W.P. Carey Inc. (REIT)

Real Estate Investment Trusts

WPCStrained7 of 11 basics passed

$63.50

+0.59%

Market cap $14.5B

$63.50

+0.59%

Market cap $14.5B

W.P. Carey Inc is a real estate investment trust principally involved in the ownership of properties located in the U.S., Western Europe, and Northern Europe.

It is a $14.5B real estate company. Revenue grew 9.0% over the last year, it keeps 36¢ of every dollar of sales as profit, and its net debt equals ~7.0 years of free cash flow. It trades at 22.8× earnings — in the cheapest third of its own history.

Website: wpcarey.com
Location: New York, NY
Employees: 199
Sector: Real Estate
Founded: 1973

Share price · 3 years

$53.70 → $63.50+18.2%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.79B
Profit: keeps 36¢ of every $1 sold; $651M
Free cash flow: cash left after running the business; $1.22B
Net debt: debt minus cash on hand; $8.57B
P/E: years of profit in the price; 22.8
EPS: earnings per share, TTM; $2.94
Dividend: pays out 125% of profit · 65% of FCF; 5.48%
Shares: up 107% since 2016 — dilution; 221.1M
Volatility: beta vs the market — under 1 swings less; 0.80

Revenue, last 10 years

52-week range

Low $62.73$63.50High $76.71

Today's price is 6% of the way from the year's low to its high.

P/E vs its history5y

22.2×median 30.2×

Higher than 29% of past days — in the cheapest third of its own history.

Valuation vs own history

P/E

22.2×

70%

P/S

7.9×

79%

EV/EBITDA

45.8×

28%

P/B

1.7×

57%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Real Estate

Size$14.5Btop 44%
Revenue growth+5%top 62%
Net margin36%top 20%
Return on equity8%top 51%
P/E22.8×top 30%
Dividend yield5.48%top 33%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Growth and Health lag behind.

Valuation69

P/E vs own history29th pct · 20/25
FCF yield8.4% · 25/25
P/S8.3x · 12/25
EV/EBITDA18.2x · 12/25

Growth29

Revenue CAGR6.6% · 12/25
Net income CAGR3.3% · 6/25
EPS CAGR ~5Y3.4% · 6/25
Fwd implied growth1.1% · 5/25

Profitability60

ROIC2.8% · 5/25
ROE7.8% · 5/25
Net margin36.3% · 25/25
Operating margin41.8% · 25/25

Health18

Altman Z0.11 · 3/25
Current ratio0.20 · 0/25
Interest coverage2.1x · 10/25
Net cash / debtD/A 48% · 5/25

Quality52

Piotroski F5/9 · 15/25
Beneish M-2.67 · 25/25
FCF conversionn/a · 0/25
Margin stabilityσ 11.2% · 12/25

Moat50

ROIC >12% years0/10 yrs · 0/25
Median gross margin70.5% · 25/25
FCF-positive yearsn/a · 0/25
Worst-year net marginworst 24.8% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2023Financial
Best year on record
$708M net income
2023Milestone
The company completed the corporate spin-off of its office properties
FY2019Financial
Revenue crossed $1B
$1.23B for the year
2018Acquisition
The company merged with CPA:17 - Global
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Positive free cash flow every year since
10-year streak
1973Founded
The company was founded in 1973 by William P

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$8 514 today — price return only

$1.7B revenue in FY2025

Revenue up 9.0% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

199 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (90.2%)
Strongly profitable — 36.3% net margin
Strong cash conversion — FCF is 68.2% of revenue

Watch-outs

Altman Z-Score 0.11 — elevated financial-distress risk
Net debt equals ~7.0 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

7 of 11 checks passed

Revenue growing — the company sells more than a year ago+9.0% YoY
Profitable — makes more than it spends$651M TTM
Profit growing — earnings are higher than last year-11.0% YoY
Generates cash — cash left after running and investing$1.22B TTM
Debt under control — could handle its obligations~7.0y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$14.5B market cap
Not printing shares — share count not ballooning — you keep your slice+29.1% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z 0.1 — distress
Pays a dividend — returns cash to shareholdersyield 5.48%
Valuation not extreme — price not wildly above earningsP/E 22.8

Peer comparisonW.P. Carey Inc. (REIT) vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
WPC this company	$14.5B	22.8	+9.0%	36.3%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: WPC vs WELL · WPC vs PLD · WPC vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 2Buy 7Hold 8Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.79B · net income $651M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$1.79B

YoY 9.0%

Net income (TTM)

$651M

Margin 36.3%

Gross margin

90.2%

Operating margin

41.8%

P/E ratio

22.8

Dividend yield

5.48%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.2	1.3	1.5	1.7	1.6	1.7
Gross profit	0.5	1.3	1.5	1.7	0.7	0.8
Operating income (EBIT)	0.4	0.4	0.6	0.8	0.5	0.5
Net income	0.5	0.4	0.6	0.7	0.5	0.5
EPS (diluted)	—	2.24	2.99	3.28	2.09	2.11

Cash flowFree cash flow $1.22B · operating cash flow $1.22B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.22B

Margin 68.2%

Operating cash flow (TTM)

$1.22B

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.8	0.9	1.0	1.1	1.8	1.3
Capital expenditure	—	—	—	—	—	—
Free cash flow	0.8	0.9	1.0	1.1	1.8	1.3
FCF margin	68.0%	69.6%	67.8%	61.6%	115.8%	74.7%

Balance sheetAssets $18.0B · net debt $8.57B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $18.0B of assets is financed

55%

45%

Liabilities $9.86B — borrowed moneyEquity $8.12B — owners' stake

Cash vs debt

Total debt $8.72B − cash $155M = net debt $8.57B

Cash on hand covers 2% of debt.

Altman Z-Score

0.11

Distress zone

Interest coverage

2.1x

EBIT ÷ interest expense

ROE

7.8%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.2	0.2	0.2	0.6	0.6	0.2
Total assets	14.7	15.5	18.1	18.0	17.5	18.0
Total liabilities	7.8	7.9	9.1	9.3	9.1	9.9
Total debt	6.7	6.8	7.9	8.1	8.0	8.7
Equity	6.9	7.6	9.0	8.7	8.4	8.1
Net debt	6.4	6.6	7.7	7.5	7.4	8.6

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of WPC on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $63.50 · market cap $14.5B.