Realty Income Corp
Exchange: NYSESector: Real EstateIndustry: REIT - Retail
Realty Income, 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 U.S. states, the 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 founding, we have declared 669 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats ® index for having increased our dividend for over 31 consecutive years.
Did you know?
Price sits at 72% of its 52-week range.
Current Price
$62.21
+0.53%GoodMoat Value
$17.25
72.3% overvaluedProfile
Valuation (TTM)
Market Cap$57.23B
P/E54.06
EV$84.34B
P/B1.45
Shares Out919.91M
P/Sales9.95
Revenue$5.75B
EV/EBITDA17.82
Realty Income Corp (O) Stock Analysis
GoodMoat Analysis
Realty Income Corp is a retail REIT that fails the GoodMoat Decision Framework's initial gate. Its Moat Score is low, and its quality indicators show significant weaknesses, including negative free cash flow and a high P/E. The stock appears significantly overvalued relative to the platform's target price.
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Realty Income Corp (O) is a Real Estate Investment Trust (REIT) specializing in single-tenant, net-lease retail properties. Its business model involves owning properties and leasing them to tenants under long-term agreements, generating rental income. Applying the GoodMoat framework, the company's competitive advantages appear limited. Key moat criteria like network effects, proprietary data, or technology leadership are not applicable, and its primary advantage may stem from scale and long-term contracts, likely resulting in a low Moat Score below the required threshold of 5 to proceed with analysis. The quality indicators are also unfavourable. While the operating margin of 39.6% is strong, the company shows a negative Free Cash Flow Yield (-0.1%), which fails the quality check for positive, growing FCF. The Return on Equity of 2.7% is far below the high-quality threshold of 15-20%, and the P/E of 52.2 is extremely high for a company with 11.0% revenue growth. According to the Decision Framework, a stock must first pass the 'Moat & Quality Gate' (Moat Score ≥ 5 and predominantly 'Strong' quality ratings) before valuation is considered. Realty Income fails this gate due to its low implied moat and multiple weak quality metrics. Furthermore, the GoodMoat Target price of $17.25 suggests the current price of $60.06 represents a severe overvaluation, aligning with the 'Extreme Valuation' red flag. For a value investor, this profile indicates the company is not a candidate for further investigation under this framework. Analysis based on data as of 2024-05-15.
Market Cap$57.23B
Current Price$62.21
P/E Ratio54.06
Forward P/E—
PEG Ratio1.24
EPS$1.17
Book Value$42.87
P/B Ratio1.45
O Financial Charts
FCF vs CAPEX
FCFCAPEX
Cash vs Debt
Net Debt: 28.4B
Revenue
1.5B
FY19
1.6B
FY20
2.1B
FY21
3.3B
FY22
4.1B
FY23
5.3B
FY24
5.7B
FY25
Net Income
436M
FY19
395M
FY20
359M
FY21
869M
FY22
872M
FY23
861M
FY24
1.1B
FY25
O 52-Week Range
$49.48
$67.26
50-Day MA: $63.02200-Day MA: $58.13
Did you know?
Trading 72% above its estimated fair value of $17.25.
Realty Income Corp (O) Financial Summary
Realty Income Corp (O) is a Real Estate company in the REIT - Retail industry, listed on NYSE. The stock currently trades at $62.21 with a market capitalization of $57.23B.
Key valuation metrics include a P/E ratio of 54.06, price-to-book ratio of 1.45, and EPS of $1.17. The company reports a profit margin of 18.4% and return on equity of 2.7%.
O Key Financial Metrics
| Metric | Value |
|---|---|
| Market Cap | $57.23B |
| P/E Ratio | 54.06 |
| EPS | $1.17 |
| P/B Ratio | 1.45 |
| P/S Ratio | 9.95 |
| EV/EBITDA | 17.82 |
| Dividend Yield | 5.10% |
| Profit Margin | 18.4% |
| Return on Equity | 2.7% |
| Debt/Equity | 0.73 |
O Revenue & Earnings History
| Year | Revenue | Net Income |
|---|---|---|
| FY19 | $1.49B | $436.48M |
| FY20 | $1.65B | $395.49M |
| FY21 | $2.08B | $359.46M |
| FY22 | $3.34B | $869.41M |
| FY23 | $4.08B | $872.31M |
| FY24 | $5.27B | $860.77M |
| FY25 | $5.75B | $1.06B |
Realty Income Corp (O) Valuation
Based on GoodMoat's DCF model, Realty Income Corp has a fair value estimate of $17.25. At the current price of $62.21, the stock appears 260.7% overvalued relative to our intrinsic value estimate.
O Quality Indicators
Realty Income Corp maintains a profit margin of 18.4% and an operating margin of 39.6%. Return on equity stands at 2.7%. Debt-to-equity ratio is 0.73.
About Realty Income Corp
Realty Income, 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 U.S. states, the 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 founding, we have declared 669 consecutive monthly dividends and are a member of the S&P 500 Dividend Aristocrats ® index for having increased our dividend for over 31 consecutive years.
O Free Cash Flow
Realty Income Corp generated $-40.91M in trailing twelve-month free cash flow, representing an FCF yield of -0.07%. This low FCF yield may reflect heavy reinvestment or growth spending.
O Shares Outstanding
Realty Income Corp has 0.92 billion shares outstanding at a share price of $62.21, giving it a market capitalization of $57.23B.