Net Lease Office Properties (NLOP) stock analysis
Close on Nov 12, 2026Market cap $141.77MP/E 7.8Yield 75.24%
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed11 of 30 checks passed
Net Lease Office Properties passes 11 of the 30 checks behind our score; 16 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 4/6
- Growth
- 0/6
- Past performance
- 3/6
- Financial health
- 1/6
- Dividend
- 3/6
What stands out
Margin of safety over 20%
The price is 70.4% below fair value, more than the 20% cushion we look for.
Trading below fair value
The share price of $9.53 is below our fair value estimate of $32.16.
Low bankruptcy risk
The Altman Z-score is 6.49; above 3 is the safe zone and below 1.8 the distress zone.
P/E below the industry
Net Lease Office Properties's P/E of 7.7 is below the Miscellaneous Investing median of 26.3.
What to watch
Return on equity under 15%
Return on equity was 6.1% over the last twelve months and averaged -15.3% over five years; we look for 15% on both.
Revenue growing under 10% a year
Revenue grew -8.7% a year over the last three fiscal years, short of the 10% we look for.
Growing slower than the industry
Revenue grew -55.1% over the last twelve months; the Miscellaneous Investing median is 4.6%.
Valuation4/6
P/E against its history
Not enough price and earnings history to compare.
P/E below the industry
Net Lease Office Properties's P/E of 7.7 is below the Miscellaneous Investing median of 26.3.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/B below the industry
Net Lease Office Properties's price-to-book of 0.87 is below the Miscellaneous Investing median of 1.20.
Trading below fair value
The share price of $9.53 is below our fair value estimate of $32.16.
Margin of safety over 20%
The price is 70.4% below fair value, more than the 20% cushion we look for.
Growth0/6
Revenue growing under 10% a year
Revenue grew -8.7% a year over the last three fiscal years, short of the 10% we look for.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew -55.1% over the last twelve months; the Miscellaneous Investing median is 4.6%.
Company guidance
No outlook found in earnings releases from the last twelve months.
Gross margin trend
This company does not report gross profit.
Past performance3/6
Return on equity under 15%
Return on equity was 6.1% over the last twelve months and averaged -15.3% over five years; we look for 15% on both.
Return on invested capital
Needs operating income and invested capital.
Return on equity above the industry
Net Lease Office Properties's return on equity of 6.1% is above the Miscellaneous Investing median of 3.1%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 34.8% over the last twelve months, against a 5-year average of -50.1%.
Net margin above the industry
Net Lease Office Properties's net margin of 34.8% is above the Miscellaneous Investing median of 10.3%.
Financial health1/6
Debt level
Needs debt and equity figures.
Debt trend
Needs a balance sheet from five years ago with positive equity.
Debt coverage
Needs operating cash flow.
Interest coverage
Interest expense is not reported separately.
Short-term liquidity
The balance sheet is not split into current and non-current items.
Low bankruptcy risk
The Altman Z-score is 6.49; above 3 is the safe zone and below 1.8 the distress zone.
Dividend3/6
Pays a dividend
Net Lease Office Properties paid dividends worth 202% of the share price over the last twelve months.
Yield above Treasuries
The 202% yield is above the 4.4% on a 1-year Treasury.
Yield in the top quarter
The top quarter of US dividend payers yield 3.8% or more; Net Lease Office Properties yields 202%.
Dividend stability
Fewer than five years of dividend history.
Earnings cover
Needs dividends paid and net income.
Cash-flow cover
Needs dividends paid and free cash flow.
Fair value
How we estimate itOur estimate per share
$32.16
The share price is 70% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 26.3× | – | 26.3× | $32.39 | 40% |
| EV/EBITDA | 9.5× | – | 9.5× | $24.48 | 35% |
| P/B | 1.1× | 0.8× | 1.2× | $11.73 | 10% |
| Earnings power | 7.4% cost of equity | – | – | $63.09 | 15% |
| Fair value | $32.16 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/B at month end
- Own 5-year median 0.8
- Miscellaneous Investing median 1.2
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
High risk
- Average value traded per day
- $1.58M
- Value traded per 1% price move
- $1.50M
Downside
High risk
- Typical loss in a bad month
- 29.9%
- Volatility (annualized)
- 54%
- Sharpe ratio, 1 year
- -1.36
- Beta to the S&P 500 (5Y)
- 0.06
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2020 to 2025
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -16.4% | -8.7% | – | – | |
| Dividend per share | +2017.6% | – | – | – |
Returns and balance sheet
6 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2020 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | -33.2% | |
| Return on assets | – | – | -23.1% | |
| Diluted shares | – | – | 15M |
Cash use needs five years of cash flow figures
Net Lease Office Properties does not report operating cash flow and capital expenditure for each of the last five fiscal years.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -122.2% | 0.19× | 1.44× | -33.2% |
| FY2024 | -64.3% | 0.13× | 1.68× | -14.5% |
| FY2023 | -75.3% | 0.13× | 1.55× | -14.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero-$145.26M
- Cash generatingOperating cash flow above zero$64.11M
- Return on assets improvedROA up on the prior year-7.0% → -18.0%
- Earnings backed by cashOperating cash flow above net income$64.11M vs -$145.26M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise15M → 15M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.11 → 0.15
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