Net Lease Office Properties (NLOP) Key Metrics
NLOP valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $144.4M
- Enterprise value
- $149.9M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 2.2 10-yr median 3.2
- Price / book
- 0.9 10-yr median 0.8
- EV / EBITDA
- 59.1
- Dividend yield
- —
- Beta
- 0.96
NLOP key metrics, 2019–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNLOP valuation Price multiples at each fiscal year-end price.
NLOP returns How much profit the business earns on the capital it uses.
NLOP per-share figures Results divided by the shares outstanding at year-end.
NLOP financial health Debt, liquidity and how easily interest is covered.
NLOP efficiency & capital use Working capital cycle and where the cash goes.
NLOP valuation history
NLOP returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NLOP debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NLOP cash returned to shareholders
NLOP price vs earnings per share
NLOP key metrics
2019–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Valuation | |||||||
| Market capitalization | $382.1M | $461.6M | $270.4M | — | — | — | — |
| Enterprise value | $284.7M | $605.9M | $796.1M | — | — | — | — |
| Price / sales | 3.2 | 3.2 | 1.5 | — | — | — | — |
| Price / book | 1.3 | 0.8 | 0.4 | — | — | — | — |
| Price / free cash flow | 6.4 | 6.4 | 4.5 | — | — | — | — |
| Price / operating cash flow | 6.0 | 6.4 | 3.8 | — | — | — | — |
| EV / sales | 2.4 | 4.3 | 4.6 | — | — | — | — |
| EV / EBITDA | — | 11.4 | — | — | — | — | — |
| EV / free cash flow | 4.7 | 8.4 | 13.3 | — | — | — | — |
| Earnings yield | −38.0% | −19.8% | −48.7% | — | — | — | — |
| Free cash flow yield | 15.7% | 15.6% | 22.1% | — | — | — | — |
| Dividend yield | 27.9% | 0.2% | 339.0% | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 27.9% | 0.2% | 700.6% | — | — | — | — |
| Share price at fiscal year-end | $25.79 | $31.21 | $18.48 | — | — | — | — |
| Per share | |||||||
| Revenue per share | $8.03 | $9.62 | $11.96 | $10.95 | $10.37 | $10.15 | $12.24 |
| Earnings per share | −$9.81 | −$6.18 | −$9.00 | $1.11 | $0.10 | $1.12 | $0.97 |
| Operating cash flow per share | $4.33 | $4.86 | $4.85 | $5.91 | $5.28 | $5.17 | $5.82 |
| Free cash flow per share | $4.06 | $4.86 | $4.09 | $5.58 | $4.99 | $4.85 | $1.27 |
| Cash per share | $8.07 | $1.70 | $1.11 | $0.33 | $0.28 | $0.51 | — |
| Book value per share | $19.84 | $39.30 | $46.27 | $77.68 | $74.16 | $73.81 | — |
| Tangible book value per share | $16.79 | $32.68 | $34.62 | $57.21 | $55.49 | $45.40 | — |
| Dividends per share | $7.20 | $0.07 | $62.64 | $58.57 | $53.60 | $50.98 | — |
| Capex per share | $0.27 | $0.81 | $0.76 | $0.33 | $0.29 | $0.31 | $4.56 |
| Debt per share | $1.50 | $11.46 | $37.04 | $19.69 | $10.83 | $37.00 | — |
| Shares outstanding | 14.8M | 14.8M | 14.6M | 14.3M | 14.3M | 14.3M | 14.3M |
| Change in shares outstanding | +0.2% | +1.1% | +2.6% | 0.0% | 0.0% | 0.0% | — |
| Returns & profitability | |||||||
| Return on equity (ROE) | −33.2% | −14.5% | −14.8% | 1.5% | 0.1% | 1.5% | — |
| Return on invested capital (ROIC) | 6.1% | 2.8% | 2.4% | 3.2% | 1.8% | 3.0% | — |
| Return on assets (ROA) | −23.1% | −8.7% | −9.5% | 1.2% | 0.1% | 1.0% | — |
| Return on tangible assets | −35.6% | −12.9% | −11.6% | 1.3% | 0.1% | 1.3% | — |
| Free cash flow margin | 50.5% | 50.5% | 34.2% | 50.9% | 48.1% | 47.8% | 10.4% |
| Income quality (OCF / net income) | — | — | — | 5.34 | 53.13 | 4.60 | 6.01 |
| Financial health | |||||||
| Total debt | $22.3M | $169.5M | $542.0M | $280.8M | $154.4M | $527.7M | — |
| Cash & short-term investments | $119.6M | $25.1M | $16.3M | $4.7M | $4.0M | $7.3M | — |
| Net debt | −$97.4M | $144.3M | $525.7M | $276.2M | $150.4M | $520.4M | — |
| Debt / equity | 0.08 | 0.29 | 0.80 | 0.25 | 0.15 | 0.50 | — |
| Debt / assets | 0.05 | 0.21 | 0.42 | 0.19 | 0.12 | 0.31 | — |
| Net debt / EBITDA | — | 2.72 | — | 2.53 | 1.62 | 4.78 | — |
| Current ratio | 5.60 | 0.46 | 1.12 | 0.46 | 0.63 | 0.38 | — |
| Quick ratio | 5.60 | 0.46 | 0.00 | 0.52 | 0.77 | 0.38 | — |
| Interest coverage | 2.8 | 0.5 | 0.9 | 1.6 | 1.5 | 1.5 | 1.4 |
| Working capital | $100.7M | −$80.5M | $7.2M | −$24.5M | −$14.0M | −$36.3M | — |
| Invested capital | $196.5M | $725.6M | $1.20B | $1.38B | $1.21B | $1.57B | — |
| Tangible asset value | $252.7M | $487.5M | $511.0M | $817.5M | $791.3M | $647.4M | — |
| Net current asset value | −$32.9M | −$151.2M | −$555.8M | −$332.0M | −$193.0M | −$601.7M | — |
| Graham number | — | — | — | $43.98 | $12.88 | $43.19 | — |
| Graham net-net per share | −$2.43 | −$13.15 | −$38.66 | −$23.72 | −$14.35 | −$42.46 | — |
| Capital allocation | |||||||
| Dividends paid | $106.7M | $1.1M | $916.5M | $835.3M | $764.3M | $727.0M | — |
| Share buybacks (net) | — | — | $977.7M | $6.6M | $0 | $0 | — |
| Dividends + buybacks / free cash flow | 177.5% | 1.5% | — | — | — | — | — |
| Capex / revenue | 3.4% | 8.4% | 6.4% | 3.0% | 2.8% | 3.1% | 37.2% |
| Capex / operating cash flow | 6.3% | 16.7% | 15.7% | 5.6% | 5.6% | 6.1% | 78.2% |
| Capex / depreciation | 0.10 | 0.15 | 0.14 | 0.07 | 0.07 | 0.07 | 0.86 |
| Stock-based compensation / revenue | 0.0% | 0.2% | 1.7% | 2.0% | 1.6% | 1.1% | 1.4% |
| R&D / revenue | — | — | 0.0% | — | — | — | — |
| SG&A / revenue | 6.1% | 5.3% | 12.6% | 11.5% | 7.0% | 6.5% | 7.1% |
| Efficiency | |||||||
| Days sales outstanding | — | — | 26.3 | 34.7 | 37.2 | 38.3 | — |
| Days of inventory on hand | — | — | 314.3 | -45.5 | -64.7 | — | — |
| Days payables outstanding | 289.4 | 250.3 | 504.9 | 476.0 | 588.8 | 753.9 | — |
| Cash conversion cycle (days) | — | — | -164.3 | -486.9 | -616.3 | -715.7 | — |
| Receivables turnover | — | — | 13.86 | 10.52 | 9.82 | 9.54 | — |
| Payables turnover | 1.26 | 1.46 | 0.72 | 0.77 | 0.62 | 0.48 | — |
| Inventory turnover | — | — | 1.16 | — | — | — | — |
| Asset turnover | 0.19 | 0.13 | 0.13 | 0.11 | 0.10 | 0.09 | — |
| Average receivables | — | — | $12.6M | $14.8M | $15.1M | $15.2M | — |
| Average payables | $28.2M | $29.9M | $52.4M | $41.7M | $48.5M | $58.7M | — |
| Average inventory | — | — | $32.6M | −$4.0M | −$5.3M | — | — |
| Intangibles / total assets | 10.0% | 12.2% | 13.1% | 20.0% | 20.9% | 24.2% | — |
Computed from NLOP's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NLOP valuation and financial ratios
Net Lease Office Properties earned a return on equity of −33.2% and a return on invested capital of 6.1% in fiscal 2025. It ended the year with $22.3 million of debt and $119.6 million in cash and short-term investments, a net cash position of $97.4 million. It returned $106.7 million to shareholders: $106.7 million in dividends and $0 in share buybacks, 178% of free cash flow. The share count rose 3.9% from 14.3M to 14.8M over 6 years.
See the NLOP income statement, the NLOP chart for price history, or the NLOP stock overview for the latest quote and news.
NLOP key metrics FAQ
What is Net Lease Office Properties's return on equity?
Net Lease Office Properties's return on equity (ROE) was −33.2% in fiscal 2025: net income of -$145.3 million on average shareholders' equity of $437.6 million.
What is Net Lease Office Properties's ROIC?
Net Lease Office Properties's return on invested capital was 6.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Net Lease Office Properties have?
Net Lease Office Properties had total debt of $22.3 million at the end of fiscal 2025, a debt-to-equity ratio of 0.08 and more cash than debt.
What is Net Lease Office Properties's dividend yield?
Net Lease Office Properties paid $106.7 million in dividends in fiscal 2025 ($7.20 per share), a payout ratio of —.
What is Net Lease Office Properties's free cash flow yield?
Net Lease Office Properties generated $60.1 million of free cash flow in fiscal 2025, a free cash flow yield of 15.7% on its market value at year-end ($382.1 million).
What is Net Lease Office Properties's current ratio?
Net Lease Office Properties's current ratio was 5.60 at the end of fiscal 2025: current assets were 5.60 times current liabilities.