Piedmont Realty Trust Inc. (PDM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.09	-$0.09	0.0%	—	$144.1M	—
Q1 26	-$0.03	-$0.1	-233.3%	—	$143.3M	—
Q4 25	-$0.05	-$0.35	-600.0%	—	$142.9M	—
Q3 25	-$0.05	-$0.11	-120.0%	—	$139.2M	—
Q2 25	-$0.04	-$0.14	-250.0%	—	$140.3M	—
Q1 25	-$0.07	-$0.08	-14.3%	—	$142.7M	—
Q4 24	-$0.03	-$0.24	-700.0%	—	$143.2M	—
Q3 24	-$0.05	-$0.09	-80.0%	—	$139.3M	—
Q2 24	-$0.05	-$0.08	-60.0%	—	$143.3M	—
Q1 24	-$0.09	-$0.22	-144.4%	—	$144.5M	—
Q4 23	-$0.02	-$0.23	-1050.0%	—	$145.3M	—
Q3 23	-$0.04	-$0.14	-250.0%	—	$147M	—
Q2 23	—	-$0.02	—	—	$143.1M	—
Q1 23	-$0.01	-$0.01	0.0%	—	$142.4M	—
Q4 22	$0.03	$0.61	+1933.3%	—	$147.2M	—
Q3 22	$0.08	$0.03	-62.5%	—	$144.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.67	—	—	$565M	—
FY24	—	-$0.64	—	—	$570.3M	—
FY23	—	-$0.39	—	—	$577.8M	—
FY22	—	$1.19	—	—	$563.8M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$555.7M	$574.2M	$526M	$533.2M	$535M	$528.7M	$563.8M	$577.8M	$570.3M	$565M
YoY change	-4.97%	+3.32%	-8.4%	+1.37%	+0.35%	-1.18%	+6.63%	+2.48%	-1.29%	-0.93%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	555.7M	574.2M	526M	533.2M	535M	528.7M	563.8M	577.8M	570.3M	565M
Cost of revenue	220.8M	222.4M	209.3M	211.4M	214.9M	210.9M	226.1M	235.1M	234.1M	227.9M
Gross profit	334.9M	351.7M	316.6M	321.8M	320.1M	317.8M	337.7M	342.7M	336.2M	337.1M
Gross margin	60.3%	61.3%	60.2%	60.4%	59.8%	60.1%	59.9%	59.3%	58.9%	59.7%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	27.4M	29.3M	29.7M	37.9M	27.5M	30.3M	29.1M	29.2M	35.4M	30.6M
Operating expenses	27.4M	29.3M	29.7M	37.9M	27.5M	30.3M	29.1M	29.2M	35.4M	30.6M
Operating income	104.7M	127.8M	115.7M	101.2M	88.8M	80.9M	84M	77.3M	74.2M	79.4M
Operating margin	18.8%	22.3%	22%	19%	16.6%	15.3%	14.9%	13.4%	13%	14.1%
Non-operating income, net	-33.5M	73.9M	75.6M	189.6M	198.9M	-30.8M	128.5M	-24.4M	-30.3M	-35M
Pretax income	6.3M	133.5M	130.3M	229.3M	232.7M	-1.2M	146.8M	-48.4M	-79.1M	-83.6M
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	99.7M	133.5M	130.3M	229.3M	232.7M	-1.2M	146.8M	-48.4M	-79.1M	-83.6M
Net margin	17.9%	23.3%	24.8%	43%	43.5%	-0.22%	26%	-8.37%	-13.9%	-14.8%
EBITDA	307.9M	326.9M	288.6M	285.5M	295.2M	297.7M	311.3M	317.4M	305.1M	307.3M
EPS	0.74	0.94	1.03	1.82	1.88	-0.01	1.19	-0.39	-0.64	-0.67
Diluted EPS	0.74	0.92	1	1.82	1.85	-0.01	1.19	-0.39	-0.64	-0.67

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	147M	145.3M	144.5M	143.3M	139.3M	143.2M	142.7M	140.3M	139.2M	142.9M	143.3M	144.1M
Cost of revenue	59.8M	59.1M	59.4M	58.6M	57.5M	58.6M	57.9M	55.6M	55.9M	58.5M	57.3M	56M
Gross profit	87.1M	86.2M	85.1M	84.7M	81.8M	84.6M	84.8M	84.7M	83.3M	84.4M	86M	88.1M
Gross margin	59.3%	59.3%	58.9%	59.1%	58.7%	59.1%	59.4%	60.4%	59.8%	59.1%	60%	61.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	7M	7.2M	7.6M	8.4M	6.8M	12.7M	7.6M	8M	7.6M	7.5M	7.9M	8.2M
Operating expenses	7M	7.2M	7.6M	8.4M	6.8M	12.7M	7.6M	8M	7.6M	7.5M	7.9M	8.2M
Operating income	21.8M	16.8M	20.5M	19.4M	18.9M	15.4M	20.9M	21.3M	18.4M	18.9M	18.8M	20.6M
Operating margin	14.8%	11.6%	14.2%	13.6%	13.6%	10.8%	14.6%	15.2%	13.2%	13.2%	13.1%	14.3%
Non-operating income, net	-11.4M	-16.4M	-18.5M	328K	1.6M	-13.8M	684K	-6.1M	160K	-29.7M	225K	189K
Pretax income	-17M	-28M	-27.8M	-9.8M	-11.5M	-30M	-10.1M	-16.8M	-13.5M	-43.2M	-12.9M	-11.1M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	-17M	-28M	-27.8M	-9.8M	-11.5M	-30M	-10.1M	-16.8M	-13.5M	-43.2M	-12.9M	-11.1M
Net margin	-11.6%	-19.3%	-19.2%	-6.85%	-8.27%	-20.9%	-7.08%	-12%	-9.67%	-30.3%	-9.01%	-7.7%
EBITDA	80.4M	79.2M	77.8M	76.7M	77.1M	73.6M	77.6M	76.9M	75.8M	77M	78.6M	80.9M
EPS	-0.14	-0.23	-0.22	-0.08	-0.09	-0.24	-0.08	-0.14	-0.11	-0.35	-0.1	-0.09
Diluted EPS	-0.14	-0.23	-0.22	-0.08	-0.09	-0.24	-0.08	-0.14	-0.11	-0.35	-0.1	-0.09

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3B	2.8B	—	2.8B	2B	2.3B	1.1B	879.6M	1.1B	1B	1.1B
Enterprise value	5.1B	4.5B	—	4.3B	3.6B	4.1B	3.1B	2.9B	3.5B	3.3B	3.4B
Shares outstanding	145.2M	142.4M	126.2M	125.8M	123.8M	123.1M	123.4M	123.7M	123.9M	124.4M	124.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	30.5	20.9	—	12.2	8.64	—	7.71	—	—	—	14
P/S	5.46	4.86	—	5.25	3.76	4.28	2.01	1.52	1.99	1.84	2
P/B	1.45	1.41	—	1.54	1.06	1.27	0.61	0.51	0.71	0.69	0.77
EV/EBITDA	16.4	13.8	—	14.9	12.3	13.9	9.96	9.24	11.6	10.7	12.6
EV/Sales	9.09	7.86	—	8	6.77	7.82	5.5	5.08	6.19	5.82	5.94
Earnings yield	3.28%	4.78%	—	8.2%	11.6%	—	13%	—	—	—	7.17%
FCF yield	4%	5.84%	—	3.75%	4.02%	5.29%	8.29%	5.9%	-1.23%	-1.61%	22.8%
PEG	—	—	—	—	—	—	—	—	—	—	-0.39

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	60.3%	61.3%	60.2%	60.4%	59.8%	60.1%	59.9%	59.3%	58.9%	59.7%	61.2%
Operating margin	18.8%	22.3%	22%	19%	16.6%	15.3%	14.9%	13.4%	13%	14.1%	14.3%
Net margin	17.9%	23.3%	24.8%	43%	43.5%	-0.22%	26%	-8.37%	-13.9%	-14.8%	-14.2%
ROE	4.75%	6.72%	7.61%	12.6%	12.3%	-0.07%	7.94%	-2.81%	-4.98%	-5.59%	-5.34%
ROA	2.28%	3.34%	3.63%	6.52%	6.22%	-0.03%	3.59%	-1.19%	-1.92%	-2.07%	1.19%
Return on tangible assets	2.45%	3.59%	3.93%	7.07%	6.74%	-0.03%	3.86%	-1.25%	-1.97%	-2.13%	-2.05%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.62	0.93	0.61	1.03	1.66	1.46	1	0.83	1.15	0.79	1.5
Quick ratio	0.62	0.93	0.61	1.03	1.66	1.46	1	0.83	1.15	0.79	0.85
Debt / equity	0.96	0.87	0.98	0.81	0.85	1.05	1.07	1.19	1.58	1.5	1.53
Debt / assets	0.46	0.43	0.47	0.42	0.43	0.48	0.49	0.51	0.61	0.56	0.56
Net debt / EBITDA	6.54	5.26	5.83	5.14	5.47	6.28	6.32	6.47	7.85	7.32	7.22
Interest coverage	1.1	2.96	3.14	4.72	5.23	0.98	3.24	0.52	0.36	0.35	0.37

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.83	4.03	4.17	4.24	4.32	4.3	4.57	4.67	4.6	4.54	4.57
EPS (basic)	0.74	0.94	1.03	1.82	1.88	-0.01	1.19	-0.39	-0.64	-0.67	-0.67
EPS (diluted)	0.74	0.92	1	1.82	1.85	-0.01	1.19	-0.39	-0.64	-0.67	-0.64
Book value per share	14.4	14	13.6	14.5	15.3	14.5	15	13.9	12.8	12	11.8
FCF per share	0.84	1.14	1.04	0.83	0.65	0.97	0.76	0.42	-0.11	-0.13	0.25
Cash per share	0.05	0.05	0.04	0.11	0.06	0.06	0.13	0.01	0.88	0.01	0.14
Capex per share	2.52	2.64	4.56	4.69	2.91	0	—	—	—	1.26	1.18

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	65.8%	65.4%	109.4%	110.6%	67.3%	0%	—	—	—	27.8%	25.9%
Capex / operating cash flow	127.9%	118.4%	199%	144.7%	93.1%	0%	—	—	—	111.9%	82.3%
Payout ratio	91.9%	91.6%	141.3%	46.4%	45.7%	-8.9K%	71.1%	-192.5%	-78.2%	-36.9%	0%
Dividend yield	3.02%	4.38%	—	3.8%	5.29%	4.59%	9.22%	10.6%	5.46%	2.97%	5.49%

Yield

5.49%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.125

ex-dividend Feb 21, 2025

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Feb 21, 2025	$0.125
Nov 22, 2024	$0.125
Aug 23, 2024	$0.125

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$147M	$145.3M	$144.5M	$143.3M	$139.3M	$143.2M	$142.7M	$140.3M	$139.2M	$142.9M	$143.3M	$144.1M
YoY change	+2%	-1.28%	+1.52%	+0.13%	-5.23%	-1.44%	-1.28%	-2.07%	-0.09%	-0.26%	+0.43%	+2.73%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	7M	7.4M	4.6M	13.5M	7.3M	7.4M	16.5M	825K	109.6M	731K
Receivables	163.4M	156.6M	147.6M	140.6M	157.2M	165.6M	176.8M	191.8M	199.3M	220.4M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	230.2M	249.7M	214.8M	184.2M	289.2M	321.9M	196.4M	196M	313.2M	224.2M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	297.5M	275.6M	275.5M	272.2M	288.4M	292.2M	280.3M	189.6M	107M	107M
Total assets	4.4B	4B	3.6B	3.5B	3.7B	3.9B	4.1B	4.1B	4.1B	4B
Accounts payable	165.4M	114.9M	93.7M	117.5M	112M	114.5M	110.3M	131.5M	149M	172.9M
Short-term debt	178M	23M	205M	—	—	—	—	—	250M	—
Total current liabilities	371.8M	269.2M	354.5M	178.5M	174.6M	221.2M	195.6M	236.6M	271.4M	285M
Long-term debt	1.8B	1.7B	1.5B	1.5B	1.6B	1.9B	2B	2.1B	2.3B	2.2B
Total liabilities	2.3B	2B	1.9B	1.7B	1.8B	2.1B	2.2B	2.3B	2.5B	2.5B
Shareholders' equity	2.1B	2B	1.7B	1.8B	1.9B	1.8B	1.8B	1.7B	1.6B	1.5B
Total debt	2B	1.7B	1.7B	1.5B	1.6B	1.9B	2B	2.1B	2.5B	2.2B
Net debt	2B	1.7B	1.7B	1.5B	1.6B	1.9B	2B	2.1B	2.4B	2.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	5M	825K	3.5M	138.5M	133.6M	109.6M	2.9M	3.3M	3M	731K	2.3M	16.8M
Receivables	190.6M	191.8M	195.1M	194.5M	196.9M	199.3M	208.3M	211.4M	217.3M	220.4M	223.3M	231.1M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	201.7M	196M	202.9M	360.3M	333.8M	313.2M	214.9M	219.2M	225.5M	224.2M	232.5M	255.7M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	235.3M	189.6M	183.7M	177.7M	107M	107M	107M	107M	107M	107M	107M	107M
Total assets	4.1B	4.1B	4B	4.2B	4.1B	4.1B	4B	4B	4B	4B	4B	4B
Accounts payable	120.6M	131.5M	106.6M	140.8M	150.6M	149M	120M	131.1M	135.2M	172.9M	158M	185.3M
Short-term debt	—	—	216M	—	—	250M	—	—	—	—	—	—
Total current liabilities	210.6M	236.6M	417.8M	240.9M	249.9M	271.4M	225M	225.6M	246.4M	285M	275.8M	300.8M
Long-term debt	2.1B	2.1B	1.9B	2.3B	2.3B	2.3B	2.2B	2.2B	2.2B	2.2B	2.3B	2.3B
Total liabilities	2.3B	2.3B	2.3B	2.5B	2.5B	2.5B	2.4B	2.4B	2.5B	2.5B	2.6B	2.6B
Shareholders' equity	1.8B	1.7B	1.7B	1.7B	1.6B	1.6B	1.6B	1.5B	1.5B	1.5B	1.5B	1.5B
Total debt	2.1B	2.1B	2.1B	2.3B	2.3B	2.5B	2.2B	2.2B	2.2B	2.2B	2.3B	2.3B
Net debt	2B	2.1B	2.1B	2.1B	2.1B	2.4B	2.2B	2.2B	2.2B	2.2B	2.3B	2.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	99.7M	133.5M	130.3M	229.3M	232.7M	-1.2M	146.8M	-48.4M	-79.1M	-83.6M
Depreciation & amortization	202.1M	193.2M	166.3M	177.6M	195.1M	199.3M	215.4M	226.8M	220.9M	224.1M
Stock-based compensation	7.9M	9.2M	9.7M	15.4M	9.7M	11M	9M	8.1M	9.6M	9.7M
Change in working capital	-25.3M	-20.4M	-17M	-14.9M	-52.6M	-14.4M	-34.2M	-17.6M	-10.2M	-38.7M
Operating cash flow	286.1M	317.2M	289.1M	407.5M	387M	198.6M	340.8M	174.8M	148M	140.6M
Capital expenditure	365.9M	375.5M	575.2M	589.8M	360.1M	0	—	—	—	-157.2M
Investing cash flow	340M	355.7M	547.8M	564.1M	331.8M	-20.3M	93.6M	-39.8M	-49.4M	-206.7M
Dividends paid	-91.6M	-122.3M	-184.1M	-106.4M	-106.3M	-103.9M	-104.4M	-93.1M	-61.9M	-30.9M
Share repurchases	-7.9M	-60.5M	-298.5M	-16.9M	-30M	-19.5M	0	0	—	—
Financing cash flow	-114.4M	-482.9M	-529.4M	-333.5M	-1.6M	126.4M	-203.2M	-29.5M	98.2M	-75.3M
Net change in cash	511.8M	190M	307.5M	638.1M	717.1M	304.7M	231.2M	105.5M	196.8M	-141.4M
Free cash flow	121.6M	163M	130.8M	104.9M	80.7M	119.6M	93.9M	51.9M	-14M	-16.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-17M	-28M	-27.8M	-9.8M	-11.5M	-30M	-10.1M	-16.8M	-13.5M	-43.2M	-12.9M	-11.1M
Depreciation & amortization	54.9M	60.5M	55.5M	55.5M	54.6M	55.2M	55.3M	54.6M	56.4M	57.8M	59.6M	60.1M
Stock-based compensation	2.1M	2.1M	1.9M	2.2M	2.2M	3.3M	2.2M	2.5M	2.6M	2.4M	2.2M	2.5M
Change in working capital	-5.4M	-3.8M	-6.6M	-3.7M	-6.2M	6.2M	-11.8M	-15M	-7.8M	-4.1M	-4.5M	-16.8M
Operating cash flow	36.2M	32.3M	24.5M	45.9M	40.9M	36.7M	37.5M	27.3M	35.8M	50.9M	28.1M	64.3M
Capital expenditure	—	—	—	—	—	—	—	—	-34.2M	-41.4M	-38.3M	-33.6M
Investing cash flow	-6.7M	-16.2M	-9.2M	-14.6M	-11.6M	-13.9M	-5.8M	-15M	-49.1M	-55.2M	-48.3M	-45.6M
Dividends paid	-15.5M	-336K	-30.6M	-15.5M	-15.5M	-216K	-30.8M	-14K	-7K	-13K	-131K	-6K
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-16.1M	2.6M	-17.8M	134.8M	-16.7M	-2.1M	-71.2M	-17.6M	13.7M	-118K	22.8M	-3.3M
Net change in cash	13.4M	18.7M	-2.5M	166M	12.6M	20.7M	-39.5M	-5.4M	320K	-4.3M	2.5M	15.4M
Free cash flow	23.6M	4.8M	-22.7M	15.9M	-111K	-7.1M	-35.9M	8.2M	1.6M	9.5M	-10.2M	30.8M

Piedmont Realty Trust Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement