Realty Income Corporation
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.
Why this colour
Green rates the company, not the share price. The substance is documented: 98.8 percent occupancy, broad diversification across 1,798 clients, AFFO that exceeded dividends paid by 27 to 34 percent in every year since 2021, interest coverage of about 4.4 times and an A rating. The weaknesses in this analysis — dilution, small dividend steps, the new lending business — affect growth per share, not the survival of the company. Whether about twelve times AFFO is enough for so little growth is a question of price. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Realty Income is a broadly diversified, fully leased net lease landlord with an A rating and a monthly dividend that has arrived on time for decades. On the other side: growth largely paid for with new shares, dividend increases in the tenth-of-a-percent range, a fast-growing lending business and pricier refinancing. Not investment advice.
Portfolio and tenants
15,588 properties, 1,798 clients, 98.8% occupancy, re-leasing 2.7% above prior rent (06/30/2026); but 52.0% of rent from retailers without an investment-grade rating.
Dividend
673 consecutive monthly dividends (08/05/2026), payout at about 75% of AFFO (2025); recent increases only $0.0005 per month per quarter.
Growth per share
Revenue 2021–2025 up 176%, share count up 120%, AFFO per share up only 19% ($3.59 → $4.28); 22.5 million forward shares outstanding (08/05/2026).
Balance sheet and credit
Fitch rating A (08/03/2026), net debt/EBITDAre 5.4x, interest coverage about 4.4x (our calculation, Q2 2026), $3.5 billion of available liquidity.
Lending business
Loan book up from $1.68 billion to $3.30 billion in six months, of which $1.24 billion unsecured/mezzanine (carrying values); credit loss provisions of $46.4 million in H1 2026 (prior year $20.3 million).
Refinancing
$2.39 billion (2026) and $2.90 billion (2027) of fixed-rate debt at 4.09% and 2.80% maturing; new 2033 dollar notes yield 5.047%; Q2 2026 interest expense up 10.0%.
Worth Noting
Version of October 4, 2026, based on the 10-K annual reports for 2021 through 2025, the 10-Q for the period ended June 30, 2026 (latest periodic report, filed August 6, 2026), the earnings release and supplemental of August 5, 2026, and the Forms 8-K of August 11, August 12, August 14 and August 25, 2026. The hook was the wallstreet-online ranking (as of October 4, 2026), not a hit in our fundamentals screens.
FFO and AFFO are company-defined metrics, not U.S. GAAP measures. Index values (2021 = 100), price-to-AFFO, dividend yield, interest coverage and the simplified spread math on new shares are our own calculations. The multi-year share count is the weighted average diluted figure from the annual reports.
The price anchor is the $54.13 close on October 2, 2026 (source: fundamental data). Cross-check of market value against the filing price of $61.89 (8-K, August 11, 2026): $58.6 billion versus $51.2 billion; the gap matches the share price decline through early October 2026.
Stock Watch
This analysis is as of October 4, 2026. Stock Watch will tell you what's changed at O since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 53.40 $ to 67.60 $ · Last price: 57.60 $ (As of: November 2, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 10/31/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: REIT - Retail
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Realty Income Corporation O | 53.1 | 49.4 | 16.5 | 92.7 | 45.5 | 9.1 | 4.2 |
| Simon Property Group Inc SPG | 84.2 | 15.8 | 11.9 | 81.4 | 43.4 | 6.7 | 31.4 |
| Kimco Realty Corporation KIM | 16.4 | 29.9 | 16.5 | 68.9 | 34.4 | 5.1 | 22.4 |
| Regency Centers Corporation REG | 14.1 | 27.2 | 15.8 | 71.5 | 40.7 | 3.4 | 14.1 |
| Federal Realty Investment Trust FRT | 9.8 | 19.8 | 13.9 | 68.1 | 34.1 | 6.4 | 20.7 |
| Brixmor Property BRX | 9.0 | 21.4 | 12.6 | 75.3 | 37.8 | 6.7 | 18.1 |
| Agree Realty Corporation ADC | 8.2 | 39.5 | 17.8 | 87.6 | 48.7 | 16.4 | -2.1 |
| NNN REIT, Inc. NNN | 7.8 | 21.0 | 14.9 | 96.1 | 60.6 | 6.6 | 9.0 |
| Macerich Company MAC | 7.6 | – | 25.3 | 54.9 | 9.1 | 10.6 | 49.5 |
| Median of companies shown | 9.8 | 24.3 | 15.8 | 75.3 | 40.7 | 6.7 | 18.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 1,103 | 538 | 316 | 1.23 | 804 | 6,767 | 13,153 |
| 2017 | 1,216 | 589 | 319 | 1.16 | 876 | 7,372 | 14,058 |
| 2018 | 1,328 | 638 | 364 | 1.25 | 941 | 8,089 | 15,260 |
| 2019 | 1,488 | 739 | 436 | 1.38 | 1,069 | 9,774 | 18,555 |
| 2020 | 1,647 | 792 | 395 | 1.15 | 1,116 | 11,018 | 20,740 |
| 2021 | 2,080 | 952 | 359 | 0.87 | 1,322 | 25,053 | 43,138 |
| 2022 | 3,344 | 1,309 | 869 | 1.42 | 2,564 | 28,713 | 49,673 |
| 2023 | 4,079 | 1,722 | 872 | 1.26 | 2,959 | 33,107 | 57,779 |
| 2024 | 5,271 | 2,321 | 861 | 0.98 | 3,573 | 38,841 | 68,835 |
| 2025 | 5,749 | 1,627 | 1,059 | 1.17 | 3,995 | 39,439 | 72,796 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.23 | -24.50 | 1,340 | 24.50 | 14.90 | 972 | 936 |
| 2025: Q1 | 0.28 | 76.80 | 1,381 | 9.50 | 18.10 | 788 | 788 |
| 2025: Q2 | 0.22 | -26.90 | 1,410 | 5.30 | 14.00 | 1,061 | 1,061 |
| 2025: Q3 | 0.35 | 11.70 | 1,471 | 10.50 | 21.50 | 943 | 943 |
| 2025: Q4 | 0.33 | 44.20 | 1,488 | 11.00 | 19.90 | 1,203 | 1,203 |
| 2026: Q1 | 0.34 | 23.10 | 1,549 | 12.20 | 20.10 | 875 | 848 |
| 2026: Q2 | 0.37 | 68.20 | 1,548 | 9.70 | 23.90 | 1,145 | 1,145 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Best Hits
Aktien.Guide
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.51 | 1.41 – 1.64 | 5,782 | 36.7% | 9 |
| 12/31/2027 | 1.55 | 1.22 – 1.76 | 6,097 | -4.3% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 10.4% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $2.18B |
|---|---|
| Market cap | $53.11B |
| Free cash flow in year ten | $5.86B |
| Terminal value as a share of market value | 58.1% |
For comparison: over the past five years free cash flow grew by 29.1% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Realty Income setzt laut Geschäftsbericht (10-K) 2025 maschinelles Lernen operativ ein: Eine eigene Plattform für „predictive analytics“ mit Modellen, die auf den Finanz- und Mietdaten von mehr als 15.500 Immobilien trainiert sind, steuert Ankauf, Portfoliopflege und Verkaufsentscheidungen; gebaut und betreut wird sie von eigenen Teams für Datenwissenschaft und Machine-Learning-Entwicklung. Eine KI-Umsatzquelle gibt es nicht — der Konzern verdient an Mieten und Zinsen. Auch die drei Rechenzentren (25,0 Mio. US-Dollar Jahresmiete zum 30.06.2026), das Gemeinschaftsunternehmen für Hyperscale-Rechenzentren und Kredite zur Finanzierung von Rechenzentren sind Immobilien- und Kreditgeschäft, kein Verkauf von KI-Produkten. KI erscheint in den Risikofaktoren nur als Werkzeug von Cyber-Angreifern (Boilerplate), nicht als Bedrohung des Geschäftsmodells. Nach der Vorrang-Regel lautet die Einstufung „nutzt“.
View the full file — quotes, sources, reviewed filings
„Our predictive analytics platform uses machine learning models trained on proprietary financial and leasing data across more than 15,500 properties, combined with millions of external data points stored in our data warehouse."
Unsere Plattform für vorausschauende Datenanalyse nutzt Machine-Learning-Modelle, die mit eigenen Finanz- und Mietdaten von mehr als 15.500 Immobilien trainiert wurden, kombiniert mit Millionen externer Datenpunkte aus unserem Data Warehouse.
10-K · 2026-02-25 · View SEC filing
„These tools are built and supported by dedicated data science, machine learning engineering, and business analysis teams, enabling us to convert large volumes of data into actionable insights."
Diese Werkzeuge werden von eigenen Teams für Datenwissenschaft, Machine-Learning-Entwicklung und Geschäftsanalyse gebaut und betreut, sodass wir große Datenmengen in umsetzbare Erkenntnisse verwandeln können.
10-K · 2026-02-25 · View SEC filing
Filings Reviewed: 10-Q 2026-08-06 · 10-Q 2026-05-07 · 10-Q 2025-11-04 · 10-Q 2025-08-07 · 10-K 2026-02-25 · 10-K 2025-02-25
Rated on October 4, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 19.8%
- More than 10% revenue growth is expected for the coming year 6.2%
- Share count grows by less than 3% a year 13.9%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 76.3%
- Gross margin at 40% or higher and without meaningful erosion 89.8%
- Goodwill from acquisitions does not grow faster than revenue 6.8%
- Net debt below twice EBITDA 9.0 x EBITDA
- Operating cash flow covers the profits of the last three years 7,735 m
- Return on capital at 15% or higher, or up versus two years ago 2.3%
- Insiders hold at least 10% or are net buyers 0.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 20.1%
- Exp. sales growth 3Y > 5% 3.0%
- EBIT growth 10Y > 5% 13.1%
- Exp. EBIT growth 3Y > 5% 15.2%
- Net debt < 4x EBIT 19.9x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 29.9%
- Return on equity > 15% 3.1%
- ROCE > 15% 2.3%
- Expected return > 10% 23.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | McLaughlin Gregory | Director | Sell | 3,475 | 60.15 | 209,022 |
The company
About the Company
Realty Income Corporation ist ein S&P-500-Unternehmen und Immobilienpartner für weltweit führende Unternehmen. Es betreut seine Kunden als Full-Service-Anbieter von Immobilienkapital.
- Employees
- 544
- Headquarters
- San Diego, CA
- Address
- 11995 El Camino Real, 92130 San Diego, United States
- Phone
- (858) 284-5000
- Website
- realtyincome.com
- IPO Date
- 10/18/1994
- ISIN
- US7561091049
- Stock Split
- 1032:1000 on 11/15/2021
- Stock Split
- 2:1 on 01/03/2005
Management
| Name | Title | Birth Year |
|---|---|---|
| Sumit Roy | President, CEO & Director | 1970 |
| Jonathan Pong C.F.A., CPA | Executive VP, CFO & Treasurer | – |
| Mark E. Hagan J.D. | Executive VP & Chief Investment Officer | 1968 |
| Neil M. Abraham | President of Realty Income International, Executive VP & Chief Strategy Officer | 1972 |
| Gregory J. Whyte | Executive VP & COO | 1961 |
| Neale W. Redington CPA | Senior VP & Chief Accounting Officer | 1967 |
| Alexander John Waters | Vice President of Investor Relations | – |
| Andrea Behr | Director of Corporate Communications | – |
| Shannon Kehle | Executive VP & Chief People Officer | 1974 |
| Ross Edwards | Senior Vice President of Asset Management | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 11/02/2026 REALTY INCOME CORP (O): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/25/2026 REALTY INCOME CORP (O): Other Events; Financial Statements and Exhibits SEC ↗
- 08/14/2026 REALTY INCOME CORP (O): Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Unregistered Sales of Equity Securities; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/12/2026 REALTY INCOME CORP (O): Other Events; Financial Statements and Exhibits SEC ↗
- 08/11/2026 REALTY INCOME CORP (O): Other Events; Financial Statements and Exhibits SEC ↗
- 08/05/2026 REALTY INCOME CORP (O): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/13/2026 REALTY INCOME CORP (O): Entry into a Material Definitive Agreement; Termination of a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Other Events; Financial Statements and Exhibits SEC ↗
- 07/07/2026 REALTY INCOME CORP (O): Other Events; Financial Statements and Exhibits SEC ↗
Data as of: November 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.