A Business at a Glance
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Item 1. Business. General Development of Business W. P. Carey Inc. (“W. P. Carey” or the “Company”) is an internally-managed diversified REIT that, together with our consolidated subsidiaries and predecessors, is a leading owner of commercial real estate, net-leased to companies located primarily in the United States and Europe on a long-term basis. The vast majority of our revenues originate from lease revenue provided by our real estate portfolio, which is comprised primarily of single-tenant industrial, warehouse, and retail facilities that are critical to our tenants’ operations. Our portfolio is comprised of 1,682 properties, net-leased to 371 tenants in 25 countries. As of December 31, 2025, approximately 61% of our contractual minimum annualized base rent (“ABR”) was generated by properties located in the United States and approximately 33% was generated by properties located in Europe.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.7B | 1.7B | 1.6B | 1.7B | 1.5B | 1.3B |
| Net Income | 466M | 466M | 461M | 708M | 599M | 410M |
| EPS | $2.11 | $2.11 | $2.09 | $3.28 | $2.99 | $2.24 |
| Free Cash Flow | -375M | -375M | 704M | -138M | -142M | -380M |
| ROIC | 4.2% | 4.3% | 4.3% | 5.9% | 5.1% | 4.3% |
| Gross Margin | 68.0% | 68.0% | 68.6% | 63.8% | 62.4% | 63.9% |
| Debt/Equity | 1.13 | 1.13 | 0.96 | 0.98 | 0.91 | 0.95 |
| Dividends/Share | $3.57 | $3.62 | $3.49 | $4.07 | $4.24 | $4.21 |
| Operating Income | 766M | 766M | 749M | 1.0B | 846M | 635M |
| Operating Margin | 44.6% | 44.6% | 47.3% | 60.0% | 57.2% | 47.7% |
| ROE | 5.7% | 5.6% | 5.4% | 8.0% | 7.2% | 5.7% |
| Shares Outstanding | 221M | 221M | 220M | 216M | 200M | 183M |
W. P. Carey Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
W. P. Carey Inc. trades at 33.7x trailing earnings, compared to its 15-year median P/E of 20.7x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 4.8% with a gross margin of 65.4%. Total shareholder yield (dividends) is 5.0%. At current prices, the estimated annualized return to fair value is +16.5%.
W. P. Carey Inc. (WPC) has a current P/E ratio of 33.7, compared to its historical median P/E of 20.7. The stock is currently considered Expensive based on its historical valuation range.
W. P. Carey Inc. (WPC) has a 5-year average return on invested capital (ROIC) of 4.8%. This is below average and may indicate limited pricing power.
W. P. Carey Inc. (WPC) has a market capitalization of $15.7B. It is classified as a large-cap stock.
Yes, W. P. Carey Inc. (WPC) pays a dividend with a trailing twelve-month yield of 5.02%.
Based on historical P/E analysis, W. P. Carey Inc. (WPC) appears expensive. The current P/E of 33.7 is 63% above its historical median of 20.7. The estimated fair value CAGR (P/E method) is -0.6%.
W. P. Carey Inc. (WPC) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
W. P. Carey Inc. (WPC) reported annual revenue of $1.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
W. P. Carey Inc. (WPC) has a net profit margin of 27.2%. This is a strong margin indicating high profitability.
W. P. Carey Inc. (WPC) generated $-375 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
W. P. Carey Inc. (WPC) has a debt-to-equity ratio of 1.13. This indicates moderate leverage.
W. P. Carey Inc. (WPC) reported earnings per share (EPS) of $2.11 in its most recent fiscal year.
W. P. Carey Inc. (WPC) has a return on equity (ROE) of 5.6%. This indicates moderate shareholder returns.
W. P. Carey Inc. (WPC) has a 5-year average gross margin of 65.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for W. P. Carey Inc. (WPC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
W. P. Carey Inc. (WPC) has a book value per share of $36.73, based on its most recent annual SEC filing.