Realty Income Corp (O)
Real Estate · Retail REITs · US stock · S&P 500 component
$57.06
▲ +1.71 (3.09%)
Fair valueFair
$58 +1.7% to fair value
$29fair band $49–$70$87
Day's range
$55.52 – $57.09
52-week range
$53.15 – $67.94
Red flags⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution
About Realty Income Corp
Realty Income is a real estate investment trust that owns freestanding commercial properties leased to tenants such as convenience stores, dollar stores, drugstores and restaurants under long-term net leases. Under those leases the tenant typically pays property taxes, insurance and maintenance, so the company collects rent with few operating costs. It pays out most of its income as monthly dividends and grows by buying more properties.
Sales totalled $6.1 billion over the last twelve months, and the three-year record shows growth of 19.8% a year. The operating margin is 23.3%, and the return on invested capital is 3%. The balance sheet shows net debt to EBITDA of 0.3 times. Shareholders receive a dividend, currently yielding 5.7%. The site's X-Ray Score for the company is 53 out of 100. These figures describe past results and the present financial position only.
Price chart
52-wk range $53.15 – $67.94Volume 7,680,633Daily, split-adjusted
Vitals
Market cap$53.3B
52-week range$53.15 – $67.94
Volume (last day)7,680,633
P/E (TTM)40.4
EBIT / EV yield2.5%
Free-cash-flow yield–
Dividend yield5.7%
Revenue (TTM)$6.1B
Net income (TTM)$1.3B
Operating margin23.3%
Return on capital3.1%
Debt incl. leases$1.8B
Cash & securities$553M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$58middle half of models $57 – $59
Fair
+1.7% to fair value
Average of the 4 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $57
Undervalued < $49Fair $49 – $70Overvalued > $70
P/B multiple
$60
P/S multiple
$58
P/FFO multiple
$58
P/AFFO multiple
$56
Dividend discount, multi-stage · not used
$416
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Real Estate peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
31/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield2.5%
Fair value vs price1.0×
Growth
Fair
69/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)19.8%
EPS growth (3y)-6.3%
Growth consistency100%
Profitability
Weak
28/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital3.1%
Operating margin23.3%
Financial health
Strong
80/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA0.3×
Interest coverNo interest cost
Dividends
Strong
78/100
Dividend is high and well covered by cash flow.
See the numbers →
Dividend yield5.7%
Dividend growth17.2%
Quarterly results: last 6 quarters
+9.5%
Mar '25
+5.3%
Jun '25
+10.5%
Sep '25
+11.0%
Dec '25
+12.2%
Mar '26
+9.7%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.5B, diluted EPS $0.37.
Compare with peers
FRT Federal Realty Investm...56 KIM Kimco Realty Corp54 SPG Simon Property Group I...42Other Retail REITs companies by X-Ray Score.
SWOT analysis: Realty Income Corp
Strengthsinside the company
- Revenue has grown 19.8% a year over three years (median 6.3% for industry peers).
- Net debt is only 0.3x EBITDA.
- Operating profit covers interest 50x, so debt costs are a small drag.
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Return on invested capital is only 3.1% (median 7.9% for industry peers), so the business earns little above its cost of capital.
- Operating margin of 23.3% is thin against 47.4% for industry peers.
- Earnings per share have declined 6.3% a year over three years.
Opportunitiesvaluation and setting
- No specific opportunity is visible in our valuation, sector or growth data.
Threatsvaluation and setting
- Revenue growth slowed to 9.1% last year from 19.8% a year over three years.
- Trades at 40.9x earnings, 120% above the 18.6x median of industry peers, so the price already assumes better results.
- Our Market Compass rates the backdrop for Real Estate as unfavourable.
- Our checks raised: Heavy dilution; Heavy dilution.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare O with peers and sector
Medians of 3 Retail REITs peers and of 28 Real Estate stocks in our universe.
Largest peers (X-Ray Score): SPG 42, KIM 54, FRT 56.
| Metric | O | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 53 | 54 | 51 |
| Valuation | 31 | 43 | 53 |
| Growth | 69 | 57 | 56 |
| Profitability | 28 | 57 | 53 |
| Financial health | 80 | 50 | 53 |
| Dividends | 78 | 31 | 47 |
Sector leaders: highest X-Ray Score in Real Estate
O ranks #13 of 29 in Real Estate and #3 of 4 in Retail REITs by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for O
Each factor is rated by where O stands among the 29 Real Estate stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 9 Good · 4 Average · 4 Bad of 17
Growth: 2 · 1 · 0
Profitability: 0 · 2 · 2
Financial strength: 3 · 0 · 0
Valuation: 2 · 0 · 2
Cash flow: 2 · 1 · 0
| Factor | O | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +19.8% | Good beats 91% | +6.8% | – | – |
| Revenue growth, last year | +9.1% | Good beats 78% | +5.1% | +26.3% | ▼ Worse |
| EPS growth, 3 years a year | −6.3% | Average beats 40% | −1.9% | – | – |
| Profitability | |||||
| Operating margin | 23.3% | Average beats 35% | 34.3% | 34.4% | ▼ Worse |
| Net margin | 21.5% | Average beats 50% | 21.5% | 18.4% | ▲ Better |
| Return on invested capital | 3.1% | Bad beats 10% | 7.5% | – | – |
| Return on equity | 3.3% | Bad beats 21% | 7.3% | 2.6% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 0.3x | Good beats 86% | 4.6x | 0.1x | ≈ In line |
| Interest cover | 50.0x | Good beats 92% | 3.4x | 2.3x | ▲ Better |
| Piotroski F-score | 7 / 9 | Good beats 69% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 40.9x | Bad beats 30% | 32.1x | 48.4x | ▲ Better |
| Price / book | 1.3x | Good beats 90% | 2.6x | 1.2x | ≈ In line |
| Price / sales | 8.8x | Bad beats 29% | 7.0x | 9.8x | ≈ In line |
| EV / EBITDA | 14.4x | Good beats 69% | 18.6x | 13.7x | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 68.8% | Good beats 98% | 44.6% | 69.5% | ≈ In line |
| Cash from operations / net income | 3.20 | Good beats 80% | 1.91 | 3.68 | ▼ Worse |
| Accruals (lower is better) | −3.7% | Average beats 53% | −3.7% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 5 Good · ● 4 Average · ● 2 BadCash quality
Earnings backed by cashAverage
Risk models
Piotroski F-ScoreGood
Growth
EPS growth (3y)Average
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceAverage
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 52/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $2.1B | $3.3B | $4.1B | $5.3B | $5.7B |
| Operating income | $716M | $1.4B | $1.7B | $934M | $1.2B |
| Net income | $359M | $869M | $872M | $861M | $1.1B |
| Operating cash flow | $1.3B | $2.6B | $3.0B | $3.6B | $4.0B |
| Operating margin | 34.4% | 41.4% | 40.7% | 17.7% | 20.1% |
| Free cash flow | – | – | – | – | – |
| Diluted EPS | $0.87 | $1.42 | $1.26 | $0.98 | $1.17 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
5 bullish · 1 neutral · 10 bearish
Weekly
Bearish
3 bullish · 1 neutral · 8 bearish
Monthly
Neutral
3 bullish · 1 neutral · 4 bearish
Moving averages (daily)
| SMA 10 | 55.49 | Bullish |
| EMA 10 | 55.66 | Bullish |
| SMA 20 | 54.88 | Bullish |
| EMA 20 | 55.68 | Bullish |
| SMA 50 | 57.94 | Bearish |
| EMA 50 | 57.32 | Bearish |
| SMA 100 | 59.96 | Bearish |
| EMA 100 | 58.78 | Bearish |
| SMA 200 | 60.47 | Bearish |
| EMA 200 | 59.00 | Bearish |
Oscillators (daily)
| RSI (14) | 56.64 | Neutral |
| MACD (12, 26) | -0.39 | Bearish |
| Momentum (12) | 5.18 | Bullish |
| Stochastic %K (14) | 99.24 | Bearish |
| Williams %R (14) | -0.76 | Bearish |
| CCI (20) | 148.9 | Bearish |
Pivot points (classic, last session)
S3 54.45 | S2 54.99 | S1 56.02 | Pivot 56.56 | R1 57.59 | R2 58.13 | R3 59.16 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.25 USD
Yield on today's price
5.69%
Frequency
Monthly
Next ex-dividend date
30 Oct 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 0.2715 |
| 0.2720 | |
| 0.2710 | |
| 0.2710 | |
| 0.2710 | |
| 0.2710 | |
| 0.2710 | |
| 0.2710 | |
| 0.2700 | |
| 0.2700 | |
| 0.2700 | |
| 0.2700 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold O
| ETF | Share of the fund |
|---|---|
| XLRE The Real Estate Select Sector SPDR | 4.55% |
| DFAR DFA Investment Dimensions Group Inc. | 4.45% |
| RWR SPDR Dow Jones REIT | 4.42% |
| ICF iShares Cohen & Steers REIT | 4.40% |
| IYR iShares U.S. Real Estate | 4.27% |
| USRT iShares Core U.S. REIT | 4.23% |
| SCHH Schwab U.S. REIT | 4.00% |
| REET iShares Global REIT | 3.18% |
The eight funds with the largest weight in O among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
O stock splits
O has split its stock once since 2005. The latest was a 2-for-1 split on 3 Jan 2005.
Full O stock split history →O SEC filings
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Entered a material agreement; Other events
8-KSEC EDGAR
Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.