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Realty Income Corp (O) stock analysis

ONYSEReal Estate Investment TrustsFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 3, 2026Score 11/3010% above fair value
$59.54+0.04 (+0.07%)

Close on Nov 10, 2026Market cap $56.34BP/E 41.1Yield 5.40%

StockData Score

Prices as of Nov 11, 2026How the score works

Value2Growth2Performance1Health2Dividend4

Mixed11 of 30 checks passed

Realty Income passes 11 of the 30 checks behind our score; 11 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
2/6
Growth
2/6
Past performance
1/6
Financial health
2/6
Dividend
4/6

What stands out

  • Low debt

    Debt is 3.8% of shareholders' equity, under the 40% we consider low.

  • Earnings grew over 5 years

    Net income grew 21.8% a year on average over the last five fiscal years.

  • Revenue growing 10%+ a year

    Revenue grew 19.8% a year over the last three fiscal years.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 277% of total debt.

What to watch

  • Margin of safety under 20%

    The price is 10.1% above fair value, so there is no margin of safety.

  • Trading above fair value

    The share price of $59.54 is above our fair value estimate of $54.09.

  • EPS growing under 10% a year

    Diluted EPS grew -6.3% a year over the last three fiscal years.

  • Elevated bankruptcy risk

    The Altman Z-score is 1.04; above 3 is the safe zone and below 1.8 the distress zone.

Valuation2/6

  • P/E below its 5-year median

    Realty Income's P/E of 41.1 is below its own 5-year median of 53.1.

  • P/E above the industry

    Realty Income's P/E of 41.1 is above the Miscellaneous Investing median of 26.3.

  • EV/EBITDA below its 5-year median

    Realty Income's EV/EBITDA of 14.8 is below its 5-year median of 15.0.

  • P/B above the industry

    Realty Income's price-to-book of 1.43 is above the Miscellaneous Investing median of 1.20.

  • Trading above fair value

    The share price of $59.54 is above our fair value estimate of $54.09.

  • Margin of safety under 20%

    The price is 10.1% above fair value, so there is no margin of safety.

Growth2/6

  • Revenue growing 10%+ a year

    Revenue grew 19.8% a year over the last three fiscal years.

  • EPS growing under 10% a year

    Diluted EPS grew -6.3% a year over the last three fiscal years.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing faster than the industry

    Revenue grew 10.8% over the last twelve months; the Miscellaneous Investing median is 4.6%.

  • Guidance lowered

    Realty Income lowered its 2026 Lease termination income outlook on Nov 2, 2026.

  • Gross margin trend

    This company does not report gross profit.

Past performance1/6

  • Return on equity

    Needs positive equity and five years of results.

  • Return on invested capital

    Needs operating income and invested capital.

  • Return on equity against the industry

    Needs positive equity.

  • Earnings grew over 5 years

    Net income grew 21.8% a year on average over the last five fiscal years.

  • Net margin against its history

    Needs five years of revenue and net income.

  • Net margin against the industry

    Needs revenue and net income.

Financial health2/6

  • Low debt

    Debt is 3.8% of shareholders' equity, under the 40% we consider low.

  • Debt rising against equity

    Debt to equity rose from 0.0% five years ago to 3.8%.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 277% of total debt.

  • Interest coverage

    Interest expense is not reported separately.

  • Short-term liquidity

    The balance sheet is not split into current and non-current items.

  • Elevated bankruptcy risk

    The Altman Z-score is 1.04; above 3 is the safe zone and below 1.8 the distress zone.

Dividend4/6

  • Pays a dividend

    Realty Income paid dividends worth 5.0% of the share price over the last twelve months.

  • Yield above Treasuries

    The 5.0% 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; Realty Income yields 5.0%.

  • Dividend not cut

    The dividend per share has not fallen by more than 10% in any of the last 9 fiscal years.

  • Earnings cover

    Needs dividends paid and net income.

  • Cash-flow cover

    Needs dividends paid and free cash flow.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$54.09

The share price is 10% above this estimate.

20%+ below
Near fair value
20%+ above
$59.54Price
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
P/E39.8×53.1×26.3×$57.7740%
EV/EBITDA12.2×15.0×9.5×$51.5835%
P/B1.3×1.4×1.2×$53.8810%
Earnings power7.4% cost of equity––$50.2515%
Fair value$54.09100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/E at month end
  • Own 5-year median 53.1
  • Miscellaneous Investing median 26.3

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

Low risk

Average value traded per day
$437.58M
Value traded per 1% price move
$494.61M

Downside

Low risk

Typical loss in a bad month
11.4%
Volatility (annualized)
17%
Sharpe ratio, 1 year
0.02
Beta to the S&P 500 (5Y)
0.40

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Net margin

18.4%−5.6 pts over 5 years

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