Question 1

What is Apartment Investment and Management's P/FCF ratio?

Accepted Answer

Apartment Investment and Management (AIV) P/FCF ratio is currently not available. When trailing twelve-month free cash flow is negative — common during heavy capex cycles or operating losses — P/FCF is reported as N/A and analysts switch to P/S or EV/EBITDA.

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Apartment Investment and Management?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Apartment Investment and Management specifically, the relevant sector benchmark is the current sector median of 15.9×.

Question 5

What is Apartment Investment and Management's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Apartment Investment and Management (AIV) P/FCF ratio has ranged from a low of 2.5× in 2001 to a high of 393.8× in 2010.

Question 6

What was Apartment Investment and Management's P/FCF ratio in 2010?

Accepted Answer

Apartment Investment and Management (AIV) P/FCF ratio at the end of 2010 was 3.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 7

Why does Apartment Investment and Management's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.

Question 8

Why is Apartment Investment and Management's P/FCF ratio not available?

Accepted Answer

When trailing twelve-month free cash flow is negative — common during heavy capex cycles or operating losses — P/FCF is reported as N/A and analysts switch to P/S or EV/EBITDA.


2025	$822M	-$230M	—	—	Dec 31, 2025
2024	$1.24B	-$113M	—	—	Dec 31, 2024
2023	—	-$222M	—	—	Dec 31, 2023
2022	—	-$33.3M	—	—	Dec 31, 2022
2021	—	-$165M	—	—	Dec 31, 2021
2020	—	$24M	—	—	Dec 31, 2020
2019	—	$183M	—	—	Dec 31, 2019
2017	—	$4.7M	—	—	Dec 31, 2017
2016	—	-$267M	—	—	Dec 31, 2016
2014	—	-$338M	—	—	Dec 31, 2014
2013	—	-$76M	—	—	Dec 31, 2013
2012	—	-$43.1M	—	—	Dec 31, 2012
2011	$356M	-$6.5M	—	—	Dec 31, 2011
2010	$390M	$123M	3.2×	—	Dec 31, 2010
2009	$238M	-$73.4M	—	—	Dec 31, 2009
2008	$137M	-$366M	—	—	Dec 31, 2008
2007	$619M	-$495M	—	—	Dec 31, 2007
2006	$1.02B	-$185M	—	—	Dec 31, 2006
2005	$680M	-$466M	—	—	Dec 31, 2005
2004	$688M	-$349M	—	—	Dec 31, 2004
2003	$613M	$41M	15.0×	—	Dec 31, 2003
2002	$660M	-$417M	—	—	Dec 31, 2002
2001	$655M	$38.9M	16.8×	—	Dec 31, 2001


CBRE Group (CBRE)	44.5×
Regency Centers (REG)	24.4×
Mid-America Apartment Communities (MAA)	23.3×
American Tower (AMT)	21.3×
Simon Property Group (SPG)	18.5×
Kimco Realty (KIM)	17.9×
SBA Communications (SBAC)	17.9×
BXP (BXP)	17.7×
Tanger (SKT)	17.2×
STAG Industrial (STAG)	16.0×
Extra Space Storage (EXR)	15.8×
Public Storage (PSA)	15.5×
AvalonBay Communities (AVB)	15.2×
Host Hotels & Resorts (HST)	14.4×
Camden Property Trust (CPT)	14.3×
Realty Income (O)	13.6×
Invitation Homes (INVH)	13.3×
Medical Properties Trust (MPT)	12.8×
UDR (UDR)	12.4×
NNN REIT (NNN)	12.2×
VICI Properties (VICI)	11.4×
Healthpeak Properties (DOC)	9.7×
Arbor Realty Trust (ABR)	7.6×
Alexandria Real Estate Equities (ARE)	6.2×
Opendoor Technologies (OPEN)	4.2×

P/FCF Ratio for Apartment Investment and Management (AIV) 2001-2026

P/FCF Ratio daily chart for Apartment Investment and Management (AIV)

Historical P/FCF Ratio for Apartment Investment and Management (AIV) from 2001 to 2025

About P/FCF Ratio at Apartment Investment and Management (AIV)

Apartment Investment and Management P/FCF Ratio by Year

Apartment Investment and Management P/FCF Ratio 2010: 3.2×

Apartment Investment and Management P/FCF Ratio 2003: 15.0×

Apartment Investment and Management P/FCF Ratio 2001: 16.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Apartment Investment and Management (AIV) Key Financials