BDN Real Estate

Brandywine Realty Trust

$3.02-0.98%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Real Estate
Industry: REIT - Office
Country: United States
Market cap: 521.6M USD
Enterprise value: 3.0B USD
Full-time employees: 268

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.28 vs a peer median of 0.75) and more debt relative to equity (3.79× vs a peer median of 0.80×)higher risk: bigger price swings (beta 1.28 vs peers 0.75) and more debt vs equity (3.79× vs peers 0.80×)
About average: growth and valuation

Ranks #545 of 632 real estate companies (bottom 14%)

See how it ranks against its peers

Worth knowing

Profit lifted by an asset sale. 2025 operating profit includes a $9M gain on selling assets; without it the operating margin was about 3.6%.
Brandywine Realty Trust's 2025 operating profit of $27M includes a one-off $9M gain on selling assets or businesses. Without it, operations would have earned $17M, an operating margin of about 3.6%.
Much more borrowing than peers. Debt is 3.8× equity vs a peer median of 0.8×.Debt is 3.8× equity vs peers 0.8×.
Debt is 3.8× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 3.8× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.
Valuation signals disagree. Cheaper than 80% of peers on operating cash profit (EBITDA), but only 0% on earnings.Cheaper than 80% of peers on operating cash profit, but only 0% on earnings.
Relative to its operating cash profit (EBITDA), Brandywine Realty Trust looks cheaper than 80% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Brandywine Realty Trust looks cheaper than 80% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Brandywine Realty Trust reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

StockQuotient Score

30/ 100

Oct 5 29 → Nov 4 30 (+1)

Valuation

Is the price right?

54/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Mixed versus peers:

▲ EBITDA yield
▼ Earnings yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-27.0%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.10Sector median: 0.0535 · MAD: 0.0484

EBITDA yield8.3%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 1.46Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield1.4%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingReported value20% base weight · Z-score -1.15Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield131.1%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

44/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Held back by:

▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Still loss-making, but the loss per share narrowed33% base weight · Z-score 0.28Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth-0.7%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.61Sector median: 0.0378 · MAD: 0.0744

Revenue growth0.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.27Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

13/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 12.2 points to 14.8%

Why

Weaker than most peers on:

▼ ROA
▼ ROIC
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin14.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.53Sector median: 0.2683 · MAD: 0.2257

Return on assets-4.0%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -3.97Sector median: 0.0211 · MAD: 0.0134

Return on invested capital1.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.82Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin60.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity-20.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.28

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.62Sector median: 0.7490 · MAD: 0.3270

Current ratio2.92×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score 2.39Sector median: 1.1950 · MAD: 0.7210

Debt / equity3.79×

SEC filings · latest balance sheetReported value33% base weight · Z-score -7.66Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Brandywine Realty Trust

Is Brandywine Realty Trust getting weaker?: Its latest SEC filing (Jul 28, 2026) got stronger: operating margin rose 12.2 points to 14.8%. Its overall score is unchanged at 30/100 since Oct 28, 2026.
How is Brandywine Realty Trust valued vs its peers?: Priced about in line with its peers. Valuation scores 54/100 against 762 real estate peers. EBITDA yield 8.3% vs a peer median of 5.4% (stronger than 80% of peers).EBITDA yield 8.3% vs peers 5.4% (stronger than 80% of peers). Earnings yield -27.0% vs a peer median of 5.3% (weaker than 100% of peers).Earnings yield -27.0% vs peers 5.3% (weaker than 100% of peers).
Is Brandywine Realty Trust growing?: At about the same pace as its peers. Growth scores 44/100 against 762 real estate peers. 3-year revenue growth -0.7% vs a peer median of 3.8% (weaker than 68% of peers).3-year revenue growth -0.7% vs peers 3.8% (weaker than 68% of peers).
How profitable is Brandywine Realty Trust?: Less profitable than most of its peers. Profitability scores 13/100 against 762 real estate peers. Return on assets -4.0% vs a peer median of 2.1% (weaker than 100% of peers).Return on assets -4.0% vs peers 2.1% (weaker than 100% of peers).
How risky is Brandywine Realty Trust?: Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 2.92× vs a peer median of 1.20× (stronger than 84% of peers).Current ratio 2.92× vs peers 1.20× (stronger than 84% of peers). Debt / equity 3.79× vs a peer median of 0.80× (weaker than 93% of peers).Debt / equity 3.79× vs peers 0.80× (weaker than 93% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 28, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 12.2 points to 14.8%

Worth watching: Brandywine Realty Trust is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	489.9M USD	498.3M USD	+1.7%
Net income (12 months)	−199.9M USD	−142.6M USD	−28.6%
Operating margin	2.7%	14.8%	+12.2 pts
Debt	2.6B USD	2.6B USD	−0.2%
Cash	36.2M USD	37.9M USD	+4.6%
Shares outstanding	173.7M	174.6M	+0.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Office companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	61.3%	61.6%	63.1%	62.9%	61.8%	▼ 1.2 pts
Operating margin	19.2%	23.7%	-4.2%	10.9%	5.5%	▼ 5.4 pts
Net margin	2.5%	10.6%	-38.2%	-38.8%	-36.8%	▲ 2.0 pts
Return on assets (ROA)	0.3%	1.4%	-5.3%	-5.6%	-5.0%	▲ 0.6 pts
Return on equity (ROE)	0.7%	3.3%	-14.9%	-18.9%	-22.5%	▼ 3.6 pts
Debt to equity	—	—	1.62×	2.13×	3.23×	▲ 51%

BDN price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.28 vs a peer median of 0.75) and more debt relative to equity (3.79× vs a peer median of 0.80×)higher risk: bigger price swings (beta 1.28 vs peers 0.75) and more debt vs equity (3.79× vs peers 0.80×)

About average: growth and valuation

Ranks #545 of 632 real estate companies (bottom 14%)

See how it ranks against its peers

Worth knowing

Profit lifted by an asset sale. 2025 operating profit includes a $9M gain on selling assets; without it the operating margin was about 3.6%.

Brandywine Realty Trust's 2025 operating profit of $27M includes a one-off $9M gain on selling assets or businesses. Without it, operations would have earned $17M, an operating margin of about 3.6%.

Much more borrowing than peers. Debt is 3.8× equity vs a peer median of 0.8×.Debt is 3.8× equity vs peers 0.8×.

Debt is 3.8× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 3.8× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.

Valuation signals disagree. Cheaper than 80% of peers on operating cash profit (EBITDA), but only 0% on earnings.Cheaper than 80% of peers on operating cash profit, but only 0% on earnings.

Relative to its operating cash profit (EBITDA), Brandywine Realty Trust looks cheaper than 80% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Brandywine Realty Trust looks cheaper than 80% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Not profitable yet. Reported a loss in the 12 months to June 2026.

Brandywine Realty Trust reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.

Questions investors ask about Brandywine Realty Trust

Is Brandywine Realty Trust getting weaker?

Its latest SEC filing (Jul 28, 2026) got stronger: operating margin rose 12.2 points to 14.8%. Its overall score is unchanged at 30/100 since Oct 28, 2026.

How is Brandywine Realty Trust valued vs its peers?

Priced about in line with its peers. Valuation scores 54/100 against 762 real estate peers. EBITDA yield 8.3% vs a peer median of 5.4% (stronger than 80% of peers).EBITDA yield 8.3% vs peers 5.4% (stronger than 80% of peers). Earnings yield -27.0% vs a peer median of 5.3% (weaker than 100% of peers).Earnings yield -27.0% vs peers 5.3% (weaker than 100% of peers).

Is Brandywine Realty Trust growing?

At about the same pace as its peers. Growth scores 44/100 against 762 real estate peers. 3-year revenue growth -0.7% vs a peer median of 3.8% (weaker than 68% of peers).3-year revenue growth -0.7% vs peers 3.8% (weaker than 68% of peers).

How profitable is Brandywine Realty Trust?

Less profitable than most of its peers. Profitability scores 13/100 against 762 real estate peers. Return on assets -4.0% vs a peer median of 2.1% (weaker than 100% of peers).Return on assets -4.0% vs peers 2.1% (weaker than 100% of peers).

How risky is Brandywine Realty Trust?

Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 2.92× vs a peer median of 1.20× (stronger than 84% of peers).Current ratio 2.92× vs peers 1.20× (stronger than 84% of peers). Debt / equity 3.79× vs a peer median of 0.80× (weaker than 93% of peers).Debt / equity 3.79× vs peers 0.80× (weaker than 93% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

489.9M USD

498.3M USD

+1.7%

Net income (12 months)

−199.9M USD

−142.6M USD

−28.6%

Operating margin

2.7%

14.8%

+12.2 pts

Debt

2.6B USD

2.6B USD

−0.2%

Cash

36.2M USD

37.9M USD

+4.6%

Shares outstanding

173.7M

174.6M

+0.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

61.3%

61.6%

63.1%

62.9%

61.8%

▼ 1.2 pts

Operating margin

19.2%

23.7%

-4.2%

10.9%

5.5%

▼ 5.4 pts

Net margin

2.5%

10.6%

-38.2%

-38.8%

-36.8%

▲ 2.0 pts

Return on assets (ROA)

0.3%

1.4%

-5.3%

-5.6%

-5.0%

▲ 0.6 pts

Return on equity (ROE)

0.7%

3.3%

-14.9%

-18.9%

-22.5%

▼ 3.6 pts

Debt to equity

—

1.62×

2.13×

3.23×

▲ 51%