# W.P. Carey Inc. (REIT) (WPC) — Stock CV

W.P. Carey Inc. (REIT) 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.

> 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.

## Identity

- **Ticker**: WPC
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: NEW YORK, NY
- **Employees**: 199
- **Website**: https://www.wpcarey.com
- **Market cap**: $14.5B
- **Last price**: $63.50
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $1.79B
- **Net income**: $651M
- **Free cash flow**: $1.22B
- **Net debt**: $8.57B
- **P/E**: 22.8
- **Revenue growth (YoY)**: 9.0%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 69 |
| Growth | 29 |
| Profitability | 60 |
| Health | 18 |
| Quality | 52 |
| Moat | 50 |

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

- [x] Revenue growing — +9.0% YoY
- [x] Profitable — $651M TTM
- [ ] Profit growing — -11.0% YoY
- [x] Generates cash — $1.22B TTM
- [ ] Debt under control — ~7.0y of cash flow to repay
- [x] Established company — $14.5B market cap
- [ ] Not printing shares — +29.1% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.1 — distress
- [x] Pays a dividend — yield 5.48%
- [x] Valuation not extreme — P/E 22.8

## Experience (career milestones)

- **FY2023** — Best year on record: $708M net income
- **2023** — The company completed the corporate spin-off of its office properties
- **FY2019** — Revenue crossed $1B: $1.23B for the year
- **2018** — The company merged with CPA:17 - Global
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **1973** — The company was founded in 1973 by William P

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.33B | $410M | $926M |
| FY2022 | $1.48B | $599M | $1.00B |
| FY2023 | $1.74B | $708M | $1.07B |
| FY2024 | $1.58B | $461M | $1.83B |
| FY2025 | $1.72B | $466M | $1.28B |

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