Orion Office REIT Inc. (ONL) Balance Sheet
ONL balance sheet, 2025
December 31, 2025 · U.S. dollars$1.17B assets = $546.0M liabilities + $624.5M equity
Both columns are drawn to the same scale: what ONL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ONL financial health
Descriptive bands, not a rating. Fiscal 2025.
ONL balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $592.2M2019 | $1.17B2025 | +12.0%/yr | |
| Total liabilities | $84.2M2019 | $546.0M2025 | +36.6%/yr | |
| Shareholders’ equity | $508.0M2019 | $623.2M2025 | +3.5%/yr | |
| Cash & short-term investments | $02020 | $22.4M2025 | — | |
| Total debt | $102.1M2019 | $482.4M2025 | +29.5%/yr | |
| Net cash (debt) | −$102.1M2019 | −$460.0M2025 | −$357.9M | |
| Working capital | $8.2M2019 | −$34.3M2025 | −$42.6M | |
| Book value per share | $9.382019 | $11.082025 | +2.8%/yr | |
| Current ratio | 9.952019 | 0.632025 | −9.33 | |
| Debt / equity | 0.202019 | 0.772025 | +0.57 | |
| Shares outstanding | 54.2M2019 | 56.2M2025 | +0.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ONL assets
ONL liabilities and equity
ONL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ONL balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $22.4M | $15.6M | $22.5M | $20.6M | $29.3M | $0 | — |
| Cash & equivalents | $22.4M | $15.6M | $22.5M | $20.6M | $29.3M | $0 | — |
| Short-term investments | — | — | — | $14 | $299,000 | — | — |
| Receivables | $35.3M | $22.8M | $24.7M | $21.6M | $17.9M | $8.1M | $9.2M |
| Inventory | $0 | $0 | −$1.3M | $2.5M | −$298,999 | $0 | $0 |
| Other current assets | $0 | $53.4M | $37.4M | $36.0M | $298,999 | $4.2M | $0 |
| Total current assets | $57.7M | $91.8M | $83.2M | $80.8M | $47.2M | $12.2M | $9.2M |
| Property, plant & equipment (net) | $21.3M | $22.2M | $26.6M | $26.4M | $298.1M | $7.6M | $541.8M |
| Goodwill & intangible assets | $75.9M | $95.9M | $126.4M | $202.8M | $298.1M | $28.7M | $37.4M |
| Long-term investments | $0 | $11.8M | $13.5M | $2.5M | $18.6M | $0 | $0 |
| Other non-current assets | $1.02B | $1.11B | $1.17B | $1.26B | $1.10B | $497.9M | $3.9M |
| Total assets | $1.17B | $1.34B | $1.42B | $1.57B | $1.76B | $546.4M | $592.2M |
| Liabilities | |||||||
| Accounts payable | $2.8M | $1.2M | $1.6M | $1.8M | $1.8M | $12,000 | $921,000 |
| Short-term debt | $92.0M | $119.0M | $116.0M | $173.8M | $616.8M | $0 | $32.0M |
| Deferred revenue | — | — | — | — | — | — | −$32.0M |
| Total current liabilities | $92.0M | $156.2M | $152.1M | $205.6M | $634.2M | $848,000 | $921,000 |
| Long-term debt | $464.0M | $490.2M | $468.9M | $352.2M | $616.8M | $37.1M | $70.1M |
| Lease obligations | — | $20.6M | $8.1M | $14.1M | $20.6M | $7.2M | $8.9M |
| Other long-term liabilities | $0 | $0 | $0 | $37.4M | $0 | $11.4M | $13.1M |
| Total liabilities | $546.0M | $571.2M | $536.9M | $595.2M | $671.2M | $49.3M | $84.2M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $56,000 | $56,000 | $56,000 | $57,000 | $57,000 | $497.1M | $508.0M |
| Retained earnings (deficit) | −$528.5M | −$384.3M | −$258.8M | −$178.9M | −$58.7M | $0 | — |
| Accumulated other comprehensive income | −$5,000 | −$15,000 | −$264,000 | $6.3M | $299,000 | — | — |
| Minority interest | $1.3M | $1.3M | $1.4M | $1.4M | $1.4M | — | — |
| Total shareholders' equity | $623.2M | $763.9M | $885.6M | $974.5M | $1.09B | $497.1M | $508.0M |
| Key figures | |||||||
| Total debt | $482.4M | $510.8M | $476.9M | $540.0M | $637.5M | $44.3M | $102.1M |
| Net cash (debt) | −$460.0M | −$495.2M | −$454.5M | −$519.4M | −$608.1M | −$44.3M | −$102.1M |
| Working capital | −$34.3M | −$64.4M | −$68.9M | −$124.9M | −$587.0M | $11.4M | $8.2M |
| Tangible book value | $547.3M | $668.0M | $759.3M | $771.6M | $790.2M | $468.4M | $470.6M |
| Book value per share | $11.08 | $13.67 | $15.70 | $17.21 | $19.22 | $9.18 | $9.38 |
| Shares outstanding | 56.2M | 55.9M | 56.4M | 56.6M | 56.6M | 54.2M | 54.2M |
| Current ratio | 0.63 | 0.59 | 0.55 | 0.39 | 0.07 | 14.44 | 9.95 |
| Quick ratio | 0.63 | 0.25 | 0.31 | 0.21 | 0.07 | 9.53 | 9.95 |
| Debt / equity | 0.77 | 0.67 | 0.54 | 0.55 | 0.59 | 0.09 | 0.20 |
| Equity / assets | 53.2% | 57.2% | 62.2% | 62.0% | 61.9% | 91.0% | 85.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $16.9M | $10.3M | $22.4M | $32.6M | $17.4M | $9.4M | $15.6M | $16.6M | $24.2M | $23.6M | $22.5M | $32.3M |
| Cash & equivalents | $16.9M | $10.3M | $22.4M | $32.6M | $17.4M | $9.4M | $15.6M | $16.6M | $24.2M | $23.6M | $22.5M | $32.3M |
| Short-term investments | — | — | — | — | — | — | — | — | $1.27B | — | — | $1.32B |
| Receivables | $41.1M | $47.6M | $35.3M | $32.6M | $27.0M | $24.1M | $22.8M | $24.1M | $23.1M | $24.9M | $24.7M | $26.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$986,000 |
| Other current assets | $0 | $53.9M | $53.6M | $48.5M | $38.9M | $58.6M | $53.4M | $38.3M | $37.3M | $39.2M | $36.0M | $74.9M |
| Total current assets | $58.0M | $111.8M | $111.3M | $113.8M | $83.3M | $92.1M | $91.8M | $79.0M | $84.7M | $87.7M | $83.2M | $133.1M |
| Property, plant & equipment (net) | $19.5M | $23.7M | $21.3M | $21.5M | $21.7M | $22.0M | $22.2M | $22.4M | $22.7M | $22.9M | $26.6M | $25.6M |
| Goodwill & intangible assets | $77.9M | $81.7M | $75.9M | $80.1M | $85.3M | $89.5M | $95.9M | $101.5M | $98.0M | $110.1M | $126.4M | $144.3M |
| Long-term investments | $0 | $0 | $0 | $11.0M | $11.3M | $11.6M | $11.8M | $12.1M | $12.4M | $13.0M | $13.5M | $14.1M |
| Other non-current assets | $984.7M | $971.1M | $962.0M | $996.4M | $1.09B | $1.11B | $1.11B | $1.15B | $1.12B | $1.15B | $1.17B | $1.19B |
| Total assets | $1.14B | $1.19B | $1.17B | $1.22B | $1.29B | $1.33B | $1.34B | $1.37B | $1.34B | $1.39B | $1.42B | $1.50B |
| Liabilities | ||||||||||||
| Accounts payable | $3.2M | $3.0M | $2.8M | $1.9M | $1.7M | $1.8M | $1.2M | $1.1M | $1.6M | $2.2M | $1.6M | $1.6M |
| Short-term debt | $102.0M | $127.0M | $92.0M | $110.0M | $110.0M | $132.0M | $119.0M | $130.0M | $107.0M | $116.0M | $116.0M | $175.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | −$876,000 | — | — |
| Total current liabilities | $128.6M | $163.5M | $133.4M | $151.4M | $147.2M | $161.0M | $156.2M | $167.8M | $139.5M | $145.3M | $152.1M | $211.1M |
| Long-term debt | $331.8M | $366.9M | $464.0M | $481.8M | $481.6M | $503.4M | $490.2M | $483.4M | $353.2M | $353.0M | $352.9M | $352.7M |
| Lease obligations | — | — | — | $19.0M | $19.5M | $20.0M | $20.6M | $21.3M | $5.5M | $6.8M | $8.1M | $9.5M |
| Other long-term liabilities | $174.2M | $48.1M | $0 | $0 | $0 | $0 | $0 | $0 | $29.6M | $31.2M | $32.0M | $31.3M |
| Total liabilities | $506.0M | $578.5M | $546.0M | $562.7M | $558.9M | $573.1M | $571.2M | $566.5M | $522.4M | $529.6M | $536.9M | $595.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $57,000 | $57,000 | $56,000 | $56,000 | $56,000 | $56,000 | $56,000 | $56,000 | $56,000 | $56,000 | $56,000 | $56,000 |
| Retained earnings (deficit) | −$520.0M | −$543.4M | −$528.5M | −$491.5M | −$421.3M | −$395.0M | −$384.3M | −$345.9M | −$330.1M | −$290.7M | −$258.8M | −$237.0M |
| Accumulated other comprehensive income | — | — | −$5,000 | −$17,000 | −$25,000 | −$1,000 | −$15,000 | −$102,000 | −$14,000 | −$45,000 | −$264,000 | $986,000 |
| Minority interest | $1.3M | $1.3M | $1.3M | $1.3M | $1.3M | — | — | — | — | — | — | — |
| Total shareholders' equity | $632.8M | $608.5M | $623.2M | $658.8M | $728.0M | $753.5M | $763.9M | $800.9M | $816.1M | $854.6M | $885.6M | $907.8M |
| Key figures | ||||||||||||
| Total debt | $451.2M | $493.9M | $464.0M | $500.7M | $501.1M | $523.4M | $510.8M | $504.7M | $465.7M | $475.8M | $476.9M | $537.2M |
| Net cash (debt) | −$434.4M | −$483.7M | −$441.6M | −$468.1M | −$483.7M | −$514.0M | −$495.2M | −$488.1M | −$441.5M | −$452.2M | −$454.5M | −$504.9M |
| Working capital | −$70.6M | −$51.6M | −$22.2M | −$37.7M | −$63.9M | −$68.9M | −$64.4M | −$88.8M | −$54.8M | −$57.6M | −$68.9M | −$78.0M |
| Tangible book value | $554.9M | $526.8M | $547.3M | $578.7M | $642.7M | $664.0M | $668.0M | $699.4M | $718.1M | $744.4M | $759.3M | $763.5M |
| Book value per share | $10.89 | $10.74 | $11.07 | $11.70 | $12.94 | $13.44 | $13.65 | $14.32 | $14.60 | $15.31 | $15.88 | $16.06 |
| Shares outstanding | 58.1M | 56.7M | 56.3M | 56.3M | 56.3M | 56.0M | 56.0M | 55.9M | 55.9M | 55.8M | 55.8M | 56.5M |
| Current ratio | 0.45 | 0.68 | 0.83 | 0.75 | 0.57 | 0.57 | 0.59 | 0.47 | 0.61 | 0.60 | 0.55 | 0.63 |
| Quick ratio | 0.45 | 0.35 | 0.43 | 0.43 | 0.30 | 0.21 | 0.25 | 0.24 | 0.34 | 0.33 | 0.31 | 0.28 |
| Debt / equity | 0.71 | 0.81 | 0.74 | 0.76 | 0.69 | 0.69 | 0.67 | 0.63 | 0.57 | 0.56 | 0.54 | 0.59 |
| Equity / assets | 55.5% | 51.2% | 53.2% | 53.9% | 56.5% | 56.7% | 57.2% | 58.5% | 60.9% | 61.7% | 62.2% | 60.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 5, 2026); data from EODHD.
ONL financial position
At the end of fiscal 2025 (December 31, 2025), Orion Office REIT had total assets of $1.2 billion (down 12.4% from a year earlier), total liabilities of $546.0 million and shareholders' equity of $623.2 million. It held $22.4 million in cash and short-term investments against $482.4 million of debt, net debt of $460.0 million. Its current ratio was 0.63. In the latest quarter (ended June 30, 2026) total assets were $1.1 billion and equity $632.8 million.
Related: ONL income statement, ONL cash flow statement, ONL key metrics. See the ONL stock overview for the latest quote and news.
ONL balance sheet FAQ
What are Orion Office REIT's total assets?
Orion Office REIT reported total assets of $1.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.3 billion a year earlier.
How much debt does Orion Office REIT have?
Orion Office REIT had $482.4 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.77.
How much cash does Orion Office REIT have?
Orion Office REIT held $22.4 million in cash and short-term investments at the end of fiscal 2025; with $482.4 million of debt that is net debt of $460.0 million.
What is Orion Office REIT's book value?
Orion Office REIT's shareholders' equity (book value) was $623.2 million at the end of fiscal 2025, or $11.08 per share.
What is Orion Office REIT's current ratio?
Orion Office REIT had current assets of $57.7 million and current liabilities of $92.0 million, a current ratio of 0.63 (current liabilities exceed current assets).
How much goodwill does Orion Office REIT have?
Orion Office REIT carried $75.9 million of goodwill and intangible assets, 6.5% of total assets, at the end of fiscal 2025.