Realty Income Corporation (O)

NYSE: O · USD

$56.2

-0.64 (-1.1%)· Recorded snapshot

영어 원본으로 대체KO

번역하는 동안 영어 원본을 표시 중

이 리포트는 아직 번역되지 않았습니다. 번역 대기열이 따라잡으면 몇 분 후에 새로고침하세요.

StockMarketAgent Research · Analyzed 2026-10-03

Our latest published analysis: O rated Reduce

Realty Income Corporation's published Reduce conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$44.9 / share

Potential value

$64.9 / share

Upside to FV

-17.0%

from $56.2

Moat

6.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$51.2B
Revenue (ttm)	6.1B
Net income (ttm)	1.3B
EPS (ttm)	$1.37
Shares out	945.9M
P/E (trailing)	41.1x
P/E (forward)	33.7x
Dividend	$3.26 (5.80%)
Volume	4,738,663
Beta	0.70

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 6.1B
Net income (ttm): 1.3B
EPS (ttm): $1.37
P/E (trailing): 41.1x
P/E (forward): 33.7x
Market cap: $51.2B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$2.08B	$3.34B	$4.08B	$5.27B	$5.75B	+28.9%
Gross profit	$1.95B	$3.12B	$3.76B	$4.89B	$5.16B	+27.6%
Operating income	$392.4M	$917.6M	$1.71B	$1.93B	$1.08B	+28.8%
Net income	$359.5M	$869.4M	$872.3M	$860.8M	$1.06B	+31.0%
EPS (diluted)	$0.87	$1.42	$1.26	$0.98	$1.17	+7.7%
EBITDA	$1.29B	$2.59B	$3.60B	$4.33B	$3.55B	+28.8%
R&D	$0	$0	$0	—	—	+10.0%
SG&A	$97.0M	$138.5M	$144.5M	$176.9M	$253.0M	+27.1%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AMT	American Tower Corporation	85.1B	25.8x	7.5x	7.8%	+4.0%	+0.7%	비중 축소
ARE	Alexandria Real Estate Equities Inc.	6.9B	—	2.4x	0.9%	+6.6%	-45.8%	보유
CCI	Crown Castle Inc.	37.4B	46.3x	9.1x	5.1%	-7.9%	-6.2%	매도
CPT	Camden Property Trust	10.3B	32.3x	6.6x	3.2%	+7.7%	-0.6%	매수
DLR	Digital Realty Trust, Inc.	68B	86.6x	10.0x	2.4%	+9.3%	+3.7%	매도
DOC	Healthpeak Properties, Inc.	13B	53.8x	4.4x	2.5%	+10.5%	+3.0%	적극 매수

Base and Bull scenarios

Base55%

Price target

$44.94

-17.0% from spot

In the base case modal trajectory, benchmark interest rates remain range-bound with elevated Treasury yields and firm enterprise capital costs. Portfolio acquisition activity tracks guidance at blended capitalization rates that generate narrow investment spreads over pre-tax debt costs. Single-tenant retail net-lease collections remain reliable across consolidated revenues, while operating margins normalize from FY2026 through FY2030, establishing house Fair value at $44.94.

Enterprise WACC and moderate cost of equity remain anchored near current computed levels
Revenue growth accelerates in FY2027 following moderate FY2026 expansion before fading toward long-term trend by FY2030
Operating margin normalizes steadily from FY2026 through FY2030
Terminal valuation multiples and perpetual growth rates align with mature net-lease capitalization standards

Bull20%

Price target

$64.91

+19.9% from spot

In the upside scenario, macroeconomic monetary easing reduces benchmark yields, lowering enterprise WACC and expanding investment spreads on new property acquisitions. Full-year acquisition volume reaches the high end of management guidance at accretive yields. Single-tenant retail occupancy sustains near full capacity, driving contractual rental escalators, while accelerated European acquisitions and high free cash flow conversion expand operating margins, lifting Potential value toward $64.91.

Enterprise WACC declines as benchmark Treasury yields fall across the projection period
Annual acquisition volume tracks the upper end of guidance with expanding blended capitalization rates
Operating margin expands steadily from FY2026 through FY2030 driven by operational efficiencies
Retail portfolio occupancy remains resilient near full capacity with contractual rent escalators intact

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($44.94). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.3%	2.5%	2.8%	3.0%
6.8%	$54.8	$56.9	$59.3	$61.9	$64.9
7.3%	$50.3	$52.0	$53.9	$55.9	$58.3
7.8%	$46.6	$47.9	$44.9	$51.1	$53.0
8.3%	$43.4	$44.5	$45.8	$47.1	$48.6
8.8%	$40.7	$41.6	$42.7	$43.8	$45.0

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E33.7

P25 n/aP50 n/aP75 n/a

Trailing P/E39.7

P25 n/aP50 n/aP75 n/a

ROE3.2

P25 n/aP50 n/aP75 n/a

ROIC3.6

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All O indicators

Market & fundamental data

Available fields

267

Groups with data

Currency

USD

Showing 267 of 267 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000726728
Company name	Realty Income Corporation
Country	United States
Country code	US
CUSIP number	756109104
Earnings date	2026-11-02
Earnings time	amc
Employees	544
Employees change	76
Employees growth	16.24%
Enterprise value	$83.9B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	1969
In index	SP500
Industry	REIT - Retail
Is primary listing	Yes
Is SPAC	No
ISIN number	US7561091049
Last 10-K release date	2026-02-25
Last earnings date	2026-08-05
Last refreshed	2026-10-28
Last stock split date	2005-01-03
Last stock split type	Forward
Market cap	$53.1B
Market cap category	Large-Cap
Next earnings date	2026-11-02
Options	Yes
Price	$56.18
Price currency	USD
Sector	Real Estate
SIC code	6798
Stock price date	2026-10-28
Symbol	O
U.S. state	California
Website	https://www.realtyincome.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	40.11x
Average P/E ratio (10Y)	55.6x
Average P/E ratio (3Y)	52.96x
Average P/E ratio (5Y)	57.93x
Earnings yield	2.44%
EV/Earnings	66.35x
EV/EBIT	30.14x
EV/EBITDA	15.7x
EV/Sales	13.87x
FCF / EV yield	-2.36%
FCF yield	-3.72%
Forward EV/Sales	14.19x
Forward P/E	34.28x
Forward P/S	9x
Graham number	35.87351
Graham upside	-36.38%
Industry forward P/E	34.91x
Industry P/E	24.42x
Lynch fair value	$34.21
Lynch upside	-39.33%
P/(OCF - SBC) ratio	12.92x
P/B ratio	1.36x
P/E ratio	41.06x
P/FFO ratio	13.21x
P/OCF ratio	12.8x
P/S ratio	8.79x
PEG ratio	12.71x
Price / tangible book value	1.84x
Price/EBITDA ratio	9.96x
Sector forward P/E	29.99x
Sector P/E	40.99x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	46.01%
EBITDA margin	88.33%
Effective tax rate	6.93%
Gross margin	92.68%
Operating margin	46.01%
Pretax margin	23.22%
Profit margin	20.9%
Profit per employee	$2.3M
Profitable quarters	124
Profitable years	33
Revenue per employee	$11.1M
ROA	2.36%
ROA (5Y)	2.02%
ROCE	3.89%
ROE	3.22%
ROE (5Y)	2.63%
ROIC	3.59%
ROIC (5Y)	3.15%
SBC / revenue	0.62%
Tax / revenue	1.61%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	33.4%
EPS growth (Q)	69.17%
EPS growth (QoQ)	11.8%
EPS growth 10Y	2.3%
EPS growth 3Y	0.77%
EPS growth 5Y	6.66%
EPS growth quarters	4
EPS growth years	1
Net income growth	38.41%
Net income growth (Q)	74.67%
Net income growth (QoQ)	10.32%
Net income growth 3Y	13.49%
Net income growth 5Y	28.54%
Net income growth quarters	4
Net income growth years	1
OCF growth	13.78%
OCF growth (Q)	7.96%
OCF growth (QoQ)	30.94%
OCF growth 10Y	18.99%
OCF growth 3Y	14.53%
OCF growth 5Y	28.65%
Revenue growth	10.74%
Revenue growth (Q)	9.64%
Revenue growth (QoQ)	-0.1%
Revenue growth 10Y	19.05%
Revenue growth 3Y	18.03%
Revenue growth 5Y	28.61%
Revenue growth quarters	66
Revenue growth years	16

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-6.1B
Depreciation and amortization	$2.5B
EBIT	$2.8B
EBITDA	$5.4B
EPS	$1.37
FCF per share	$-2.10
Financing cash flow	$3.8B
Free cash flow	$-2B
Free cash flow minus SBC	$-2B
Funds from operations (FFO)	$4B
Gross profit	$5.6B
Income taxes	$97.6M
Investing cash flow	$-8.2B
Net cash flow	$-226.4M
Net income	$1.3B
Operating cash flow minus SBC	$4.1B
Operating income	$2.8B
Revenue	$6.1B
Stock-based compensation	$37.4M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Book value per share	$41.80
Debt / EBITDA	5.85
Debt / equity	0.75
Goodwill	$4.9B
Interest coverage	2.35
Net cash (debt)	$-30.8B
Net cash / market cap	-57.68%
Net debt / EBITDA	5.74
Net debt / equity	0.73
Piotroski F-Score	6
Property, plant and equipment	$56.5B
Shareholders' equity	$41.9B
Tangible book value	$29B
Tangible book value per share	$30.65
Total assets	$76.4B
Total cash	$569.9M
Total debt	$31.3B
Total liabilities	$34.5B
WACC	6.39%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.08
Current ratio	1.53
Net working capital	$5.3B
Quick ratio	0.74
Working capital	$2.5B

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-4.53%
Dividend growth	1.12%
Dividend growth (10Y)	3.16%
Dividend growth (3Y)	2.19%
Dividend growth (5Y)	2.85%
Dividend growth years	22
Dividend payment date	2026-11-13
Dividend payment years	33
Dividend payout frequency	Monthly
Dividend per share	$3.26
Dividend yield	5.8%
Ex-dividend date	2026-10-30
Last dividend	$0.27
Payout ratio	238.09%
Shareholder yield	1.25%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	-5.19%
10Y return CAGR	4.66%
10Y total return	57.75%
150-day SMA	$61.08
15Y price change	64.58%
15Y return CAGR	8.63%
15Y total return	246%
1D price change	-1.13%
1M price change	0.9%
1M total return	1.4%
1W price change	-0.53%
1W total return	-0.53%
1Y price change	-7.22%
1Y return CAGR	-2.11%
1Y total return	-2.11%
20-day SMA	$55.25
200-day SMA	$61.66
20Y price change	114.55%
20Y return CAGR	9.5%
20Y total return	513.88%
3M price change	-14.44%
3M total return	-13.28%
3Y price change	14.37%
3Y return CAGR	10.54%
3Y total return	35.09%
50-day SMA	$57.74
50-day SMA vs 200-day SMA	50under200
52-week high	$67.94
52-week high date	2026-02-27
52-week low	$53.15
52-week low date	2026-10-08
5Y price change	-23.57%
5Y return CAGR	0.46%
5Y total return	2.3%
6M price change	-10.69%
6M total return	-8.29%
All-time high	$84.92
All-time high date	2020-02-20
All-time low	$7.63
All-time low date	1994-11-11
Average true range (ATR)	$0.91
Average volume	7.4M
Beta (1Y)	0.08
Beta (2Y)	0.16
Beta (5Y)	0.7
Change from 52-week high	-17.3%
Change from 52-week low	5.7%
Change from all-time high	-34.01%
Change from all-time low	634.95%
Change from open	-0.34%
Day's gap	-0.79%
Dollar volume	$266.2M
High price	$56.52
Low price	$55.91
Monthly RSI	45.46
Open price	$56.37
Position in 52-week range	44.26%
Premarket change	-0.56%
Premarket close	$56.82
Premarket price	$56.50
Premarket volume	45.8K
Previous close	$56.82
Price vs 150-day SMA	-8.25%
Price vs 20-day SMA	1.43%
Price vs 200-day SMA	-9.11%
Price vs 50-day SMA	-2.94%
Relative volume	0.64
RSI	48.31
Sharpe ratio	-0.27
Sharpe ratio (3Y)	0.42
Sharpe ratio (5Y)	-0.06
Sortino ratio	-0.05
Sortino ratio (3Y)	0.92
Sortino ratio (5Y)	0.21
Volume	4.7M
Weekly RSI	37.86
YTD price change	-0.59%
YTD total return	3.42%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	941.1M
Float percentage	99.49%
Shares change (QoQ)	0.02%
Shares change (YoY)	4.53%
Shares held by insiders	0.13%
Shares held by institutions	78.83%
Shares outstanding	945.9M
Short % of float	4.5%
Short % of shares	4.48%
Short ratio	5.1 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	703

Deeper analysis on O

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Scorecard

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this O report

What is the latest published O stock rating?

Realty Income Corporation is shown with Reduce in the latest published report, analyzed 2026-10-03. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full O analysis?

The full latest published report, analyzed 2026-10-03, lives at /stocks/O/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for O?

The latest published report analyzed 2026-10-03 gives O a fair value of USD 45 and a potential value of USD 65. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the O page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-03). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

ReduceO · Fair value $44.9-17.0%

Read full analysis →

Realty Income Corporation (O)

Our latest published analysis: O rated Reduce

Price

Financial snapshot

Fair-value bridge

Latest news · O

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All O indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on O

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	3.0
Management	6.5
Balance Sheet	7.0
Profitability	4.0
Revenue Growth	6.0
Risk Assessment	7.5
Competitive Moat	6.5
Earnings Quality	9.0
Capital Efficiency	2.5