O
Realty Income Corporation
O's fundamentals are strong: its operating margin rose 5 points to 20% and earnings per share grew 34%. At 41x earnings, it's trading below its usual 52x. Analysts expect earnings to hold roughly steady.
O Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
O's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for real estate companies like O.
O PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 36x | $59.26 | — |
| Current | 41x | $59.26 | — |
| Cheap | 42x | $60.39 | +1.9% |
| Fair | 52x | $74.88 | +26% |
| Expensive | 58x | $84.22 | +42% |
Historical ranges are pointers, not guarantees.
O's PE is in its cheap range at 41x. On analysts' estimates for next year's earnings, today's price would be 36x.
O Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect O's revenue to grow, but its profitability to weaken.
O Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.64 | +13% |
| Q3 2026 | $1.45 | +34% |
| Q2 2026 | $1.37 | +33% |
| Q1 2026 | $1.22 | +11% |
| Q4 2025 | $1.17 | +19% |
| Q3 2025 | $1.08 | +2.9% |
| Q2 2025 | $1.03 | -4.6% |
| Q1 2025 | $1.10 | +1.9% |
| Q4 2024 | $0.98 | -22% |
O earned $1.45 per share over the past year, up 34% from the year before.
O Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.6B | +10% |
| Q2 2026 | $1.5B | +9.7% |
| Q1 2026 | $1.5B | +12% |
| Q4 2025 | $1.5B | +11% |
| Q3 2025 | $1.5B | +10% |
| Q2 2025 | $1.4B | +5.3% |
| Q1 2025 | $1.4B | +9.5% |
| Q4 2024 | $1.3B | +25% |
O's revenue has grown year over year every quarter since late 2020: $1.6B last quarter, up 10% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 21% | +1.5 points |
| Q2 2026 | 23% | +10 points |
| Q1 2026 | 20% | +3 points |
| Q4 2025 | 18% | +4.1 points |
| Q3 2025 | 19% | +2.1 points |
| Q2 2025 | 13% | -5.5 points |
| Q1 2025 | 17% | +7.2 points |
| Q4 2024 | 14% | -7.9 points |
O's operating margin was 21% last quarter, up 1.5 points from the same quarter a year ago.
O Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $887.2M | -2.5% |
| Q2 2026 | $1.1B | +5.2% |
| Q1 2026 | $848.2M | +11% |
| Q4 2025 | $1.2B | +23% |
| Q3 2025 | $909.9M | +13% |
| Q2 2025 | $1B | +10% |
| Q1 2025 | $764.6M | -0.6% |
| Q4 2024 | $935.8M | +27% |
O's free cash flow was $4B over the past year, up 9.1% from the year before. Free cash flow isn't a meaningful measure for real estate companies like O.
O Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.2% | +11.5M shares |
| 1 year | +3.4% | +30.9M shares |
| 3 years | +33% | +237M shares |
| 5 years | +145% | +560M shares |
| Available history | +190% | +620M shares |
O has 946M diluted shares, up 3.4% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $188.7M |
| Q2 2026 | $6,000 |
| Q1 2026 | $101.9M |
O Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.3x | Very low |
| Q2 2026 | 0.2x | Very low |
| Q1 2026 | 0.0x | Very low |
| Q4 2025 | 0.0x | Very low |
| Q3 2025 | 0.0x | Very low |
| Q2 2025 | -0.2x | Net Cash |
| Q1 2025 | 0.0x | Very low |
| Q4 2024 | -0.1x | Net Cash |
O's net debt is less than a year of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for real estate companies like O.
O Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.9 | Neutral |
| Stochastic | 45.6 | Neutral |
O's weekly RSI is 49 (neutral) and its Stochastic is 46 (neutral).
O PE vs Real Estate Sector
| Metric | O | Sector median | Relative |
|---|---|---|---|
| PE | 41x | 24x | 71% above |
| PE % | 10 | 23 | 13 pts below |
O is trading at 41x earnings, a 71% premium to the Real Estate sector's median of 24x.
O Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $56.5 | 4.9% above |
| 20 week MA | $60.1 | 1.4% below |
| 50 week MA | $61.1 | 3% below |
| 100 week MA | $59.0 | 0.5% above |
| 200 week MA | $58.3 | 1.7% above |
O's trend is mixed: it's above three of its five weekly moving averages, and 1.7% above its 200-week average.
O Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $70.9 | $59.2 | -17% |
| 2021 | $59.2 | $69.2 | +17% |
| 2022 | $69.2 | $64.4 | -6.9% |
| 2023 | $64.4 | $57.4 | -11% |
| 2024 | $57.4 | $52.7 | -8.3% |
| 2025 | $52.7 | $56.7 | +7.7% |
| 2026 YTD | $56.7 | $59.3 | +4.5% |
O has finished lower in four of the last six years. It's up 4.5% so far in 2026.