Easterly Government Properties, Inc. (DEA) stock analysis
Close on Nov 11, 2026Market cap $1.06BP/E 77.0Yield 9.00%
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed13 of 30 checks passed
Easterly Government Properties passes 13 of the 30 checks behind our score; 4 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 2/6
- Growth
- 3/6
- Past performance
- 1/6
- Financial health
- 4/6
- Dividend
- 3/6
What stands out
Trading below fair value
The share price of $22.34 is below our fair value estimate of $23.58.
No debt
Easterly Government Properties has no borrowings on its latest balance sheet.
Earnings grew over 5 years
Net income grew 1.7% a year on average over the last five fiscal years.
Earnings growth accelerating
Net income grew 4.6% over the last twelve months, against a 5-year average of 1.7% a year.
What to watch
Margin of safety under 20%
The price is 5.3% below fair value, less than the 20% cushion we look for.
Return on equity under 15%
Return on equity was 1.1% over the last twelve months and averaged 1.8% over five years; we look for 15% on both.
Revenue growing under 10% a year
Revenue grew 4.6% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -31.8% a year over the last three fiscal years.
Valuation2/6
P/E above its 5-year median
Easterly Government Properties's P/E of 77.0 is above its own 5-year median of 59.6.
P/E above the industry
Easterly Government Properties's P/E of 77.0 is above the Miscellaneous Investing median of 26.3.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
Easterly Government Properties's price-to-book of 0.81 is below the Miscellaneous Investing median of 1.20.
Trading below fair value
The share price of $22.34 is below our fair value estimate of $23.58.
Margin of safety under 20%
The price is 5.3% below fair value, less than the 20% cushion we look for.
Growth3/6
Revenue growing under 10% a year
Revenue grew 4.6% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -31.8% a year over the last three fiscal years.
Earnings growth accelerating
Net income grew 4.6% over the last twelve months, against a 5-year average of 1.7% a year.
Growing faster than the industry
Revenue grew 11.4% over the last twelve months; the Miscellaneous Investing median is 4.6%.
Guidance lowered
Easterly Government Properties lowered its 12 Months Ending December 31, 2026 FFO per share – fully diluted basis outlook on Aug 3, 2026.
Gross margin improving
Gross margin was 77.2% over the last twelve months, against 76.6% a year earlier.
Past performance1/6
Return on equity under 15%
Return on equity was 1.1% over the last twelve months and averaged 1.8% over five years; we look for 15% on both.
Return on invested capital
Needs operating income and invested capital.
Return on equity below the industry
Easterly Government Properties's return on equity of 1.1% is below the Miscellaneous Investing median of 3.1%.
Earnings grew over 5 years
Net income grew 1.7% a year on average over the last five fiscal years.
Net margin below its 5-year average
Net margin was 4.0% over the last twelve months, against a 5-year average of 7.7%.
Net margin below the industry
Easterly Government Properties's net margin of 4.0% is below the Miscellaneous Investing median of 10.3%.
Financial health4/6
No debt
Easterly Government Properties has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest well covered
No meaningful interest expense to cover.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Elevated bankruptcy risk
The Altman Z-score is 0.49; above 3 is the safe zone and below 1.8 the distress zone.
Dividend3/6
Pays a dividend
Easterly Government Properties paid dividends worth 6.0% of the share price over the last twelve months.
Yield above Treasuries
The 6.0% yield is above the 4.4% on a 1-year Treasury.
Yield in the top quarter
The top quarter of US dividend payers yield 3.8% or more; Easterly Government Properties yields 6.0%.
Dividend was cut
The dividend per share fell by more than 10% at least once in the last 10 fiscal years.
Not covered by earnings
Dividends take 604% of net income, leaving little room.
Cash-flow cover
Needs dividends paid and free cash flow.
Fair value
How we estimate itOur estimate per share
$23.58
The share price is 5% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 43.1× | 59.6× | 26.3× | $12.49 | 62% |
| P/B | 1.1× | 0.9× | 1.2× | $29.42 | 15% |
| Earnings power | 7.7% cost of equity | – | – | $49.25 | 23% |
| Fair value | $23.58 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 59.6
- Miscellaneous Investing median 26.3
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Medium risk
- Average value traded per day
- $10.46M
- Value traded per 1% price move
- $9.65M
Downside
Low risk
- Typical loss in a bad month
- 8.5%
- Volatility (annualized)
- 21%
- Sharpe ratio, 1 year
- -0.04
- Beta to the S&P 500 (5Y)
- 0.56
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2013 to 2025
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +11.3% | +4.6% | +6.5% | +16.8% | |
| Gross profit | +11.5% | +4.5% | +5.6% | – | |
| Net income | -33.5% | -25.5% | +1.7% | – | |
| EPS, diluted | -41.3% | -31.8% | -6.4% | – | |
| Dividend per share | -24.2% | -8.8% | -5.0% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 0.8% | 1.1% | 1.0% | |
| Return on assets | 0.4% | 0.5% | 0.4% | |
| Diluted shares | 13M | 32M | 45M |
Cash use needs five years of cash flow figures
Easterly Government Properties does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 3.9% | 0.10× | 2.50× | 1.0% |
| FY2024 | 6.5% | 0.10× | 2.31× | 1.5% |
| FY2023 | 6.5% | 0.10× | 2.22× | 1.5% |
| FY2022 | 10.7% | 0.10× | 2.24× | 2.5% |
| FY2021 | 10.9% | 0.10× | 2.17× | 2.5% |
| FY2020 | 4.9% | 0.10× | 2.12× | 1.1% |
| FY2019 | 3.3% | 0.11× | 2.09× | 0.7% |
| FY2018 | 3.6% | 0.10× | 2.10× | 0.7% |
| FY2017 | 3.4% | 0.11× | 2.01× | 0.7% |
| FY2016 | 3.8% | 0.11× | 2.09× | 0.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$13.00M
- Cash generatingOperating cash flow above zero$259.19M
- Return on assets improvedROA up on the prior year0.7% → 0.4%
- Earnings backed by cashOperating cash flow above net income$259.19M vs $13.00M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise42M → 45M
- Gross margin improvedGross margin up on the prior year76.78% → 76.94%
- More efficientAsset turnover rose0.10 → 0.10
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