XStocksXray

Research report · 16 October 2026

Realty Income Corp (O)

Real Estate · Retail REITs · US stock · price as of 16 Oct 2026

Key indicators

Price	$56.08
52-week range	$53.15 – $66.25
Market cap	$52.4B
P/E (trailing)	39.7×
EV / EBITDA	13.5×
Free-cash-flow yield	7.9%
Dividend yield	5.8%
Revenue (last 12 months)	$6.1B
Revenue growth (3y a year)	19.8%
Operating margin	23.3%
Return on invested capital	3.1%
Net debt / EBITDA	0.3×

Fair value

Fair value is not shown for this company.

X-Ray Score

49/ 100 · Medium confidence · ahead of 48% of sector peers

Valuation19

Growth69

Profitability28

Financial health80

Dividends78

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

Realty Income is a real estate investment trust that owns freestanding commercial properties leased to tenants such as convenience stores, dollar stores, drugstores and restaurants under long-term net leases. Under those leases the tenant typically pays property taxes, insurance and maintenance, so the company collects rent with few operating costs. It pays out most of its income as monthly dividends and grows by buying more properties.

Sales totalled $6.1 billion over the last twelve months, and the three-year record shows growth of 19.8% a year. The operating margin is 23.3%, and the return on invested capital is 3%. The balance sheet shows net debt to EBITDA of 0.3 times. Shareholders receive a dividend, currently yielding 5.8%. These figures describe past results and the present financial position only.

StocksXray gives Realty Income Corp an X-Ray Score of 49 out of 100 (medium confidence), ahead of 48% of the S&P 500 stocks in its sector. Its strongest lens is financial health (80) and its weakest is valuation (19).

XStocksXray

Realty Income Corp (O)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$55.79	$51.68	$49.33	$48.29	$54.19	$56.08
Market cap	$23.1B	$31.6B	$34.2B	$41.7B	$49.2B	$52.4B
P/E	64.1×	36.4×	39.2×	49.3×	46.3×	39.7×
EV / revenue	11.5×	9.7×	8.6×	7.9×	8.7×	9.2×
EV / EBITDA	14.8×	10.6×	9.8×	12.5×	13.6×	14.1×
Price / free cash flow	17.5×	12.3×	11.6×	11.7×	12.3×	12.6×
Free-cash-flow yield	5.7%	8.1%	8.7%	8.6%	8.1%	7.9%
Price / book	0.9×	1.1×	1.0×	1.1×	1.2×	1.3×
Dividend yield	5.08%	5.74%	6.18%	6.47%	5.94%	5.79%

Fundamentals checklist ● 5 Good · ● 3 Average · ● 2 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−3.7%Average

Risk models

Piotroski F-Score7 of 9Good

Growth

EPS growth (3y)−6.3%Average

Revenue growth (3y)19.8%Good

Growth consistency100%Good

Balance sheet

Net debt / EBITDA0.3×Good

Interest coverno interest costGood

Valuation

EBIT / EV yield2.5%Bad

Profitability

Return on invested capital3.1%Bad

Operating margin23.3%Average

Red flags

Heavy dilution — Share count up more than 5% year on year

XStocksXray

Realty Income Corp (O)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	2,080	3,344	4,079	5,271	5,749	6,055
Gross profit	–	–	–	–	–	–
Operating income	716	1,383	1,659	934	1,155	1,408
Net income	359	869	872	861	1,059	1,303
Diluted EPS ($)	0.87	1.42	1.26	0.98	1.17	1.41
Free cash flow	1,322	2,564	2,959	3,573	3,995	4,166
Gross margin	–	–	–	–	–	–
Operating margin	34.4%	41.4%	40.7%	17.7%	20.1%	23.3%
Net margin	17.3%	26.0%	21.4%	16.3%	18.4%	21.5%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	43,138	49,673	57,779	68,835	72,796	76,441
Cash	259	171	233	445	435	553
Total debt	901	702	764	67	517	1,400
Equity	25,053	28,713	32,941	38,841	39,439	39,550
Dividend per share ($)	2.83	2.97	3.05	3.13	3.22	3.24

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue ($M)	1,381	1,410	1,471	1,488	1,549	1,548
Growth vs a year earlier	+9.5%	+5.3%	+10.5%	+11.0%	+12.2%	+9.7%
Net income ($M)	250	197	316	296	321	371
Diluted EPS ($)	0.28	0.22	0.35	–	0.33	0.37

XStocksXray

Realty Income Corp (O)

Peers in Retail REITs

Company	X-Ray
O · Realty Income Corp	49
FRT · Federal Realty Investment...	65
KIM · Kimco Realty Corp	64
SPG · Simon Property Group Inc.	47

Market Compass outlook for Real Estate: Unfavourable (20/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+3.5%
1 month	−1.7%
3 months	−12.8%
6 months	−11.5%
1 year	−0.5%
3 years	+30.0%
5 years	+11.7%

Technical summary

DailyBearish5 bullish · 1 neutral · 10 bearish

WeeklyStrongly bearish2 bullish · 1 neutral · 9 bearish

MonthlyNeutral3 bullish · 1 neutral · 4 bearish

50-day / 200-day average	$58.39 / $60.44
52-week low / high	$53.15 / $66.25
Classic pivot, support and resistance	S2 55.19 · S1 55.64 · P – · R1 56.42 · R2 56.75

Recent dividends

Ex-dividend date	Amount per share
30 Oct 2026	$0.2715
30 Sep 2026	$0.2720
31 Aug 2026	$0.2710
31 Jul 2026	$0.2710
30 Jun 2026	$0.2710
29 May 2026	$0.2710

XStocksXray

Realty Income Corp (O)

Strengths

Revenue growth of 19.8% a year over three years is ahead of 91% of its sector peers.
Interest cover of no interest cost is ahead of 92% of its sector peers.
Net debt is only 0.3× EBITDA, ahead of 86% of its sector peers.
Piotroski F-Score of 7 out of 9: most of the nine accounting health tests pass.
Has raised its dividend for 7 years in a row.

Risks and weak spots

EBIT / EV yield is weak against Real Estate peers (2.5%).
Return on invested capital is weak against Real Estate peers (3.1%).
Red flag: Heavy dilution (Share count up more than 5% year on year).

Latest SEC filings

Date	Form	Items
25 Aug 2026	8-K	8.01,9.01
14 Aug 2026	8-K	2.03,3.02,7.01,9.01
12 Aug 2026	8-K	8.01,9.01
11 Aug 2026	8-K	8.01,9.01
6 Aug 2026	10-Q
5 Aug 2026	8-K	2.02,7.01,9.01
13 Jul 2026	8-K	1.01,1.02,2.03,8.01,9.01
7 Jul 2026	8-K	8.01,9.01

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.