Phillips Edison & Company, Inc. PECO

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived Nasdaq

OVERVIEW—Phillips Edison & Company, Inc. ("we," the "Company," "PECO," "our," or "us"), a real estate investment trust ("REIT") founded 35 years ago, is one of the nation's largest owners and operators of omni-channel grocery-anchored shopping centers. Additionally, we operate a third-party investment management business providing property management and advisory services to three unconsolidated institutional joint ventures, in which we have partial ownership interests, and one private fund (collectively, the "Managed Funds"). The majority of our revenues are lease revenues derived from our real estate investments. Our portfolio primarily consists of neighborhood centers anchored by the #1 or #2 grocer tenants by sales within their respective formats by trade area. As of December 31, 2025, our portfolio was 97.3% leased. Our tenants, who we refer to as "Neighbors," are a mix of national, regional, and local retailers that primarily provide necessity-based goods and services. We believe our locations are in fundamentally strong demographic markets throughout the United States. Our brick and mortar assets positively contribute to our Neighbors' omni-channel strategies and act as the last mile delivery solution.

Last close 38.36 2026-10-23
Market cap $4.94B 2026-06-30 share count
52-week range 33.10 - 44.38

Valuation FY2025 figures against the last close

P/S387.2x
P/E43.1x
P/FCF14.2x
EV/EBITDA—
Dividend yield3.2%
Diluted EPS0.89

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $12.8M$10.7M$9.6M$11.5M$10.3M$498.0M$536.7M$32.9M$8.2M$0
SG&A $51.6M$45.6M$44.4M$45.2M$48.8M$41.4M$48.5M$50.4M$36.9M$37.6M
Total operating expenses $527.7M$488.9M$455.9M$445.0M$435.3M$423.0M$533.9M$415.0M$294.3M$222.2M
Interest expense —$97.0M$84.2M$71.2M$76.4M$85.3M$103.2M$72.6M$45.7M$32.5M
Pre-tax income $112.6M$64.5M$57.2M$49.1M——————
Income tax $1.3M$1.8M$400.0K$800.0K——————
Net income $111.3M$62.7M$56.8M$48.3M$15.1M$4.8M-$63.5M$39.1M-$38.4M$8.9M
EPS, basic 0.890.510.480.420.150.05-0.670.60——
EPS, diluted 0.890.510.480.420.150.05-0.670.59-0.210.05
Shares, diluted (wtd. avg.) 138.9M136.8M133.0M130.3M116.7M111.2M109.0M80.5M196.5M186.7M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $3.5M$4.9M$4.9M$17.3M$115.5M$131.9M$95.1M$84.3M$27.4M$49.9M
Goodwill $29.1M$29.1M$29.1M$29.1M$29.1M$29.1M$29.1M$29.1M$29.1M$0
Other intangibles ——————$2.4M$14.1M$55.1M$0
Total assets $5.29B$5.05B$4.87B$4.74B$4.67B$4.68B$4.83B$5.16B$3.53B$2.38B
Long-term debt $2.38B$2.11B$1.97B$1.90B$1.89B$2.29B$2.35B$2.44B$1.81B$1.06B
Total liabilities $2.70B$2.41B$2.21B$2.14B$2.19B$2.66B$2.66B$2.75B$2.05B$1.16B
Retained earnings -$1.38B-$1.33B-$1.25B-$1.17B-$1.09B-$999.5M-$947.3M-$692.0M-$601.2M-$438.2M
Total equity $2.29B$2.32B$2.65B$2.60B$2.48B$2.02B$2.17B$2.41B$1.48B$1.22B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $348.1M$334.7M$291.0M$290.9M$262.9M$210.6M$226.9M$153.3M$108.9M$103.1M
Depreciation and amortisation ——————$231.0M$177.5M$127.2M$103.3M
Stock-based compensation $11.7M$9.7M$6.9M$15.4M$16.4M$5.9M$7.7M$5.1M$0$0
Investing cash flow -$392.3M-$392.9M-$353.4M-$331.2M-$180.5M-$44.1M$64.2M-$258.9M-$640.7M-$191.3M
Financing cash flow $78.8M$58.0M$53.9M-$57.8M-$98.8M-$129.7M-$280.3M$162.4M$509.4M$90.7M
Dividends paid $157.3M$134.0M$135.7M$127.1M$106.7M$49.3M$123.1M$80.7M$74.2M$64.3M
Buybacks ——$0$0$77.8M$5.3M$34.7M$53.2M$46.5M$20.3M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001476204-26-000005.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -200M 0 200M 400M 600M Revenue, FY2016: 0 Net income, FY2016: 8.9M Revenue, FY2017: 8.2M Net income, FY2017: -38.4M Revenue, FY2018: 32.9M Net income, FY2018: 39.1M Revenue, FY2019: 536.7M Net income, FY2019: -63.5M Revenue, FY2020: 498M Net income, FY2020: 4.8M Revenue, FY2021: 10.3M Net income, FY2021: 15.1M Revenue, FY2022: 11.5M Net income, FY2022: 48.3M Revenue, FY2023: 9.6M Net income, FY2023: 56.8M Revenue, FY2024: 10.7M Net income, FY2024: 62.7M Revenue, FY2025: 12.8M Net income, FY2025: 111.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $0 $8.2M $32.9M $536.7M $498.0M $10.3M $11.5M $9.6M $10.7M $12.8M
Gross profit — — — — — — — — — —
Net income $8.9M -$38.4M $39.1M -$63.5M $4.8M $15.1M $48.3M $56.8M $62.7M $111.3M

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Regulation FD disclosure Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 6798

TickerCompanyMarket capP/ERevenue growth
WELL WELLTOWER INC. $167.53B 170.7x 40.2%
PLD Prologis, Inc. $117.89B 35.5x 7.2%
EQIX EQUINIX INC $94.23B 69.4x 5.4%
AMT AMERICAN TOWER CORP /MA/ $88.04B 35.0x 20.8%
SPG SIMON PROPERTY GROUP INC. $68.57B 14.9x 6.7%
DLR DIGITAL REALTY TRUST, INC. $60.57B 48.1x 10.0%
PSA Public Storage $54.42B 34.4x 2.7%
O REALTY INCOME CORP $53.83B 48.6x 9.1%