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Alexandria Real Estate Equities (ARE) Stock Fundamentals, Analysis & Risk Signals

Health score, competitive moat, risk signals, and key metrics at a glance.

NYSE•Real Estate•REIT - Office
C
AverageMetricSide Score: 44/100
ProfitabilityProfit20/30
GrowthGrowth6/25
Balance SheetBalance11/25
Cash QualityCash7/20
Price & Volume
Market Cap $8.97B

Alexandria Real Estate Equities, Inc., an S&P 500 company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. With our founding, Alexandria pioneered the life science real estate niche. Alexandria is the preeminent and longest-tenured owner, operator and developer of collaborative Megacampus ecosystems in AAA life science innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle and New York City. Alexandria Real Estate Equities, Inc. is based in Pasadena, California and is established in January 05, 1994, and incorporated in Maryland.

Moat Signals

Competitive analysis based on 63 quarters of fundamental data

Pricing Power

Moderate Moat

Operating margins are positive at ~70.7% on average, but show some variability — pricing power may be sensitive to market conditions.

Competitive Advantage

Weak Moat

ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.

Cash Generation

Weak Moat

Only 1 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.

Demand Durability

Weak Moat

Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.

Risk Signals

Data-driven red flags and warnings across 63 quarters

High Risk

Margin Pressure

Watch

Operating margins declined 17.0% — watch for continued compression, which may signal competitive or cost pressure.

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Leverage Risk

Healthy

D/E ratio is 0.8 — conservative capital structure with low financial risk.

Revenue Decline

Watch

Revenue has softened, declining in 5 quarters. Monitor for further erosion.

Cash Burn

Red Flag

The last 4 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Share Dilution

Healthy

Share count is stable — no significant dilution or buyback activity.

Metrics at a Glance

as of March 2026

Revenue & Profit

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

TTM Revenue
$2.94B
5.3%
Q. Revenue
$671.02M
TTM EBITDA
$3.20B
12.8%
TTM Op. Income
$1.89B
21.9%
Q. Op. Income
$413.14M
TTM Net Income
$-1.06B
838.1%
Q. Net Income
$361.65M
EPS
$2.1
Shares Out.
$170.60M
$2.94B in TTM revenue declined 5.3% YoY, reaching $671.02M last quarter. TTM EBITDA of $3.20B and TTM operating income of $1.89B shows growth is flowing through. However, net income is negative at $1.06B — growth is not yet reaching the bottom line. Revenue is contracting — assess whether this is cyclical or structural.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin
107.1%
Op. Margin
61.6%
5.4%
Net Margin
53.9%
4671.2%
Op. margin of 61.6% is down 3.5% YoY — costs are rising relative to revenue. Net margin at 53.9%.

Price Ratios

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

P/E Ratio
N/A
P/S Ratio
3.1x
P/B Ratio
0.6x
P/S of 3.1x and P/B of 0.6x.

Assets & Liabilities

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

Total Assets
$34.17B
Cash
$418.72M
Long-Term Debt
$12.52B
Book Value
$15.73B
D/E Ratio
0.8
Debt/EBITDA
17.4
With $34.17B in assets and $12.52B in long-term debt, the D/E of 0.8and book value of $15.73B — shows a conservative capital structure — the company has a strong financial cushion to weather downturns.

Cash Flow

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

Op. Cash Flow
$196.62M
Free Cash Flow
$-349.38M
20.2%
FCF Margin
-11.9%
FCF / Net Income
-1.0
FCF of $-349.38M on $196.62M in operating cash flow. The FCF / Net Income ratio of 0.3x indicates partial cash conversion — earnings quality needs attention.

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