Latest Ratios: P/E Ratio -1.2x · EV/EBITDA 11.1x · ROE -20.0%. (2019–2025 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 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $165M | $127M | $207M | $323M | $484M | $1.1B | — | — |
| Enterprise Value | $625M | $587M | $703M | $777M | $1.0B | $1.8B | — | — |
| P/E Ratio → | -1.17 | — | — | — | — | — | — | — |
| P/S Ratio | 1.12 | 0.86 | 1.26 | 1.65 | 2.32 | 13.26 | — | — |
| P/B Ratio | 0.26 | 0.20 | 0.27 | 0.36 | 0.50 | 0.97 | — | — |
| P/FCF | — | — | 6.55 | 4.57 | 4.71 | 22.89 | — | — |
| P/OCF | 7.01 | 5.39 | 3.82 | 3.62 | 4.23 | 18.84 | — | — |
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 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.98 | 4.26 | 3.98 | 4.82 | 23.05 | — | — |
| EV / EBITDA | 11.05 | 10.38 | 8.82 | 6.73 | 7.67 | 29.41 | — | — |
| EV / EBIT | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | 22.18 | 11.00 | 9.78 | 39.79 | — | — |
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 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 56.1% | 56.1% | 60.5% | 68.8% | 70.4% | 83.2% | 89.2% | 89.0% |
| Operating Margin | -1.5% | -1.5% | -12.9% | 3.3% | -0.3% | 23.3% | 36.8% | 34.8% |
| Net Profit Margin | -94.4% | -94.4% | -62.5% | -29.4% | -46.8% | -59.6% | -3.6% | 28.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | -20.0% | -20.0% | -12.5% | -6.2% | -9.4% | -6.0% | -0.4% | 3.0% |
| ROA | -11.1% | -11.1% | -7.5% | -3.8% | -5.9% | -4.1% | -0.3% | 2.6% |
| ROIC | -0.1% | -0.1% | -1.2% | 0.3% | -0.0% | 1.2% | 2.6% | — |
| ROCE | -0.2% | -0.2% | -1.7% | 0.5% | -0.1% | 2.2% | 3.6% | 3.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.77 | 0.77 | 0.67 | 0.54 | 0.55 | 0.74 | 0.09 | 0.14 |
| Debt / EBITDA | 8.53 | 8.53 | 6.42 | 4.13 | 4.13 | 12.96 | 0.97 | 1.54 |
| Net Debt / Equity | — | 0.74 | 0.65 | 0.51 | 0.53 | 0.72 | 0.09 | 0.14 |
| Net Debt / EBITDA | 8.13 | 8.13 | 6.22 | 3.93 | 3.97 | 12.49 | 0.97 | 1.54 |
| Debt / FCF | — | — | 15.63 | 6.43 | 5.06 | 16.90 | 1.06 | 1.78 |
| Interest Coverage | -3.41 | -3.41 | -2.15 | -0.92 | -2.22 | -10.09 | 0.35 | 5.61 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.63 | 0.63 | 0.59 | 0.55 | 0.39 | 0.08 | 14.44 | 0.40 |
| Quick Ratio | 0.63 | 0.63 | 0.59 | 0.55 | 0.39 | 0.08 | 14.44 | 0.40 |
| Cash Ratio | 0.24 | 0.24 | 0.10 | 0.15 | 0.10 | 0.05 | — | — |
| Asset Turnover | — | 0.13 | 0.12 | 0.14 | 0.13 | 0.05 | 0.10 | 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 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.5% | 7.1% | 10.8% | 7.0% | 3.5% | 55.5% | — | — |
| Payout Ratio | — | — | — | — | — | — | — | 246.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | 15.3% | 21.9% | 21.2% | 4.4% | — | — |
| Buyback Yield | 0.3% | 0.4% | 0.1% | 1.6% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 5.8% | 7.5% | 10.9% | 8.6% | 3.5% | 55.5% | — | — |
| Shares Outstanding | — | $56M | $56M | $56M | $57M | $57M | $54M | $54M |
Binary single-tenant vacancy risk
According to recent market data, ONL trades at a P/B of 0.26, which, when combined with the absence of positive P/FFO or P/AFFO multiples, suggests that investors are pricing the company as a liquidating vehicle rather than a going concern with long-term growth prospects.
The deep discount to book value indicates that the market anticipates further asset impairments or fire-sale dispositions to satisfy debt obligations. Given the negative FFO and AFFO, traditional REIT valuation metrics are currently non-functional, signaling that the equity is essentially an option on the successful stabilization of the remaining suburban office portfolio.
As reported in quarterly financial statements, the company's NOI margin has compressed from 67.0% in 2023Q4 to 58.4% in 2026Q1, reflecting the rising costs of maintaining vacant suburban office space and the inability to offset these expenses through organic rental growth.
The contraction in property-level profitability suggests that the portfolio is struggling with the fixed-cost burden of its single-tenant assets. This trend implies that management's efforts to right-size the portfolio are being outpaced by the deterioration of the underlying asset base, further pressuring the company's ability to achieve positive operating margins.
Based on reported figures, the debt-to-equity ratio has steadily climbed from 0.54 in 2023Q4 to 0.81 in 2026Q1, highlighting a concerning trend where the company's equity base is eroding significantly faster than its ability to deleverage through asset sales.
The persistent negative interest coverage ratios, such as the -0.33 reported in 2026Q1, suggest that the company is currently unable to service its debt obligations from core operations. This vulnerability warrants close monitoring, as the lack of positive cash flow leaves the firm highly dependent on external liquidity to avoid a potential default scenario.
The most commonly misapplied metric for Orion Properties is the standard P/E ratio, which fails to account for the significant non-cash depreciation charges inherent in real estate accounting, thereby obscuring the company's true operational cash burn and distorting the perceived valuation.
Investors should instead focus on FFO and AFFO, which adjust for these non-cash items and provide a clearer picture of the cash available for distributions and capital reinvestment. Relying on P/E in this context is particularly misleading, as it ignores the capital-intensive nature of maintaining suburban office assets and the resulting impact on distributable cash flow.
Includes 30+ ratios · 7 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ONL stock.
Orion Properties Inc.'s current P/E ratio is -1.2x. This places it at the 50th percentile of its historical range.
Orion Properties Inc.'s current EV/EBITDA is 11.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.6x.
Orion Properties Inc.'s return on equity (ROE) is -20.0%. The historical average is -7.4%.
Based on historical data, Orion Properties Inc. 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.
Orion Properties Inc.'s current dividend yield is 5.48%.
Orion Properties Inc. has 56.1% gross margin and -1.5% operating margin.
Orion Properties Inc.'s Debt/EBITDA ratio is 8.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.