W. P. Carey Inc.WPC
NYSE•Real Estate•REIT - Diversified
W. P. Carey Inc. ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate. It includes 1,703 net lease properties covering approximately 185 million square feet as of March 31, 2026. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Europe, under long-term net leases with built-in rent escalations. W. P. Carey Inc. was incorporated in 1973 in Maryland, USA.
W. P. Carey Inc. REIT (WPC) reported trailing twelve months revenue of $1.76B as of March 2026, a 9.9% increase year-over-year. Quarterly revenue reached $454.51M, reflecting continued top-line momentum.
W. P. Carey Inc. REIT generated $516.84M in TTM net income, with quarterly EBITDA of $335.59M. The operating margin contracted from 46.7% to 43.9%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (43.9%) and net margin (38.8%) indicates moderate non-operating costs. Net margin has improved from 30.7% a year ago, signaling stronger bottom-line efficiency.
WPC trades at a P/E of 29.0x (in line with broad market averages) and a P/S of 8.5x. The price-to-book ratio of 1.8x reflects a moderate premium to book value.
The company reported negative free cash flow of $-211.49M, indicating cash consumption over the period. The balance sheet shows $18.20B in total assets with $8.75B in long-term debt against $8.34B in stockholders equity for a debt-to-equity ratio of 1.0. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~45.9%, suggesting durable pricing power and cost discipline.
ROE is positive at ~5.5% on average, adequate but below the threshold typically associated with wide moats.
Only 3 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~45.9% — no sign of cost or pricing stress.
Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.0 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
5 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Share count is stable — no significant dilution or buyback activity.
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