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Alexandria Real Estate Equities (ARE) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Alexandria Real Estate Equities
NYSE•Real Estate•REIT - Office
$54.86-1.48(-0.03%)Market open
Market Cap
$9.62B
P/S
3.4x
P/B
0.6x

Alexandria Real Estate Equities, Inc., an S&P 500 registered company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding in 1994, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator, and developer of collaborative Megacampus ecosystems in AAA life science and advanced technology innovation cluster locations, including Greater Boston, San Diego, the San Francisco Bay Area, Seattle, Maryland, Research Triangle, and New York City. As of June 30, 2026, Alexandria has a total market capitalization of 21.84 billion dollar and an asset base that includes 36.0 million RSF of operating properties and 2.8 million RSF of Class A/A+ properties undergoing construction. Alexandria has a long-standing and proven track record of developing Class A/A+ properties clustered in highly dynamic and collaborative Megacampus environments that enhance our tenants' ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity, and success. Alexandria also provides strategic capital to transformative life science companies through our venture capital platform. We believe our unique business model and diligent underwriting ensure a high-quality and diverse tenant base that results in higher occupancy levels, longer lease terms, higher rental income, higher returns, and greater long-term asset value. Alexandria Real Estate Equities, Inc. was established in 1994 and incorporated in Maryland.

D

How this company scores

WeakMetricSide Score: 38/100

Strongest: Balance Sheet & Red Flags (17/25); weakest: Cash & Earnings Quality (5/25).

Profitability9/25
Growth7/25
Balance Sheet & Red Flags17/25
Cash & Earnings Quality5/25
Strengths
Improving marginsNo share dilution

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 110.0x5y range 28.3x – 209.3x
P/E 110.0x · above its 15-quarter median

Currently above its 15-quarter median.

P/S · 3.4x5y range 2.7x – 16.2x
P/S 3.4x · below its 20-quarter median

Currently below its 20-quarter median.

P/B · 0.6x5y range 0.5x – 2.1x
P/B 0.6x · below its 20-quarter median

Currently below its 20-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 27.9% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Revenue Decline

Red Flag

Revenue declined in 6 of the last 7 quarters — persistent contraction signals a fundamental problem.

Cash Burn

Red Flag

The last 4 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Price & Volume
Market Cap $9.62B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$2.84B
6Q
Q. Revenue
$662.78M
2Q
TTM EBITDA
$3.10B
3Q
TTM Op. Income
$1.83B
3Q
Q. Op. Income
$441.20M
12%
TTM Net Income
$-1.02B
2Q
Q. Net Income
$-72.78M
32%
EPS
$-0.43
33%
Shares Out.
$170.72M
4Q
$2.84B in TTM revenue declined 8.4% YoY, reaching $662.78M last quarter. TTM EBITDA of $3.10B and TTM operating income of $1.83B show growth is flowing through to the bottom line. However, net income is negative at $1.02B — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 6 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin
112.5%
2Q
Op. Margin
66.6%
1%
Net Margin
-11.0%
22%
Op. margin of 66.6% is up 0.8% YoY — cost efficiency is improving. Net margin at -11.0% Over the past year, operating margin is up 1% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
N/A
P/S Ratio
3.4x
15%
P/B Ratio
0.6x
14%
P/S of 3.4x and P/B of 0.6x. Over the past year, P/E is up 0% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$34.63B
2Q
Cash
$470.45M
10%
Long-Term Debt
$12.81B
2Q
Book Value
$15.55B
9%
D/E Ratio
0.8
6%
Debt/EBITDA
17.2
10%
With $34.63B in assets and $12.81B in long-term debt, D/E is 0.8and book value is $15.55B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 6% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$336.97M
27%
TTM Free Cash Flow
$-459.79M
48%
FCF Margin
-16.2%
44%
FCF / Net Income
0.4
2Q
TTM FCF of $-459.79M on $336.97M in operating cash flow. The FCF / Net Income ratio of 0.4x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is up 48% — a weakening trend.

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