Independence Realty Trust (IRT) Stock Fundamentals, Analysis & Risk Signals

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

Independence Realty Trust

NYSE•Real Estate•REIT - Residential

$14.94-0.23(-0.02%)Pre-market

Market Cap

$3.48B

P/E

80.1x

P/S

5.2x

P/B

1.0x

Independence Realty Trust, Inc., an S&P 400 MidCap Company, is a real estate investment trust that owns and operates multifamily communities across non-gateway U.S. markets. IRT's investment strategy is focused on gaining scale near major employment centers within key amenity rich submarkets that offer good school districts and high-quality retail. IRT's main investment objective is to provide attractive risk-adjusted returns to shareholders through diligent portfolio management, strong operational performance, and a consistent return on capital through distributions and capital appreciation. Independence Realty Trust, Inc. was established in 2009 and is incorporated in Maryland.

How this company scores

GoodMetricSide Score: 65/100

Strongest: Cash & Earnings Quality (20/25); weakest: Balance Sheet & Red Flags (12/25).

Profitability16/25

Growth17/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality20/25

Strengths

Strong marginsRising earningsCash-backed earningsProfit converts from growth

Valuation vs. 5-year range

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

P/E · 80.1x5y range 32.1x – 171.4x

Currently near its 16-quarter median.

P/S · 5.2x5y range 4.8x – 17.2x

Currently near its 20-quarter median.

P/B · 1.0x5y range 0.8x – 2.9x

Watch items

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

Some Concerns

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Cash Burn

Watch

FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.

Price & Volume

Market Cap $3.48B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $666.83M
Q. Revenue: $167.24M
TTM EBITDA: $675.78M
TTM Op. Income: $421.57M
Q. Op. Income: $103.75M
TTM Net Income: $43.48M
Q. Net Income: $3.39M
EPS: $0.01
Shares Out.: $235.40M

$666.83M in TTM revenue grew 3.5% YoY, reaching $167.24M last quarter. TTM EBITDA of $675.78M and TTM operating income of $421.57M show growth is flowing through to the bottom line. TTM net income of $43.48M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 6 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 100.8%
Op. Margin: 62.0%
Net Margin: 2.0%

Op. margin of 62.0% is down 0.2% YoY — costs are rising relative to revenue. Net margin at 2.0% Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

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

P/E Ratio: 80.1x
P/S Ratio: 5.2x
P/B Ratio: 1.0x

At 80.1x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 5.2x and P/B of 1.0x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Over the past year, P/E is down 46% — a weakening trend.

Assets & Liabilities

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

Total Assets: $6.09B
Cash: $22.51M
Long-Term Debt: $2.44B
Book Value: $3.36B
D/E Ratio: 0.7
Debt/EBITDA: 14.5

With $6.09B in assets and $2.44B in long-term debt, D/E is 0.7and book value is $3.36B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 5 consecutive quarters — a weakening trend.

Cash Flow

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

Op. Cash Flow: $80.92M
TTM Free Cash Flow: $152.27M
FCF Margin: 22.8%
FCF / Net Income: 3.5

TTM FCF of $152.27M on $80.92M in operating cash flow. The FCF / Net Income ratio of 3.5x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 904% — a weakening trend.