Orion Office REIT Inc. (ONL) Key Metrics
ONL valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $117.5M
- Enterprise value
- $558.4M
- P/E (TTM)
- —
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 0.9 10-yr median 1.7
- Price / book
- 0.2 10-yr median 0.4
- EV / EBITDA
- 26.4 10-yr median 15.6
- Dividend yield
- 3.88% $0.08 a year
- Beta
- 1.61
ONL key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsONL valuation Price multiples at each fiscal year-end price.
ONL returns How much profit the business earns on the capital it uses.
ONL per-share figures Results divided by the shares outstanding at year-end.
ONL financial health Debt, liquidity and how easily interest is covered.
ONL efficiency & capital use Working capital cycle and where the cash goes.
ONL valuation history
ONL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ONL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ONL cash returned to shareholders
ONL price vs earnings per share
ONL key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $127.1M | $207.4M | $322.7M | $483.6M | $1.06B | — | — | — |
| Enterprise value | $587.1M | $702.6M | $777.1M | $1.00B | $1.67B | — | — | — |
| Price / sales | 0.9 | 1.3 | 1.7 | 2.3 | 13.3 | — | — | — |
| Price / book | 0.2 | 0.3 | 0.4 | 0.5 | 1.0 | — | — | — |
| Price / free cash flow | — | 6.5 | 4.6 | 4.7 | 22.9 | — | — | — |
| Price / operating cash flow | 5.4 | 3.8 | 3.6 | 4.2 | 18.8 | — | — | — |
| EV / sales | 4.0 | 4.3 | 4.0 | 4.8 | 20.9 | — | — | — |
| EV / EBITDA | — | 22.9 | 9.5 | 15.6 | — | — | — | — |
| EV / free cash flow | — | 22.2 | 11.0 | 9.8 | 36.1 | — | — | — |
| Earnings yield | −109.6% | −49.7% | −17.8% | −20.2% | −4.5% | — | — | — |
| Free cash flow yield | −22.1% | 15.3% | 21.9% | 21.2% | 4.4% | — | — | — |
| Dividend yield | 7.1% | 10.8% | 7.0% | 3.5% | 55.5% | — | — | — |
| Shareholder yield (dividends + buybacks) | 7.5% | 10.9% | 8.6% | 3.5% | 55.5% | — | — | — |
| Share price at fiscal year-end | $2.26 | $3.71 | $5.72 | $8.54 | $18.67 | — | — | — |
| Per share | ||||||||
| Revenue per share | $2.63 | $2.95 | $3.46 | $3.67 | $1.41 | $0.99 | $0.99 | $1.01 |
| Earnings per share | −$2.48 | −$1.84 | −$1.02 | −$1.72 | −$0.84 | −$0.04 | $0.28 | $0.27 |
| Operating cash flow per share | $0.42 | $0.97 | $1.58 | $2.02 | $0.99 | $0.78 | $0.74 | $0.78 |
| Free cash flow per share | −$0.50 | $0.57 | $1.25 | $1.81 | $0.82 | $0.77 | $0.73 | $0.73 |
| Cash per share | $0.40 | $0.28 | $0.40 | $0.36 | $0.52 | — | — | — |
| Book value per share | $11.08 | $13.67 | $15.70 | $17.21 | $19.22 | $9.18 | $9.38 | — |
| Tangible book value per share | $9.73 | $11.95 | $13.46 | $13.63 | $13.95 | $8.65 | $8.69 | — |
| Dividends per share | $0.16 | $0.40 | $0.40 | $0.30 | $10.37 | $0.17 | $0.69 | $0.90 |
| Capex per share | $0.92 | $0.40 | $0.33 | $0.21 | $0.18 | $0.01 | $0.01 | $0.04 |
| Debt per share | $8.58 | $9.14 | $8.45 | $9.54 | $11.26 | $0.82 | $1.89 | — |
| Shares outstanding | 56.2M | 55.9M | 56.4M | 56.6M | 56.6M | 54.2M | 54.2M | 54.2M |
| Change in shares outstanding | +0.6% | −0.9% | −0.4% | +0.0% | +4.5% | 0.0% | 0.0% | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | −20.1% | −12.5% | −6.2% | −9.5% | −6.0% | −0.4% | 3.0% | — |
| Return on invested capital (ROIC) | −0.1% | −1.3% | 0.4% | −0.0% | 1.3% | 2.7% | 2.4% | — |
| Return on assets (ROA) | −11.1% | −7.5% | −3.8% | −5.9% | −4.1% | −0.3% | 2.6% | — |
| Return on tangible assets | −12.7% | −8.3% | −4.4% | −7.1% | −3.2% | −0.4% | 2.8% | — |
| Free cash flow margin | −19.0% | 19.2% | 36.2% | 49.3% | 57.9% | 78.3% | 73.8% | 72.5% |
| Income quality (OCF / net income) | — | — | — | — | — | — | 2.62 | 2.85 |
| Financial health | ||||||||
| Total debt | $482.4M | $510.8M | $476.9M | $540.0M | $637.5M | $44.3M | $102.1M | — |
| Cash & short-term investments | $22.4M | $15.6M | $22.5M | $20.6M | $29.3M | — | — | — |
| Net debt | $460.0M | $495.2M | $454.5M | $519.4M | $608.1M | $44.3M | $102.1M | — |
| Debt / equity | 0.77 | 0.67 | 0.54 | 0.55 | 0.59 | 0.09 | 0.20 | — |
| Debt / assets | 0.41 | 0.38 | 0.33 | 0.34 | 0.36 | 0.08 | 0.17 | — |
| Net debt / EBITDA | — | 16.13 | 5.55 | 8.08 | 689.50 | 1.64 | 2.24 | — |
| Current ratio | 0.63 | 0.59 | 0.55 | 0.39 | 0.07 | 14.44 | 9.95 | — |
| Quick ratio | 0.63 | 0.59 | 0.56 | 0.38 | 0.07 | 14.44 | 9.95 | — |
| Interest coverage | -0.1 | -0.6 | 0.2 | -0.0 | 4.4 | 6.7 | 5.6 | 5.4 |
| Working capital | −$34.3M | −$64.4M | −$68.9M | −$124.9M | −$587.0M | $11.4M | $8.2M | — |
| Invested capital | $1.08B | $1.26B | $1.34B | $1.49B | $1.70B | $541.4M | $610.1M | — |
| Tangible asset value | $548.6M | $669.3M | $760.6M | $773.0M | $790.2M | $468.4M | $470.6M | — |
| Net current asset value | −$488.3M | −$479.4M | −$453.8M | −$514.5M | −$624.0M | −$37.1M | −$75.0M | — |
| Graham number | — | — | — | — | — | — | $7.72 | — |
| Graham net-net per share | −$8.84 | −$9.63 | −$8.80 | −$9.84 | −$11.10 | −$0.80 | −$1.43 | — |
| Capital allocation | ||||||||
| Dividends paid | $9.0M | $22.4M | $22.6M | $17.0M | $587.2M | $9.0M | $37.6M | $48.6M |
| Share buybacks (net) | $569,000 | $170,000 | $5.1M | $20,000 | $0 | $0 | — | — |
| Dividend payout ratio | — | — | — | — | — | — | 246.1% | 329.5% |
| Dividends + buybacks / free cash flow | — | 71.1% | 39.2% | 16.6% | — | 21.5% | 95.3% | 122.8% |
| Capex / revenue | 35.0% | 13.7% | 9.5% | 5.6% | 12.4% | 0.9% | 1.0% | 4.4% |
| Capex / operating cash flow | 219.3% | 41.6% | 20.7% | 10.2% | 17.7% | 1.1% | 1.3% | 5.7% |
| Capex / depreciation | 0.88 | 0.22 | 0.17 | 0.09 | 0.23 | 0.02 | 0.02 | 0.09 |
| Stock-based compensation / revenue | 2.6% | 2.3% | 1.4% | 0.8% | 0.1% | 0.0% | 0.0% | — |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | — | — | — |
| SG&A / revenue | 13.8% | 12.2% | 9.6% | 7.6% | 4.8% | 3.8% | 3.8% | 5.7% |
| Efficiency | ||||||||
| Days sales outstanding | 71.9 | 52.6 | 43.3 | 34.7 | 59.5 | 58.9 | 62.6 | — |
| Days of inventory on hand | — | — | 3.6 | 6.5 | -8.1 | — | — | — |
| Days payables outstanding | 11.2 | 7.7 | 10.2 | 10.7 | 24.7 | 29.5 | 57.0 | — |
| Cash conversion cycle (days) | 60.7 | 44.8 | 36.7 | 30.5 | 26.6 | 29.3 | 5.6 | — |
| Receivables turnover | 5.08 | 6.94 | 8.42 | 10.52 | 6.13 | 6.20 | 5.83 | — |
| Payables turnover | 32.69 | 47.13 | 35.77 | 34.20 | 14.76 | 12.37 | 6.40 | — |
| Inventory turnover | — | — | — | 55.85 | — | — | — | — |
| Asset turnover | 0.12 | 0.12 | 0.13 | 0.12 | 0.07 | 0.09 | 0.09 | — |
| Average receivables | $29.1M | $23.7M | $23.2M | $19.8M | $13.0M | $8.6M | $9.2M | — |
| Average payables | $2.0M | $1.4M | $1.7M | $1.8M | $908,500 | $466,500 | $921,000 | — |
| Average inventory | — | — | $592,007 | $1.1M | −$298,999 | — | — | — |
| Intangibles / total assets | 6.5% | 7.2% | 8.9% | 12.9% | 16.9% | 5.2% | 6.3% | — |
Computed from ONL's annual financial statements (latest annual report filed March 5, 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.
ONL valuation and financial ratios
Orion Office REIT earned a return on equity of −20.1% and a return on invested capital of −0.1% in fiscal 2025. It ended the year with $482.4 million of debt and $22.4 million in cash and short-term investments, net debt of $460.0 million. It returned $9.5 million to shareholders: $9.0 million in dividends and $0.6 million in share buybacks. The share count rose 3.8% from 54.2M to 56.2M over 7 years.
See the ONL income statement, the ONL chart for price history, or the ONL stock overview for the latest quote and news.
ONL key metrics FAQ
What is Orion Office REIT's return on equity?
Orion Office REIT's return on equity (ROE) was −20.1% in fiscal 2025: net income of -$139.3 million on average shareholders' equity of $693.6 million.
What is Orion Office REIT's ROIC?
Orion Office REIT's return on invested capital was −0.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Orion Office REIT have?
Orion Office REIT had total debt of $482.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.77.
What is Orion Office REIT's dividend yield?
Orion Office REIT's forward dividend yield is 3.88%. Orion Office REIT paid $9.0 million in dividends in fiscal 2025 ($0.16 per share), a payout ratio of —.
Does Orion Office REIT buy back its shares?
Yes. Orion Office REIT spent $0.6 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.6% over the year, to 56.2M..
What is Orion Office REIT's free cash flow yield?
Orion Office REIT generated -$28.1 million of free cash flow in fiscal 2025, a free cash flow yield of −22.1% on its market value at year-end ($127.1 million).
What is Orion Office REIT's current ratio?
Orion Office REIT's current ratio was 0.63 at the end of fiscal 2025: current assets were 0.63 times current liabilities.