Realty Income Corporation (O) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Retail
EV/EBITDA
↓
21.61
+12% vs avg
5yr avg: 19.33
30Y Low6.3·High24.5
P/FCF
↓
14.06
↓-11% vs avg
5yr avg: 15.72
30Y Low8.3·High27.7
P/B Ratio
↑
1.36
+10% vs avg
5yr avg: 1.24
30Y Low1.0·High2.3
ROE
↑
2.7%
↓+2% vs avg
5yr avg: 2.6%
30Y Low2%·High11%
Debt/EBITDA
↓
8.01
+16% vs avg
5yr avg: 6.93
30Y Low1.2·High8.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
O Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Realty Income Corporation trades at 51.5x earnings, 6% below its 5-year average of 55.0x, sitting at the 87th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 114%. On a free-cash-flow basis, the stock trades at 14.1x P/FCF, 11% below the 5-year average of 15.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $56.2B | $51.0B | $46.8B | $39.8B | $38.8B | $29.7B | $20.8B | $22.5B | $17.7B | $15.1B | $14.2B |
| Enterprise Value | $88.6B | $83.4B | $73.1B | $61.6B | $57.3B | $45.4B | $28.9B | $30.5B | $24.2B | $21.2B | $20.1B |
| P/E Ratio → | 51.49 | 48.18 | 54.50 | 45.57 | 44.67 | 82.29 | 52.81 | 51.67 | 48.45 | 50.20 | 49.26 |
| P/S Ratio | 9.77 | 8.87 | 8.88 | 9.76 | 11.61 | 14.27 | 12.62 | 15.15 | 13.33 | 12.44 | 12.90 |
| P/B Ratio | 1.36 | 1.27 | 1.20 | 1.20 | 1.35 | 1.18 | 1.89 | 2.30 | 2.18 | 2.05 | 2.10 |
| P/FCF | 14.06 | 12.77 | 13.57 | 13.77 | 15.73 | 22.79 | 18.79 | 21.56 | 19.34 | 17.58 | 18.00 |
| P/OCF | 14.06 | 12.77 | 13.11 | 13.45 | 15.15 | 22.46 | 18.64 | 21.09 | 18.81 | 17.27 | 17.70 |
P/E links to full P/E history page with 30-year chart
O EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Realty Income Corporation's enterprise value stands at 21.6x EBITDA, 12% above its 5-year average of 19.3x. The Real Estate sector median is 17.0x, placing the stock at a 27% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 14.51 | 13.88 | 15.09 | 17.12 | 21.81 | 17.55 | 20.51 | 18.22 | 17.47 | 18.19 |
| EV / EBITDA | 21.61 | 20.35 | 15.51 | 17.01 | 19.22 | 24.53 | 19.67 | 22.89 | 20.55 | 19.52 | 20.30 |
| EV / EBIT | 54.45 | 77.34 | 37.86 | 36.04 | 43.76 | 47.67 | 41.01 | 42.33 | 38.58 | 36.05 | 37.77 |
| EV / FCF | — | 20.88 | 21.19 | 21.30 | 23.20 | 34.83 | 26.12 | 29.19 | 26.43 | 24.68 | 25.38 |
O Profitability
Margins and return-on-capital ratios measuring operating efficiency
Realty Income Corporation earns an operating margin of 28.3%, above the Real Estate sector average of 24.8%. Operating margins have compressed from 42.2% to 28.3% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 2.7% is modest. ROIC of 1.8% represents below-average 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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 89.8% | 89.8% | 92.8% | 92.2% | 93.2% | 93.6% | 93.6% | 94.0% | 95.0% | 94.3% | 94.3% |
| Operating Margin | 28.3% | 28.3% | 44.0% | 42.2% | 39.1% | 45.8% | 48.1% | 49.7% | 48.0% | 48.5% | 48.8% |
| Net Profit Margin | 18.4% | 18.4% | 16.3% | 21.4% | 26.0% | 17.3% | 24.0% | 29.3% | 27.4% | 26.2% | 28.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 2.7% | 2.7% | 2.4% | 2.8% | 3.2% | 2.0% | 3.8% | 4.9% | 4.7% | 4.5% | 4.7% |
| ROA | 1.5% | 1.5% | 1.4% | 1.6% | 1.9% | 1.1% | 2.0% | 2.6% | 2.5% | 2.3% | 2.5% |
| ROIC | 1.8% | 1.8% | 2.9% | 2.5% | 2.2% | 2.4% | 3.2% | 3.4% | 3.4% | 3.4% | 3.4% |
| ROCE | 2.4% | 2.4% | 3.8% | 3.4% | 3.0% | 3.1% | 4.2% | 4.6% | 4.5% | 4.6% | 4.6% |
O Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Realty Income Corporation carries a Debt/EBITDA ratio of 8.0x, which is highly leveraged (roughly in line with the sector average of 7.9x). Net debt stands at $32.4B ($32.9B total debt minus $435M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.82 | 0.82 | 0.69 | 0.66 | 0.64 | 0.63 | 0.81 | 0.82 | 0.80 | 0.83 | 0.86 |
| Debt / EBITDA | 8.01 | 8.01 | 5.67 | 6.08 | 6.24 | 8.62 | 6.08 | 6.02 | 5.53 | 5.62 | 5.91 |
| Net Debt / Equity | — | 0.81 | 0.67 | 0.66 | 0.64 | 0.62 | 0.74 | 0.81 | 0.80 | 0.83 | 0.86 |
| Net Debt / EBITDA | 7.91 | 7.91 | 5.58 | 6.01 | 6.19 | 8.48 | 5.52 | 5.98 | 5.52 | 5.62 | 5.90 |
| Debt / FCF | — | 8.12 | 7.62 | 7.53 | 7.47 | 12.04 | 7.33 | 7.63 | 7.10 | 7.10 | 7.38 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
O Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.51x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 1.53x to 0.51x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.51 | 0.51 | 1.68 | 1.53 | 0.51 | 0.52 | 3.37 | 0.43 | 0.33 | 0.42 | 0.12 |
| Quick Ratio | 0.51 | 0.51 | 1.68 | 1.52 | 0.50 | 0.52 | 3.37 | 0.43 | 0.33 | 0.42 | 0.12 |
| Cash Ratio | 0.15 | 0.15 | 0.19 | 0.12 | 0.05 | 0.12 | 2.15 | 0.05 | 0.02 | 0.02 | 0.01 |
| Asset Turnover | — | 0.08 | 0.08 | 0.07 | 0.07 | 0.05 | 0.08 | 0.08 | 0.09 | 0.09 | 0.08 |
| Inventory Turnover | — | — | — | 10.07 | 7.66 | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
O Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Realty Income Corporation returns 5.4% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 275.9%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 1.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.4% | 5.7% | 5.8% | 5.3% | 4.7% | 3.9% | 4.6% | 3.8% | 4.3% | 4.6% | 4.5% |
| Payout Ratio | 275.9% | 275.9% | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.9% | 2.1% | 1.8% | 2.2% | 2.2% | 1.2% | 1.9% | 1.9% | 2.1% | 2.0% | 2.0% |
| FCF Yield | 7.1% | 7.8% | 7.4% | 7.3% | 6.4% | 4.4% | 5.3% | 4.6% | 5.2% | 5.7% | 5.6% |
| Buyback Yield | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 2.7% | 0.1% |
| Total Shareholder Yield | 5.4% | 5.7% | 6.1% | 5.3% | 4.7% | 3.9% | 4.6% | 3.9% | 4.3% | 7.3% | 4.5% |
| Shares Outstanding | — | $905M | $877M | $693M | $612M | $415M | $345M | $316M | $290M | $274M | $256M |
Peer Comparison
Compare O 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 |
|---|---|---|---|---|---|---|---|---|---|
 OYou | $56B | 51.5 | 21.6 | 14.1 | 89.8% | 28.3% | 2.7% | 1.8% | 8.0 |
 NNN | $9B | 21.7 | 16.0 | 12.8 | 38.0% | 61.5% | 8.9% | 4.8% | 5.8 |
 ADC | $9B | 41.4 | 19.7 | 17.5 | 87.7% | 47.4% | 3.5% | 2.8% | 5.4 |
 EPRT | $6B | 22.9 | 17.1 | 16.7 | 84.0% | 64.5% | 6.5% | 4.4% | 4.9 |
 GTY | $2B | 24.2 | 16.4 | 15.6 | 40.2% | 54.9% | 7.8% | 4.6% | 5.7 |
 NTST | $2B | 234.1 | 21.3 | 17.4 | 90.0% | 30.4% | 0.5% | 1.7% | 7.9 |
 SPG | $69B | 14.9 | 20.8 | 19.3 | 85.7% | 49.9% | 89.6% | 7.7% | 6.3 |
 KIM | $16B | 29.4 | 18.1 | 21.3 | 54.7% | 35.2% | 5.5% | 3.0% | 6.3 |
 REG | $14B | 27.3 | 20.3 | 35.7 | 44.7% | 37.0% | 7.5% | 3.5% | 6.1 |
 BRX | $9B | 24.7 | 16.3 | 14.5 | 75.2% | 36.7% | 12.9% | 4.6% | 6.4 |
 WPC | $16B | 33.8 | 18.8 | 14.3 | 28.6% | 44.4% | 5.6% | 3.5% | 6.8 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
Consensus-Based Analysis Tools
Full Stock Analysis
Deep dive into O consensus models and risk factors.
View Analysis
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
O — Frequently Asked Questions
Quick answers to the most common questions about buying O stock.
What is Realty Income Corporation's P/E ratio?
Realty Income Corporation's current P/E ratio is 51.5x. The historical average is 33.6x. This places it at the 87th percentile of its historical range.
What is Realty Income Corporation's EV/EBITDA?
Realty Income Corporation's current EV/EBITDA is 21.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.4x.
What is Realty Income Corporation's ROE?
Realty Income Corporation's return on equity (ROE) is 2.7%. The historical average is 6.9%.
Is O stock overvalued?
Based on historical data, Realty Income Corporation is trading at a P/E of 51.5x. This is at the 87th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Realty Income Corporation's dividend yield?
Realty Income Corporation's current dividend yield is 5.36% with a payout ratio of 275.9%.
What are Realty Income Corporation's profit margins?
Realty Income Corporation has 89.8% gross margin and 28.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Realty Income Corporation have?
Realty Income Corporation's Debt/EBITDA ratio is 8.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.