Real Estate · REIT - Retail
Price
$63.84
Market Cap
$59.5B
Employees
468
Beta
0.73
Avg Volume
5,945,996
CEO
Sumit Roy
Business Description
Known as "The Monthly Dividend Company," Realty Income is an S&P 500 corporation committed to delivering reliable monthly income to its shareholders. Operating as a Real Estate Investment Trust (REIT), its monthly payouts are generated from the consistent cash flow of over 6,500 commercial properties, which are leased to various businesses under long-term contracts. With a remarkable 52-year operational history, the firm (NYSE: O) has announced 608 uninterrupted monthly dividends for its common stock and has increased its dividend payout 109 times since going public in 1994. It also holds a distinguished position within the S&P 500 Dividend Aristocrats index. For additional details, please visit the company's official website at www.realtyincome.com.
Business History
Price Overview
Price at report time · Jul 5, 4:07am (0m ago)
$63.84
Change · Jul 5
+2.02 (+3.27%)
Day Range
$62.20 – $63.85
52-Week Range
$55.86 – $67.94
50-Day MA
$62.07
200-Day MA
$60.86
Volume
6,364,311.00
Right now · live
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Real-time — the change above is the move since the report (over 0m).
Analyst Price Targets
Low
$66.00
Consensus
$68.31
High
$70.75
(35 analysts)
Share Structure
Outstanding
932,492,530.00
Float
930,310,497.00
Free Float
99.8%
High free float
— 99.8% of shares trade freely, ~0.2% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
51.55
Stock Price: $63.84
EPS (Diluted): 1.17
EPS (Diluted): 1.17
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
1.29
Stock Price: $63.84
Total Equity: $39.44B
Shares: 904,786,324
Total Equity: $39.44B
Shares: 904,786,324
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
21.16
Market Cap: $59.53B
Total Debt: $30.71B
Cash: $434.84M
EBITDA: $3.55B
Total Debt: $30.71B
Cash: $434.84M
EBITDA: $3.55B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$83.4B
Market Cap: $59.53B
Total Debt: $30.71B
Cash: $434.84M
Total Debt: $30.71B
Cash: $434.84M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
89.8%
Gross Profit: $5.16B
Revenue: $5.75B
Revenue: $5.75B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
28.3%
Operating Income: $1.63B
Revenue: $5.75B
Revenue: $5.75B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
18.4%
Net Income: $1.06B
Revenue: $5.75B
Revenue: $5.75B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
2.9%
Net Income: $1.06B
Total Equity: $39.44B
Total Equity: $39.44B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
33.0%
Operating Income: $1.63B
Tax Rate: 1.9%
Equity: $39.44B
Total Debt: $30.71B
Cash: $434.84M
Tax Rate: 1.9%
Equity: $39.44B
Total Debt: $30.71B
Cash: $434.84M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.51
Current Assets: $1.49B
Current Liabilities: $2.92B
Current Liabilities: $2.92B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.78
Short-Term Debt: $2.92B
Long-Term Debt: $27.80B
Total Debt: $30.71B
Total Equity: $39.44B
Long-Term Debt: $27.80B
Total Debt: $30.71B
Total Equity: $39.44B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$6.35
Revenue: $5.75B
Shares: 904,786,324
Shares: 904,786,324
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$43.59
Total Equity: $39.44B
Shares: 904,786,324
Shares: 904,786,324
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$4.42
Operating CF: $3.99B
CapEx: $0.00
Shares: 904,786,324
CapEx: $0.00
Shares: 904,786,324
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
5.7%
Last Dividend: N/A
Stock Price: $63.84
Stock Price: $63.84
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $1.06B
Net Income: $1.06B
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares O against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jul 5, 2026 4:07am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.1B | $3.3B | $4.1B | $5.3B | $5.7B |
| Cost of Revenue | $133.6M | $226.3M | $317.0M | $377.7M | $586.4M |
| Gross Profit | $1.9B | $3.1B | $3.8B | $4.9B | $5.2B |
| Operating Expenses | $994.8M | $1.8B | $2.0B | $2.6B | $3.5B |
| Operating Income | $952.0M | $1.3B | $1.7B | $2.3B | $1.6B |
| Net Income | $359.5M | $869.4M | $872.3M | $860.8M | $1.1B |
| EBITDA | $1.3B | $2.6B | $3.6B | $4.3B | $3.6B |
| EPS | $0.87 | $1.42 | $1.26 | $0.98 | $1.17 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jul 5, 2026 4:07am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $258.6M | $171.1M | $232.9M | $445.0M | $434.8M |
| Total Current Assets | $1.2B | $1.8B | $2.9B | $4.0B | $1.5B |
| Total Assets | $43.1B | $49.7B | $57.8B | $68.8B | $72.8B |
| Current Liabilities | $2.2B | $3.5B | $1.9B | $2.4B | $2.9B |
| Long-Term Debt | $13.9B | $15.4B | $20.8B | $25.1B | $27.8B |
| Total Liabilities | $18.0B | $20.8B | $24.7B | $29.8B | $32.7B |
| Total Equity | $25.1B | $28.7B | $32.9B | $38.8B | $39.4B |
| Retained Earnings | -$4.5B | -$5.5B | -$6.8B | -$8.6B | -$10.5B |
Cash Flow (Annual)
Last updated: Jul 5, 2026 4:07am (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $1.3B | $2.6B | $3.0B | $3.6B | $4.0B |
| Capital Expenditure | -$19.1M | -$95.5M | -$68.7M | -$121.4M | $0 |
| Free Cash Flow | $1.3B | $2.5B | $2.9B | $3.5B | $4.0B |
| Acquisitions (net) | $0 | $0 | $0 | $93.7M | -$52.3M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | -$172.5M | $0 |
| Net Change in Cash | -$565.9M | -$87.5M | $61.8M | $212.0M | $25.3M |
Analyst Estimates (Annual)
Last updated: Jul 5, 2026 4:07am (just now)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$6.1B $5.6B – $6.4B
|
$6.6B $6.5B – $6.7B
|
$7.2B $6.7B – $7.5B
|
$5.8B $5.4B – $6.1B
|
| EBITDA |
$4.6B $4.1B – $4.8B
|
$4.9B $4.9B – $5.0B
|
$5.3B $4.9B – $5.6B
|
$4.3B $4.0B – $4.6B
|
| Net Income |
$1.6B $1.6B – $1.7B
|
$1.7B $1.6B – $1.9B
|
$2.0B $1.8B – $2.1B
|
$0 |
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jul 5, 2026 4:07am (just now)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +60.7% | +22.0% | +29.2% | +9.1% |
| Gross Profit Growth | +60.1% | +20.7% | +30.1% | +5.5% |
| Operating Income Growth | +37.4% | +31.6% | +34.8% | -29.9% |
| Net Income Growth | +141.9% | +0.3% | -1.3% | +23.0% |
| EBITDA Growth | +100.6% | +39.2% | +20.1% | -18.0% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-27 | Redington Neale | F-InKind | 240.00 | $63.12 | $15,149 |
| 2026-05-21 | McLaughlin Gregory | A-Award | 3,214.00 | $0.00 | $0 |
| 2026-05-21 | MCKEE MICHAEL D | A-Award | 3,214.00 | $0.00 | $0 |
| 2026-05-21 | LOPEZ GERARDO I | A-Award | 3,214.00 | $0.00 | $0 |
| 2026-05-21 | Jacobson Jeff A | A-Award | 3,214.00 | $0.00 | $0 |
| 2026-05-21 | Huskins Priya Cherian | A-Award | 3,214.00 | $0.00 | $0 |
| 2026-05-21 | Preusse Mary Hogan | A-Award | 3,214.00 | $0.00 | $0 |
| 2026-05-21 | Hourihan Kimberly | A-Award | 3,214.00 | $0.00 | $0 |
| 2026-05-21 | GILYARD REGINALD HAROLD | A-Award | 3,214.00 | $0.00 | $0 |
| 2026-05-21 | Chapman A. Larry | A-Award | 3,214.00 | $0.00 | $0 |
| 2026-05-21 | Almodovar Priscilla | A-Award | 3,214.00 | $0.00 | $0 |
| 2026-04-02 | Bushore Michelle | S-Sale | 7,400.00 | $62.42 | $461,908 |
| 2026-04-01 | McLaughlin Gregory | S-Sale | 3,275.00 | $61.87 | $202,624 |
| 2026-02-26 | Bushore Michelle | A-Award | 7,698.00 | $0.00 | $0 |
| 2026-02-17 | Whyte Gregory J. | A-Award | 6,978.00 | $0.00 | $0 |
| 2026-02-17 | Whyte Gregory J. | A-Award | 22,652.00 | $0.00 | $0 |
| 2026-02-17 | Whyte Gregory J. | F-InKind | 6,114.00 | $66.49 | $406,520 |
| 2026-02-17 | Roy Sumit | A-Award | 33,847.00 | $0.00 | $0 |
| 2026-02-17 | Roy Sumit | A-Award | 103,792.00 | $0.00 | $0 |
| 2026-02-17 | Roy Sumit | F-InKind | 28,002.00 | $66.49 | $1.9M |
Dividend History (Last 20)
Last updated: Jul 5, 2026 4:07am (just now)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-30 | $0.27 | 2026-06-09 | 2026-06-30 | 2026-07-15 |
| 2026-05-29 | $0.27 | 2026-05-14 | 2026-05-29 | 2026-06-15 |
| 2026-04-30 | $0.27 | 2026-04-14 | 2026-04-30 | 2026-05-15 |
| 2026-03-31 | $0.27 | 2026-03-11 | 2026-03-31 | 2026-04-15 |
| 2026-02-27 | $0.27 | 2026-02-17 | 2026-02-27 | 2026-03-13 |
| 2026-01-30 | $0.27 | 2026-01-13 | 2026-01-30 | 2026-02-13 |
| 2025-12-31 | $0.27 | 2025-12-09 | 2025-12-31 | 2026-01-15 |
| 2025-11-28 | $0.27 | 2025-11-07 | 2025-11-28 | 2025-12-15 |
| 2025-10-31 | $0.27 | 2025-10-14 | 2025-10-31 | 2025-11-14 |
| 2025-10-01 | $0.27 | 2025-09-09 | 2025-10-01 | 2025-10-15 |
| 2025-09-02 | $0.27 | 2025-08-14 | 2025-09-02 | 2025-09-15 |
| 2025-08-01 | $0.27 | 2025-07-08 | 2025-08-01 | 2025-08-15 |
| 2025-07-01 | $0.27 | 2025-06-10 | 2025-07-01 | 2025-07-15 |
| 2025-06-02 | $0.27 | 2025-05-12 | 2025-06-02 | 2025-06-13 |
| 2025-05-01 | $0.27 | 2025-04-08 | 2025-05-01 | 2025-05-15 |
| 2025-04-01 | $0.27 | 2025-03-12 | 2025-04-01 | 2025-04-15 |
| 2025-03-03 | $0.27 | 2025-02-19 | 2025-03-03 | 2025-03-14 |
| 2025-02-03 | $0.26 | 2025-01-14 | 2025-02-03 | 2025-02-14 |
| 2025-01-02 | $0.26 | 2024-12-10 | 2025-01-02 | 2025-01-15 |
| 2024-12-02 | $0.26 | 2024-11-08 | 2024-12-02 | 2024-12-13 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for O — it's generated by the pipeline (
market-narrative step).
No community reviews yet for O.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.377 · 1648bd22 · 2026-07-04 14:36:23