Realty Income (O)

Real Estate · $56.7B market cap · SEC CIK 0000726728

Next reports on Feb 22, 2027, after the close, with analysts expecting $0.44 in earnings per share.

52-week range $53.15 to $67.94. 12% below its 52-week high and 12% above its low.

The case for O

• Generated $3.9B of free cash flow in FY2025, 67% of revenue.
• 22% of revenue drops through to net profit.
• Revenue growing 10.8% year over year.
• Earnings per share up 35.3%.
• Pays a 5.7% dividend while you wait.
• Has compounded revenue at 28.4% a year over five years.

The case against

• Expensive for its growth: 41.8× earnings, where 8%+ a year of growth would justify about 20×.
• Operating profit covers its interest bill only 2.0 times.
• Growth is slowing: revenue up 10.8% this year against 28.4% a year over five.
• Return on equity of only 3%.
• Dividend takes 223% 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. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Each factor except momentum is half fixed thresholds, half rank among the 30 Real Estate companies.

The financials

The financials, five years deep

Pulled from Realty Income's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

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 consecutive…

Risk factors O lists in its 10-K

• 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
• We may engage in development, speculative development or expansion projects or invest in new asset classes, which would subject us to additional risks that could negatively impact our operations
• Our loans and investments, including in subordinated debt, expose us to risks associated with debt-oriented real estate investments generally
• We may face extensive regulations from gaming and other regulatory authorities regarding current and future gaming properties
• Property taxes may increase without notice
• An uninsured loss or a loss that exceeds the policy limits on our properties could subject us to lost capital or revenue on those properties
• Changing and increasing expectations from regulators and other stakeholders regarding sustainability practices and reporting could impact our business practices, cause us to incur additional costs and expose us to new risks
• The value of certain of our investment in real property may be reduced as the result of the expiration or loss of local tax abatements, tax credit programs or other governmental incentives
• Our business is subject to risks associated with climate change
• If we fail to qualify as a REIT, it could adversely impact us, and the amount of dividends we are able to pay would decrease, which could adversely affect the market price of our capital stock and the value of our debt securities
• Changes in U.S. or non-U.S. tax laws and regulations, including changes to tax rates and legislative or other actions may adversely affect us or our investors
• Distribution requirements imposed by law limit our flexibility
• Our charter contains restrictions upon ownership of our common stock
• Our success is dependent on the financial stability of our clients
• The bankruptcy or insolvency of a client, borrower or guarantor could result in the termination of the lease agreement, loan agreement, or guarantee, as applicable
• Future issuances of equity securities could dilute the interest of holders of our common stock
• to risks associated with debt and preferred stock financing
• The market value and trading volume of our capital stock and debt securities could be substantially affected by various factors
• Litigation risks could affect our business
• Natural disasters, terrorist attacks, acts of violence or war or other unexpected events may affect the value of our debt and equity securities, the markets in which we operate and our results of operations
• We rely on information technology in our operations, and any material failure, inadequacy, interruption or security failure of that technology could harm our business
• Volatility in market and economic conditions may impact the accuracy of the various estimates used in the preparation of our financial statements and footnotes to the financial statements
• Inherent limitations of internal controls over financial statements, disclosure controls and safeguarding of assets may adversely impact our financial condition and results of operations
• Our business operations may not generate the cash needed to make distributions on our capital stock or to service our indebtedness
• Inflation (including prolonged inflationary periods) may adversely affect our results of operations, financial condition and liquidity
• We are subject to complex and changing laws, regulations, policies and executive orders, which exposes us to potential liabilities, increased costs and other adverse effects on our business

Filings

Other Real Estate companies