Net Lease Office Properties (NLOP) Financial Ratios
6 years of historical data (2020–2025) · Real Estate · REIT - Office
EV/EBITDA
↓
1.34
↓-75% vs avg
5yr avg: 5.28
30Y Low3.9·High6.6
P/FCF
↑
3.23
↓-44% vs avg
5yr avg: 5.77
30Y Low4.5·High6.4
P/B Ratio
↑
0.65
↓-21% vs avg
5yr avg: 0.82
30Y Low0.4·High1.3
ROE
↓
-32.9%
↑-172% vs avg
5yr avg: -12.1%
30Y Low-33%·High2%
Debt/EBITDA
↓
0.31
↓-85% vs avg
5yr avg: 2.05
30Y Low0.3·High4.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NLOP Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Net Lease Office Properties currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 3.2x P/FCF, 44% below the 5-year average of 5.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $194M | $382M | $462M | $270M | — | — | — |
| Enterprise Value | $97M | $285M | $606M | $796M | — | — | — |
| P/E Ratio → | -1.34 | — | — | — | — | — | — |
| P/S Ratio | 1.62 | 3.18 | 3.24 | 1.55 | — | — | — |
| P/B Ratio | 0.65 | 1.28 | 0.79 | 0.40 | — | — | — |
| P/FCF | 3.23 | 6.36 | 6.42 | 4.52 | — | — | — |
| P/OCF | 3.03 | 5.96 | 6.42 | 3.81 | — | — | — |
P/E links to full P/E history page with 30-year chart
NLOP EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Net Lease Office Properties's enterprise value stands at 1.3x EBITDA, 75% below its 5-year average of 5.3x. The Real Estate sector median is 16.8x, placing the stock at a 92% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.37 | 4.26 | 4.55 | — | — | — |
| EV / EBITDA | 1.34 | 3.94 | 5.35 | 6.55 | — | — | — |
| EV / EBIT | 2.74 | — | — | — | — | — | — |
| EV / FCF | — | 4.74 | 8.43 | 13.31 | — | — | — |
NLOP Profitability
Margins and return-on-capital ratios measuring operating efficiency
Net Lease Office Properties earns an operating margin of 29.4%, above the Real Estate sector average of 24.7%. Operating margins have expanded from 22.9% to 29.4% over the past 3 years, signaling improving operational efficiency. A negative ROE of -32.9% indicates the company is currently destroying shareholder equity. ROIC of 5.7% represents adequate returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 8.8% | 8.8% | 69.3% | 78.4% | 79.5% | 79.7% | 80.4% |
| Operating Margin | 29.4% | 29.4% | 24.2% | 22.9% | 27.6% | 33.1% | — |
| Net Profit Margin | -121.1% | -121.1% | -64.3% | -75.3% | 10.1% | 1.0% | 11.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| ROE | -32.9% | -32.9% | -14.4% | -14.7% | 1.5% | 0.1% | 1.5% |
| ROA | -23.1% | -23.1% | -8.7% | -9.5% | 1.2% | 0.1% | 1.0% |
| ROIC | 5.7% | 5.7% | 2.7% | 2.3% | 2.5% | 2.6% | — |
| ROCE | 6.5% | 6.5% | 3.6% | 3.0% | 3.2% | 3.4% | — |
NLOP Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Net Lease Office Properties carries a Debt/EBITDA ratio of 0.3x, which is very conservative (96% below the sector average of 7.7x). The company holds a net cash position — cash of $120M exceeds total debt of $22M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.07 | 0.29 | 0.80 | 0.25 | 0.15 | 0.50 |
| Debt / EBITDA | 0.31 | 0.31 | 1.50 | 4.46 | 2.57 | 1.40 | 4.84 |
| Net Debt / Equity | — | -0.33 | 0.25 | 0.77 | 0.25 | 0.14 | 0.49 |
| Net Debt / EBITDA | -1.35 | -1.35 | 1.27 | 4.33 | 2.53 | 1.37 | 4.78 |
| Debt / FCF | — | -1.62 | 2.01 | 8.79 | 3.47 | 2.11 | 7.52 |
| Interest Coverage | -10.39 | -10.39 | -0.38 | -2.08 | 1.61 | 0.98 | 1.52 |
Net cash position: cash ($120M) exceeds total debt ($22M)
NLOP Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Net Lease Office Properties's current ratio of 5.46x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 1.12x to 5.46x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 5.46 | 5.46 | 0.46 | 1.12 | 0.46 | 0.63 | 0.38 |
| Quick Ratio | 5.46 | 5.46 | 0.46 | 1.12 | 0.46 | 0.63 | 0.38 |
| Cash Ratio | 5.46 | 5.46 | 0.17 | 0.27 | 0.10 | 0.10 | 0.12 |
| Asset Turnover | — | 0.26 | 0.18 | 0.13 | 0.11 | 0.12 | 0.09 |
| Inventory Turnover | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — |
NLOP Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Net Lease Office Properties returns 54.9% to shareholders annually primarily through dividends.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Dividend Yield | 54.9% | 27.9% | 0.2% | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | 30.9% | 15.7% | 15.6% | 22.1% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 54.9% | 27.9% | 0.2% | 0.0% | — | — | — |
| Shares Outstanding | — | $15M | $15M | $15M | $14M | $14M | $14M |
Peer Comparison
Compare NLOP with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NLOPYou | $194M | -1.3 | 1.3 | 3.2 | 8.8% | 29.4% | -32.9% | 5.7% | 0.3 |
 WPC | $16B | 35.0 | 19.3 | 14.9 | 28.6% | 44.4% | 5.6% | 3.5% | 6.8 |
 NNN | $8B | 21.5 | 15.8 | 12.7 | 38.0% | 61.5% | 8.9% | 4.8% | 5.8 |
 EPRT | $7B | 24.6 | 18.0 | 17.9 | 84.0% | 64.5% | 6.5% | 4.4% | 4.9 |
 ADC | $9B | 43.1 | 20.3 | 18.2 | 87.7% | 47.4% | 3.5% | 2.8% | 5.4 |
 NTST | $2B | 254.5 | 12.3 | 15.5 | 99.9% | 25.7% | 0.5% | 2.1% | — |
 FCPT | $3B | 23.4 | 17.8 | 14.5 | 95.4% | 55.7% | 7.3% | 4.5% | 5.4 |
 BXP | $9B | 34.2 | 8.9 | 13.7 | 60.6% | 55.7% | 3.5% | 6.1% | 6.1 |
 HIW | $3B | 17.6 | 12.7 | 16.9 | 67.6% | 26.0% | 6.6% | 2.7% | 7.2 |
 PDM | $1B | -12.7 | 10.9 | — | -20.7% | 14.1% | -5.4% | 1.5% | 7.4 |
 DEA | $1B | 80.3 | 13.9 | 4.2 | -0.9% | 24.9% | 0.9% | 2.1% | 8.5 |
| Real Estate Median | — | 24.2 | 16.8 | 15.6 | 50.1% | 24.7% | 3.5% | 2.7% | 7.7 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 6 years · Updated daily
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Start ComparisonNLOP — Frequently Asked Questions
Quick answers to the most common questions about buying NLOP stock.
What is Net Lease Office Properties's P/E ratio?
Net Lease Office Properties's current P/E ratio is -1.3x. This places it at the 50th percentile of its historical range.
What is Net Lease Office Properties's EV/EBITDA?
Net Lease Office Properties's current EV/EBITDA is 1.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.3x.
What is Net Lease Office Properties's ROE?
Net Lease Office Properties's return on equity (ROE) is -32.9%. The historical average is -9.8%.
Is NLOP stock overvalued?
Based on historical data, Net Lease Office Properties is trading at a P/E of -1.3x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Net Lease Office Properties's dividend yield?
Net Lease Office Properties's current dividend yield is 54.94%.
What are Net Lease Office Properties's profit margins?
Net Lease Office Properties has 8.8% gross margin and 29.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Net Lease Office Properties have?
Net Lease Office Properties's Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.