# Realty Income Corporation (O) — Stock CV

Realty Income Corporation is a $51.4B real estate company. Revenue grew 10.9% over the last year, it keeps 21¢ of every dollar of sales as profit, and its net debt equals ~7.3 years of free cash flow. It trades at 40.4× earnings — near the lowest of its own history.

> Realty Income owns roughly 15,600 properties, most of which are freestanding, single-tenant, triple-net-leased retail properties. Its properties are located in all 50 states and Puerto Rico and are leased to nearly 1,800 tenants from 92 industries.

## Identity

- **Ticker**: O
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: SAN DIEGO, CA
- **Employees**: 544
- **Website**: https://www.realtyincome.com
- **Market cap**: $51.4B
- **Last price**: $54.27
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $6.05B
- **Net income**: $1.27B
- **Free cash flow**: $4.00B
- **Net debt**: $29.1B
- **P/E**: 40.4
- **Revenue growth (YoY)**: 10.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 69 |
| Growth | 76 |
| Profitability | 55 |
| Health | 18 |
| Quality | 90 |
| Moat | 56 |

## Qualifications (beginner checklist) — 7 of 11 passed

- [x] Revenue growing — +10.9% YoY
- [x] Profitable — $1.27B TTM
- [ ] Profit growing — -6.5% YoY
- [x] Generates cash — $4.00B TTM
- [ ] Debt under control — ~7.3y of cash flow to repay
- [x] Established company — $51.4B market cap
- [ ] Not printing shares — +163.0% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.1 — distress
- [x] Pays a dividend — yield 5.84%
- [x] Valuation not extreme — P/E 40.4

## Experience (career milestones)

- **FY2025** — Best year on record: $1.06B net income
- **2025** — It was announced the company had acquired The Lexicon shopping centre in Bracknell, UK for…
- **Jan 23, 2024** — The company completed the $9.3 billion acquisition of Spirit Realty Capital
- **Nov 1, 2021** — The company acquired VEREIT
- **FY2018** — Revenue crossed $1B: $1.33B for the year
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2013** — The company acquired American Realty Capital Trust, founded by Nicholas Schorsch, in a $2.95 billion…
- **1994** — The company became a public company via an initial public offering
- **1970** — Its first acquisition was a Taco Bell restaurant in early 1970
- **1969** — Realty Income Corporation was founded in 1969 by William E

## Strengths

- High gross margin (92.7%)
- Strongly profitable — 20.9% net margin
- Revenue growing 10.9% year over year
- Strong cash conversion — FCF is 66.1% of revenue

## Watch-outs

- Altman Z-Score 0.07 — elevated financial-distress risk
- Net debt would take ~7.7 years of free cash flow to repay
- Net debt equals ~7.3 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.08B | $359M | $1.30B |
| FY2022 | $3.34B | $869M | $2.47B |
| FY2023 | $4.08B | $872M | $2.89B |
| FY2024 | $5.27B | $861M | $3.45B |
| FY2025 | $5.75B | $1.06B | $3.86B |

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Source: https://stockcv.com/O — derived from company filings; may be delayed or incomplete. Information, not investment advice.