Realty Income (O)
Real Estate · $53.6B market cap · SEC CIK 0000726728
fundamentals score out of 100
Next reports on Nov 2, 2026, after the close, with analysts expecting $0.43 in earnings per share.
The case for O
- 21% of revenue drops through to net profit.
- Revenue growing 10.8% year over year.
- Earnings per share up 32.1%.
- Pays a 5.7% dividend while you wait.
- Has compounded revenue at 28.4% a year over five years.
- Gross margin of 93% absorbs cost shocks.
The case against
- Pricey at 42.2× earnings, against a long-run market average nearer 20×.
- Near the bottom of its 52-week range, 17% below the high. Falling prices usually have a reason; find it first.
- Growth is slowing: revenue up 10.8% this year against 28.4% a year over five.
- Return on equity of only 3%.
- Current liabilities exceed current assets (ratio 0.62).
- Dividend takes 236% of earnings, leaving little cushion.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 43 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 86 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 50 |
| Momentumhow the price has behaved lately | 27 |
| Stabilityhow violently it moves, what it owes and what it pays you | 88 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | 42.2× |
|---|---|
| Price / book | 1.46× |
| Price / sales | 8.8× |
| Revenue growth (YoY) | +10.8% |
| EPS growth (YoY) | +32.1% |
| Gross margin | 93% |
| Operating margin | 20% |
| Net margin | 21% |
| Return on equity | 3% |
| Debt / equity | 0.78× |
| Current ratio | 0.62 |
| Dividend yield | 5.70% |
| Beta | 0.65 |
| 52-week range | $55.86 – $67.94 |
| Position in that range | 6% of the way up |
| 3-month return | -6.0% |
| 1-year return | -4.2% |
Five years of financials, as filed
Pulled from Realty Income's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $5.7B | $5.3B | $4.1B | $3.3B | $2.1B |
| Net income | $1.1B | $861M | $872M | $869M | $359M |
| Operating cash flow | $4.0B | $3.6B | $3.0B | $2.6B | $1.3B |
| Total assets | $72.8B | $68.8B | $57.8B | $49.7B | $43.1B |
| Total liabilities | $32.7B | $29.8B | $24.7B | $20.8B | $18.0B |
| Shareholder equity | $39.4B | $38.8B | $32.9B | $28.7B | $25.1B |
| Cash | $435M | $445M | $233M | $171M | $259M |
| Net margin | 18.4% | 16.3% | 21.4% | 26.0% | 17.3% |
| Diluted shares | 908M | 864M | 693M | 612M | 622M |
Share count is up 46.0% over 4 years. Your slice has been diluted. Counts are restated for stock splits so the years compare.
What Realty Income says it does
In this Annual Report on Form 10-K, unless the context otherwise requires, references to "Realty Income," the "Company," "we," "our" or "us" refer to Realty Income Corporation and our subsidiaries. THE COMPANY Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies ® . Founded in 1969, we serve our clients as a full-service real estate capital provider. As of December 31, 2025, we have a portfolio of over 15,500 properties in all 50 states of the United States ("U.S."), the United Kingdom ("U.K."), and eight other countries in Europe. We are known as "The Monthly Dividend Company ® " and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our listing on the NYSE in 1994, we have had 133 dividend increases and are a member of the S&P 500 Dividend Aristocrats ® index for having increased our dividend for over 31…
Risk factors O lists in its 10-K
- Real Estate Investment Strategy - Retail Investment Focus
- Predictive Analytics & AI‑Enabled Decisioning
- Recruitment, Development and Retention
- Employee Health, Safety and Wellbeing
- Percentage of Total Portfolio Annualized Base Rent by Industry
- Percentage of Portfolio Annualized Base Rent
- Risks Related to Our Business and Industry
- In order to grow, we need to continue to acquire investment properties. The acquisition of investment properties may be subject to competitive pressures
- We may acquire properties or portfolios of properties through tax deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell or refinance such assets
- Real estate ownership is subject to particular conditions that may have a negative impact on our revenue
- Real estate investments are illiquid. We may not be able to acquire or dispose of properties when desired or on favorable terms
- Our acquisition of additional properties may have a significant effect on our business, liquidity, financial position and/or results of operations
- As a property owner, we may be subject to unknown environmental liabilities
- We are subject to additional risks from our international investments and debt