A Business at a Glance
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W. P. Carey Inc.
WPC
$17.0B
Mkt Cap
$76.69
+1.98%
W. P. Carey Inc. (WPC) has a current P/E ratio of 36.3, 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 $17.1B. It is classified as a large-cap stock.
Yes, W. P. Carey Inc. (WPC) pays a dividend with a trailing twelve-month yield of 4.69%.
Based on historical P/E analysis, W. P. Carey Inc. (WPC) appears expensive. The current P/E of 36.3 is 76% above its historical median of 20.7. The estimated fair value CAGR (P/E method) is -0.2%.
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 is an internally-managed diversified REIT that owns a portfolio of 1,682 net-leased commercial real estate properties across 25 countries, with approximately 61% of annualized base rent from U.S. properties and 33% from Europe. The company's portfolio comprises primarily single-tenant industrial, warehouse, and retail facilities critical to tenants' operations, leased on long-term triple-net basis where tenants pay substantially all operating costs including taxes, insurance, and maintenance. The business model generates stable, predictable cash flows through sale-leaseback transactions and long-term net leases with built-in rent escalators, typically producing minimal capital expenditure requirements and enabling the company to grow its dividend. W. P. Carey specializes in investing in credit-worthy companies across diverse property types, tenant industries, and geographies, with a focus on sub-investment-grade retail and industrial assets; the company actively manages tenant credit quality and lease renewal risks while maintaining a conservative capital structure and ample liquidity. The company's competitive advantages include its large portfolio enabling accretive expansions and follow-on deals, internal credit rating system, and ability to source and close high volumes of transactions at attractive spreads relative to its cost of capital.
【Strong investment momentum continuing】 Management expects to maintain robust investment activity in 2026 supported by a strong pipeline and favorable market conditions, with capital projects and deal closings expected to generate attractive risk-adjusted returns. The company anticipates contractual same-store rent growth to remain in the mid-2% range, supported by fixed rent escalations averaging in the high 2% range on new investments and approximately 50% of the portfolio linked to CPI. Portfolio credit quality is expected to remain stable with minimal rent disruption, and management has lowered rent loss assumptions as the year progresses, suggesting confidence in tenant performance. The company maintains substantial liquidity and flexibility to fund investments above guidance through multiple capital sources including retained cash flow, forward equity, and opportunistic dispositions, while continuing to grow the dividend in line with AFFO growth at a conservative payout ratio.
| Metric | Target | Period |
|---|---|---|
| Investment volume | $1.5 billion–$2 billion | FY2026 |
| AFFO per share | $5.16–$5.26 | FY2026 |
| Contractual same-store rent growth | mid-2% range | FY2026 |
| Potential rent loss | $8 million–$12 million (50–75 basis points of ABR) | FY2026 |
| Weighted average interest rate on debt | low to mid-3% range | FY2026 |
| Non-reimbursed property expenses | $56 million–$60 million | FY2026 |
Investment volume (FY2026): “we've raised our guidance range for full year investment volume by $250 million to between $1.5 billion and $2 billion”
AFFO per share (FY2026): “For 2026, we therefore currently expect AFFO per share to total between $5.16 and $5.26, implying 4.8% growth at the midpoint”
Contractual same-store rent growth (FY2026): “For the full year, we continue to expect contractual same-store rent growth to average in the mid 2% range”
Potential rent loss (FY2026): “We've therefore lowered the potential rent loss assumption embedded in our AFFO guidance to between $8 million and $12 million, or about 50 to 75 basis points of ABR”
Weighted average interest rate on debt (FY2026): “The weighted average interest rate on our debt remains low at 3.1% for the first quarter and is expected to remain in the low to mid 3% range for the full year”
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 | 1.8B | 1.7B | 1.6B | 1.7B | 1.5B | 1.3B |
| Net Income | 517M | 466M | 461M | 708M | 599M | 410M |
| EPS | $2.35 | $2.11 | $2.09 | $3.28 | $2.99 | $2.24 |
| Free Cash Flow | -683M | -375M | 704M | -138M | -142M | -380M |
| ROIC | 0.0% | 4.3% | 4.3% | 5.9% | 5.1% | 4.3% |
| Gross Margin | - | 68.0% | 68.6% | 63.8% | 62.4% | 63.9% |
| Debt/Equity | 1.06 | 1.13 | 0.96 | 0.98 | 0.91 | 0.95 |
| Dividends/Share | $3.59 | $3.62 | $3.49 | $4.07 | $4.24 | $4.21 |
| Operating Income | 0 | 766M | 749M | 1.0B | 846M | 635M |
| Operating Margin | 0.0% | 44.6% | 47.3% | 60.0% | 57.2% | 47.7% |
| ROE | 6.2% | 5.6% | 5.4% | 8.0% | 7.2% | 5.7% |
| Shares Outstanding | 223M | 221M | 220M | 216M | 200M | 183M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 908M | 938M | 942M | 848M | 886M | 1.2B | 1.2B | 1.3B | 1.5B | 1.7B | 1.6B | 1.7B | 1.8B |
| Gross Margin | 59.5% | 69.8% | 60.9% | 64.1% | 64.6% | 62.4% | 62.6% | 63.9% | 62.4% | 63.8% | 68.6% | 68.0% | 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 | 92M | 103M | 82M | 71M | 68M | 75M | 76M | 82M | 91M | 96M | 99M | 101M | 101M |
| EBIT | 224M | 210M | 454M | 445M | 604M | 565M | 645M | 635M | 846M | 1.0B | 749M | 766M | 0 |
| Op. Margin | 24.7% | 22.4% | 48.2% | 52.5% | 68.2% | 45.8% | 53.3% | 47.7% | 57.2% | 60.0% | 47.3% | 44.6% | 0.0% |
| Net Income | 239M | 172M | 267M | 277M | 411M | 305M | 455M | 410M | 599M | 708M | 461M | 466M | 517M |
| Net Margin | 26.3% | 18.3% | 28.3% | 32.6% | 46.4% | 24.8% | 37.7% | 30.8% | 40.5% | 40.7% | 29.1% | 27.2% | 29.3% |
| Non-Recurring | 23M | 30M | 22M | 12M | 4.8M | 33M | 0 | 0 | 29M | 0 | 0 | 70M | 70M |
| Returns on Capital | |||||||||||||
| ROIC | 5.9% | 4.0% | 7.3% | 5.6% | 5.7% | 4.0% | 4.9% | 4.3% | 5.1% | 5.9% | 4.3% | 4.3% | 0.0% |
| ROE | 8.4% | 4.8% | 7.9% | 8.5% | 8.2% | 4.4% | 6.6% | 5.7% | 7.2% | 8.0% | 5.4% | 5.6% | 6.2% |
| ROA | 3.6% | 2.0% | 3.1% | 3.3% | 3.7% | 2.2% | 3.2% | 2.7% | 3.6% | 3.9% | 2.6% | 2.6% | 2.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 399M | 509M | 547M | 521M | 509M | 812M | 802M | 926M | 1.0B | 1.1B | 1.8B | 1.3B | 1.3B |
| Free Cash Flow | 381M | 504M | 546M | 520M | -210M | 94M | 145M | -380M | -142M | -138M | 704M | -375M | -683M |
| Owner Earnings | 131M | 207M | 249M | 255M | 204M | 349M | 353M | 426M | 467M | 486M | 1.3B | 746M | 747M |
| CapEx | 18M | 4.3M | 1.0M | 553K | 720M | 718M | 656M | 1.3B | 1.1B | 1.2B | 1.1B | 1.7B | 2.0B |
| Maint. CapEx | 237M | 280M | 277M | 253M | 291M | 447M | 443M | 476M | 503M | 574M | 488M | 521M | 528M |
| Growth CapEx | 0 | 0 | 0 | 0 | 428M | 271M | 213M | 831M | 642M | 637M | 641M | 1.1B | 1.4B |
| D&A | 237M | 280M | 277M | 253M | 291M | 447M | 443M | 476M | 503M | 574M | 488M | 521M | 528M |
| CapEx/OCF | 225.1% | 0.9% | 0.2% | 6.1% | 141.3% | 88.4% | 81.9% | 141.1% | 114.2% | 112.9% | 61.6% | 129.2% | 152.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 348M | 404M | 417M | 431M | 440M | 704M | 727M | 764M | 835M | 917M | 765M | 790M | 800M |
| Dividend Yield | 11.0% | 11.4% | 11.2% | 10.2% | 9.1% | 7.5% | 8.5% | 7.5% | 6.6% | 7.3% | 6.6% | 5.9% | 4.7% |
| Share Buybacks | 679K | 0 | 0 | 0 | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | N/A | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 31M | 22M | 21M | 12M | 14M | 16M | 5.4M | 25M | 33M | 14M | 41M | 15M | 17M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 851M | 577M | 5.0B | 4.3B | 6.3B | 6.1B | 6.4B | 7.0B | 8.0B | 7.9B | 7.5B | 9.0B | 8.6B |
| Cash & Equiv. | 199M | 157M | 155M | 162M | 218M | 196M | 249M | 165M | 168M | 634M | 640M | 155M | 239M |
| Long-Term Debt | 250M | 250M | 4.4B | 4.3B | 6.4B | 6.1B | 6.7B | 6.8B | 7.9B | 8.1B | 8.0B | 8.7B | 8.8B |
| Debt/Equity | 0.28 | 0.21 | 1.55 | 1.40 | 0.95 | 0.91 | 0.99 | 0.95 | 0.91 | 0.98 | 0.96 | 1.13 | 1.06 |
| Interest Coverage | 1.3 | 1.1 | 2.5 | 2.7 | 3.4 | 2.4 | 3.1 | 3.2 | 3.9 | 3.6 | 2.9 | 2.9 | 2.9 |
| Equity | 3.8B | 3.4B | 3.3B | 3.2B | 6.8B | 6.9B | 6.9B | 7.6B | 9.0B | 8.7B | 8.4B | 8.1B | 8.3B |
| Total Assets | 8.6B | 8.7B | 8.5B | 8.2B | 14.2B | 14.1B | 14.7B | 15.5B | 18.1B | 18.0B | 17.5B | 18.0B | 18.2B |
| Total Liabilities | 4.8B | 5.2B | 5.0B | 4.8B | 7.4B | 7.1B | 7.8B | 7.9B | 9.1B | 9.3B | 9.1B | 9.9B | 9.8B |
| Intangibles | 1.6B | 1.4B | 1.3B | 1.2B | 2.1B | 1.9B | 1.8B | 1.7B | 1.8B | 1.5B | 1.4B | 1.5B | 1.5B |
| 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 | 5.6B | 5.8B | 5.5B | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | 5.9B | 6.1B | 5.8B | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | 294M | 342M | 267M | 263M | 404M | 487M | 604M | 573M | 624M | 616M | 597M | 670M | 624M |
| Per Share Data | |||||||||||||
| EPS | 2.39 | 1.61 | 2.49 | 2.56 | 3.49 | 1.78 | 2.60 | 2.24 | 2.99 | 3.28 | 2.09 | 2.11 | 2.35 |
| Owner EPS | 1.31 | 1.94 | 2.32 | 2.36 | 1.73 | 2.04 | 2.02 | 2.33 | 2.33 | 2.25 | 5.92 | 3.38 | 3.36 |
| Book Value | 37.54 | 32.14 | 30.81 | 29.56 | 57.92 | 40.49 | 39.26 | 41.42 | 44.88 | 40.29 | 38.23 | 36.73 | 37.46 |
| Cash Flow/Share | 3.99 | 4.77 | 5.10 | 4.82 | 4.32 | 4.74 | 4.58 | 5.06 | 5.01 | 4.97 | 8.31 | 5.80 | 4.69 |
| Dividends/Share | 3.69 | 3.83 | 3.93 | 4.01 | 4.09 | 4.14 | 4.17 | 4.21 | 4.24 | 4.07 | 3.49 | 3.62 | 3.59 |
| Shares Out. | 99.9M | 106.6M | 107.2M | 108.0M | 117.8M | 171.4M | 175.1M | 183.0M | 200.4M | 216.0M | 220.5M | 221.0M | 222.7M |
| Valuation | |||||||||||||
| P/E Ratio | 15.6 | 20.6 | 13.7 | 16.9 | 12.5 | 31.0 | 20.1 | 28.8 | 21.2 | 17.8 | 24.3 | 30.3 | 32.7 |
| P/FCF | 9.6 | 6.9 | 6.6 | 8.8 | N/A | 98.1 | 61.8 | N/A | N/A | N/A | 15.9 | N/A | N/A |
| EV/EBIT | N/A | 9.8 | 18.7 | 19.9 | 373.3 | 486.8 | 24.0 | 29.4 | 676.9 | 19.0 | 344.4 | 29.1 | N/A |
| Price/Book | 1.0 | 1.0 | 1.1 | 1.5 | 0.8 | 1.4 | 1.3 | 1.6 | 1.4 | 1.4 | 1.3 | 1.7 | 2.0 |
| Price/Sales | 3.6 | 3.9 | 4.1 | 5.1 | 5.6 | 7.7 | 7.2 | 7.9 | 8.6 | 7.2 | 7.4 | 7.9 | 9.7 |
| FCF Yield | 10.2% | 14.2% | 14.9% | 11.1% | -4.1% | 1.0% | 1.6% | -3.2% | -1.1% | -1.1% | 6.3% | -2.7% | -4.0% |
| Market Cap | 3.7B | 3.5B | 3.7B | 4.7B | 5.1B | 9.5B | 9.2B | 11.8B | 12.7B | 12.6B | 11.2B | 14.1B | 17.1B |
| Avg. Price | 31.79 | 33.21 | 34.75 | 39.04 | 40.87 | 54.54 | 48.98 | 55.99 | 63.45 | 57.80 | 52.90 | 61.07 | 76.69 |
| Year-End Price | 36.49 | 32.49 | 33.45 | 42.49 | 42.63 | 54.02 | 51.27 | 63.12 | 63.37 | 58.36 | 50.69 | 63.91 | 76.69 |
W. P. Carey Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
W. P. Carey Inc. trades at 36.3x 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 4.7%. At current prices, the estimated annualized return to fair value is +20.3%.
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.
Based on recent SEC filings and earnings disclosures, Management expects to maintain robust investment activity in 2026 supported by a strong pipeline and favorable market conditions, with capital projects and deal closings expected to generate attractive risk-adjusted returns. The company anticipates contractual same-store rent growth to remain in the mid-2% range, supported by fixed rent escalations averaging in the high 2% range on new investments and approximately 50% of the portfolio linked to CPI. Portfolio credit quality is expected to remain stable with minimal rent disruption, and management has lowered rent loss assumptions as the year progresses, suggesting confidence in tenant performance. The company maintains substantial liquidity and flexibility to fund investments above guidance through multiple capital sources including retained cash flow, forward equity, and opportunistic dispositions, while continuing to grow the dividend in line with AFFO growth at a conservative payout ratio.
Based on recent SEC filings and earnings calls, W. P. Carey Inc. (WPC) has provided the following forward guidance: Investment volume: $1.5 billion–$2 billion (FY2026); AFFO per share: $5.16–$5.26 (FY2026); Contractual same-store rent growth: mid-2% range (FY2026); Potential rent loss: $8 million–$12 million (50–75 basis points of ABR) (FY2026); Weighted average interest rate on debt: low to mid-3% range (FY2026), plus 1 additional metric.
Non-reimbursed property expenses (FY2026): “For the full year, we continue to expect non-reimbursed property expenses to total between $56 million and $60 million”