Douglas Emmett

DEI · NYSE · Real Estate · Financials, fiscal 2016 to 2025

DEI · Last close · November 6, 2026

$10.17

Douglas Emmett's revenue rose 1.8% to $1.0 billion in fiscal 2025. Its net margin was 1.6%, down from 2.4% a year earlier. Free cash flow was $194 million, down 19.4%. It paid out $127 million in dividends and buybacks, 65% of free cash flow.

Douglas Emmett, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 20, 2026 · 0001364250-26-000011 Updated November 7, 2026

Revenue

$1.0B

1.8%

Net margin

1.6%

0.8 pts

Net income

$16M

30.8%

Free cash flow

$194M

19.4%

Return on equity

0.8%

0.3 pts

Market cap

$1.7B

Nov 6 close

P/E

—

Loss: no P/E

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Douglas Emmett does

Douglas Emmett is a real estate investment trust, or REIT, that owns and runs office buildings and apartment communities. Its properties are all in two places: coastal areas of Los Angeles County, California, and Honolulu, Hawaii. Its Los Angeles submarkets include Beverly Hills, Brentwood, Century City, Santa Monica, Westwood and Warner Center.

At the end of 2025 its portfolio consisted of an office portfolio of 18.0 million square feet, 5,445 apartment units and rights to rent from two parcels of land leased out under ground leases. In all, it owned 70 office properties and 15 multifamily properties, some wholly owned and some through consolidated joint ventures. It earns its revenue from rent paid by tenants.

The company says it picks submarkets with limited new supply, high barriers to entry and strong local economies, and that its office tenants tend to be small and affluent. It plans to raise its market share in its current submarkets and may enter similar ones.

Its biggest risks, as it describes them

Having every property in Los Angeles County and Honolulu, so local problems hit the whole business.
A large amount of debt that exposes it to interest rates and refinancing risk.
New leases that may bring in less rent than asking rents.
Tenants clustered in a few industries that could slow down together.
Intense competition from other properties for tenants.

From Douglas Emmett's annual report on Form 10-K, filed February 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 18.2% a year and net income 16.8% a year, as new shares raised the share count by 9% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	336	269	523	445	341
Debt incl. finance leases	5,012	5,192	5,543	5,498	5,549
Net debt (negative means net cash)	4,676	4,923	5,020	5,053	5,208
Net debt to EBITDA	—	—	—	—	—
Debt to equity	2.1x	2.0x	2.5x	2.7x	2.9x
Interest coverage	—	—	—	—	—
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Douglas Emmett's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Douglas Emmett's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 2 insiders bought $1.5 million of Douglas Emmett shares on the open market, and none sold any.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Feb 13, 2026	Jordan L KaplanChairman and CEO, Director	Bought	98,000	$10.18	$997,640	Form 4
Nov 17, 2025	Michele L AronsonEVP, Gen Counsel & Secretary	Bought	34,626	$11.68	$404,432	Form 4
Nov 14, 2025	Michele L AronsonEVP, Gen Counsel & Secretary	Bought	7,500	$11.75	$88,125	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	26.0%	21.1%	21.1%
Altman Z''	—	—	—
Accruals ratio	−4.8%	−4.0%	−4.0%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	—	—	—
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Fail	Fail	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Douglas Emmett side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Douglas Emmett	FY25	1.8%	—	19.4%	—	—	—
SL Green Realty	FY25	13.2%	65.0%	—	—	—	—	Compare
Cousins Properties	FY25	16.0%	67.8%	13.6%	6.7%	3.1x	—	Compare
Kilroy Realty	FY25	−2.0%	—	40.5%	—	—	—	Compare
Highwoods Properties	FY25	−2.4%	67.6%	—	—	—	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	743	812	881	937	892	918	994	1,020	986	1,004
Revenue growth	16.8%	9.4%	8.5%	6.3%	−4.8%	3.0%	8.2%	2.7%	−3.3%	1.8%
Gross profit	—	—	—	—	586	615	660	659	636	636
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	221	241	252	243	—	—	—	—	—	—
Net income	85	94	116	364	50	65	97	−43	24	16
Diluted EPS (US$)	0.55	0.58	0.68	2.09	0.28	0.37	0.55	−0.26	0.13	0.09
Diluted shares (millions)	153	161	170	173	175	176	176	170	167	167
Cash flow
Cash from operations	339	403	433	470	420	447	497	427	409	387
Capital expenditure	92	108	179	176	143	108	162	189	167	192
Free cash flow	248	294	254	293	277	338	335	238	241	194
Dividends paid	131	146	170	180	196	196	197	130	127	127
Share buybacks	0	0	0	0	0	0	0	109	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	17	18	22	18	21	21	21	20	21	21
Balance sheet at fiscal year end
Cash and short-term investments	113	177	146	154	172	336	269	523	445	341
Debt incl. finance leases	4,370	4,117	4,134	4,619	4,745	5,012	5,192	5,543	5,498	5,549
Total assets	7,614	8,293	8,262	9,349	9,251	9,354	9,747	9,644	9,404	9,288
Total liabilities	4,600	4,391	4,413	4,978	5,255	5,368	5,472	5,799	5,746	5,813
Shareholders' equity	1,921	2,438	2,402	2,712	2,437	2,416	2,562	2,220	2,059	1,905
Margins and ratios
Gross margin	—	—	—	—	65.7%	67.0%	66.4%	64.6%	64.5%	63.4%
Operating margin	29.7%	29.7%	28.6%	25.9%	—	—	—	—	—	—
Net margin	11.5%	11.6%	13.2%	38.8%	5.7%	7.1%	9.8%	−4.2%	2.4%	1.6%
Free cash flow margin	33.4%	36.2%	28.8%	31.3%	31.0%	36.9%	33.7%	23.3%	24.5%	19.4%
Rule of 40 (growth + FCF margin)	50.1%	45.6%	37.3%	37.6%	26.2%	39.9%	41.9%	26.0%	21.1%	21.1%
Return on capital	2.7%	2.5%	2.5%	2.3%	—	—	—	—	—	—
Return on equity	4.4%	4.3%	4.8%	14.2%	2.0%	2.7%	3.9%	−1.8%	1.1%	0.8%
Return on assets	1.2%	1.2%	1.4%	4.1%	0.5%	0.7%	1.0%	−0.4%	0.2%	0.2%
Net debt to EBITDA	9.1x	7.6x	7.1x	7.4x	—	—	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Douglas Emmett's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Douglas Emmett.