Realty Income owns roughly 15,600 properties, most of which are freestanding, single-tenant, triple-net-leased retail properties. Its properties are located in all 50 states and Puerto Rico and are leased to nearly 1,800 tenants from 92 industries.
It is a $51.4B real estate company. Revenue grew 10.9% over the last year, it keeps 21¢ of every dollar of sales as profit, and its net debt equals ~7.3 years of free cash flow. It trades at 40.4× earnings — near the lowest of its own history.
- Website
- realtyincome.com
- Location
- San Diego, CA
- Employees
- 544
- Sector
- Real Estate
- Founded
- 1969
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong growth and quality; Health lags behind.
Valuation69
- P/E vs own history4th pct · 25/25
- FCF yield7.8% · 20/25
- P/S8.5x · 12/25
- EV/EBITDA21.6x · 12/25
Growth76
- Revenue CAGR28.9% · 25/25
- Net income CAGR31.0% · 25/25
- EPS CAGR ~5Y0.4% · 6/25
- Fwd implied growth23.4% · 20/25
Profitability55
- ROIC1.5% · 5/25
- ROE3.2% · 5/25
- Net margin20.9% · 25/25
- Operating margin20.2% · 20/25
Health18
- Altman Z0.07 · 3/25
- Current ratio0.62 · 0/25
- Interest coverage2.0x · 10/25
- Net cash / debtD/A 40% · 5/25
Quality90
- Piotroski F6/9 · 15/25
- Beneish M-2.68 · 25/25
- FCF conversion316% · 25/25
- Margin stabilityσ 4.2% · 25/25
Moat56
- ROIC >12% years0/5 yrs · 0/25
- Median gross margin20.3% · 6/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 16.3% · 25/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2025FinancialBest year on record$1.06B net income
- 2025AcquisitionIt was announced the company had acquired The Lexicon shopping centre in Bracknell, UK for…
- Jan 23, 2024AcquisitionThe company completed the $9.3 billion acquisition of Spirit Realty Capital
- Nov 1, 2021AcquisitionThe company acquired VEREIT
- FY2018FinancialRevenue crossed $1B$1.33B for the year
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2013AcquisitionThe company acquired American Realty Capital Trust, founded by Nicholas Schorsch, in a $2.95 billion…
- 1994IPOThe company became a public company via an initial public offering
- 1970AcquisitionIts first acquisition was a Taco Bell restaurant in early 1970
- 1969FoundedRealty Income Corporation was founded in 1969 by William E
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (92.7%)
- Strongly profitable — 20.9% net margin
- Revenue growing 10.9% year over year
- Strong cash conversion — FCF is 66.1% of revenue
Watch-outs
- Altman Z-Score 0.07 — elevated financial-distress risk
- Net debt would take ~7.7 years of free cash flow to repay
- Net debt equals ~7.3 years of free cash flow
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+10.9% YoY
- Profitable — makes more than it spends$1.27B TTM
- Profit growing — earnings are higher than last year-6.5% YoY
- Generates cash — cash left after running and investing$4.00B TTM
- Debt under control — could handle its obligations~7.3y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$51.4B market cap
- Not printing shares — share count not ballooning — you keep your slice+163.0% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 0.1 — distress
- Pays a dividend — returns cash to shareholdersyield 5.84%
- Valuation not extreme — price not wildly above earningsP/E 40.4
Peer comparisonRealty Income Corporation vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| O this company | $51.4B | 40.4 | +10.9% | 20.9% | Strained |
| WELL Welltower Inc. | $162.5B | 108.1 | +37.6% | 12.1% | Strained |
| PLD Prologis, Inc. | $123.1B | 29.8 | +7.3% | 45.8% | Strained |
| EQIX Equinix, Inc. | $101.2B | 66.0 | +9.6% | 15.6% | Strained |
| AMT American Tower Corporation | $84.5B | 25.0 | +14.2% | 31.1% | Strained |
| DLR Digital Realty Trust, Inc. | $66.6B | 83.0 | +17.4% | 11.8% | Strained |
| SPG Simon Property Group, Inc. | $64.7B | 14.0 | +15.0% | 66.5% | Strained |
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/O
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Deeper analysis of O on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $54.27 · market cap $51.4B.