0 | 0.0 | 1.7 | 1.7 | 1.7 | 8.7 | 0.8 |
| Equity | 1.4B | 1.3B | 1.2B | 1.0B | 2.0B | 1.8B | 1.7B | 2.1B | 2.2B | 2.3B | 2.3B | 2.3B | 2.3B |
| Total Assets | 2.2B | 2.2B | 2.4B | 3.5B | 5.2B | 4.8B | 4.7B | 4.7B | 4.7B | 4.9B | 5.0B | 5.3B | 5.4B |
| Total Liabilities | 743M | 934M | 1.2B | 2.0B | 2.8B | 2.7B | 2.7B | 2.2B | 2.1B | 2.2B | 2.4B | 2.7B | 2.8B |
| Intangibles | 177M | 154M | 0 | 55M | 14M | 2.4M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -214M | -324M | -438M | -601M | -692M | -947M | -999M | -1.1B | -1.2B | -1.2B | -1.3B | -1.4B | -1.4B |
| 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 | 189M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | -0.13 | 0.07 | 0.05 | -0.21 | 0.20 | -0.22 | 0.02 | 0.15 | 0.42 | 0.48 | 0.51 | 0.89 | 0.85 |
| Owner EPS | -0.01 | 0.04 | -0.00 | -0.10 | -0.15 | -0.04 | -0.07 | 0.25 | 0.34 | 0.40 | 0.59 | 0.56 | 0.47 |
| Book Value | 7.79 | 6.64 | 6.73 | 5.72 | 10.21 | 6.28 | 6.04 | 21.32 | 19.44 | 19.51 | 18.87 | 18.28 | 16.40 |
| Cash Flow/Share | 0.43 | 0.56 | 0.58 | 0.60 | 0.78 | 0.78 | 0.75 | 2.61 | 2.53 | 2.46 | 2.72 | 2.78 | 2.75 |
| Dividends/Share | 0.33 | 0.31 | 0.36 | 0.41 | 0.41 | 0.43 | 0.18 | 1.04 | 1.09 | 1.14 | 1.19 | 1.25 | 1.15 |
| Shares Out. | 174.1M | 190.9M | 178.6M | 182.8M | 195.7M | 289.0M | 279.8M | 100.8M | 115.1M | 118.4M | 122.9M | 125.1M | 139.0M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 185.2 | 67.1 | 71.6 | 70.9 | 39.9 | 51.3 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 364.7 | 196.5 | 115.6 | N/A | 18.5 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 41.0 | 30.7 | N/A |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.3 | 1.4 | 1.8 | 1.9 | 1.9 | 2.7 |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.2 | 5.7 | 5.9 | 6.2 | 5.9 | 8.2 |
| FCF Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -1.6% | 0.3% | 0.5% | 0.9% | -0.3% | 5.4% |
| Market Cap | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.8B | 3.2B | 4.1B | 4.4B | 4.4B | 6.0B |
| Avg. Price | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 17.11 | 28.72 | 30.42 | 33.43 | 34.36 | 43.53 |
| Year-End Price | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 27.78 | 28.18 | 34.36 | 36.14 | 35.52 | 43.53 |
Phillips Edison & Company, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Phillips Edison & Company, Inc. trades at 48.9x trailing earnings, compared to its 15-year median P/E of 69.0x, suggesting it is currently Cheap relative to its historical range. The company's 5-year average ROIC is 2.6% with a gross margin of 21.9%. Total shareholder yield (dividends) is 2.7%. At current prices, the estimated annualized return to fair value is +44.3%.
Phillips Edison & Company, Inc. (PECO) has a net profit margin of 15.3%. This is a healthy margin.
Phillips Edison & Company, Inc. (PECO) generated $-12 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Phillips Edison & Company, Inc. (PECO) has a debt-to-equity ratio of 1.04. This indicates moderate leverage.
Phillips Edison & Company, Inc. (PECO) reported earnings per share (EPS) of $0.89 in its most recent fiscal year.
Phillips Edison & Company, Inc. (PECO) has a return on equity (ROE) of 4.8%. This indicates moderate shareholder returns.
Phillips Edison & Company, Inc. (PECO) has a 5-year average gross margin of 21.9%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for Phillips Edison & Company, Inc. (PECO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Phillips Edison & Company, Inc. (PECO) has a book value per share of $18.28, based on its most recent annual SEC filing.