Alexandria Real Estate Equities (ARE)
PROVISIONAL label — forward P/E, trailing P/E and PEG were not published (the company is reporting GAAP losses), so there is no P/E to test and the label rests on sales: P/S is 2.58x against a peer median P/S of 3.35x, a ratio of 0.77x — below the fair range on sales alone — while the peer median forward P/E is 33.05x with no Alexandria forward P/E to compare against it. Latest-quarter revenue fell 10.7% year over year (PRIMARY, EDGAR), so the sales discount comes with shrinking sales, and the value-trap check holds the label at fairly priced rather than undervalued. Delivered demand check: the Office, health care, services & diversified REITs group's median growth was 11.1% year over year — demand rising across the group, while Alexandria's revenue is falling.
What would change this label: A firm label becomes possible when a forward P/E is published for Alexandria and can be tested against the 33.05x peer median forward P/E. Move to PROVISIONAL — UNDERVALUED if revenue returns to growth year over year while the P/S stays below about 3.02x (0.90x the peer median P/S of 3.35x). Move to PROVISIONAL — OVERVALUED if the P/S rises above about 3.85x (1.15x the peer median P/S) at unchanged sales, or if revenue keeps falling at a double-digit pace.
Alexandria rents laboratory space to drug and biotech companies, and it is currently posting losses, so it has no profit-based price ratios. Its shares cost 2.58 times sales, less than similar companies at 3.35 times sales, but its sales fell about 11% in the latest quarter. Cheap on sales but shrinking, so the shares look provisionally fairly priced rather than a clear bargain.
Both lines start at 100 on 2020-09-01. Over the full window Alexandria Real Estate Equities returned -75.47% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Alexandria Real Estate Equities: -81.9% (2021-12-29 to 2026-04-28). Source: Nasdaq official daily history.
What the label rests on
PROVISIONAL label — forward P/E, trailing P/E and PEG were not published (the company is reporting GAAP losses), so there is no P/E to test and the label rests on sales: P/S is 2.58x against a peer median P/S of 3.35x, a ratio of 0.77x — below the fair range on sales alone — while the peer median forward P/E is 33.05x with no Alexandria forward P/E to compare against it. Latest-quarter revenue fell 10.7% year over year (PRIMARY, EDGAR), so the sales discount comes with shrinking sales, and the value-trap check holds the label at fairly priced rather than undervalued. Delivered demand check: the Office, health care, services & diversified REITs group's median growth was 11.1% year over year — demand rising across the group, while Alexandria's revenue is falling. The company’s forward P/E is — against a peer median of 33.0×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Office, health care, services & diversified REITs group's median latest-quarter revenue growth was 11.1% year over year (SEC filings) — demand rising. Alexandria is moving the other way, with revenue down 10.7%, well below its group. Latest-quarter sales growth was -10.7% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Alexandria Real Estate Equities (ARE) | $39.34 | — | — |
| BXP | — | 33.0× | 18.6× |
| CSGP | — | 16.6× | 65.2× |
| DOC | — | 81.7× | 54.1× |
| WY | — | 74.6× | 29.5× |
| HST | — | 25.3× | 17.0× |
| Peer median | 33.0× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
This company does not report a gross-profit line in its SEC facts (normal for banks, payment networks and some health insurers), so profit is shown as net income instead — gross margin is marked UNVERIFIED-absent rather than estimated.
Free cash flow by quarter is not shown for Alexandria Real Estate Equities. Its SEC cash-flow facts do not separately tag spending on plant and equipment (normal for a bank), so a quarterly free-cash-flow figure cannot be built without estimating — and this programme does not estimate.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Sep 2026 2026-09-30 | $671M | — | $-638M | -3.74 | — |
| Q/E Jun 2026 2026-06-30 | $663M | — | $-73M | -0.43 | — |
| Q/E Mar 2026 2026-03-31 | $671M | — | $362M | 2.10 | — |
| Q/E Dec 2025 2025-12-31 | $754M | — | $-1.1B | — | — |
| Q/E Sep 2025 2025-09-30 | $752M | — | $-233M | -1.38 | — |
| Q/E Jun 2025 2025-06-30 | $762M | — | $-107M | -0.64 | — |
| Q/E Mar 2025 2025-03-31 | $758M | — | $-9M | -0.07 | — |
| Q/E Dec 2024 2024-12-31 | $789M | — | $-62M | — | — |
| Q/E Sep 2024 2024-09-30 | $792M | — | $168M | 0.96 | — |
| Q/E Jun 2024 2024-06-30 | $767M | — | $47M | 0.25 | — |
| Q/E Mar 2024 2024-03-31 | $769M | — | $171M | 0.97 | — |
| Q/E Dec 2023 2023-12-31 | $757M | — | $-88M | — | — |
The last twelve reported quarters. Full 25-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | ALEXANDRIA REAL ESTATE EQUITIES, INC. |
| Chief executive | Peter M. Moglia (source: https://seekingalpha.com/article/4958195-alexandria-real-estate-equities-inc-are-q3-2026-earnings-call-transcript) |
| Sector | Real Estate — Office REITs — owns laboratory and office campuses leased to life-science and technology tenants |
| Share price (Oct 28, 2026) | $39.34 |
| Market value (market cap) | $7.1B — share price times shares outstanding of 174,160,645 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $2.8B |
| Net income, last twelve months | $-1.4B |
| Free cash flow, last twelve months | — |
| Latest reported quarter | Q/E Sep 2026 (of 25 quarters in the data pack) |
| Six-year price return vs S&P 500 | -75.47% vs +118.28% |
| Worst peak-to-trough fall | -81.9% (2021-12-29 to 2026-04-28) |
What we could not verify
- Gross profit / gross margin: not tagged as a standalone line in this company's EDGAR company facts (common for banks, payment networks and some healthcare payers) — shown as UNVERIFIED-absent; the page charts revenue and net income instead.
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Free cash flow is absent for one or more quarters: either the filer does not separately tag PP&E purchases in its EDGAR cash-flow facts (common for banks), or — for a successor registrant's newest quarter — the cash-flow lines are year-to-date without the prior-quarter rung needed to difference them. Affected quarters are null in the data, never estimated.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- PE Ratio, Forward PE and PEG Ratio shown as n/a on statistics page, so no P/E test could be run; the provisional label rests on P/S versus the peer median P/S of 3.35x computed from the peer captures (BXP 3.35x, CSGP 3.53x, DOC 4.53x, WY 2.03x, HST 2.81x).
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0001035443.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0001035443.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/ARE/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.