— Know what they know.
/
Not Investment Advice

O

NYSE · USD
Realty Income Corporation
Real Estate · REIT - Retail
CEO Sumit Roy Employees 544 R&D / revenue 0.0%
Last price
$56.08+0.95%last session
Market cap
$53.1B
P/E (TTM)
40.9x
From 52w high
−17.5%
From 52w low
+5.5%
1-year return
−4.5%
RSI 14 · vs SMA200
50.0 · −8.9%
IS score
55.8/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

O   SPY   XLRE (sector ETF) · weekly closes
90100110Jan 26Apr 26Jul 26Oct 26SPY 116XLRE 101O 95

Score DNA

Each bar is a 0-100 score within the scored universe
64
Profitability
62
Growth
52
Value
90
Momentum
15
Risk (safety)
82
Quality
62
Balance sheet
73
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
▲ Altman distress zone▲ Share count rising
Observations
Moat model: Weak, Efficient ScalePiotroski 6 / 9Altman Z 1.0Beta 0.713 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
1 open-market sales, $209,022
Form 144 notices (12m): 2, $662,987 proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
4
Last disclosed purchase 2026-07-23
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+21
138 new holders, 96 closed
1,469 filers hold 81.3% · 661 added, 477 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+259
982 funds adding shares
723 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
43.5%
20-day avg 37.2%, 50-day avg 50.7%
Latest 6.3 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$5.7B
Revenue growth YoY+9.1%
Gross margin89.8%
Operating income$1.6B
Operating margin28.3%
Net income$1.1B
Net margin18.4%
EPS (diluted)$1.17
Cash flow
Operating cash flow$4.0B
Capital expenditure$131.8M
Free cash flow$3.9B
FCF conversion (FCF / OCF)96.7%
Stock-based compensation$0
FCF less SBC$3.9B
Buybacks$0
Dividends$2.9B
Balance sheet & returns
Cash & short-term investments$434.8M
Total debt$30.7B
Net debt$30.3B
Shareholders' equity$40.1B
Goodwill & intangibles$5.0B
Debt / equity0.07
ROE (TTM)3.4%
ROIC (TTM)2.3%
Operating margin by fiscal year
45.7%FY202139.1%FY202242.2%FY202343.9%FY202428.3%FY2025
Revenue $2.1B (FY2021) to $5.7B (FY2025), a 28.9% CAGR.

Valuation

P/E (TTM)40.9x
EV / EBITDA12.4x
Price / sales8.94x
Price / FCF24.3x
FCF yield4.11%
Buyback yield0.00%
SBC / revenue0.6%
Price / book1.32x
Forward P/E FY202636.9x
Forward P/E FY202733.5x
Forward P/E FY202834.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $63.64 across 9 analysts last quarter is theirs, not ours.

O vs industry median

71 companies in REIT - Retail
Gross margin 68.6% 69.1% Operating margin 29.2% 38.5% Net margin 22.3% 25.5% ROIC 2.3% 5.1%
O (TTM)Industry median Asset turnover 0.08 vs industry 0.12 · financial leverage 1.93

Earnings delivery

Next report 2026-11-02 · consensus EPS $0.41
8%
beat rate, 1 of 12 quarters
−17.3%
median EPS surprise
1
longest beat streak
+3-6-59-19-17-39-22-45-15-17-18-7
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-06 to 2026-08-05. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
O Realty Income Corporation $53.1B40.9x3.4%22.3%+9.1% −4.5%
SPG Simon Property Group, Inc. $66.5B14.5x133.8%27.0%+15.0% +17.7%
KIM Kimco Realty Corporation $15.4B25.7x5.8%27.8%+5.7% +7.4%
REG Regency Centers Corporation $13.4B20.7x9.7%27.9%+11.2% +3.3%
FRT Federal Realty Investment Tr $9.2B21.2x13.2%25.5%+8.1% +8.4%
BRX Brixmor Property Group Inc. $8.5B19.5x14.5%20.8%+5.8% —
ADC Agree Realty Corporation $8.3B36.0x3.7%26.6%+18.2% —
NNN NNN REIT, Inc. $7.9B20.4x8.7%40.1%+6.5% —
12-month window: SPY +15.9%, sector ETF XLRE +0.9%. Past returns describe history only.

Recent 8-K filings

2026-08-25Other Events; Exhibits
2026-08-14Financial Obligation; Unregistered Equity Sales; Regulation FD; Exhibits
2026-08-12Other Events; Exhibits
2026-08-11Other Events; Exhibits
2026-07-13Material Agreement; Termination of Agreement; Financial Obligation; Other Events; Exhibits
2026-07-07Other Events; Exhibits

Context

Shares outstanding946,218,000
Free float99.8%
Institutional ownership81.3%
Beta0.71
Dividend yield5.79%
Last dividend$0.27 on 2026-10-30
50 / 200-day average$58.82 / $61.72
Large-cap Real Estate median P/E26.2x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where O sits among 25 scored companies in REIT - Retail (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureOIndustry medianIndustry percentileSector median
P/E (TTM) 40.2x 21.0x
78th		 24.1x
PEG (P/E ÷ 3-yr EPS CAGR) 12.56 2.70
93rd		 1.55
Price / sales 8.9x 7.0x
88th		 3.7x
Price / book 1.3x 1.9x
21st		 1.3x
Price / tangible book 2.0x 2.0x
50th		 1.6x
Price / free cash flow 24.7x 20.6x
67th		 15.1x
Price / operating cash flow 12.7x 13.5x
38th		 12.3x
Enterprise value $55.3B $7.5B
96th		 $7.5B
EV / sales 9.3x 10.6x
17th		 9.4x
EV / EBITDA 12.5x 14.7x
25th		 15.7x
EV / EBIT 28.7x 24.4x
71st		 27.2x
EV / free cash flow 25.7x 29.2x
24th		 29.4x
Earnings yield 2.5% 4.7%
25th		 3.2%
FCF yield 4.0% 4.8%
42nd		 5.6%
Operating cash flow yield 7.9% 7.4%
62nd		 7.9%
Graham number (per share) $36.68 $22.48
65th		 $22.48

Profitability (TTM)

MeasureOIndustry medianIndustry percentileSector median
Gross margin 68.6% 54.8%
67th		 51.4%
EBITDA margin 74.4% 72.1%
60th		 54.9%
Operating margin 29.2% 34.5%
33rd		 29.0%
EBIT margin 32.5% 44.6%
17th		 31.7%
Net margin 22.3% 28.9%
42nd		 12.2%
NOPAT margin 28.5% 34.5%
25th		 25.5%
FCF margin 36.2% 31.7%
62nd		 21.8%
Operating cash flow margin 70.2% 49.7%
96th		 33.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 4.7% 6.9%
33rd		 6.6%
Stock comp / revenue 0.6% 1.4%
17th		 1.2%
Effective tax rate 2.4% 0.0%
92nd		 1.9%

Returns on capital

MeasureOIndustry medianIndustry percentileSector median
ROE (on average equity) 3.4% 8.7%
25th		 5.3%
ROA 1.8% 4.1%
29th		 1.6%
ROIC 4.0% 5.4%
33rd		 3.7%
ROCE 2.6% 5.9%
12th		 4.4%
Return on tangible assets 2.6% 5.9%
8th		 3.8%
Cash ROIC (OCF / invested capital) 10.0% 6.8%
88th		 5.7%
Gross profitability (GP / assets) 5.3% 5.6%
38th		 5.3%
ROIC, 3-yr average 2.4% 4.2%
30th		 2.4%
ROIC, 5-yr average 2.2% 3.7%
33rd		 2.6%
ROE, 5-yr average 2.6% 6.1%
24th		 4.4%
Incremental ROIC -3.1% 21.4%
21st		 6.5%

Growth

MeasureOIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 8.6% 9.0%
42nd		 8.4%
Revenue growth (QoQ) -7.8% 0.3%
0th		 2.2%
Revenue CAGR, 3 yr 17.2% 8.0%
90th		 5.8%
Revenue CAGR, 5 yr 28.0% 9.1%
95th		 9.5%
Gross profit CAGR, 3 yr 6.2% 0.1%
71st		 -0.8%
Operating income CAGR, 3 yr 5.4% 4.8%
52nd		 3.0%
Net income growth (TTM YoY) 44.2% 47.1%
48th		 21.3%
Net income CAGR, 3 yr 15.0% 15.0%
50th		 8.5%
EPS growth (TTM YoY) 39.4% 38.6%
52nd		 17.6%
EPS CAGR, 3 yr 3.2% 10.7%
33rd		 5.7%
EPS CAGR, 5 yr 7.9% 16.5%
39th		 5.6%
FCF growth (TTM YoY) -41.3% -13.7%
14th		 3.0%
FCF CAGR, 3 yr -7.1% 2.5%
28th		 5.6%
Operating cash flow CAGR, 3 yr 14.5% 7.4%
95th		 3.7%
Book value CAGR, 3 yr -2.9% 1.0%
24th		 -2.0%
Dividend CAGR, 3 yr -8.5% -0.2%
10th		 -1.2%
Sustainable growth rate -4.3% -1.5%
13th		 -1.4%

Margin history & stability

MeasureOIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 84.7% 67.4%
87th		 59.1%
Operating margin, 3-yr average 38.9% 37.5%
52nd		 28.6%
Net margin, 3-yr average 19.0% 25.5%
35th		 12.3%
FCF margin, 3-yr average 57.1% 37.6%
91st		 27.4%
Revenue stability (0-1) 0.98 0.97
61st		 0.82
Earnings stability (0-1) 0.90 0.64
91st		 0.36
Margin stability (0-1) 0.88 0.88
52nd		 0.83

Liquidity (latest quarter)

MeasureOIndustry medianIndustry percentileSector median
Cash & short-term investments $552.6M $144.6M
92nd		 $141.2M
Net cash (− = net debt) −$2.2B −$2.2B
50th		 −$3.3B
Working capital $740.2M $77.6M
96th		 $19.5M
Current ratio 1.66 1.35
62nd		 1.02
Quick ratio 1.66 1.35
62nd		 1.02
Cash ratio (cash + ST investments / current liabilities) 0.49 0.49
57th		 0.36
Defensive interval (days) 263 days 352 days
32nd		 554 days

Leverage & solvency (latest quarter)

MeasureOIndustry medianIndustry percentileSector median
Total debt $2.8B $2.6B
54th		 $3.5B
Debt / equity 0.07 1.09
0th		 1.33
Net debt / equity 0.06 1.09
0th		 1.26
Debt / assets 3.6% 47.5%
0th		 51.3%
Debt / capital 6.5% 52.1%
0th		 57.1%
Debt / EBITDA 0.62 4.80
0th		 6.47
Net debt / EBITDA 0.50 4.62
0th		 6.15
Interest coverage (EBIT / interest) 2.2x 2.7x
25th		 1.5x
Cash interest coverage 4.7x 3.2x
83rd		 2.1x
Debt payback (years of OCF) 0.7 yrs 7.3 yrs
0th		 8.9 yrs
Liabilities / assets 45.1% 51.1%
17th		 60.0%
IS credit model rating A- — —
Implied credit spread (bps) 175 475
0th		 650

Efficiency

MeasureOIndustry medianIndustry percentileSector median
Asset turnover 0.08 0.12
8th		 0.12
Fixed asset turnover 0.11 0.23
11th		 0.90
Inventory turnover —
Receivables turnover 5.7 7.0
25th		 7.6
Days sales outstanding 64 days 52 days
75th		 37 days
Days inventory outstanding —
Days payables outstanding 0 days 106 days
0th		 53 days
Cash conversion cycle (days) 64 days −55 days
96th		 −6 days
Capex / revenue 34.0% 16.9%
83rd		 4.4%
Capex / depreciation 0.81 0.52
83rd		 0.32
Operating expense ratio 49.7% 40.3%
74th		 30.9%

Cash flow & earnings quality

MeasureOIndustry medianIndustry percentileSector median
Operating cash flow / net income 3.15 1.91
83rd		 1.83
FCF / net income 1.63 1.30
70th		 1.43
FCF / operating cash flow 51.6% 65.2%
21st		 82.5%
Capex / operating cash flow 48.4% 34.8%
79th		 17.9%
Accruals ratio -3.8% -2.9%
33rd		 -3.1%
Sloan accruals ratio -5.4% -5.1%
42nd		 -3.3%
Earnings quality score (0-1) 1.00 1.00
17th		 1.00

Dividends & buybacks

MeasureOIndustry medianIndustry percentileSector median
Dividend yield 5.8% 4.4%
75th		 5.2%
Dividend per share (TTM) $3.25 $1.47
88th		 $1.21
Payout ratio (dividends / net income) 226.9% 116.8%
83rd		 110.2%
Dividends / FCF 139.4% 81.8%
86th		 79.1%
Dividend growth (YoY) 2.7% 5.4%
29th		 2.3%
Buyback yield 0.2% 0.0%
75th		 0.1%
Shareholder yield (dividends + buybacks) 5.8% 4.6%
79th		 5.9%
Share count change (YoY) 3.4% 0.8%
62nd		 0.5%
Buybacks, last 5 years $203.8M $935,000
92nd		 $15.9M

Scores & forensic checks

MeasureOIndustry medianIndustry percentileSector median
IS score 56 53
62nd		 43
IS profitability 64 62
54th		 44
IS growth 62 65
42nd		 58
IS value 52 53
38th		 53
IS momentum 90 90
58th		 77
IS risk (safety) 15 15
4th		 15
IS quality 82 72
100th		 59
IS balance sheet 62 37
100th		 35
IS earnings quality 73 77
33rd		 72
IS cash flow 67 63
62nd		 61
Piotroski F-score (0-9) 6 6
25th		 6
Altman Z-score 1.0 1.2
29th		 0.8
Beneish M-score −3.60 −2.70
12th		 −2.71
Ohlson O-score −9.12 −7.54
0th		 −6.91
IS credit score 65 42
96th		 34

Per share

MeasureOIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $1.41 $1.41
50th		 $0.78
Book value per share $42.31 $18.44
92nd		 $15.91
Tangible book per share $33.66 $18.64
75th		 $16.11
Revenue per share $6.35 $5.03
62nd		 $6.28
FCF per share $2.30 $1.77
62nd		 $1.49
Operating cash flow per share $4.46 $2.62
71st		 $1.95
Cash per share $0.59 $0.63
46th		 $0.95

Size (TTM)

MeasureOIndustry medianIndustry percentileSector median
Market cap $53.1B $4.9B
96th		 $2.5B
Revenue $5.9B $750.9M
96th		 $956.7M
EBITDA $4.4B $541.9M
96th		 $399.5M
Net income $1.3B $169.8M
96th		 $109.6M
Free cash flow $2.1B $237.8M
96th		 $157.8M
Total assets $76.4B $5.4B
100th		 $6.6B
Shareholders' equity $39.5B $2.4B
100th		 $1.8B
Employees 544 318
87th		 307

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-10Mclaughlin Gregory
Director
 Open-market sale 3,475$60.15$209,02234,732
2026-06-27Redington Neale
See Remarks
 Tax withholding 240$63.12$15,14923,618
2026-05-21Chapman A. Larry
Director
 Award / grant 3,214——12,103
2026-05-21Almodovar Priscilla
Director
 Award / grant 3,214——25,179
2026-05-21Jacobson Jeff A
Director
 Award / grant 3,214——14,846
2026-05-21Huskins Priya Cherian
Director
 Award / grant 3,214——54,246
2026-05-21Preusse Mary Hogan
Director
 Award / grant 3,214——22,425
2026-05-21Hourihan Kimberly
Director
 Award / grant 3,214——6,613
2026-05-21Gilyard Reginald Harold
Director
 Award / grant 3,214——10,847
2026-05-21Mclaughlin Gregory
Director
 Award / grant 3,214——38,207
2026-05-21Mckee Michael D
Director
 Award / grant 3,214——144,046
2026-05-21Lopez Gerardo I
Director
 Award / grant 3,214——34,846

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
AprMayJunSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1032,140—
Open-market saleDisposed13,475$209,022
Tax withholdingDisposed1240$15,149
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 2 notices · 10,675 shares · $662,987
FiledFilerShares proposedEst. proceeds
2026-04-02Michelle Bushore7,400$460,363
2026-04-01Mclaughlin Gregory3,275$202,624
2025-09-30Preusse Mary Hogan11,000$664,586
2024-12-03Mclaughlin Gregory1,250$70,212
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 9 trades (2 purchases) · Senate 4 (4 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-04Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-07-30Rich McCormickHouseSale$1,001 - $15,0002026-08-17
2026-07-30Rich McCormickHouseSale$1,001 - $15,0002026-08-17
2026-07-23Gary PetersSenatePurchase$1,001 - $15,0002026-08-07
2026-07-23Gary C. PetersSenatePurchase$1,001 - $15,0002026-08-07
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-21
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2026-01-29Ro KhannaHouseSale$1,001 - $15,0002026-02-10
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.112,931,238$7.0B11.94%
VANGUARD PORTFOLIO MANAGEMENT LLC83,115,805$5.1B8.78%
STATE STREET CORP65,929,425$4.1B6.97%
VANGUARD CAPITAL MANAGEMENT LLC60,848,009$3.8B6.43%
GEODE CAPITAL MANAGEMENT, LLC31,265,152$2.0B3.30%
BANK OF AMERICA CORP /DE/19,117,994$1.2B2.02%
DIMENSIONAL FUND ADVISORS LP13,479,666$835.2M1.42%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC13,068,849$809.7M1.38%
Sixth Street Partners Management Company, L.P.13,068,849$809.7M1.38%
NORGES BANK12,978,009$804.1M1.37%
RAYMOND JAMES FINANCIAL INC12,062,748$747.4M1.27%
GOLDMAN SACHS GROUP INC11,984,573$742.6M1.27%
PARNASSUS INVESTMENTS, LLC11,640,278$721.2M1.23%
Legal & General Group Plc10,383,053$643.3M1.10%
FMR LLC9,614,803$595.7M1.02%

Institutional ownership by quarter

2023-092026-0681.3%
% of shares held by 13F filers
2023-092026-061,469
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,46981.3%13866147796
2026-03-311,44876.2%18562145193
2025-12-311,37878.2%170593453106
2025-09-301,34176.0%15864537087
2025-06-301,29276.5%12064037993
2025-03-311,28275.2%138617382100
2024-12-311,27073.6%188484477140
2024-09-301,24574.7%15953340686
2024-06-301,18472.1%115546385111
2024-03-311,19673.3%15262929198
2023-12-311,15765.2%20646938399
2023-09-301,06561.5%108464386127

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%69,885,864
2026-04-29SCHEDULE 13GVanguard Portfolio Management8.7%81,345,118
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VGSLX2.85%$1.9B
VGSNX2.85%$1.9B
VNQ2.85%$1.9B
VITSX0.07%$1.6B
VSMPX0.07%$1.6B
VTSAX0.07%$1.6B

Share structure

Shares outstanding946,218,000
Float944,060,656
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$2.1B$3.3B$4.1B$5.3B$5.7B
Cost of revenue$133.6M$226.3M$317.0M$377.7M$586.4M
Gross profit$1.9B$3.1B$3.8B$4.9B$5.2B
R&D$0$0$0$0$0
SG&A$97.0M$138.5M$144.5M$176.9M$253.0M
Operating income$952.0M$1.3B$1.7B$2.3B$1.6B
EBITDA$1.8B$3.0B$3.6B$4.3B$3.6B
Pretax income$392.4M$917.6M$928.9M$933.9M$1.1B
Income tax$31.7M$45.2M$52.0M$66.6M$20.0M
Net income$359.5M$869.4M$872.3M$860.8M$1.1B
EPS, diluted$0.87$1.42$1.26$0.98$1.17
Diluted shares414.8M612.2M693.0M876.8M904.8M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$258.6M$171.1M$232.9M$445.0M$434.8M
Receivables$755.1M$1.5B$2.6B$3.4B$1.1B
Inventory$0$29.5M$31.5M$0$0
Total current assets$1.2B$1.8B$2.9B$4.0B$1.5B
PP&E, net$849.8M$1.1B$1.3B$1.3B$0
Goodwill & intangibles$9.0B$8.9B$8.7B$11.3B$5.0B
Total assets$43.1B$49.7B$57.8B$68.8B$72.8B
Accounts payable$0$0$0$0$0
Total current liabilities$2.2B$3.5B$1.9B$2.4B$2.9B
Long-term debt$13.9B$15.4B$20.8B$25.1B$27.8B
Total liabilities$18.0B$20.8B$24.7B$29.8B$32.7B
Shareholders' equity$25.1B$28.8B$33.1B$39.1B$40.1B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$360.7M$872.4M$872.3M$867.3M$1.1B
Depreciation & amortization$897.8M$1.7B$1.9B$2.4B$2.5B
Stock-based compensation$41.8M$21.6M$26.2M$57.5M$0
Change in working capital−$35.1M−$34.8M$174.0M$30.7M$77.8M
Operating cash flow$1.3B$2.6B$3.0B$3.6B$4.0B
Capital expenditure−$19.1M$0$0$0−$131.8M
Free cash flow$1.3B$2.6B$3.0B$3.6B$3.9B
Investing cash flow−$6.4B−$8.4B−$9.4B−$3.3B−$5.2B
Net debt issued / repaid$840.7M$2.9B$3.2B$1.2B$1.7B
Buybacks$0$0$0$0$0
Dividends paid−$1.2B−$1.8B−$2.1B−$2.7B−$2.9B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin93.6%93.2%92.2%92.8%89.8%
Operating margin45.7%39.1%42.2%43.9%28.3%
Net margin17.3%26.0%21.4%16.3%18.4%
FCF margin62.7%73.8%70.9%67.8%68.9%
ROE2.0%3.2%2.8%2.4%2.7%
ROIC2.1%2.6%3.0%3.3%2.2%
ROA1.1%1.9%1.6%1.4%1.5%
Debt / equity0.640.650.670.690.83
Interest coverage————5.6x
Current ratio0.520.511.531.680.51
Revenue growth+25.8%+61.0%+22.0%+29.2%+9.1%
EPS growth−45.1%+125.0%−12.3%−18.5%+19.6%
P/E at year end95.9x39.5x43.0x51.6x48.2x
EV / EBITDA at year end31.2x17.5x16.5x16.3x20.4x
FCF yield at year end3.78%7.19%7.71%8.05%7.77%
Dividend payout325.2%208.6%242.1%313.6%275.9%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Product And Service, Retail——$3.2B$4.0B$4.3B
UNITED STATES$1.9B$2.5B———
Product And Service, Industrial Segment——$559.1M$795.1M—
Other—$749.0M———
UNITED KINGDOM$135.0M$273.5M———

Revenue by region · FY2025

UNITED STATES$2.2B · 73%
UNITED KINGDOM$619.9M · 20%
Other Geographic Region$190.4M · 6%

Street estimates by fiscal year

Next report 2026-11-02 · consensus EPS $0.41 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$5.7B$5.6B – $5.7B$1.52$1.50 – $1.53836.9x
2027$6.0B$5.4B – $6.2B$1.67$1.66 – $1.69633.5x
2028$6.6B$5.8B – $7.0B$1.63$1.30 – $1.83634.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-05$0.40$0.37−7.0%$1.4B$1.4B+1.5%
2026-05-06$0.40$0.33−18.0%$1.4B$1.4B+3.3%
2026-02-24$0.38$0.32−16.6%$1.4B$1.4B+2.8%
2025-11-03$0.40$0.34−14.7%$1.4B$1.5B+5.5%
2025-08-04$0.40$0.22−45.3%$1.3B$1.4B+5.4%
2025-05-05$0.36$0.28−22.2%$1.3B$1.4B+4.9%
2025-02-24$0.38$0.23−39.5%$1.3B$1.3B+4.5%
2024-11-04$0.36$0.30−16.7%$1.3B$1.3B+5.4%
2024-08-05$0.36$0.29−19.4%$1.2B$1.3B+7.4%
2024-05-06$0.39$0.16−59.0%$1.3B$1.3B+0.4%
2024-02-20$0.32$0.30−6.3%$1.0B$1.1B+5.2%
2023-11-06$0.32$0.33+3.1%$1.0B$1.0B+3.8%
2023-08-02$0.34$0.29−14.7%$985.1M$1.0B+3.5%
2023-05-03$0.34$0.340.0%$907.7M$944.4M+4.0%
2023-02-21$0.32$0.36+12.5%$846.3M$888.6M+5.0%
2022-11-02$0.33$0.36+9.1%$817.5M$837.3M+2.4%
2022-08-03$0.38$0.37−2.6%$795.6M$810.4M+1.9%
2022-05-04$0.42$0.34−19.0%$754.8M$807.3M+7.0%
2022-02-22$0.37$0.01−97.3%$667.1M$681.5M+2.2%
2021-11-01$0.40$0.34−15.0%$469.8M$489.9M+4.3%
2021-08-02$0.37$0.33−10.8%$442.4M$463.3M+4.7%
2021-05-03$0.30$0.26−13.3%$422.2M$442.3M+4.7%
2021-02-22$0.34$0.33−2.9%$430.4M$418.1M−2.9%
2020-11-02$0.35$0.07−80.0%$2.0B$404.6M−80.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.306-220.206-290.207-060.307-130.207-200.307-270.308-030.208-100.208-170.208-240.308-31
Week ofNotionalSharesTrades
2026-08-31$256.1M4,166,97378,468
2026-08-24$208.9M3,343,47175,895
2026-08-17$213.8M3,406,64679,634
2026-08-10$220.7M3,543,51387,574
2026-08-03$288.7M4,599,06798,123
2026-07-27$251.6M3,867,39785,775

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1543.5%
DateShort shareShort volumeTotal volume
2026-10-1543.5%1,189,0132,735,475
2026-10-1446.2%1,131,7242,452,003
2026-10-1347.3%1,301,6522,753,275
2026-10-1232.1%744,8632,319,531
2026-10-0942.5%913,8702,150,199
2026-10-0842.2%1,245,3262,948,262
2026-10-0741.2%1,105,6252,686,558
2026-10-0643.5%958,1822,205,212
2026-10-0538.2%1,208,3783,162,275
2026-10-0241.3%1,322,3863,198,385
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+3.3Jan-0.3Feb+1.4Mar+2.7Apr-1.1May+0.4Jun+2.5Jul+1.8Aug-1.3Sep+0.9Oct+0.7Nov+3.6Dec
MonthAvg returnUp yearsYears
Jan+3.3%70%20
Feb−0.3%55%20
Mar+1.4%67%21
Apr+2.7%60%20
May−1.1%35%20
Jun+0.4%40%20
Jul+2.5%70%20
Aug+1.8%70%20
Sep−1.3%50%20
Oct+0.9%55%20
Nov+0.7%50%20
Dec+3.6%70%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1450.0
MFI63.7
ADX44.2
Stochastic %K / %D77.3 / 75.6
Williams %R-19.3
CCI103
TSI / signal-30.6 / -47.0
Chaikin money flow-0.02
ATR$0.90
Bollinger width6.2%
Volume vs 20-day avg0.57x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$54.82 (+2.3%)
SMA 50$58.59 (−4.3%)
SMA 200$61.55 (−8.9%)
EMA 21$55.59 (+0.9%)
EMA 50$57.74 (−2.9%)
EMA 200$60.09 (−6.7%)
Bollinger upper$56.51 (−0.8%)
Bollinger lower$53.14 (+5.5%)
Parabolic SAR$53.86 (+4.1%)
Open the live chart, 110+ indicators

About Realty Income Corporation

Known as "The Monthly Dividend Company," Realty Income is an S&P 500 corporation committed to delivering reliable monthly income to its shareholders. Operating as a Real Estate Investment Trust (REIT), its monthly payouts are generated from the consistent cash flow of over 6,500 commercial properties, which are leased to various businesses under long-term contracts. With a remarkable 52-year operational history, the firm (NYSE: O) has announced 608 uninterrupted monthly dividends for its common stock and has increased its dividend payout 109 times since going public in 1994. It also holds a distinguished position within the S&P 500 Dividend Aristocrats index. For additional details, please visit the company's official website at www.realtyincome.com.

https://www.realtyincome.com

Key executives

NameTitlePayBorn
Sumit RoyPresident, Chief Executive Officer & Director$7.1M1970
Neil AbrahamPresident of Realty Income International, Executive Vice President & Chief Strategy Officer$2.5M1972
Mark E. HaganExecutive Vice President & Chief Investment Officer$2.4M1968
Jonathan PongExecutive Vice President, Chief Financial Officer & Treasurer$1.9M—
Michelle BushoreExecutive Vice President, Chief Legal Officer, General Counsel & Secretary$1.8M1969
Andrea BehrDirector of Corporate Communications——
Gregory J. WhyteExecutive Vice President & Chief Operating Officer—1961
Neale W. RedingtonSenior Vice President & Chief Accounting Officer—1967

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Sumit Roy President, Chief Executive Officer2025$1.0M$9.1M$5.0M$16.3M
Neil M. Abraham Executive Vice President, Chief Strategy Officer and President, Realty Income International2025$675,000$2.9M$1.4M$5.3M
Mark E. Hagan Executive Vice President, Chief Investment Officer2025$675,000$2.8M$1.4M$5.3M
Michelle Bushore Executive Vice President, Chief Legal Officer, General Counsel and Secretary2025$600,000$2.1M$945,265$3.9M
Jonathan Pong Executive Vice President, Chief Financial Officer, and Treasurer2025$600,000$1.8M$1.2M$3.7M

Employees

0k20180k20190k20200k20210k20220k20230k20241k2025

Dividends

Ex-dateAmountPaid
2026-10-30$0.27152026-11-13
2026-09-30$0.27152026-10-15
2026-08-31$0.2712026-09-15
2026-07-31$0.2712026-08-14
2026-06-30$0.2712026-07-15
2026-05-29$0.27052026-06-15
2026-04-30$0.27052026-05-15
2026-03-31$0.27052026-04-15

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage51
Intangibles51
Switching costs48
Network effect45
Efficient scale75
Our component scores (0-100) and overall 53.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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