Latest Ratios: P/E Ratio -1.2x · EV/EBITDA 1.0x · ROE -32.9%. (2020–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Market Cap | $168M | $382M | $462M | $270M | — | — | — |
| Enterprise Value | $71M | $285M | $606M | $796M | — | — | — |
| P/E Ratio → | -1.16 | — | — | — | — | — | — |
| P/S Ratio | 1.42 | 3.21 | 3.24 | 1.55 | — | — | — |
| P/B Ratio | 0.57 | 1.28 | 0.79 | 0.40 | — | — | — |
| P/FCF | 2.80 | 6.36 | 6.42 | 4.52 | — | — | — |
| P/OCF | 2.62 | 5.96 | 6.42 | 3.81 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.39 | 4.26 | 4.55 | — | — | — |
| EV / EBITDA | 0.96 | 3.84 | 5.35 | 6.55 | — | — | — |
| EV / EBIT | 2.01 | — | — | — | — | — | — |
| EV / FCF | — | 4.74 | 8.43 | 13.31 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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 | 70.0% | 70.0% | 69.3% | 78.4% | 79.5% | 79.7% | 80.4% |
| Operating Margin | 29.7% | 29.7% | 24.2% | 22.9% | 27.6% | 33.1% | — |
| Net Profit Margin | -122.2% | -122.2% | -64.3% | -75.3% | 10.1% | 1.0% | 11.1% |
| 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% | — |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 0.30 | 0.30 | 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 | -1.31 | -1.31 | 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 | -10.38 | -10.38 | -0.38 | -2.08 | 1.61 | 0.98 | 1.52 |
Net cash position: cash ($120M) exceeds total debt ($22M)
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 63.4% | 27.9% | 0.2% | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — |
| FCF Yield | 35.7% | 15.7% | 15.6% | 22.1% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 63.4% | 27.9% | 0.2% | 0.0% | — | — | — |
| Shares Outstanding | — | $15M | $15M | $15M | $14M | $14M | $14M |
Asset Liquidation Execution Risk
As reported in financial statements, NLOP's P/B ratio of 0.57 suggests the market is pricing the entity as a liquidating trust rather than a going concern, with valuation metrics like P/FFO rendered largely irrelevant by the company's aggressive, non-recurring asset disposition strategy and resulting earnings volatility.
Investors should monitor the significant discount to book value, which appears to reflect the market's skepticism regarding the terminal value of the remaining office assets. The lack of a stable P/FFO multiple warrants further investigation into whether the current share price adequately captures the net cash proceeds expected from the final portfolio liquidation.
Based on reported figures, NOI margins have exhibited extreme volatility, swinging from a 92.7% peak in 2023Q4 to a negative 156.3% in 2025Q4, which suggests that non-recurring charges and asset-specific impairments are significantly distorting the underlying property-level profitability of the remaining portfolio.
The erratic margin profile appears to be a direct consequence of the company's mandate to shrink its footprint, where corporate-level costs and management fees fail to scale down in tandem with the asset base. This suggests that profitability metrics are currently poor indicators of operational efficiency and should be viewed through the lens of a wind-down vehicle.
According to recent SEC filings, NLOP has aggressively reduced its debt burden, with total debt falling from $542.0 million in 2023Q4 to zero by 2026Q1, signaling a successful execution of its mandate to prioritize capital return over the maintenance of a permanent real estate portfolio.
The elimination of debt obligations appears to have neutralized interest rate risk, providing a cleaner balance sheet for the final stages of the liquidation process. This shift suggests that the company is effectively transitioning from a leveraged REIT to a cash-heavy entity, which may reduce the urgency for fire-sale pricing on remaining assets.
As indicated by the company's unique mandate, the most commonly misapplied metric for NLOP is the Price-to-FFO multiple, which obscures the reality that the firm is a finite pool of assets rather than a sustainable, income-generating REIT with long-term growth prospects.
Applying a standard P/FFO multiple to NLOP is fundamentally misleading because it ignores the non-recurring nature of the earnings and the planned exhaustion of the asset base. Investors should instead focus on the Net Asset Value (NAV) and the projected net cash proceeds from asset sales, as these metrics better capture the true economic value of the liquidation strategy.
Includes 30+ ratios · 6 years · Updated daily
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Quick answers to the most common questions about buying NLOP stock.
Net Lease Office Properties's current P/E ratio is -1.2x. This places it at the 50th percentile of its historical range.
Net Lease Office Properties's current EV/EBITDA is 1.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.2x.
Net Lease Office Properties's return on equity (ROE) is -32.9%. The historical average is -9.8%.
Based on historical data, Net Lease Office Properties is trading at a P/E of -1.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Net Lease Office Properties's current dividend yield is 63.38%.
Net Lease Office Properties has 70.0% gross margin and 29.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Net Lease Office Properties's Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.