# Douglas Emmett (DEI.US)

Canonical: https://gigainvestors.com/s/DEI

Analysis as of: 2026-10-16T07:27:58.428Z. Financial observations: FY2001–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $9.60 per share; close as of 2026-10-15.

Estimated value: low $15.32 per share, central $17.29 per share, high $19.91 per share. Buy at or below the central value $17.29 per share. Valuation as of 2026-10-16T07:27:58.428Z; scenarios are not confidence intervals.

Expected annual return: 16.6% at the stated quote. About 16.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 2

- Operating margin variation: 0.55×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.30×

- FY2018: 0.29×

- FY2019: 0.64×

- FY2020: 0.61×

- FY2021: 0.22×

- FY2022: 0.24×

- FY2023: 0.15×

- FY2024: 0.21×

- FY2025: 0.19×

- LTM to Jun 2026: 0.19×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 2.1%

- ROIC, second-lowest year: 1.2%

- Typical minus recent gross margin: 3.3 pp

- Typical gross margin (annual median): 66.7%

- Recent gross margin (lower of latest and 3-year median): 63.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 24.1%

- ROIC including acquisitions, ten-year median: 2.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.8%

- FY2017: 2.1%

- FY2018: 3.5%

- FY2019: 5.1%

- FY2020: 4.8%

- FY2021: 1.1%

- FY2022: 1.2%

- FY2023: 1.6%

- FY2024: 2.3%

- FY2025: 2.1%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 6.20×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $990M

- Net income, five-year total: $159M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 1.7 pp

- Working capital / revenue, change between three-year averages: 20.4 pp

- Working capital / revenue, final three-year average: 26.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 2.20×

- FY2022: 2.39×

- FY2023: -5.34×

- FY2024: 7.15×

- FY2025: 13.40×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 2.1% vs 2.1%

- Per-share earnings: 0.56 to 0.10 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.1%

- Ordinary dilution, 5-year annual growth: -0.9%

- Market cap gain: -$3.7B

- Cumulative retained earnings: -$685M

- Diluted shares, 10-year annual growth: 1.1%

- Diluted shares, 5-year annual growth: -0.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -19.6%

- Per-share value change: -$0.46

- Per-share value, starting three-year median: $0.56

- Per-share value, ending three-year median: $0.10

- Buybacks concentrated in cheaper years (correlation): -0.22

- Average buyback yield: 0.5%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $7.5M

- Cumulative net income, 10 years: $870M

- ROIC, first three-year median: 2.1%

- ROIC, last three-year median: 2.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.56

- FY2017: $0.59

- FY2018: $0.68

- FY2019: $2.10

- FY2020: $0.29

- FY2021: $0.37

- FY2022: $0.55

- FY2023: -$0.25

- FY2024: $0.14

- FY2025: $0.10

### accounting: pass

- Sloan accruals: -4.0%

- Receivables to sales index (DSRI): 0.55×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 23.78×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.3%

- FY2017: -3.7%

- FY2018: -3.8%

- FY2019: -1.1%

- FY2020: -4.0%

- FY2021: -4.1%

- FY2022: -4.1%

- FY2023: -4.9%

- FY2024: -4.1%

- FY2025: -4.0%

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 71% since Dec 2021 · sales +0.4%

Story as of 2026-10-16T09:58:37.689Z; price observation 2026-10-15.

Price needs cash profits to shrink 7.2% a year for ten years

### Sales · FY2025–2026

sales +0.4%; source https://www.sec.gov/Archives/edgar/data/1364250/000136425026000011/nysedei-20251231.htm; observed 2026-02-20.

- FY2017: $812M 

- FY2018: $881M 

- FY2019: $944M 

- FY2020: $888M 

- FY2021: $918M 

- FY2022: $994M 

- FY2023: $1.0B 

- FY2024: $986M 

- FY2025: $1.0B 

- FY2026: $1.0B 

### Gross margin · FY2025

gross margin 63.4%; source https://www.sec.gov/Archives/edgar/data/1364250/000136425026000011/nysedei-20251231.htm; observed 2026-02-20.

- FY2016: 68.0% 

- FY2017: 68.2% 

- FY2018: 68.1% 

- FY2019: 68.4% 

- FY2020: 65.6% 

- FY2021: 67.0% 

- FY2022: 66.4% 

- FY2023: 19.5% 

- FY2024: 64.5% 

- FY2025: 63.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1364250/000136425026000011/nysedei-20251231.htm (filed 2026-02-20); FY2025: revenue 1003982000; grossProfit 636045000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 19.5% to 64.5% during 2023–25; it earns 2.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: grossProfit / revenue = 19.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: grossProfit / revenue = 64.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1364250/000136425026000011/nysedei-20251231.htm (filed 2026-02-20); FY2025: grossProfit / revenue = 63.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on capital observations [[2016,0.01847646146574772],[2017,0.02061836182691607],[2018,0.035003534705230724],[2019,0.05066605595976316],[2020,0.04836147286177011],[2021,0.010708552037147816],[2022,0.012347755329875408],[2023,0.016307098801826615],[2024,0.022938034809002552],[2025,0.021101988630107954]]; median 0.02086017522851201. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 351000 of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2016: growth capex 0; upkeep 119546000; owner earnings 183463115.3003884. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2017: growth capex 0; upkeep 171344000; owner earnings 181854000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2018: growth capex 0; upkeep 247521000; owner earnings 156404000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2019: growth capex 0; upkeep 238108000; owner earnings 467084000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2020: growth capex 0; upkeep 297598000; owner earnings 122193000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2021: growth capex 0; upkeep 293091000; owner earnings 143465000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2022: growth capex 0; upkeep 238118000; owner earnings 231825000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: growth capex 0; upkeep 189157000; owner earnings 228086000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: growth capex 0; upkeep 239389000; owner earnings 168176000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1364250/000136425026000011/nysedei-20251231.htm (filed 2026-02-20); FY2025: growth capex 0; upkeep 192397000; owner earnings 217975000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,130821000],[2017,146026000],[2018,169831000],[2019,179667000],[2020,196333000],[2021,196529000],[2022,196805000],[2023,129895000],[2024,127185000],[2025,127257000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1364250/000136425026000011/nysedei-20251231.htm (filed 2026-02-20); FY2025: cash repurchases 351000 USD.

### Are managers owners

Insiders own 3.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); DEI.US SharesStats.PercentInsiders = 3.496 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 7.2% yearly over ten years; actual growth was 1.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Ten-year compound average after fade. Initial solved rate -0.11351596513133935. Price 9.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.0979522456242863 → FY2025 1.3017396341572658. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $36.50 per share

- 2016-11: $36.69 per share

- 2016-12: $36.56 per share

- 2017-01: $37.84 per share

- 2017-02: $40.34 per share

- 2017-03: $38.40 per share

- 2017-04: $37.67 per share

- 2017-05: $37.96 per share

- 2017-06: $38.21 per share

- 2017-07: $38.26 per share

- 2017-08: $38.96 per share

- 2017-09: $39.42 per share

- 2017-10: $39.79 per share

- 2017-11: $40.31 per share

- 2017-12: $41.06 per share

- 2018-01: $38.67 per share

- 2018-02: $35.75 per share

- 2018-03: $36.76 per share

- 2018-04: $37.27 per share

- 2018-05: $38.49 per share

- 2018-06: $40.18 per share

- 2018-07: $38.84 per share

- 2018-08: $39.06 per share

- 2018-09: $37.72 per share

- 2018-10: $36.19 per share

- 2018-11: $36.92 per share

- 2018-12: $34.13 per share

- 2019-01: $37.83 per share

- 2019-02: $38.60 per share

- 2019-03: $40.42 per share

- 2019-04: $41.19 per share

- 2019-05: $40.29 per share

- 2019-06: $39.84 per share

- 2019-07: $40.82 per share

- 2019-08: $42.20 per share

- 2019-09: $42.83 per share

- 2019-10: $43.32 per share

- 2019-11: $44.07 per share

- 2019-12: $43.90 per share

- 2020-01: $41.50 per share

- 2020-02: $38.18 per share

- 2020-03: $30.51 per share

- 2020-04: $30.49 per share

- 2020-05: $29.36 per share

- 2020-06: $30.66 per share

- 2020-07: $29.14 per share

- 2020-08: $27.92 per share

- 2020-09: $25.10 per share

- 2020-10: $23.60 per share

- 2020-11: $30.97 per share

- 2020-12: $29.18 per share

- 2021-01: $27.71 per share

- 2021-02: $32.75 per share

- 2021-03: $31.40 per share

- 2021-04: $33.54 per share

- 2021-05: $34.72 per share

- 2021-06: $33.62 per share

- 2021-07: $33.40 per share

- 2021-08: $33.01 per share

- 2021-09: $31.61 per share

- 2021-10: $32.68 per share

- 2021-11: $32.77 per share

- 2021-12: $33.50 per share

- 2022-01: $31.22 per share

- 2022-02: $31.70 per share

- 2022-03: $33.42 per share

- 2022-04: $29.46 per share

- 2022-05: $28.27 per share

- 2022-06: $22.38 per share

- 2022-07: $23.64 per share

- 2022-08: $19.52 per share

- 2022-09: $17.93 per share

- 2022-10: $17.59 per share

- 2022-11: $17.32 per share

- 2022-12: $15.68 per share

- 2023-01: $16.75 per share

- 2023-02: $14.13 per share

- 2023-03: $12.33 per share

- 2023-04: $12.88 per share

- 2023-05: $11.60 per share

- 2023-06: $12.57 per share

- 2023-07: $14.70 per share

- 2023-08: $13.67 per share

- 2023-09: $12.76 per share

- 2023-10: $11.21 per share

- 2023-11: $12.22 per share

- 2023-12: $14.50 per share

- 2024-01: $13.55 per share

- 2024-02: $13.22 per share

- 2024-03: $13.87 per share

- 2024-04: $13.71 per share

- 2024-05: $13.95 per share

- 2024-06: $13.31 per share

- 2024-07: $16.09 per share

- 2024-08: $16.00 per share

- 2024-09: $17.57 per share

- 2024-10: $17.79 per share

- 2024-11: $19.36 per share

- 2024-12: $18.56 per share

- 2025-01: $18.36 per share

- 2025-02: $17.30 per share

- 2025-03: $16.00 per share

- 2025-04: $13.83 per share

- 2025-05: $14.23 per share

- 2025-06: $15.04 per share

- 2025-07: $15.16 per share

- 2025-08: $16.21 per share

- 2025-09: $15.57 per share

- 2025-10: $12.94 per share

- 2025-11: $12.19 per share

- 2025-12: $10.99 per share

- 2026-01: $10.56 per share

- 2026-02: $9.89 per share

- 2026-03: $9.42 per share

- 2026-04: $10.81 per share

- 2026-05: $11.64 per share

- 2026-06: $11.80 per share

- 2026-07: $11.82 per share

- 2026-08: $11.56 per share

- 2026-09: $9.58 per share

- 2026-10: $9.60 per share

## Annual estimated value (USD per share)

- FY2016: low $14.40 per share, central $17.24 per share, high $19.99 per share

- FY2017: low $14.22 per share, central $16.10 per share, high $18.59 per share

- FY2018: low $13.93 per share, central $15.79 per share, high $18.26 per share

- FY2019: low $15.18 per share, central $17.21 per share, high $19.91 per share

- FY2020: low $12.93 per share, central $14.64 per share, high $16.92 per share

- FY2021: low $11.25 per share, central $12.65 per share, high $14.51 per share

- FY2022: low $11.82 per share, central $13.33 per share, high $15.34 per share

- FY2023: low $16.41 per share, central $18.44 per share, high $21.14 per share

- FY2024: low $12.41 per share, central $13.92 per share, high $15.94 per share

- FY2025: low $15.28 per share, central $17.24 per share, high $19.85 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1364250/000136425026000011/nysedei-20251231.htm); period 2025-12-31, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Christopher Davis](https://gigainvestors.com/DAV): 301,580 DEI shares; USD 3,559,000 reported position value; 0.02% of portfolio; reduce; quarter 2026 Q2.
- [Matthew McLennan](https://gigainvestors.com/FE): 13,958,328 DEI shares; USD 164,708,000 reported position value; 0.27% of portfolio; add; quarter 2026 Q2.
- [Steven Romick](https://gigainvestors.com/FPA): 8,743,999 DEI shares; USD 103,179,000 reported position value; 1.3% of portfolio; add; quarter 2026 Q2.

# DEI — Douglas Emmett Inc.

Held by 3 investors · USD 271,446,000 total · 2026 Q2 · reported price USD 11.80 (split-adjusted).
Page: https://gigainvestors.com/s/DEI

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Matthew McLennan (https://gigainvestors.com/FE) | USD 164,708,000 | 0.3% | add 0% |
| Steven Romick (https://gigainvestors.com/FPA) | USD 103,179,000 | 1.3% | add +1.24% |
| Christopher Davis (https://gigainvestors.com/DAV) | USD 3,559,000 | <0.1% | reduce -2.16% |

## Total held by quarter

- 2019 Q4: USD 5,871,625 · 1 holder · USD 43.90
- 2020 Q1: USD 6,882,995 · 1 holder · USD 30.51
- 2020 Q2: USD 9,742,184 · 2 holders · USD 30.66
- 2020 Q3: USD 145,034,878 · 2 holders · USD 25.10
- 2020 Q4: USD 168,171,839 · 2 holders · USD 29.18
- 2021 Q1: USD 226,324,323 · 2 holders · USD 31.40
- 2021 Q2: USD 246,241,251 · 2 holders · USD 33.62
- 2021 Q3: USD 229,201,802 · 2 holders · USD 31.61
- 2021 Q4: USD 242,064,367 · 2 holders · USD 33.50
- 2022 Q1: USD 262,005,247 · 2 holders · USD 33.42
- 2022 Q2: USD 257,338,086 · 2 holders · USD 22.38
- 2022 Q3: USD 223,314,384 · 2 holders · USD 17.93
- 2022 Q4: USD 202,281,612 · 2 holders · USD 15.68
- 2023 Q1: USD 176,971,603 · 2 holders · USD 12.33
- 2023 Q2: USD 181,254,058 · 2 holders · USD 12.57
- 2023 Q3: USD 183,191,492 · 2 holders · USD 12.76
- 2023 Q4: USD 203,565,964 · 2 holders · USD 14.50
- 2024 Q1: USD 289,899,075 · 4 holders · USD 13.87
- 2024 Q2: USD 257,280,716 · 3 holders · USD 13.31
- 2024 Q3: USD 338,381,947 · 3 holders · USD 17.57
- 2024 Q4: USD 347,899,163 · 3 holders · USD 18.56
- 2025 Q1: USD 301,850,544 · 3 holders · USD 16.00
- 2025 Q2: USD 280,369,168 · 3 holders · USD 15.04
- 2025 Q3: USD 290,493,274 · 3 holders · USD 15.57
- 2025 Q4: USD 213,160,831 · 3 holders · USD 10.99
- 2026 Q1: USD 215,748,831 · 3 holders · USD 9.42
- 2026 Q2: USD 271,446,000 · 3 holders · USD 11.80