Realty Income CorporationO
NYSE•Real Estate•REIT - Retail
Realty Income Corporation, an S&P 500 company, is real estate partner to the world's leading companies. We serve our clients as a full-service real estate capital provider. As of December 31, 2025, we have a portfolio of over 15,500 properties in all 50 states of the United States (U.S.), the United Kingdom (U.K.), and eight other countries in Europe. We are known as (The Monthly Dividend Company) and have a mission to invest in people and places to deliver dependable monthly dividends that increase over time. Since our listing on the NYSE in 1994, we have had 133 dividend increases and are a member of the S&P 500 Dividend Aristocrats index for having increased our dividend for over 31 consecutive years. The firm was founded and incorporated in 1969 in Maryland and is based in San Diego, United States.
Realty Income Corporation (O) reported trailing twelve months revenue of $5.92B as of March 2026, a 9.8% increase year-over-year. Quarterly revenue reached $1.55B, reflecting continued top-line momentum.
Realty Income Corporation generated $1.14B in TTM net income, with quarterly EBITDA of $962.29M. The operating margin expanded from 18.8% to 21.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (21.4%) and net margin (20.7%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 18.2% a year ago, signaling stronger bottom-line efficiency.
O trades at a P/E of 50.0x (a premium multiple) and a P/S of 9.6x. The price-to-book ratio of 1.5x reflects a moderate premium to book value.
The company generated $848.19M in free cash flow over the trailing twelve months, a 10.9% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $74.55B in total assets with no in long-term debt against $39.15B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~19.6%, suggesting durable pricing power and cost discipline.
ROE is positive at ~2.5% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~25.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~20.2% — no sign of cost or pricing stress.
FCF covers net income by 3.6x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 7.1% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation