Recent News
On September 5, 2025, Douglas Emmett’s Board declared a quarterly cash dividend of $0.19 per share, payable October 15, 2025 to shareholders of record as of September 30, 2025; the company reiterated its focus on its coastal office and multifamily portfolio in the release.
Technical Analysis
Directional indicators (ADX/DI+/DI-): ADX at 22.67 signals an emerging trend strength. DI+ at 25.07 shows a decreasing trend, and DI- at 17.84 shows an increasing trend; both directional moves point toward net bearish directional pressure that strengthens the case for near-term downside bias.
MACD: MACD sits at 0.22 while the signal line reads 0.28 and the MACD trend declines; MACD below the signal line and falling indicates bearish momentum that weighs on short-term upside potential.
MRO (Momentum/Regression Oscillator): MRO at -6.13 with a peak & reversal pattern; the negative reading implies price sits below the target model and therefore carries an element of upside potential, even as the peak & reversal dynamic signals recent momentum exhaustion.
RSI: RSI at 55.68 and decreasing indicates fading bullish momentum without oversold conditions; the current level leaves room for further downside before extreme oversold signals arrive.
Price vs Moving Averages and Bands: The close at $16.09 sits below the 20-day average ($16.42) — a near-term bearish sign — while remaining above the 50-day ($15.61) and 200-day ($15.76) averages, which supports a constructive intermediate bias consistent with the WMDST under-valued assessment. Bollinger bounds tighten (20-day stdev $0.29), implying constrained short-term volatility; failure to regain the 20-day average would favor consolidation toward the lower band.
Ichimoku and EMAs: Tenkan-Sen at $16.48 exceeds Kijun-Sen at $15.74, which registers a short-term bullish crossover in the Ichimoku framework, but price12-day EMA shows a peak & reversal; the combination implies short-lived bullish impulses may struggle against prevailing bearish momentum from MACD and DI signals.
Fundamental Analysis
Profitability and margins: EBIT margin registers 19.915%, above the industry peer mean of 2.915% and median of 3.499%, indicating relative operating efficiency. Operating margin stands at 18.082% and gross margin at 63.242%, both materially positive and supportive of the WMDST valuation despite recent compressions: EBIT margin declined QoQ by 52.135% and YoY by 23.744%.
Revenue and earnings: Total revenue $252,434,000 with YoY revenue growth of 8.182% but a steep QoQ revenue contraction of -86.659%. EPS actual reported at -$0.04 versus an estimate of -$0.06, a $0.02 beat that represents a 33.33% positive surprise, reflecting modest earnings resilience within a negative EPS base.
Cash flow and liquidity: Operating cash flow $81,291,000 and end-period cash flow $426,918,000; free cash flow $8,186,000 with a free cash flow yield of 0.322%. Current ratio 3.27, above the industry peer mean of 2.699, signals ample short-term liquidity, and cash ratio 2.256 further confirms strong immediate coverage of obligations.
Leverage and coverage: Total debt $5,573,536,000 and debt-to-equity 2.79, above the industry peer mean of 0.8036 and median of 0.7087; debt-to-EBITDA sits at 36.67, while interest coverage equals 0.769 (below the industry peer mean of 3.132). Elevated leverage and subpar interest coverage elevate refinancing and rate-sensitivity risk, constraining the margin of safety despite healthy operating margins.
Other signals: Return on equity -0.292% and return on assets -0.061% reflect negative net income, while revenue per share $1.5076 and asset turnover at 2.656% signal the business remains capital intensive. Dividend rate $0.19 per share produces a dividend yield of 1.253% and a negative dividend coverage ratio, indicating distributions occur amid earnings shortfalls.
Valuation summary: Enterprise multiple 50.59 and EVR 30.46 suggest valuation metrics that require careful context; WMDST values the stock as under-valued, a view driven by operating margins, healthy cash balances, and long-term asset quality but moderated by heavy leverage and weak interest coverage.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-05 |
| NEXT REPORT DATE: | 2025-11-04 |
| CASH FLOW | Begin Period Cash Flow | $ 525.7 M |
| Operating Cash Flow | $ 81.3 M | |
| Capital Expenditures | $ -73.11 M | |
| Change In Working Capital | $ -8.31 M | |
| Dividends Paid | $ -31.81 M | |
| Cash Flow Delta | $ -98.81 M | |
| End Period Cash Flow | $ 426.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 252.4 M | |
| Forward Revenue | $ 86.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 92.8 M | |
| Depreciation | $ 101.7 M | |
| Depreciation and Amortization | $ 100.6 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 206.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 159.6 M | |
| EBITDA | $ 152.0 M | |
| EBIT | $ 50.3 M | |
| Operating Income | $ 45.6 M | |
| Interest Income | — | |
| Interest Expense | $ 65.3 M | |
| Net Interest Income | $ -65.33 M | |
| Income Before Tax | $ -15.06 M | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | $ -5.83 M | |
| Net Income From Continuing Operations | $ -15.06 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.06 | |
| EPS Actual | $ -0.04 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 33.333 % | |
| Forward EPS | $ -0.05 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 9.4 B | |
| Intangible Assets | $ 7.5 M | |
| Net Tangible Assets | $ 2.0 B | |
| Total Current Assets | $ 618.3 M | |
| Cash and Short-Term Investments | $ 426.9 M | |
| Cash | $ 426.9 M | |
| Net Receivables | $ 122.1 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 89.8 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 189.2 M | |
| Net Debt | $ 5.1 B | |
| Total Debt | $ 5.6 B | |
| Total Liabilities | $ 5.8 B | |
| EQUITY | ||
| Total Equity | $ 2.0 B | |
| Retained Earnings | $ -1.42 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 11.94 | |
| Shares Outstanding | 167.446 M | |
| Revenue Per-Share | $ 1.51 | |
| VALUATION | Market Capitalization | $ 2.5 B |
| Enterprise Value | $ 7.7 B | |
| Enterprise Multiple | 50.586 | |
| Enterprise Multiple QoQ | 33.323 % | |
| Enterprise Multiple YoY | 210.136 % | |
| Enterprise Multiple IPRWA | high: 238.55 mean: 115.551 median: 82.24 DEI: 50.586 low: -179.209 |
|
| EV/R | 30.458 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.719 | |
| Asset To Liability | 1.615 | |
| Debt To Capital | 0.736 | |
| Debt To Assets | 0.591 | |
| Debt To Assets QoQ | 0.227 % | |
| Debt To Assets YoY | 573.99 % | |
| Debt To Assets IPRWA | high: 1.375 DEI: 0.591 mean: 0.25 median: 0.237 low: 0.0 |
|
| Debt To Equity | 2.788 | |
| Debt To Equity QoQ | 1.047 % | |
| Debt To Equity YoY | 619.561 % | |
| Debt To Equity IPRWA | high: 5.977 DEI: 2.788 mean: 0.804 median: 0.709 low: -3.247 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.272 | |
| Price To Book QoQ | 1.526 % | |
| Price To Book YoY | 18.219 % | |
| Price To Book IPRWA | high: 7.182 median: 4.285 mean: 3.992 DEI: 1.272 low: -2.853 |
|
| Price To Earnings (P/E) | -379.038 | |
| Price To Earnings QoQ | -0.944 % | |
| Price To Earnings YoY | -263.585 % | |
| Price To Earnings IPRWA | high: 419.789 median: 102.729 mean: 98.296 low: -315.506 DEI: -379.038 |
|
| PE/G Ratio | 3.249 | |
| Price To Sales (P/S) | 10.07 | |
| Price To Sales QoQ | -1.17 % | |
| Price To Sales YoY | 6.347 % | |
| Price To Sales IPRWA | high: 56.407 mean: 19.473 median: 11.644 DEI: 10.07 low: -20.267 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -309.563 | |
| Forward PE/G | 2.653 | |
| Forward P/S | 29.55 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -145.395 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.027 | |
| Asset Turnover Ratio QoQ | 0.226 % | |
| Asset Turnover Ratio YoY | 3.75 % | |
| Asset Turnover Ratio IPRWA | high: 0.591 mean: 0.197 median: 0.117 DEI: 0.027 low: -0.002 |
|
| Receivables Turnover | 2.058 | |
| Receivables Turnover Ratio QoQ | 0.233 % | |
| Receivables Turnover Ratio YoY | 1.547 % | |
| Receivables Turnover Ratio IPRWA | high: 26.371 mean: 3.528 median: 3.078 DEI: 2.058 low: -0.296 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 44.333 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.588 | |
| CapEx To Revenue | -0.29 | |
| CapEx To Depreciation | -0.719 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 7.6 B | |
| Net Invested Capital | $ 7.6 B | |
| Invested Capital | $ 7.6 B | |
| Net Tangible Assets | $ 2.0 B | |
| Net Working Capital | $ 429.1 M | |
| LIQUIDITY | ||
| Cash Ratio | 2.256 | |
| Current Ratio | 3.268 | |
| Current Ratio QoQ | -12.971 % | |
| Current Ratio YoY | -36.117 % | |
| Current Ratio IPRWA | high: 10.81 DEI: 3.268 mean: 2.699 median: 1.741 low: 0.503 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 36.67 | |
| Cost Of Debt | 0.92 % | |
| Interest Coverage Ratio | 0.769 | |
| Interest Coverage Ratio QoQ | -55.83 % | |
| Interest Coverage Ratio YoY | -34.121 % | |
| Interest Coverage Ratio IPRWA | high: 21.15 mean: 3.132 median: 1.478 DEI: 0.769 low: -31.139 |
|
| Operating Cash Flow Ratio | 0.448 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 97.006 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | -0.183 | |
| Dividend Payout Ratio | -5.452 | |
| Dividend Rate | $ 0.19 | |
| Dividend Yield | 0.013 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -1.508 % | |
| Revenue Growth | 0.357 % | |
| Revenue Growth QoQ | -86.659 % | |
| Revenue Growth YoY | 8.182 % | |
| Revenue Growth IPRWA | high: 52.762 % mean: 10.833 % median: 9.473 % DEI: 0.357 % low: -51.859 % |
|
| Earnings Growth | -116.667 % | |
| Earnings Growth QoQ | -138.889 % | |
| Earnings Growth YoY | -683.335 % | |
| Earnings Growth IPRWA | high: 154.545 % median: -2.439 % mean: -35.104 % DEI: -116.667 % low: -350.0 % |
|
| MARGINS | ||
| Gross Margin | 63.242 % | |
| Gross Margin QoQ | -1.762 % | |
| Gross Margin YoY | -4.448 % | |
| Gross Margin IPRWA | high: 78.523 % DEI: 63.242 % mean: 48.201 % median: 42.909 % low: -18.975 % |
|
| EBIT Margin | 19.915 % | |
| EBIT Margin QoQ | -52.135 % | |
| EBIT Margin YoY | -23.744 % | |
| EBIT Margin IPRWA | high: 53.427 % DEI: 19.915 % median: 3.499 % mean: 2.915 % low: -48.814 % |
|
| Return On Sales (ROS) | 18.082 % | |
| Return On Sales QoQ | -56.541 % | |
| Return On Sales YoY | -30.763 % | |
| Return On Sales IPRWA | high: 31.66 % DEI: 18.082 % median: 3.499 % mean: 2.339 % low: -49.625 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 8.2 M | |
| Free Cash Flow Yield | 0.322 % | |
| Free Cash Flow Yield QoQ | -88.666 % | |
| Free Cash Flow Yield YoY | -82.23 % | |
| Free Cash Flow Yield IPRWA | high: 13.37 % DEI: 0.322 % mean: 0.217 % median: 0.01 % low: -46.283 % |
|
| Free Cash Growth | -88.758 % | |
| Free Cash Growth QoQ | -88.837 % | |
| Free Cash Growth YoY | 84.582 % | |
| Free Cash Growth IPRWA | high: 248.718 % DEI: -88.758 % median: -97.213 % mean: -108.905 % low: -390.106 % |
|
| Free Cash To Net Income | -1.403 | |
| Cash Flow Margin | 33.579 % | |
| Cash Flow To Earnings | -14.527 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | -0.061 % | |
| Return On Assets QoQ | -114.558 % | |
| Return On Assets YoY | -153.982 % | |
| Return On Assets IPRWA | high: 2.964 % mean: 0.395 % median: 0.208 % DEI: -0.061 % low: -4.613 % |
|
| Return On Capital Employed (ROCE) | 0.544 % | |
| Return On Equity (ROE) | -0.003 | |
| Return On Equity QoQ | -115.013 % | |
| Return On Equity YoY | -158.052 % | |
| Return On Equity IPRWA | high: 0.055 mean: 0.011 median: 0.004 DEI: -0.003 low: -0.165 |
|
| DuPont ROE | -0.288 % | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |