A Business at a Glance
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REALTY INCOME CORP
O
$59.4B
Mkt Cap
$65.60
+1.36%
REALTY INCOME CORP (O) has a current P/E ratio of 56.1, compared to its historical median P/E of 39.8. The stock is currently considered Expensive based on its historical valuation range.
REALTY INCOME CORP (O) has a 5-year average return on invested capital (ROIC) of 3.6%. This is below average and may indicate limited pricing power.
REALTY INCOME CORP (O) has a market capitalization of $61.2B. It is classified as a large-cap stock.
Yes, REALTY INCOME CORP (O) pays a dividend with a trailing twelve-month yield of 4.85%.
Based on historical P/E analysis, REALTY INCOME CORP (O) appears expensive. The current P/E of 56.1 is 41% above its historical median of 39.8. The estimated fair value CAGR (P/E method) is -1.1%.
REALTY INCOME CORP (O) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
REALTY INCOME CORP (O) reported annual revenue of $5.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Realty Income Corporation is a net lease real estate investment trust that acquires, owns, and actively manages freestanding commercial properties leased to diversified, creditworthy operators under long-term net lease agreements. Under this structure, tenants bear most property-level operating expenses including real estate taxes, insurance, and maintenance, while Realty Income receives contractually defined rental payments with embedded escalations, generating stable and predictable cash flows. The company's portfolio comprises over 15,500 properties across all 50 U.S. states, the United Kingdom, and eight other European countries, with approximately 19% of annualized base rent from U.K. and European assets as of December 31, 2025. Realty Income focuses on retail properties supporting service-oriented, non-discretionary, and low-price-point business models, as well as selective expansion into data centers, gaming, and industrial real estate, leveraging data-driven analytics for underwriting and asset management. The company finances growth through long-term debt, equity, retained cash flow, and capital recycling, while complementing core equity ownership with real estate credit investments totaling $3.1 billion as of December 31, 2025, and expanding its private capital platform through partnerships with Apollo, GIC, and perpetual life funds to diversify funding sources and enhance long-term returns.
【Private capital platform acceleration】 Management expects 2026 to represent a banner year with anticipated acceleration from 2025 as the company leverages its scale and data-driven platform to strive towards consistent double-digit total operational returns. The company's three distinct private capital vehicles—partnerships with Apollo, GIC, and the perpetual life U.S. Core Plus Fund—are expected to carry comparatively less volatility in pricing and availability compared to traditional public equity, enhancing capital deployment efficiency through cycles and improving cost of capital. Strategic priorities for 2026 capital deployment include geographic expansion, particularly in Mexico through initial investments in Mexico City and Guadalajara, and continued investment in high-quality opportunities across geographies and capital structures. Management remains disciplined in underwriting and selective in deployment, with expectations that these private capital channels will mature and contribute meaningfully to growth, potentially achieving levels historically achieved and potentially exceeding them in years with outsized growth.
| Metric | Target | Period |
|---|---|---|
| AFFO per share | $4.41–$4.44 | FY2026 |
| Investment volume | $9.5 billion at 100% ownership | FY2026 |
| Lease termination income | $45 million–$50 million | FY2026 |
| Credit loss | approximately 40 basis points of rental revenue | FY2026 |
AFFO per share (FY2026): “raising the AFFO per share guidance range to between $4.41 and $4.44”
Investment volume (FY2026): “we are increasing full-year investment volume guidance to $9.5 billion at 100% ownership”
Lease termination income (FY2026): “we are also increasing the expected lease termination income guidance range to between $45 million and $50 million”
Credit loss (FY2026): “we are lowering our credit loss outlook to approximately 40 basis points of rental revenue”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.9B | 5.7B | 5.3B | 4.1B | 3.3B | 2.1B |
| Net Income | 1.1B | 1.1B | 848M | 872M | 869M | 359M |
| EPS | $1.21 | $1.17 | $0.98 | $1.26 | $1.42 | $0.87 |
| Free Cash Flow | 3.9B | 3.9B | 3.5B | 2.9B | 2.5B | 1.3B |
| ROIC | 0.0% | 4.1% | 3.8% | 3.8% | 3.8% | 2.3% |
| Gross Margin | - | 40.0% | 37.5% | 45.8% | 43.3% | 40.5% |
| Debt/Equity | 0.65 | 0.65 | 0.59 | 0.59 | 0.52 | 0.53 |
| Dividends/Share | $3.18 | $3.22 | $3.13 | $3.05 | $2.97 | $2.83 |
| Operating Income | 0 | 2.3B | 1.9B | 1.7B | 1.4B | 715M |
| Operating Margin | 0.0% | 39.6% | 36.6% | 40.6% | 41.3% | 34.4% |
| ROE | 2.9% | 2.7% | 2.4% | 2.8% | 3.2% | 2.0% |
| Shares Outstanding | 932M | 905M | 865M | 692M | 612M | 413M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 934M | 1.0B | 1.1B | 1.2B | 1.3B | 1.5B | 1.6B | 2.1B | 3.3B | 4.1B | 5.3B | 5.7B | 5.9B |
| Gross Margin | N/A | N/A | N/A | N/A | 54.4% | 54.1% | 43.6% | 40.5% | 43.3% | 45.8% | 37.5% | 40.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 51M | 49M | 52M | 58M | 84M | 66M | 73M | 97M | 138M | 145M | 177M | 203M | 217M |
| EBIT | 447M | 493M | 512M | 555M | 635M | 734M | 720M | 715M | 1.4B | 1.7B | 1.9B | 2.3B | 0 |
| Op. Margin | 47.9% | 48.2% | 46.4% | 45.6% | 47.8% | 49.3% | 43.7% | 34.4% | 41.3% | 40.6% | 36.6% | 39.6% | 0.0% |
| Net Income | 228M | 257M | 288M | 302M | 364M | 436M | 395M | 359M | 869M | 872M | 848M | 1.1B | 1.1B |
| Net Margin | 24.4% | 25.1% | 26.2% | 24.8% | 27.4% | 29.3% | 24.0% | 17.3% | 26.0% | 21.4% | 16.1% | 18.4% | 18.9% |
| Non-Recurring | 4.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 4.8% | 4.9% | 4.6% | 5.5% | 5.8% | 4.8% | 3.9% | 2.3% | 3.8% | 3.8% | 3.8% | 4.1% | 0.0% |
| ROE | 4.1% | 4.2% | 4.3% | 4.3% | 4.7% | 4.9% | 3.8% | 2.0% | 3.2% | 2.8% | 2.4% | 2.7% | 2.9% |
| ROA | 2.2% | 2.2% | 2.3% | 2.2% | 2.5% | 2.6% | 2.0% | 1.1% | 1.9% | 1.6% | 1.3% | 1.5% | 1.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 628M | 694M | 800M | 876M | 941M | 1.1B | 1.1B | 1.3B | 2.6B | 3.0B | 3.6B | 4.0B | 4.1B |
| Free Cash Flow | 622M | 682M | 786M | 861M | 915M | 1.0B | 1.1B | 1.3B | 2.5B | 2.9B | 3.5B | 3.9B | 3.9B |
| Owner Earnings | 241M | 274M | 338M | 363M | 374M | 461M | 422M | 383M | 872M | 1.0B | 1.1B | 1.4B | 1.5B |
| CapEx | 6.0M | 12M | 13M | 15M | 25M | 24M | 8.7M | 19M | 96M | 69M | 121M | 132M | 135M |
| Maint. CapEx | 375M | 409M | 450M | 499M | 540M | 594M | 677M | 898M | 1.7B | 1.9B | 2.4B | 2.5B | 2.5B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 375M | 409M | 450M | 499M | 540M | 594M | 677M | 898M | 1.7B | 1.9B | 2.4B | 2.5B | 2.5B |
| CapEx/OCF | 1.0% | 1.7% | 1.7% | 1.7% | 2.7% | 2.2% | 0.8% | 1.4% | 3.7% | 2.3% | 3.4% | 3.3% | 3.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 479M | 533M | 611M | 689M | 762M | 852M | 964M | 1.2B | 1.8B | 2.1B | 2.7B | 2.9B | 3.0B |
| Dividend Yield | 9.0% | 7.9% | 6.3% | 6.8% | 7.1% | 5.3% | 6.1% | 5.5% | 5.4% | 6.0% | 6.0% | 5.9% | 4.9% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 12M | 10M | 12M | 14M | 27M | 14M | 17M | 42M | 22M | 26M | 57M | 31M | 36M |
| Debt Repayment | 1.6B | 1.4B | 3.0B | 2.5B | 1.6B | 2.4B | 9.4M | 97M | 0 | 0 | 61M | 88M | 88M |
| Balance Sheet | |||||||||||||
| Net Debt | 4.0B | 3.8B | 5.1B | 429M | 5.6B | 6.9B | 7.4B | 13.1B | 14.8B | 19.1B | 22.3B | 25.1B | 25.0B |
| Cash & Equiv. | 46M | 50M | 9.4M | 6.9M | 10M | 54M | 824M | 259M | 171M | 233M | 445M | 435M | 374M |
| Long-Term Debt | 3.8B | 3.6B | 4.0B | 326M | 5.4B | 6.3B | 8.3B | 12.5B | 14.3B | 18.6B | 22.7B | 25.0B | 24.9B |
| Debt/Equity | 0.72 | 0.60 | 0.75 | 0.06 | 0.70 | 0.72 | 0.75 | 0.53 | 0.52 | 0.59 | 0.59 | 0.65 | 0.65 |
| Interest Coverage | 2.1 | 2.1 | 2.3 | 2.2 | 2.4 | 2.5 | 2.3 | 2.2 | 3.0 | 2.3 | 1.9 | 2.0 | 2.0 |
| Equity | 5.6B | 6.5B | 6.8B | 7.4B | 8.1B | 9.8B | 11.0B | 25.1B | 28.7B | 32.9B | 38.8B | 39.4B | 39.1B |
| Total Assets | 11.0B | 11.8B | 13.2B | 14.1B | 15.3B | 18.6B | 20.7B | 43.1B | 49.7B | 57.8B | 68.8B | 72.8B | 74.6B |
| Total Liabilities | 5.4B | 5.3B | 6.4B | 6.7B | 7.1B | 8.8B | 9.7B | 18.0B | 20.8B | 24.7B | 29.8B | 32.7B | 33.3B |
| Intangibles | 1.0B | 1.0B | 1.1B | 1.2B | 1.2B | 1.5B | 1.7B | 5.3B | 5.2B | 5.0B | 6.3B | 5.7B | 5.6B |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 54.6B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 32.8B | 38.9B | 44.9B | 52.3B | 54.9B | 55.6B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 953M |
| Per Share Data | |||||||||||||
| EPS | 1.04 | 1.09 | 1.13 | 1.10 | 1.26 | 1.38 | 1.14 | 0.87 | 1.42 | 1.26 | 0.98 | 1.17 | 1.21 |
| Owner EPS | 1.10 | 1.16 | 1.32 | 1.32 | 1.29 | 1.46 | 1.22 | 0.93 | 1.42 | 1.50 | 1.29 | 1.59 | 1.61 |
| Book Value | 25.65 | 27.74 | 26.51 | 26.89 | 28.03 | 30.90 | 31.67 | 60.64 | 46.90 | 47.58 | 44.89 | 43.59 | 41.98 |
| Cash Flow/Share | 2.87 | 2.95 | 3.13 | 3.20 | 3.26 | 3.38 | 3.22 | 3.20 | 4.19 | 4.27 | 4.13 | 4.42 | 3.93 |
| Dividends/Share | 2.19 | 2.26 | 2.39 | 2.53 | 2.63 | 2.71 | 2.79 | 2.83 | 2.97 | 3.05 | 3.13 | 3.22 | 3.18 |
| Shares Out. | 218.8M | 235.5M | 255.3M | 274.1M | 288.6M | 316.3M | 346.9M | 413.2M | 612.3M | 692.3M | 865.2M | 904.8M | 932.5M |
| Valuation | |||||||||||||
| P/E Ratio | 28.2 | 29.5 | 32.1 | 35.1 | 35.7 | 39.1 | 40.5 | 66.0 | 37.4 | 41.2 | 50.3 | 48.0 | 54.2 |
| P/FCF | 10.0 | 10.8 | 11.4 | 11.9 | 13.7 | 15.8 | 14.5 | 18.2 | 13.2 | 12.4 | 12.4 | 13.2 | 15.5 |
| EV/EBIT | 23.3 | 23.1 | 28.0 | 19.6 | 29.3 | 32.7 | 31.5 | 52.1 | 35.7 | 33.1 | 34.0 | 33.8 | N/A |
| Price/Book | 1.1 | 1.2 | 1.4 | 1.4 | 1.6 | 1.7 | 1.5 | 0.9 | 1.1 | 1.1 | 1.1 | 1.3 | 1.6 |
| Price/Sales | 5.9 | 6.8 | 9.1 | 8.6 | 8.4 | 11.1 | 9.6 | 10.2 | 10.1 | 8.6 | 8.5 | 8.7 | 10.3 |
| FCF Yield | 9.7% | 9.0% | 8.5% | 8.1% | 7.1% | 6.1% | 6.9% | 5.5% | 7.6% | 8.0% | 8.1% | 7.6% | 6.5% |
| Market Cap | 6.4B | 7.6B | 9.3B | 10.6B | 13.0B | 17.1B | 16.0B | 23.7B | 32.6B | 35.9B | 42.7B | 50.8B | 61.2B |
| Avg. Price | 24.42 | 28.68 | 37.92 | 36.93 | 37.42 | 50.58 | 45.50 | 51.51 | 55.17 | 50.89 | 51.55 | 55.10 | 65.60 |
| Year-End Price | 28.38 | 31.21 | 35.18 | 37.44 | 43.55 | 52.31 | 46.15 | 57.45 | 53.16 | 51.91 | 49.33 | 56.19 | 65.60 |
REALTY INCOME CORP passes 2 of 9 quality checks, indicating weak fundamentals.
REALTY INCOME CORP trades at 56.1x trailing earnings, compared to its 15-year median P/E of 39.8x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 15.8x vs a median of 13.2x. The company's 5-year average ROIC is 3.6% with a gross margin of 41.4%. Total shareholder yield (dividends) is 4.9%. At current prices, the estimated annualized return to fair value is +4.0%.
REALTY INCOME CORP (O) has a net profit margin of 18.4%. This is a healthy margin.
REALTY INCOME CORP (O) generated $3.9 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
REALTY INCOME CORP (O) has a debt-to-equity ratio of 0.65. This indicates moderate leverage.
REALTY INCOME CORP (O) reported earnings per share (EPS) of $1.17 in its most recent fiscal year.
REALTY INCOME CORP (O) has a return on equity (ROE) of 2.7%. This indicates moderate shareholder returns.
REALTY INCOME CORP (O) has a 5-year average gross margin of 41.4%. This indicates decent pricing power.
The Ledger Terminal provides 18 years of financial data for REALTY INCOME CORP (O), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
REALTY INCOME CORP (O) has a book value per share of $43.59, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to represent a banner year with anticipated acceleration from 2025 as the company leverages its scale and data-driven platform to strive towards consistent double-digit total operational returns. The company's three distinct private capital vehicles—partnerships with Apollo, GIC, and the perpetual life U.S. Core Plus Fund—are expected to carry comparatively less volatility in pricing and availability compared to traditional public equity, enhancing capital deployment efficiency through cycles and improving cost of capital. Strategic priorities for 2026 capital deployment include geographic expansion, particularly in Mexico through initial investments in Mexico City and Guadalajara, and continued investment in high-quality opportunities across geographies and capital structures. Management remains disciplined in underwriting and selective in deployment, with expectations that these private capital channels will mature and contribute meaningfully to growth, potentially achieving levels historically achieved and potentially exceeding them in years with outsized growth.
Based on recent SEC filings and earnings calls, REALTY INCOME CORP (O) has provided the following forward guidance: AFFO per share: $4.41–$4.44 (FY2026); Investment volume: $9.5 billion at 100% ownership (FY2026); Lease termination income: $45 million–$50 million (FY2026); Credit loss: approximately 40 basis points of rental revenue (FY2026).
No recent press releases.