O
Realty Income Corp
O—
Realty Income Corp AI Insights
Informational only. Not investment advice.Snapshot
- Revenue 5.5B TTM is 81x industry median (68M) - dominant scale in fragmented REIT sector with 915M shares outstanding[Total Revenue]
- Debt/equity 0.74 with 28.9B total debt vs 39B equity - interest expense 1.1B TTM consumes 45% of operating income[Debt to Equity]
- Dividend yield 5.6% (3.21/share TTM) vs 2.2x EPS (1.48) - payout ratio 216% funded by depreciation add-backs[Dividends Paid Per Share]
Watch Triggers
- Interest Expense: Exceeds 1.2B TTM or EBITDA coverage falls below 3.5x — 29B debt refinancing at higher rates compresses dividend coverage
- Impairment of Capital Assets: Rises above 150M annually — Signals tenant defaults in retail-heavy portfolio
- Free Cash Flow: Falls below 3B TTM — Dividend sustainability requires FCF exceeding 2.9B annual payout
Bull Case
Triple-net lease model delivers 92% gross margin TTM with minimal capex - FCF equals operating cash flow (3.8B) as tenants bear property costs
Gross MarginFree Cash FlowOperating Margin
Monthly dividend aristocrat with 5.6% yield backed by 4.6B EBITDA TTM - interest coverage 4.3x despite 29B debt load
EBITDAInterest ExpenseDividends Paid Per Share
Bear Case
P/E 38.6x is 3.2x industry median (12x) - premium valuation assumes perpetual dividend growth despite 0.08 asset turnover
PE RatioAsset Turnover
Net margin 17% vs industry median 83% reflects REIT accounting; 75M impairment TTM signals tenant stress risk
Net MarginImpairment of Capital Assets
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
FCF of 3.8B TTM sustainably covers 2.9B annual dividend despite 216% EPS payout ratio
1-3yhigh
- REIT structure adds back 632M depreciation to cash flow
- 92% gross margin on triple-net leases
- Scale enables 1.1B interest expense absorption
FCF 3.8B vs dividends paid 738M quarterlyOperating margin 45% vs industry 23%EBITDA 4.6B covers interest 4.3x
Valuation Context
Caveats
Public Strategies Rankings
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O Fundamentals
Finance and Insurance → Funds, Trusts, and Other Financial Vehicles
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$56.21B | — | ||
$84.69B | — | ||
41 | — | ||
$5.55B | +10.7% | — | |
$1.48 | +3.7% | — | |
44.7% | +0.5% | — | |
17.4% | -0.2% | — | |
$3.76B | +11.9% | — | |
0.02 | -0.0% | — | |
Beta 5Y (Monthly) | unknown | — |
O Dividend History
313 dividends
2026
$0.270001/30/26$0.2700
2025
$3.487012/31/25$0.2700
11/28/25$0.2695
10/31/25$0.2695
10/01/25$0.2695
09/02/25$0.2690
08/01/25$0.2690
07/01/25$0.2690
06/02/25$0.2685
05/01/25$0.2685
04/01/25$0.2685
03/03/25$0.2680
02/03/25$0.2640
01/02/25$0.2640
2024
$2.869012/02/24$0.2635
11/01/24$0.2635
10/01/24$0.2635
09/03/24$0.2630
08/01/24$0.2630
07/01/24$0.2630
06/03/24$0.2625
04/30/24$0.2570
03/28/24$0.2570
02/29/24$0.2565
01/31/24$0.2565
2023
$3.059012/29/23$0.2565
11/30/23$0.2560
10/31/23$0.2560
09/29/23$0.2560
08/31/23$0.2555
07/31/23$0.2555
06/30/23$0.2555
05/31/23$0.2550
04/28/23$0.2550
03/31/23$0.2550
02/28/23$0.2545
01/31/23$0.2485
2022
$2.969012/30/22$0.2485
11/30/22$0.2480
10/31/22$0.2480
09/30/22$0.2480
08/31/22$0.2475
07/29/22$0.2475
06/30/22$0.2475
05/31/22$0.2470
04/29/22$0.2470
03/31/22$0.2470
02/28/22$0.2465
01/31/22$0.2465
2021
$2.845012/31/21$0.2465
11/30/21$0.2460
11/01/21$0.2360
09/30/21$0.2360
08/31/21$0.2355
07/30/21$0.2355
06/30/21$0.2355
05/28/21$0.2350
04/30/21$0.2350
03/31/21$0.2350
02/26/21$0.2345
01/29/21$0.2345
2020
$2.801012/31/20$0.2345
11/30/20$0.2340
10/30/20$0.2340
09/30/20$0.2340
08/31/20$0.2335
07/31/20$0.2335
06/30/20$0.2335
05/29/20$0.2330
04/30/20$0.2330
03/31/20$0.2330
02/28/20$0.2325
01/31/20$0.2325
2019
$2.717012/31/19$0.2275
11/29/19$0.2270
10/31/19$0.2270
09/30/19$0.2270
08/30/19$0.2265
07/31/19$0.2265
06/28/19$0.2265
05/31/19$0.2260
04/30/19$0.2260
03/29/19$0.2260
02/28/19$0.2255
01/31/19$0.2255
2018
$2.639012/31/18$0.2210
11/30/18$0.2205
10/31/18$0.2205
09/28/18$0.2205
08/31/18$0.2200
07/31/18$0.2200
06/29/18$0.2200
05/31/18$0.2195
04/30/18$0.2195
03/29/18$0.2195
02/28/18$0.2190
01/31/18$0.2190
2017
$2.537012/29/17$0.2125
11/30/17$0.2120
10/31/17$0.2120
09/29/17$0.2120
08/30/17$0.2115
07/28/17$0.2115
06/29/17$0.2115
05/30/17$0.2110
04/27/17$0.2110
03/30/17$0.2110
02/27/17$0.2105
01/30/17$0.2105
2016
$2.403012/29/16$0.2025
11/29/16$0.2020
10/28/16$0.2020
09/29/16$0.2020
08/30/16$0.2015
07/28/16$0.1995
06/29/16$0.1995
05/27/16$0.1990
04/28/16$0.1990
03/30/16$0.1990
02/26/16$0.1985
01/28/16$0.1985
2015
$2.279012/30/15$0.1910
11/27/15$0.1905
10/29/15$0.1905
09/29/15$0.1905
08/28/15$0.1900
07/30/15$0.1900
06/29/15$0.1900
05/28/15$0.1895
04/29/15$0.1895
03/30/15$0.1895
02/26/15$0.1890
01/29/15$0.1890
2014
$2.192912/30/14$0.1834
11/26/14$0.1831
10/30/14$0.1831
09/29/14$0.1831
08/28/14$0.1828
07/30/14$0.1828
06/27/14$0.1828
05/29/14$0.1825
04/29/14$0.1825
03/28/14$0.1825
02/27/14$0.1822
01/30/14$0.1822
2013
$2.177912/30/13$0.1822
11/27/13$0.1819
10/30/13$0.1819
09/27/13$0.1819
08/29/13$0.1815
07/30/13$0.1815
06/27/13$0.1815
05/30/13$0.1812
04/29/13$0.1812
03/27/13$0.1812
02/27/13$0.1809
01/30/13$0.1809
2012
$1.777912/28/12$0.1517
11/29/12$0.1514
10/31/12$0.1514
09/27/12$0.1514
08/30/12$0.1511
07/30/12$0.1461
06/28/12$0.1461
05/30/12$0.1458
04/27/12$0.1458
03/29/12$0.1458
02/28/12$0.1455
01/30/12$0.1455
2011
$1.737912/28/11$0.1455
11/29/11$0.1452
10/28/11$0.1452
09/29/11$0.1452
09/01/11$0.1449
07/28/11$0.1449
06/29/11$0.1449
05/27/11$0.1446
04/28/11$0.1446
03/30/11$0.1446
02/25/11$0.1442
01/28/11$0.1442
2010
$1.722912/30/10$0.1442
11/29/10$0.1439
10/28/10$0.1439
09/29/10$0.1439
08/30/10$0.1436
07/29/10$0.1436
06/29/10$0.1436
05/27/10$0.1433
04/29/10$0.1433
03/30/10$0.1433
02/25/10$0.1430
01/28/10$0.1430
2009
$1.707912/30/09$0.1430
11/27/09$0.1427
10/29/09$0.1427
09/29/09$0.1427
08/28/09$0.1424
07/30/09$0.1424
06/29/09$0.1424
05/28/09$0.1421
04/29/09$0.1421
03/30/09$0.1421
02/26/09$0.1417
01/29/09$0.1417
2008
$1.667212/30/08$0.1417
11/26/08$0.1411
10/30/08$0.1411
09/29/08$0.1411
08/28/08$0.1405
07/30/08$0.1380
06/27/08$0.1380
05/29/08$0.1374
04/29/08$0.1374
03/28/08$0.1374
02/28/08$0.1368
01/30/08$0.1368
2007
$1.570512/28/07$0.1368
11/29/07$0.1361
10/30/07$0.1361
09/27/07$0.1361
08/30/07$0.1355
07/30/07$0.1278
06/28/07$0.1278
05/30/07$0.1271
04/27/07$0.1271
03/29/07$0.1271
02/27/07$0.1265
01/30/07$0.1265
2006
$1.447812/28/06$0.1265
11/29/06$0.1259
10/30/06$0.1259
09/28/06$0.1259
08/30/06$0.1253
07/28/06$0.1175
06/29/06$0.1175
05/30/06$0.1169
04/27/06$0.1169
03/30/06$0.1169
02/27/06$0.1163
01/30/06$0.1163
2005
$1.352512/29/05$0.1163
11/29/05$0.1156
10/28/05$0.1156
09/29/05$0.1156
08/30/05$0.1150
07/28/05$0.1113
06/29/05$0.1113
05/27/05$0.1106
04/28/05$0.1106
03/30/05$0.1106
02/25/05$0.1100
01/28/05$0.1100
2004
$1.361712/30/04$0.2200
11/29/04$0.1094
10/28/04$0.1094
09/29/04$0.1094
08/30/04$0.1088
07/29/04$0.1013
06/29/04$0.1013
05/27/04$0.1007
04/29/04$0.1007
03/30/04$0.1007
02/26/04$0.1000
01/29/04$0.1000
2003
$1.184212/30/03$0.1000
11/26/03$0.0994
10/30/03$0.0994
09/29/03$0.0994
08/28/03$0.0988
07/30/03$0.0988
06/27/03$0.0988
05/29/03$0.0982
04/29/03$0.0982
03/28/03$0.0982
02/27/03$0.0975
01/31/03$0.0975
2002
$1.154212/30/02$0.0975
11/27/02$0.0969
10/30/02$0.0969
09/27/02$0.0969
08/29/02$0.0963
07/30/02$0.0963
06/27/02$0.0963
05/30/02$0.0957
04/29/02$0.0957
03/27/02$0.0957
02/27/02$0.0950
01/30/02$0.0950
2001
$1.124212/28/01$0.0950
11/29/01$0.0944
10/30/01$0.0944
09/27/01$0.0944
08/30/01$0.0938
07/30/01$0.0938
06/28/01$0.0938
05/30/01$0.0932
04/27/01$0.0932
03/29/01$0.0932
02/27/01$0.0925
01/30/01$0.0925
2000
$1.094712/28/00$0.0925
11/29/00$0.0919
10/30/00$0.0919
09/28/00$0.0919
08/30/00$0.0913
07/28/00$0.0913
06/29/00$0.0913
05/30/00$0.0907
04/27/00$0.0906
03/30/00$0.0913
02/28/00$0.0900
01/28/00$0.0900
O Stock Splits
1 stock split
01/03/050.5:1 split
O SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/04/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
05/06/25 | 03/31/25 | 10-Q | |
02/25/25 | 12/31/24 | 10-K | |
11/05/24 | 09/30/24 | 10-Q | |
08/06/24 | 06/30/24 | 10-Q | |
05/07/24 | 03/31/24 | 10-Q | |
02/21/24 | 12/31/23 | 10-K | |
11/07/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/04/23 | 03/31/23 | 10-Q | |
02/22/23 | 12/31/22 | 10-K | |
11/03/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
05/05/22 | 03/31/22 | 10-Q | |
02/23/22 | 12/31/21 | 10-K | |
11/02/21 | 09/30/21 | 10-Q | |
08/03/21 | 06/30/21 | 10-Q | |
05/04/21 | 03/31/21 | 10-Q | |
02/23/21 | 12/31/20 | 10-K | |
11/03/20 | 09/30/20 | 10-Q | |
08/04/20 | 06/30/20 | 10-Q | |
05/05/20 | 03/31/20 | 10-Q | |
02/24/20 | 12/31/19 | 10-K | |
11/05/19 | 09/30/19 | 10-Q | |
08/06/19 | 06/30/19 | 10-Q | |
05/02/19 | 03/31/19 | 10-Q | |
02/22/19 | 12/31/18 | 10-K | |
11/01/18 | 09/30/18 | 10-Q | |
08/02/18 | 06/30/18 | 10-Q | |
05/09/18 | 03/31/18 | 10-Q | |
02/22/18 | 12/31/17 | 10-K | |
10/26/17 | 09/30/17 | 10-Q | |
07/27/17 | 06/30/17 | 10-Q | |
04/26/17 | 03/31/17 | 10-Q | |
03/01/19 | 12/31/16 | 10-K/A | |
02/23/17 | 12/31/16 | 10-K | |
10/26/16 | 09/30/16 | 10-Q | |
07/28/16 | 06/30/16 | 10-Q | |
04/27/16 | 03/31/16 | 10-Q | |
02/11/16 | 12/31/15 | 10-K | |
10/29/15 | 09/30/15 | 10-Q | |
07/30/15 | 06/30/15 | 10-Q | |
04/30/15 | 03/31/15 | 10-Q | |
02/18/15 | 12/31/14 | 10-K | |
10/30/14 | 09/30/14 | 10-Q | |
07/24/14 | 06/30/14 | 10-Q | |
05/01/14 | 03/31/14 | 10-Q | |
02/14/14 | 12/31/13 | 10-K | |
10/31/13 | 09/30/13 | 10-Q | |
07/25/13 | 06/30/13 | 10-Q | |
04/26/13 | 03/31/13 | 10-Q | |
02/14/13 | 12/31/12 | 10-K | |
10/25/12 | 09/30/12 | 10-Q | |
07/26/12 | 06/30/12 | 10-Q | |
04/27/12 | 03/31/12 | 10-Q | |
02/13/12 | 12/31/11 | 10-K | |
10/28/11 | 09/30/11 | 10-Q | |
08/01/11 | 06/30/11 | 10-Q | |
04/28/11 | 03/31/11 | 10-Q | |
02/10/11 | 12/31/10 | 10-K | |
10/28/10 | 09/30/10 | 10-Q | |
07/29/10 | 06/30/10 | 10-Q | |
04/29/10 | 03/31/10 | 10-Q | |
02/11/10 | 12/31/09 | 10-K | |
10/29/09 | 09/30/09 | 10-Q | |
07/30/09 | 06/30/09 | 10-Q | |
04/30/09 | 03/31/09 | 10-Q | |
02/12/09 | 12/31/08 | 10-K | |
10/31/08 | 09/30/08 | 10-Q | |
07/31/08 | 06/30/08 | 10-Q | |
05/02/08 | 03/31/08 | 10-Q | |
02/15/08 | 12/31/07 | 10-K | |
11/02/07 | 09/30/07 | 10-Q | |
08/02/07 | 06/30/07 | 10-Q | |
05/03/07 | 03/31/07 | 10-Q | |
02/21/07 | 12/31/06 | 10-K | |
11/06/06 | 09/30/06 | 10-Q | |
08/03/06 | 06/30/06 | 10-Q | |
05/05/06 | 03/31/06 | 10-Q | |
02/23/06 | 12/31/05 | 10-K | |
11/02/05 | 09/30/05 | 10-Q | |
08/03/05 | 06/30/05 | 10-Q | |
05/04/05 | 03/31/05 | 10-Q | |
03/04/05 | 12/31/04 | 10-K | |
11/03/04 | 09/30/04 | 10-Q | |
08/06/04 | 06/30/04 | 10-Q | |
05/10/04 | 03/31/04 | 10-Q | |
02/19/04 | 12/31/03 | 10-K | |
11/06/03 | 09/30/03 | 10-Q | |
08/08/03 | 06/30/03 | 10-Q | |
05/08/03 | 03/31/03 | 10-Q | |
03/05/03 | 12/31/02 | 10-K | |
11/08/02 | 09/30/02 | 10-Q | |
08/09/02 | 06/30/02 | 10-Q | |
05/14/02 | 03/31/02 | 10-Q | |
03/21/02 | 12/31/01 | 10-K405 | |
11/14/01 | 09/30/01 | 10-Q | |
08/14/01 | 06/30/01 | 10-Q | |
05/14/01 | 03/31/01 | 10-Q | |
03/28/01 | 12/31/00 | 10-K405 | |
11/13/00 | 09/30/00 | 10-Q | |
08/11/00 | 06/30/00 | 10-Q | |
05/12/00 | 03/31/00 | 10-Q |