30 years of historical data (1996–2025) · Real Estate · REIT - Retail
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Realty Income Corporation trades at 57.3x earnings, roughly in line with its 5-year average of 55.0x, sitting at the 97th percentile of its historical range. Compared to the Real Estate sector median P/E of 23.4x, the stock trades at a premium of 145%. On a free-cash-flow basis, the stock trades at 15.7x P/FCF, roughly in line with the 5-year average of 15.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $62.6B | $51.0B | $46.8B | $39.8B | $38.8B | $29.7B | $20.8B | $22.5B | $17.7B | $15.1B | $14.2B |
| Enterprise Value | $62.1B | $50.6B | $73.1B | $61.6B | $57.3B | $45.4B | $28.9B | $30.5B | $24.2B | $21.2B | $20.1B |
| P/E Ratio → | 57.27 | 48.18 | 54.50 | 45.57 | 44.67 | 82.29 | 52.81 | 51.67 | 48.45 | 50.20 | 49.26 |
| P/S Ratio | 10.88 | 8.87 | 8.88 | 9.76 | 11.61 | 14.27 | 12.62 | 15.15 | 13.33 | 12.44 | 12.90 |
| P/B Ratio | 1.51 | 1.27 | 1.20 | 1.20 | 1.35 | 1.18 | 1.89 | 2.30 | 2.18 | 2.05 | 2.10 |
| P/FCF | 15.66 | 12.77 | 13.11 | 13.45 | 15.15 | 22.79 | 18.79 | 21.56 | 19.34 | 17.58 | 18.00 |
| P/OCF | 15.66 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
Realty Income Corporation's enterprise value stands at 15.2x EBITDA, 14% below its 5-year average of 17.7x. The Real Estate sector median is 13.6x, placing the stock at a 11% 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 | — | 8.80 | 13.88 | 15.09 | 17.12 | 21.81 | 17.55 | 20.51 | 18.22 | 17.47 | 18.19 |
| EV / EBITDA | 15.16 | 12.34 | 15.51 | 17.01 | 19.22 | 24.53 | 19.67 | 22.89 | 20.55 | 19.52 | 20.30 |
| EV / EBIT | 38.19 | 46.88 | 37.86 | 36.04 | 43.76 | 47.67 | 41.01 | 42.33 | 38.58 | 36.05 | 37.77 |
| EV / FCF | — | 12.66 | 20.47 | 20.80 | 22.33 | 34.83 | 26.12 | 29.19 | 26.43 | 24.68 | 25.38 |
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 22.0%. 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 2.3% represents below-average returns on invested capital.
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% |
| 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 | 2.3% | 2.3% | 2.9% | 2.5% | 2.2% | 2.4% | 3.2% | 3.4% | 3.4% | 3.4% | 3.4% |
| ROCE | 2.3% | 2.3% | 3.8% | 3.4% | 3.0% | 3.1% | 4.2% | 4.6% | 4.5% | 4.6% | 4.6% |
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $435M exceeds total debt of $0, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | 0.69 | 0.66 | 0.64 | 0.63 | 0.81 | 0.82 | 0.80 | 0.83 | 0.86 |
| Debt / EBITDA | — | — | 5.67 | 6.08 | 6.24 | 8.62 | 6.08 | 6.02 | 5.53 | 5.62 | 5.91 |
| Net Debt / Equity | — | -0.01 | 0.67 | 0.66 | 0.64 | 0.62 | 0.74 | 0.81 | 0.80 | 0.83 | 0.86 |
| Net Debt / EBITDA | -0.11 | -0.11 | 5.58 | 6.01 | 6.19 | 8.48 | 5.52 | 5.98 | 5.52 | 5.62 | 5.90 |
| Debt / FCF | — | -0.11 | 7.36 | 7.35 | 7.19 | 12.04 | 7.33 | 7.63 | 7.10 | 7.10 | 7.38 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($435M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
The current ratio has improved from 1.53x to 1.68x 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 | — | — | 1.68 | 1.53 | 0.51 | 0.52 | 3.37 | 0.43 | 0.33 | 0.42 | 0.12 |
| Quick Ratio | — | — | 1.68 | 1.52 | 0.50 | 0.52 | 3.37 | 0.43 | 0.33 | 0.42 | 0.12 |
| Cash Ratio | — | — | 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Realty Income Corporation does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 1.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | — | — | 5.7% | 5.3% | 4.7% | 3.9% | 4.6% | 3.8% | 4.3% | 4.6% | 4.3% |
| Payout Ratio | — | — | 312.7% | 242.1% | 208.6% | 325.2% | 243.8% | 195.2% | 209.4% | 216.2% | 193.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.7% | 2.1% | 1.8% | 2.2% | 2.2% | 1.2% | 1.9% | 1.9% | 2.1% | 2.0% | 2.0% |
| FCF Yield | 6.4% | 7.8% | 7.6% | 7.4% | 6.6% | 4.4% | 5.3% | 4.6% | 5.2% | 5.7% | 5.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 2.7% | 0.1% |
| Total Shareholder Yield | 0.0% | 0.0% | 5.7% | 5.3% | 4.7% | 3.9% | 4.6% | 3.9% | 4.3% | 7.3% | 4.4% |
| Shares Outstanding | — | $905M | $877M | $693M | $612M | $415M | $345M | $316M | $290M | $274M | $256M |
Compare O with 6 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| OYou | $63B | 57.3 | 15.2 | 15.7 | 89.8% | 28.3% | 2.7% | 2.3% | — |
| NNN | $9B | 21.9 | 10.0 | 12.9 | 96.0% | 63.6% | 8.9% | 6.7% | — |
| FCPT | $3B | 23.4 | 17.6 | 14.4 | 95.4% | 55.7% | 7.3% | 4.5% | 5.4 |
| GTY | $2B | 23.4 | 15.8 | 14.9 | 40.2% | 54.9% | 7.8% | 4.6% | 5.6 |
| NTST | $2B | 259.6 | 12.6 | 15.8 | 99.9% | 25.7% | 0.5% | 2.1% | — |
| PINE | $292M | -89.6 | 7.1 | 11.3 | 86.9% | 21.7% | -1.1% | 2.2% | — |
| ADC | $236M | 45.5 | 5.5 | 0.5 | 92.7% | 47.4% | 3.3% | 2.9% | 5.1 |
| Real Estate Median | — | 23.4 | 13.6 | 13.7 | 60.4% | 22.0% | 3.3% | 2.6% | 6.7 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
Realty Income Corporation's current P/E ratio is 57.3x. The historical average is 33.6x. This places it at the 97th percentile of its historical range.
Realty Income Corporation's current EV/EBITDA is 15.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.2x.
Realty Income Corporation's return on equity (ROE) is 2.7%. The historical average is 6.9%.
Based on historical data, Realty Income Corporation is trading at a P/E of 57.3x. This is at the 97th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Realty Income Corporation has 89.8% gross margin and 28.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.