Realty Income Corporation (O) Key Metrics
O valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $53.06B
- Enterprise value
- $83.25B
- P/E (TTM)
- 40.6 10-yr median 48.4
- Forward P/E
- 33.7
- PEG ratio
- 2.85
- Price / sales
- 8.7 10-yr median 12.5
- Price / book
- 1.4 10-yr median 1.6
- EV / EBITDA
- 16.3 10-yr median 20.8
- Dividend yield
- 5.81% $3.26 a year
- Beta
- 0.70
O key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsO valuation Price multiples at each fiscal year-end price.
O returns How much profit the business earns on the capital it uses.
O per-share figures Results divided by the shares outstanding at year-end.
O financial health Debt, liquidity and how easily interest is covered.
O efficiency & capital use Working capital cycle and where the cash goes.
O valuation history
O returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
O debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
O cash returned to shareholders
O price vs earnings per share
O key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $51.00B | $46.83B | $39.79B | $38.83B | $29.69B | $20.81B | $22.56B | $17.71B | $15.14B | $14.24B |
| Enterprise value | $83.42B | $73.14B | $61.55B | $57.26B | $45.38B | $28.80B | $30.53B | $24.21B | $21.25B | $20.07B |
| P/E ratio | 48.2 | 54.4 | 45.6 | 44.7 | 82.6 | 52.6 | 51.7 | 48.7 | 47.5 | 45.1 |
| Price / sales | 8.9 | 8.9 | 9.8 | 11.6 | 14.3 | 12.6 | 15.2 | 13.3 | 12.4 | 12.9 |
| Price / book | 1.3 | 1.2 | 1.2 | 1.4 | 1.2 | 1.9 | 2.3 | 2.2 | 2.1 | 2.1 |
| Price / free cash flow | 12.8 | 13.6 | 13.8 | 15.1 | 22.5 | 18.7 | 21.1 | 19.3 | 17.6 | 18.0 |
| Price / operating cash flow | 12.8 | 13.1 | 13.4 | 15.1 | 22.5 | 18.7 | 21.1 | 18.8 | 17.3 | 17.7 |
| EV / sales | 14.5 | 13.9 | 15.1 | 17.1 | 21.8 | 17.5 | 20.5 | 18.2 | 17.5 | 18.2 |
| EV / EBITDA | 23.2 | 16.9 | 17.1 | 22.1 | 35.2 | 20.8 | 23.2 | 20.7 | 19.5 | 20.5 |
| EV / free cash flow | 20.9 | 21.2 | 21.3 | 22.3 | 34.3 | 25.8 | 28.6 | 26.4 | 24.7 | 25.4 |
| Earnings yield | 2.1% | 1.8% | 2.2% | 2.2% | 1.2% | 1.9% | 1.9% | 2.1% | 2.1% | 2.2% |
| Free cash flow yield | 7.8% | 7.4% | 7.3% | 6.6% | 4.5% | 5.4% | 4.7% | 5.2% | 5.7% | 5.6% |
| Dividend yield | 5.7% | 5.8% | 5.3% | 4.7% | 3.9% | 4.6% | 3.8% | 4.3% | 4.6% | 4.5% |
| Shareholder yield (dividends + buybacks) | 5.7% | 6.1% | 5.3% | 4.7% | 3.9% | 4.6% | 3.9% | 4.3% | 7.3% | 4.5% |
| Share price at fiscal year-end | $56.37 | $53.41 | $57.42 | $63.43 | $71.59 | $60.24 | $71.35 | $61.09 | $55.25 | $55.70 |
| Per share | ||||||||||
| Revenue per share | $6.35 | $6.01 | $5.89 | $5.46 | $5.02 | $4.77 | $4.71 | $4.58 | $4.44 | $4.32 |
| Earnings per share | $1.17 | $0.98 | $1.26 | $1.42 | $0.87 | $1.14 | $1.38 | $1.25 | $1.16 | $1.23 |
| Operating cash flow per share | $4.42 | $4.08 | $4.27 | $4.19 | $3.19 | $3.23 | $3.38 | $3.24 | $3.20 | $3.15 |
| Free cash flow per share | $4.42 | $3.94 | $4.17 | $4.19 | $3.19 | $3.23 | $3.38 | $3.16 | $3.14 | $3.09 |
| Cash per share | $0.48 | $0.51 | $0.34 | $0.28 | $0.62 | $2.39 | $0.17 | $0.04 | $0.03 | $0.04 |
| Book value per share | $43.59 | $44.30 | $47.77 | $46.90 | $60.40 | $31.90 | $30.92 | $27.90 | $26.91 | $26.47 |
| Tangible book value per share | $38.04 | $31.46 | $35.15 | $32.37 | $38.82 | $26.90 | $26.15 | $23.71 | $22.49 | $22.18 |
| Dividends per share | $3.23 | $3.08 | $3.05 | $2.96 | $2.82 | $2.79 | $2.70 | $2.63 | $2.54 | $2.49 |
| Capex per share | $0.15 | $0.14 | $0.10 | $14.67 | $15.27 | $0.08 | $11.03 | $0.09 | $0.06 | $0.05 |
| Debt per share | $36.31 | $30.52 | $31.73 | $30.38 | $38.45 | $25.53 | $25.40 | $22.44 | $22.33 | $22.86 |
| Shares outstanding | 904.8M | 876.8M | 693.0M | 612.2M | 414.8M | 345.4M | 316.2M | 289.9M | 273.9M | 255.6M |
| Change in shares outstanding | +3.2% | +26.5% | +13.2% | +47.6% | +20.1% | +9.3% | +9.0% | +5.8% | +7.2% | +8.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 2.7% | 2.4% | 2.8% | 3.2% | 2.0% | 3.8% | 4.9% | 4.7% | 4.5% | 4.7% |
| Return on invested capital (ROIC) | 2.3% | 3.6% | 3.2% | 2.8% | 2.9% | 4.2% | 4.5% | 4.5% | 4.4% | 4.5% |
| Return on assets (ROA) | 1.5% | 1.4% | 1.6% | 1.9% | 1.1% | 2.0% | 2.6% | 2.5% | 2.3% | 2.5% |
| Return on tangible assets | 1.6% | 1.5% | 1.8% | 2.1% | 1.1% | 2.1% | 2.6% | 2.6% | 2.5% | 2.6% |
| Free cash flow margin | 69.5% | 65.5% | 70.9% | 76.7% | 63.6% | 67.7% | 71.8% | 68.9% | 70.8% | 71.7% |
| Income quality (OCF / net income) | 3.77 | 4.15 | 3.39 | 2.95 | 3.68 | 2.82 | 2.45 | 2.59 | 2.75 | 2.55 |
| Financial health | ||||||||||
| Total debt | $32.85B | $26.76B | $21.99B | $18.60B | $15.95B | $8.82B | $8.03B | $6.51B | $6.12B | $5.84B |
| Cash & short-term investments | $434.8M | $445.0M | $232.9M | $171.1M | $258.6M | $824.5M | $54.0M | $10.4M | $6.9M | $9.4M |
| Net debt | $32.42B | $26.31B | $21.76B | $18.43B | $15.69B | $7.99B | $7.98B | $6.50B | $6.11B | $5.84B |
| Debt / equity | 0.83 | 0.69 | 0.66 | 0.65 | 0.64 | 0.80 | 0.82 | 0.80 | 0.83 | 0.86 |
| Debt / assets | 0.45 | 0.39 | 0.38 | 0.37 | 0.37 | 0.43 | 0.43 | 0.43 | 0.44 | 0.44 |
| Net debt / EBITDA | 9.00 | 6.08 | 6.04 | 7.12 | 12.16 | 5.78 | 6.07 | 5.57 | 5.62 | 5.95 |
| Current ratio | 0.51 | 1.68 | 1.53 | 0.51 | 0.52 | 3.96 | 0.43 | 0.33 | 0.42 | 0.12 |
| Quick ratio | 0.48 | 1.68 | 1.52 | 0.50 | −0.01 | −0.00 | 0.43 | 0.33 | 0.05 | 0.01 |
| Interest coverage | 1.4 | 2.3 | 2.3 | 2.8 | 3.0 | 2.6 | 2.5 | 2.4 | 2.4 | 2.4 |
| Working capital | −$1.43B | $1.62B | $1.01B | −$1.73B | −$1.06B | $967.5M | −$603.9M | −$377.0M | −$222.3M | −$1.21B |
| Invested capital | $71.86B | $65.15B | $54.86B | $47.14B | $40.74B | $19.01B | $17.75B | $14.58B | $13.48B | $12.60B |
| Tangible asset value | $35.10B | $27.80B | $24.36B | $19.94B | $16.18B | $9.29B | $8.30B | $6.91B | $6.18B | $5.69B |
| Net current asset value | −$31.18B | −$25.76B | −$21.77B | −$19.06B | −$16.85B | −$8.43B | −$8.30B | −$6.95B | −$6.50B | −$6.20B |
| Graham number | $33.87 | $31.28 | $36.78 | $38.71 | $34.32 | $28.67 | $30.99 | $28.06 | $26.54 | $27.12 |
| Graham net-net per share | −$34.71 | −$30.57 | −$34.47 | −$31.88 | −$40.00 | −$22.98 | −$26.86 | −$24.22 | −$23.70 | −$24.26 |
| Capital allocation | ||||||||||
| Dividends paid | $2.92B | $2.70B | $2.11B | $1.81B | $1.17B | $964.2M | $852.1M | $761.6M | $695.5M | $637.6M |
| Share buybacks (net) | $0 | $172.5M | $0 | $0 | $0 | $0 | $21.1M | $2.8M | $408.8M | $9.0M |
| Dividend payout ratio | 275.9% | 313.6% | 242.1% | 208.6% | 325.2% | 243.8% | 195.2% | 209.4% | 218.2% | 202.0% |
| Dividends + buybacks / free cash flow | 73.1% | 83.2% | 73.1% | 70.7% | 88.4% | 86.4% | 81.7% | 83.5% | 128.3% | 81.8% |
| Capex / revenue | 2.3% | 2.3% | 1.7% | 268.6% | 304.4% | 1.6% | 234.3% | 1.9% | 1.3% | 1.2% |
| Capex / operating cash flow | 3.3% | 3.4% | 2.3% | 350.3% | 478.9% | 2.4% | 326.2% | 2.7% | 1.7% | 1.7% |
| Capex / depreciation | 0.05 | 0.05 | 0.04 | 5.38 | 7.05 | 0.04 | 5.87 | 0.05 | 0.03 | 0.03 |
| Stock-based compensation / revenue | 0.5% | 1.1% | 0.6% | 0.6% | 2.0% | 1.0% | 0.9% | 2.1% | 1.1% | 1.1% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 4.4% | 3.4% | 3.5% | 4.1% | 4.7% | 4.4% | 4.5% | 6.3% | 4.8% | 4.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 140.7 | 141.6 | 99.0 | 123.1 | 102.8 | 76.5 | 51.3 | 37.6 | 35.8 | 34.7 |
| Days of inventory on hand | 28.0 | 14.4 | 35.1 | 976.4 | 3,381.9 | 2,258.5 | -6.2 | 383.3 | 757.2 | 423.8 |
| Days payables outstanding | — | — | 268.1 | 605.0 | 809.3 | 729.9 | 640.3 | 669.4 | 605.9 | 688.0 |
| Cash conversion cycle (days) | — | — | -134.1 | 494.6 | 2,675.5 | 1,605.1 | -595.2 | -248.5 | 187.1 | -229.5 |
| Receivables turnover | 2.59 | 2.58 | 3.69 | 2.96 | 3.55 | 4.77 | 7.11 | 9.70 | 10.19 | 10.53 |
| Payables turnover | — | — | 1.36 | 0.60 | 0.45 | 0.50 | 0.57 | 0.55 | 0.60 | 0.53 |
| Inventory turnover | 13.03 | — | 10.39 | 0.37 | 0.11 | 0.16 | — | — | 0.48 | 0.86 |
| Asset turnover | 0.08 | 0.08 | 0.08 | 0.07 | 0.07 | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 |
| Average receivables | $2.22B | $2.04B | $1.11B | $1.13B | $586.1M | $345.3M | $209.3M | $136.9M | $119.3M | $104.8M |
| Average payables | — | — | $232.9M | $375.1M | $296.2M | $209.2M | $155.4M | $121.6M | $115.3M | $118.5M |
| Average inventory | $45.0M | $14.9M | $30.5M | $605.4M | $1.24B | $647.2M | −$1.5M | $69.6M | $144.1M | $73.0M |
| Intangibles / total assets | 6.9% | 16.4% | 15.1% | 17.9% | 20.8% | 8.3% | 8.1% | 8.0% | 8.6% | 8.3% |
Computed from O'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.
O valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Realty Income traded at 48.2 times earnings, against a 10-year median of 48.4. Based on the latest twelve months, the trailing P/E is 40.6 and the forward P/E is 33.7. Realty Income earned a return on equity of 2.7% and a return on invested capital of 2.3% in fiscal 2025. It ended the year with $32.9 billion of debt and $434.8 million in cash and short-term investments, net debt of $32.4 billion. It returned $2.9 billion to shareholders: $2.9 billion in dividends and $0 in share buybacks, 73% of free cash flow. The share count rose 254.0% from 255.6M to 904.8M over 9 years.
See the O income statement, the O chart for price history, or the O stock overview for the latest quote and news.
O key metrics FAQ
What is Realty Income's P/E ratio?
Realty Income's trailing P/E ratio is 40.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 33.7. At the end of fiscal 2025 it was 48.2, compared with a 10-year median of 48.4.
What is Realty Income's EV/EBITDA?
Realty Income's enterprise value was 23.2 times EBITDA at the end of fiscal 2025 (enterprise value $83.4 billion, EBITDA $3.6 billion); the current EV/EBITDA is 16.3.
What is Realty Income's return on equity?
Realty Income's return on equity (ROE) was 2.7% in fiscal 2025: net income of $1.1 billion on average shareholders' equity of $39.1 billion.
What is Realty Income's ROIC?
Realty Income's return on invested capital was 2.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Realty Income have?
Realty Income had total debt of $32.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.83 and $32.4 billion of net debt (9.00 times EBITDA).
What is Realty Income's dividend yield?
Realty Income's forward dividend yield is 5.81%. Realty Income paid $2.9 billion in dividends in fiscal 2025 ($3.23 per share), a payout ratio of 275.9%.
What is Realty Income's free cash flow yield?
Realty Income generated $4.0 billion of free cash flow in fiscal 2025, a free cash flow yield of 7.8% on its market value at year-end ($51.0 billion).
What is Realty Income's current ratio?
Realty Income's current ratio was 0.51 at the end of fiscal 2025: current assets were 0.51 times current liabilities.