Douglas Emmett, Inc.

Worth knowing

• Buybacks largely absorbed by stock pay. Stock-based pay expense $62M vs $109M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed −4.7% from December 2022 to July 2026.

  Over three fiscal years Douglas Emmett recorded $62M of stock-based pay expense and spent $109M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). The share count barely moved (−4.7%), so much of the repurchasing offset new employee shares rather than shrinking the count.Over three fiscal years Douglas Emmett recorded $62M of stock-based pay expense and spent $109M repurchasing shares. The share count barely moved (−4.7%), so much of the repurchasing offset new employee shares rather than shrinking the count.

• Earnings slid into a loss. Loss per share this year after a profit last year.

  Douglas Emmett made a loss per share in its latest year after a profit the year before.

• Much more borrowing than peers. Debt is 3.1× equity vs a peer median of 0.8×.Debt is 3.1× equity vs peers 0.8×.

  Debt is 3.1× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 3.1× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.

• Valuation signals disagree. Cheaper than 69% of peers on operating cash profit (EBITDA), but only 0% on earnings.Cheaper than 69% of peers on operating cash profit, but only 0% on earnings.

  Relative to its operating cash profit (EBITDA), Douglas Emmett looks cheaper than 69% 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, Douglas Emmett looks cheaper than 69% 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.