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Piedmont Realty Trust, Inc.

PDM Real Estate Reit Office

Piedmont Realty Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $565.0 million, down 0.93% from fiscal 2024.

Revenue
+8.68%
EPS
−53.0%
Free cash flow
−4,096.2%
Total debt
+6.73%

Quarter to September 2026, against a year earlier

9.97 0.11 +1.12%
Market cap
$1.2B
P/E
0.0×
Fwd P/E
−56.3×
Dividend yield
0.00%
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.04
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — 1 —
Insider Ownership 2.21%

Capital & Financial Ratios $m

Size
Market Cap 1,220.00
Revenue ttm 581.51
Net income ttm (88.28)
Free cash flow ttm (32.62)
Net debt Q 2,334.36
Valuation
P/E 0.00
Forward P/E (56.30) (negative: loss-making)
Price / sales 2.14
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.86
Financial health
Current ratio Q 1.40
Debt / equity Q 1.62
Interest coverage Q 0.69
Growth
Revenue growth Q +8.68% (above 0%: growing)
Operating income growth Q +19.79% (above 0%: growing)
EPS, this year +74.54% (at or above 15%: strong)
EPS, next year A +245.84% (at or above 15%: strong)
Revenue, next year A +3.70%
EPS, past 5 yrs —
EPS, next 5 yrs A +90.02% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.2×, against a ten-year median of 7.1×; over the ten years it ranged from 4.6× in 2023 to 9.6× in 2017.
P/S against its own 10 years 33.94%
10-year low 10-year high
P/B against its own 10 years 39.33%
10-year low 10-year high
EV/Sales against its own 10 years 40.69%
10-year low 10-year high

Dividends

Yield
0.00%
Annual rate
0.00
Payout ratio
—
Growth, 2017–25
−21.2%/yr
  1. 0.84 ’17
  2. 0.84 ’18 +0
  3. 0.84 ’19 +0
  4. 0.84 ’20 +0
  5. 0.84 ’21 +0
  6. 0.84 ’22 +0
  7. 0.67 ’23 −20
  8. 0.50 ’24 −25
  9. 0.13 ’25 −75
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 4 114 4 6
Receivables 191 199 220 225
Inventory — — — —
Other — — — —
195 313 224 231
2023 2024 2025 Q'26
Payables 132 149 173 165
ST’ Debt — — — —
Other — — — —
132 149 173 165

Compound Annual Growth %

10y 5y 3y
Sales (0.34%) 1.10% 0.07%
Cash Flow (4.54%) (6.17%) (13.24%)
Earnings 0.00% 0.00% 0.00%
Book Value (3.44%) (4.64%) (6.81%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.39 Actual 0.39

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.35 0.35 Met by 0.00
Q1 FY26 0.36 0.36 Met by 0.00
Q2 FY26 0.37 0.38 Beat by 0.01
Q3 FY26 0.39 0.39 Met by 0.00
Q4 FY26 0.43 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.10) (0.09) (0.17) — —
’25 (0.08) (0.14) (0.11) (0.35) (0.67)
’24 (0.22) (0.08) (0.09) (0.24) (0.64)
’23 (0.01) (0.02) (0.14) (0.23) (0.39)
’22 0.49 0.06 0.03 0.61 1.19
’21 0.08 0.08 0.09 (0.26) (0.01)
’20 0.07 1.52 0.07 0.18 1.85
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 143 144 151 — —
’25 143 140 139 143 565
’24 145 143 139 143 570
’23 142 143 147 145 578
’22 136 136 144 147 564
’21 129 130 131 138 529
’20 137 135 132 132 535
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 28 64 24 — —
’25 4 50 36 51 141
’24 23 67 43 65 198
’23 40 55 65 50 210
’22 40 52 72 51 215
’21 47 53 65 77 242
’20 47 44 48 54 193
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (10) 31 (63) — —
’25 (30) 34 2 10 15
’24 31 16 21 (7) 61
’23 4 19 24 7 54
’22 151 25 (235) 179 120
’21 21 24 36 (188) (106)
’20 (382) 372 23 11 24
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 556 574 526 533 535 529 564 578 570 565 582 +0.2% 586 594 617 +3.0%
Gross margin, % 60.27 61.26 60.20 60.35 59.83 60.10 59.90 59.31 58.95 59.67 60.14 (0.6) pt
EBT 6 134 130 229 233 (1) (5) (48) (79) (84) (88) n/m
EBT margin, % 1.13 23.26 24.77 43.00 43.49 (0.22) (0.87) (8.37) (13.86) (14.80) (15.18) (15.9) pt
Net income 100 134 130 229 233 (1) 147 (48) (79) (84) (88) n/m
Per share, $
Per share, $ Revenue 3.83 3.96 4.04 4.24 4.26 4.26 4.57 4.67 4.60 4.54 4.65 +1.9%
Earnings 0.74 0.92 1.00 1.82 1.85 (0.01) 1.19 (0.39) (0.64) (0.67) (0.71) n/m
Cash flow 1.60 1.67 1.56 1.66 1.54 1.95 1.74 1.70 1.60 1.13 1.34 (3.8%)
Capex (0.65) 1.80 2.70 1.27 (1.35) (2.81) (0.77) (1.26) (1.11) (1.01) (1.60) +5.1%
Free cash flow 0.95 3.47 4.26 2.93 0.19 (0.86) 0.98 0.44 0.49 0.12 (0.26) (20.7%)
Book value 14.44 13.70 13.15 14.47 15.10 14.42 14.99 13.93 12.81 12.03 11.59 (2.0%)
Shares, m 145 145 130 126 126 124 123 124 124 124 125 (1.7%)
Valuation, ×
Valuation, × P/E 28.42 21.27 17.21 12.22 8.82 0.00 7.87 0.00 0.00 0.00 0.00 9.6
P/S 5.50 4.94 4.22 5.24 3.81 4.31 2.05 1.58 1.99 1.84 2.14 3.5
P/B 1.46 1.43 1.30 1.54 1.08 1.27 0.63 0.53 0.71 0.69 0.86 1.1
EV/Sales 9.10 7.94 7.41 7.99 6.83 7.84 5.53 5.13 5.69 5.77 6.16 6.9
EV/FCF 36.70 9.05 7.03 11.57 153.88 (38.97) 25.93 54.99 53.25 222.06 (109.74) 53.5
Cash, $m
Cash, $m Operating cash flow 232 243 203 208 193 242 215 210 198 141 168 (5.4%)
Capex (94) 260 351 160 (170) (349) (95) (156) (137) (126) (200) +3.3%
Free cash flow 138 503 554 368 24 (106) 120 54 61 15 (33) (22.0%)
Balance, $m
Balance, $m Working capital 14 51 60 38 173 179 86 63 164 51 66 +16.0%
Net debt 2,005 1,718 1,679 1,466 1,613 1,869 1,964 2,050 2,108 2,221 2,334 +1.1%
Shareholders’ equity 2,098 1,986 1,712 1,819 1,898 1,787 1,849 1,723 1,588 1,497 1,448 (3.7%)
Returns, %
Returns, % ROA 2.28 3.19 3.43 6.45 6.41 (0.03) 3.66 (1.19) (1.94) (2.05) (2.18) (4.3) pt
ROIC 1.08 1.37 2.13 1.76 1.58 0.68 0.95 0.79 0.68 1.34 1.33 +0.3 pt
ROE 4.73 6.54 7.05 12.99 12.52 (0.06) 8.07 (2.71) (4.78) (5.42) (5.91) (10.1) pt
People
People Employees 137 136 134 134 8,724 134 149 150 150 140 — +0.2%
Revenue/emp, $m 4.06 4.22 3.93 3.98 0.06 3.95 3.78 3.85 3.80 4.04 — (0.1%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Piedmont Realty Trust, Inc. vs peers in Reit Office (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KRC Kilroy Realty Corporation $4.3B 149× 135× −2.91% (below 0%: shrinking) −90.15% (below 0%: shrinking) −73.05% (below 0%: shrinking) 62.78% 21.70% Compare
SLG SL Green Realty Corporation $3.9B — (loss-making) 123× +11.52% (above 0%: growing) +188.57% (above 0%: growing) +7,443.12% (above 0%: growing) 44.79% 6.38% Compare
HIW Highwoods Properties, Inc. $3.5B 18.4× 18.1× +8.13% (above 0%: growing) +157.42% (above 0%: growing) +289.74% (above 0%: growing) 67.18% 26.24% Compare
DEI Douglas Emmett, Inc. $1.8B — (loss-making) — (loss-making) +4.10% (above 0%: growing) n/m +41.06% (above 0%: growing) 61.41% 18.15% Compare
PDM Piedmont Realty Trust, Inc. $1.2B — (loss-making) — (loss-making) +8.68% (above 0%: growing) n/m −4,096.18% (below 0%: shrinking) 60.31% 14.53%
DEA Easterly Government Properties, Inc. $1.1B 72.3× 78.4× +8.66% (above 0%: growing) +337.82% (above 0%: growing) −79.62% (below 0%: shrinking) 65.93% 25.59% Compare
PSTL Postal Realty Trust, Inc. $847.0M 34.6× 31.0× +24.47% (above 0%: growing) +77.00% (above 0%: growing) +36.44% (above 0%: growing) 79.22% 39.31% Compare
BDN Brandywine Realty Trust $540.7M — (loss-making) — (loss-making) +3.48% (above 0%: growing) n/m +526.19% (above 0%: growing) 58.53% 37.51% Compare
HPP Hudson Pacific Properties, Inc. $486.0M — (loss-making) — (loss-making) −3.07% (below 0%: shrinking) n/m +817.27% (above 0%: growing) 45.56% (4.30%) Compare
Median of peers $1.4B 53.5× 78.4× +6.11% +157.42% +165.40% 62.10% 23.65%

All 19 Reit Office stocks →

Pay and ownership Proxy statement filed 18 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.76m 6.00m 68.56
2024 5.70m 10.64m 73.91
2023 7.15m 4.51m 53.88
2022 4.03m 495.66k 63.16
2021 3.56m 4.89m 118.62

Ownership

Directors and executive officers, together 1.20%
Blackrock, Inc. 11.01%
Vanguard Portfolio Management 10.06%
Cohen & Steers, Inc. 5.36%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Piedmont Realty Trust, Inc. (PDM) Latest News

4 Nov

Impact 3 · · The Motley Fool

30 Oct

Impact 3 · · Simply Wall St.

28 Oct

Impact 3 · · The Fly

27 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript

26 Oct

Impact 3 · · Zacks
Impact 3 · · Associated Press earnings
Impact 3 · · GlobeNewswire

10 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

14 Sep

Impact 3 ·

30 Jul

Impact 3 · · MarketBeat transcript

29 Jul

Impact 3 · transcript
Impact 3 · · Moby transcript

28 Jul

Impact 3 ·
Impact 3 ·

2 Jun

Impact 3 · · Zacks

1 Jun

Impact 3 · · GlobeNewswire

2 May

Impact 4 · · GuruFocus.com
Impact 4 · · MarketBeat

1 May

Impact 4 · · Moby

30 Apr

Impact 3 · · GlobeNewswire

6 Apr

Impact 3 · · Simply Wall St.

1 Apr

Impact 3 ·

12 Mar

Impact 3 · · Zacks

13 Feb

Impact 3 · · Simply Wall St.
Impact 3 · · MarketBeat transcript

12 Feb

Impact 4 ·
stockrow.com/PDM · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com