Realty Income Corporation (O) Stock

Realty Income Corporation (O) is a Real Estate stock trading at $62.59 (as of 2026-08-21), with a market capitalization of $59.22B and a trailing P/E of 45.4. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Realty Income Corporation is a REIT that earns cash flow from a portfolio of thousands of commercial real estate properties held under long-term lease agreements. It pays stockholders monthly common-stock dividends supported by that tenant rent, serving public investors.

Understand Realty Income Corporation: how it makes money

Realty Income is a REIT that owns commercial real estate leased under long-term agreements, and it earns cash flow primarily from rental payments that support its dependable monthly dividends.

The profit model is built on converting long-term lease cash flows from a large portfolio of leased properties into steady, monthly dividend capacity.

Revenue by segment (latest quarter)
SameStoreRent$1.2B
Dispositions$0.3B

Business quality (Solid): The company’s reported story is consistent and dividend-focused, with cash flows tied to rental performance from long-term leases, but operating outcomes depend on what happens inside those leases.

Valuation: At 52× earnings, O trades 54% above the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

  • Long-term lease cash flow supports monthly dividends: Monthly dividends are supported by cash flow from over 6,500 real estate properties under long-term lease agreements with commercial clients.
  • Long dividend track record: The company has declared 608 consecutive common stock monthly dividends over a 52-year operating history, and it increased the dividend 109 times since 1994.

Bear case

  • Dividend support is tied to rental cash flow: Because dividends are supported by cash flow from leased properties, changes in rental revenue or lease performance could pressure dividend capacity.
  • Portfolio turnover can matter: Results can include proceeds from property dispositions, which may not be recurring in the same way as rental cash flows.
Valuation — source: SEC EDGAR (first-party)
Price$62.59
Market Cap$59.22B
P/E Ratio45.4
EV / EBITDA21.8
Price / Book1.41
Price / Sales9.78
DCF Value (model)$201.28
DCF Upside vs Price221.6%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$5.75B
Net Margin18.4%
Revenue Growth (YoY)9.7%
EPS Growth (YoY)68.2%
Valuation vs Sector & Industry
Stock P/E45.4
Sector P/E (Real Estate)27.2
Industry P/E (Trading)35.3
vs Sector67.2%
vs Industry28.6%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($8.48B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorReal Estate
IndustryTrading
CEOSumit Roy
Employees468
CountryUS
IPO Date1994-10-18

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

  • Equinix, Inc. (EQIX)
  • American Tower Corporation (AMT)
  • Simon Property Group, Inc. (SPG)
  • Digital Realty Trust, Inc. (DLR)
  • Public Storage (PSA)
  • Ventas, Inc. (VTR)
  • Iron Mountain Incorporated (IRM)
  • Crown Castle Inc. (CCI)
O earnings history · O institutional & insider holders · O KPIs & operating metrics · O financials · O investor presentations & press releases · O SEC filings · O peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.