Realty Income (O) stock
Real Estate · Retail REITs
Realty Income (O) is a Retail REITs company in the Real Estate sector, headquartered in San Diego, California. As of October 23, 2026, O closed at $56.89, a market capitalization of $53.83 billion, the 223rd largest company in the S&P 500. Over the last twelve months it generated $6.07 billion in revenue (+10% year over year) and $4.17 billion in free cash flow. The stock trades at 41.2x trailing earnings and 36.6x forward earnings.
- 1-year total return: -0.3% (dividends reinvested)
- 5-year return: +1.2% a year
- 52-week range: $53.15 – $67.94
- Gross margin 92.7%, operating margin 47.0%
- Dividend yield: 5.73%, 31 straight years of increases
- FI Handbook report card: C across 10 metrics
- 8th largest of 30 Real Estate stocks in the S&P 500
O price chart
1Y price change: -5.5% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| O | +2.8% | +5.0% | -0.3% | +11.1% | +1.2% | +4.3% | +13.1% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1994.
O key statistics
- Market cap
- $53.8B
- #223 in S&P 500
- P/E (TTM)
- 41.2x
- Forward P/E
- 36.6x
- EPS (TTM)
- $1.38
- Revenue (TTM)
- $6.1B
- +10%
- Free cash flow
- $4.2B
- Gross margin
- 92.7%
- Operating margin
- 47.0%
- Return on equity
- 3.2%
- Dividend yield
- 5.73%
- 52-week range
- $53.15 – $67.94
- Beta
- 0.70
- Price / sales
- 8.9x
- EV / EBITDA
- 16.2x
- Debt / equity
- 0.75x
- Employees
- 544
O report card
CTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth9.6%C
- Gross margin92.7%A
- Operating margin47.0%A
- FCF margin68.7%A
- Return on equity3.2%F
- Net debt / EBITDA5.7xF
- Forward P/E36.6xD
- PEG ratio2.9xD
- Shareholder yield5.7%A
- Share count change / yr21.3%F
Realty Income financials
Revenue went from $1.1B in fiscal 2016 to $5.7B in fiscal 2025, growing 20.1% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.2B | $1.3B | $1.5B | $1.6B | $2.1B | $3.3B | $4.1B | $5.3B | $5.7B |
| Net income | $315.6M | $318.8M | $363.6M | $436.5M | $395.5M | $359.5M | $869.4M | $872.3M | $860.8M | $1.1B |
| EPS (diluted) | — | — | $1.22 | $1.38 | $1.14 | $0.87 | $1.42 | $1.26 | $0.98 | $1.17 |
| Dividends paid | $610.5M | $689.3M | $761.6M | $852.1M | $964.2M | $1.2B | $1.8B | $2.1B | $2.7B | $2.9B |
| Diluted shares | 263.8M | 282.7M | 299.2M | 316.2M | 345.4M | 414.8M | 612.2M | 693.0M | 863.8M | 908.3M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into O?
A reverse DCF asks what growth the current price requires. With an enterprise value of $84.6B and $4.2B of trailing free cash flow, Realty Income needs to grow free cash flow about 10.9% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 48.6x vs. median 49.2x (10th–90th percentile 37.2x–63.1x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
O dividend
- Dividend yield
- 5.73%
- Annual dividend
- $3.26
- Years of increases
- 31
- 5-yr dividend growth
- 5.1%
- per year
- Payout ratio
- 235%
- Payments per year
- 12
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
O earnings
Next report: November 2, 2026. Last quarter's revenue was $1.4B (+7% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 5, 2026 | $0.42 | $0.37 | -12.7% |
| May 6, 2026 | $0.42 | $0.34 | -17.7% |
| Feb 24, 2026 | $0.41 | $0.33 | -18.5% |
| Nov 3, 2025 | $0.40 | $0.36 | -10.8% |
| Aug 6, 2025 | $0.40 | $0.22 | -45.1% |
| May 5, 2025 | $0.33 | $0.28 | -15.0% |
| Feb 24, 2025 | $0.39 | $0.22 | -44.4% |
| Nov 4, 2024 | $0.34 | $0.31 | -8.5% |
Stocks like O
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 SPG Simon Property | -0.19% | +24% | $80.3B | 14.9x | Compare |
 KIM Kimco Realty Corporation (HC) | +0.13% | +11% | $15.8B | 27.8x | Compare |
 REG Regency Centers | -0.54% | +6% | $13.8B | 24.9x | Compare |
 FRT Federal Realty Investment Trust | -0.15% | +13% | $9.5B | 22.0x | Compare |
 WELL Welltower | -0.03% | +37% | $171.0B | 106.4x | Compare |
 PLD Prologis | -0.17% | +4% | $122.9B | 28.1x | Compare |
 EQIX Equinix | +0.25% | +17% | $94.2B | 61.5x | Compare |
 AMT American Tower Corporation (REI | +4.08% | +3% | $88.1B | 26.0x | Compare |
O news
- This Dividend Winner Just Announced Its 676th Consecutive Monthly Dividend. Is It Worth a Look? · Oct 24, 2026
- Verizon Yields Over 6%. These 3 Dividend Giants Offer More Income Opportunities · Oct 24, 2026
- Realty Income (O) Stock Fair Value Edges Lower After Mixed Analyst Target Changes · Oct 22, 2026
- Realty Income Has Raised Its Dividend Through Every Market Crash Since 1997. Should Income Investors Still Buy It? · Oct 22, 2026
- 135 Dividend Increases and Counting: What Realty Income’s Streak Tells Investors · Oct 21, 2026
O stock FAQ
What is O's market cap?
Realty Income's market capitalization is $53.83 billion as of October 23, 2026, ranking 223rd in the S&P 500.
What is O's P/E ratio?
O trades at a trailing price-to-earnings ratio of 41.2x and a forward P/E of 36.6x. Its median P/E over the period we track is 49.2x.
Does O pay a dividend?
Yes. Realty Income pays $3.26 per share a year, a 5.73% yield. It has raised its dividend 31 years in a row. Dividends grew 5.1% a year over the last five years.
How much has O stock returned?
Including reinvested dividends, O returned -0.3% over one year, +1.2% a year over five years, +4.3% a year over ten years through October 23, 2026.
Is O stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Realty Income must grow free cash flow about 11% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does O report earnings?
Realty Income is expected to report earnings on November 2, 2026.
How many employees does Realty Income have?
Realty Income has about 544 full-time employees, or $11.1 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology