Orion Office REIT Inc. (ONL) AI Stock Analysis

Orion Office REIT Inc. focuses on owning, acquiring, and managing a diverse array of mission-critical and corporate headquarters office buildings located in top-tier suburban markets throughout the United States. The company's portfolio predominantly consists of properties leased under single-tenant net leases to creditworthy tenants. Led by an experienced industry team, the REIT applies an investment evaluation framework to guide strategic capital allocation across economic cycles. By focusing on suburban properties essential to tenant operations, the company aims to maintain resilient cash flows, support tenant satisfaction, and deliver long-term appreciation potential.

Orion Office REIT grew revenue from $79.7M in FY2021 to a peak of $208.1M in FY2022, but top-line performance has contracted annually since. Revenue fell 6.3% to $195.0M in FY2023, 15.5% to $164.9M in FY2024, and 10.4% to $147.6M in FY2025. Gross margin shrank from 83.2% in FY2021 to 56.1% in FY2025. Operating margin was -1.5% in FY2025, and net income ended at -$139.3M, representing a net margin of -94.4%. For the trailing twelve months, revenue was $131.6M with an operating margin of 9.9% and a profit margin of -71.3%. In the latest quarter ended June 30, 2026, quarterly revenue fell 7.4% year-over-year.

As of June 30, 2026, Orion Office REIT held $16.9M in cash and short-term investments against total debt of $451.2M, resulting in net debt of $434.4M. Shareholders' equity was $632.8M, total assets stood at $1.14B, the current ratio was 0.45, and the debt-to-equity ratio was 0.71. In FY2025, operating cash flow dropped to $23.6M while capital expenditures were $51.7M, creating free cash flow of -$28.1M. During FY2025, the company distributed $9.0M in dividends and allocated $569,000 to share buybacks.

Orion Office REIT trades at a price-to-sales multiple of 0.9x and a price-to-book ratio of 0.2x, compared to a median price-to-sales of 3.7x for its US-listed Real Estate peers. Its enterprise value to EBITDA ratio stands at 26.4x, above the peer group median of 14.7x, while its enterprise value is $558.4M. Over the past year, ONL shares returned -15.8%, lagging the S&P 500 (SPY) return of 16.8%. The stock traded at $2.06 as of October 16, 2026, which is 18.3% below its 200-day moving average.

Orion Office REIT provides an annual forward dividend of $0.08 per share, representing a dividend yield of 3.88%. The dividend is distributed on a quarterly schedule and has been paid for 5 consecutive years. The company's most recent ex-dividend date was September 30, 2026.

Wall Street analyst coverage includes 1 Strong Buy and 1 Hold rating. The mean price target is $3.50, representing an upside of 69.9% relative to the last close of $2.06. For the fiscal year ending December 31, 2026, analysts estimate EPS of $0.02 on revenue of $138.1M. Over the last four quarters, Orion Office REIT beat EPS estimates 3 times. The next earnings release date is November 5, 2026.

This page is an AI-written research summary of Orion Office REIT Inc. (ONL). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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