O
REALTY INCOME CORP
Real Estate • CIK: 0000726728
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Market Cap
$54.47B
P/E (TTM)
56.3x
Rev Growth (TTM)
+11.9%
Net Margin (TTM)
17.2%
FCF Yield (TTM)
6.9%
FCF Margin (TTM)
67.2%
Cash Flow Health
Free Cash Flow3/8 positive
TTM$3.8B
Q3 '25
$943M
Q2 '25
$0
FCF Margin
TTM67.2%
Q3 '2564.1%
Sector: 32.2%Top 25%
OCF Margin67.2%
OCF/NI3.91x
CapEx Coverage–
FCF Yield6.9%
FCF Growth (2Y)+4%
Cash Conversion Cycle
60 days
DSO: 60+DIO: 0−DPO: 0
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldEst.
Est.1.8%
Div Yield1.8%
+Est. Buyback3.1%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)1.8%
FCF Payout Ratio25.6%
Free Cash Flow (TTM)$3.8B
Capital Return / FCF38.9%
Est. Dividends Paid (TTM)$963.7M
Estimated: Buyback data estimated from FCF. Actual repurchase data not available for this company.
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
2.1%
Stable
+9.1%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
14.5%
8Q: 16.1%
Asset Turnover
0.08x
8Q: 0.00x
Leverage (1+D/E)
1.01x
D/E: 0.01x
DuPont: 1.2% ≈ 2.1% ROIC
Asset & CapEx Efficiency
Invested Cap Turn
0.15x
8Q:0.14x
Flat
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $5.6B | $1.5B↑4.3% | $1.4B↑2.2% | $1.4B↑3.0% | $1.3B↑0.7% | $1.3B↓0.6% | $1.3B↑6.3% | $1.3B↑17.1% | $1.1B |
Operating Income | $882.2M | $282.1M | $0 | $0↓100.0% | $178.3M | $0 | $0↓100.0% | $235.6M | $0 |
Net Income | $962.1M | $315.8M↑60.4% | $196.9M↓21.2% | $249.8M↑25.2% | $199.6M↓23.7% | $261.8M↑1.9% | $256.8M↑98.0% | $129.7M↓40.6% | $218.4M |
Operating Cash Flow | $3.8B | $943.1M↓11.1% | $1.1B↑34.7% | $787.5M↓19.0% | $972.0M↑15.5% | $841.5M↓14.2% | $981.2M↑26.0% | $778.7M↑2.4% | $760.7M |
Free Cash Flow | $3.8B | $943.1M | $0 | $0↓100.0% | $1.1B | $0 | $0↓100.0% | $787.5M | $0 |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
56.3x
High PEG ratio (4.7x) suggests expensive for growth
Valuation Lenses
Earnings
56.3x
vs – sector
Cash Flow
13.8x
EV/FCF vs –
Growth-Adj
4.7xPEG
Expensive for growth
Quality-Adj
26.8P/E per %ROIC
ROIC: 2.1%
Shareholder Returns
Dividend
1.8%
Buyback
–
Total Yield
1.8%
Market Cap$54.47B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
59/100
Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Below Avg
2.5%
8Q:–
Return on Invested Capital (ROIC)Top 25%
2.1%
8Q:–
+9.1%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 14.5%
Asset Turnover: 0.08x
Earnings Quality
Cash Conversion
3.91x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin92.6%
Capital Efficiency
Invested Capital Turnover0.15x
Working Capital
Cash Conversion Cycle60 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
64/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
11.9%
OpInc Growth YoY
N/A
EPS Growth YoY
2.9%
FCF 3Y CAGR
3.8%
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
92.6%
Operating
15.7%
Below Avg in sector
Net
17.2%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+50.0 pts
FCF: 67.2% | Net: 17.2%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Solid
Net Debt / EBITDA
–Net Debt: $26.26M
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.01x
Balance sheet risk & solvency analysis