REITs Industry Report
Market Cap: $1.9T
Stocks: 252
Median P/E: 19.8x
Median ROIC: 5.2%
Data sourced from SEC EDGAR filings. Report refreshed weekly.
Part of the Real Estate sector.
Performance Dashboard
| Period | Sector (MCW) | Sector (Median) |
|---|---|---|
| 1 Day | +0.0% | 0.0% |
| 1 Week | -0.8% | -0.2% |
| 1 Month | — | — |
| 3 Months | — | — |
| 6 Months | — | — |
| YTD | +0.7% | +0.3% |
| 1 Year | +11.2% | +5.5% |
| 3 Years | +53.2% | +17.5% |
| 5 Years | +55.9% | +10.1% |
Today's Breadth: 110 advancing · 101 declining · 14 flat
Valuation Summary
| Metric | Median | P25 | P75 | vs 5Y Avg |
|---|---|---|---|---|
| P/E | 19.8x | 10.5x | 29.6x | -15% |
| P/B | 1.1x | 0.6x | 1.9x | -4% |
| P/S | 4.4x | 1.8x | 8.0x | — |
| P/FCF | 13.1x | 8.5x | 21.1x | — |
| EV/EBITDA | 13.5x | 8.6x | 17.8x | — |
| EV/EBIT | 21.5x | 14.4x | 30.4x | — |
Earnings Yield
4.7%
FCF Yield
6.0%
Below Fair Value
31% of stocks
Profitability Profile
Margins
| Metric | Median | 5Y Avg | P25 | P75 |
|---|---|---|---|---|
| Gross Margin | 44.2% | 44.3% | 25.6% | 66.0% |
| Operating Margin | 23.1% | — | 10.8% | 47.6% |
| Net Margin | 16.8% | 10.9% | -3.3% | 35.7% |
| FCF Margin | 23.5% | — | 8.9% | 50.3% |
Returns on Capital
| Metric | Median | 5Y Avg | P25 | P75 |
|---|---|---|---|---|
| ROE | 5.3% | — | -1.7% | 8.8% |
| ROA | 1.1% | — | -0.5% | 3.5% |
| ROIC | 5.2% | 3.9% | 1.6% | 8.2% |
Growth Metrics
| Metric | 1Y | 3Y CAGR | 5Y CAGR |
|---|---|---|---|
| Revenue | +4.5% | +5.3% | +6.7% |
| EPS | +26.9% | -1.4% | +8.4% |
| Free Cash Flow | +3.5% | +1.9% | +4.0% |
All values represent sector median growth rates.
Balance Sheet Health
Debt / Equity
0.8x
Net Debt / EBITDA
4.7x
Interest Coverage
1.4x
Current Ratio
0.6x
Altman Z-Score
Safe (>3): 6 (2%)
Gray (1.8–3): 22 (9%)
Distress (<1.8): 222 (89%)
Piotroski F-Score
Strong (7–9): 16 (6%)
Moderate (4–6): 171 (68%)
Weak (0–3): 64 (25%)
Top Companies
| Symbol | #▲ | Mkt Cap | P/E | EV/EBITDA | ROIC | Net Mgn | Rev Gr. | Div Yld | YTD | Qual. |
|---|---|---|---|---|---|---|---|---|---|---|
| WELL | 1 | $139.5B | 134.7x | 36.1x | 3.6% | 8.6% | +35.6% | 1.5% | +3.4% | 1/9 |
| PLD | 2 | $128.0B | 36.1x | 21.9x | 4.9% | 37.8% | +7.2% | 0.0% | +1.0% | 1/9 |
| EQIX | 3 | $103.7B | 55.2x | 18.9x | 11.6% | 14.7% | +5.4% | 2.5% | +0.6% | 5/9 |
| AMT | 4 | $84.8B | 32.4x | 17.1x | 9.4% | 23.8% | +5.1% | 3.9% | +2.9% | 3/9 |
| DLR | 5 | $67.9B | 43.3x | 19.3x | 3.9% | 20.7% | +10.0% | 3.1% | -0.0% | 3/9 |
| SPG | 6 | $65.5B | 13.3x | 18.6x | 11.2% | 72.7% | +6.7% | 4.5% | +1.6% | 4/9 |
| O | 7 | $57.3B | 48.0x | 16.0x | 3.3% | 18.4% | +9.1% | 5.7% | -1.4% | 1/9 |
| PSA | 8 | $52.1B | 28.9x | 18.3x | 10.2% | 32.9% | +2.7% | 4.6% | -3.9% | 4/9 |
| PLDGP | 9 | $48.9B | 15.9x | 12.2x | 4.9% | 37.8% | +7.2% | 7.1% | +0.2% | 5/9 |
| VTR | 10 | $39.3B | 146.6x | 27.5x | 2.3% | 4.3% | +18.5% | 2.4% | +2.1% | 1/9 |
| CCI | 11 | $38.3B | 87.4x | 23.8x | 7.5% | 10.4% | -4.4% | 5.4% | +2.1% | 3/9 |
| IRM | 12 | $33.0B | 167.3x | 21.3x | 5.8% | 2.1% | +12.2% | 3.9% | +0.5% | 2/9 |
| VICI | 13 | $30.1B | 10.8x | 12.7x | 8.3% | 69.3% | +4.1% | 6.3% | -0.2% | 3/9 |
| EXR | 14 | $29.7B | 28.5x | 14.1x | 8.3% | 28.8% | +3.7% | 5.0% | -1.3% | 4/9 |
| AGNCN | 15 | $26.0B | 17.1x | — | — | — | — | 5.7% | +0.0% | 2/9 |
| AGNCZ | 16 | $25.8B | 17.0x | — | — | — | — | 5.8% | -0.1% | 2/9 |
| AGNCO | 17 | $25.7B | 17.0x | — | — | — | — | 5.8% | -0.3% | 2/9 |
| AGNCP | 18 | $25.0B | 16.7x | — | — | — | — | 5.9% | 0.0% | 3/9 |
| AGNCL | 19 | $24.9B | 16.6x | — | — | — | — | 5.9% | -0.1% | 3/9 |
| AGNCM | 20 | $24.9B | 16.7x | — | — | — | — | 5.9% | -0.4% | 2/9 |
Industry Composition
| Industry | Stocks | Market Cap | % | |
|---|---|---|---|---|
| Real Estate Investment Trusts | 232 | $1.8T | 97.6% | |
| REIT - Industrial | 5 | $22.2B | 1.2% | |
| REIT - Retail | 9 | $11.9B | 0.6% | |
| REIT - Diversified | 6 | $10.6B | 0.6% |
Quality Distribution
0
1
2
3
4
5
6
7
8
9
Quality Score (0-9)
High Quality (7+)
0%
Median Piotroski F
4/9
Profitable Years
7 of 10
Dividends & Shareholder Returns
Paying Dividends
87%
Median Div Yield
5.6%
Median Buyback Yield
0.4%
Shareholder Yield
5.8%
Payout Ratio
98.0%
Div Growth (3Y)
1.5%
Div Growth (5Y)
1.8%
Strengths & Weaknesses
Strengths
- +[Shareholder Returns]Generous capital returns with a median shareholder yield (dividends + buybacks) of 5.8%, rewarding investors through multiple channels.
- +[Valuation]Attractive valuations: current median P/E of 19.8x is 15.5% below the 5-year average, presenting potential value opportunity.
Weaknesses
- −[Dividends]Stretched payout ratios at a median of 98.0%, limiting room for dividend growth or reinvestment.
- −[Financial Health]88.8% of companies fall in the Altman Z-Score distress zone (<1.8), indicating elevated bankruptcy risk within the sector.
- −[Leverage]Tight interest coverage at 1.4x, leaving limited cushion for debt servicing if earnings decline.
- −[Profitability]Below-average capital returns with a median ROIC of 5.2%, suggesting limited pricing power or capital-intensive operations.