Sales up 9.1%
The latest figures
All key numbers (33) From EDGAR
| EPS (ttm) | 1.46 | Sales (ttm) | 6.2B | Net income (ttm) | 1.4B | Sales growth | +9.1% | EPS growth | +19.4% | Sales Q/Q | +10.3% |
| Free cash flow | - | Gross margin | - | Oper. margin | - | Net margin | 21.8% | FCF margin | - | ROE | 3.4% |
| ROA | 1.7% | R&D / sales | - | Dividend | 3.22 | Debt/Eq | 0.04 | Curr. ratio | - | Cash | 368.5M |
| Op. cash flow (ttm) | 4.1B | Net debt | 1.1B | Payout ratio | 275.0% | Tax rate | 7.4% | Stock pay / sales | 0.5% | Shares out. | 951.0M |
| Shares Y/Y | +5.2% | Book / share | 41.53 | Cash / share | 0.39 | Sales / share | 6.53 | Asset turnover | 0.08 | Sales 3Y CAGR | +19.8% |
| Sales 5Y CAGR | +28.4% | EPS 3Y CAGR | -6.2% | EPS 5Y CAGR | +0.5% |
Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.
Changes in the numbers
FY2025 against FY2024-
Debt rose 668%$67.3M → $516.8M · Short-term + long-term debt at year end
-
Revenue growth slowed to +9.1%+29.2% → +9.1% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
O against Real estate peers
Ten years, side by side → · All 30 →Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How
Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.
| Company | Revenue (ttm) | Sales growth | Gross margin | Net margin | ROE | FCF margin | Debt / equity |
|---|---|---|---|---|---|---|---|
| O Realty Income | $6.2B | +9.1% | - | 21.8% | 3.4% | - | 0.04 |
| SPG Simon Property Group | $7.2B | +6.7% | - | 63.0% | 110.4% | 46.9% | 6.96 |
| WY Weyerhaeuser | $7.0B | -3.1% | 15.0% | 6.5% | 4.8% | - | 0.57 |
| VTR Ventas | $6.8B | +18.5% | - | 3.9% | 1.7% | -15.0% | 0.79 |
| DLR Digital Realty | $6.3B | +10.0% | - | 21.7% | 5.9% | - | - |
| HST Host Hotels & Resorts | $6.2B | +7.6% | - | 15.0% | 14.8% | - | 0.20 |
Profitability
2 of 3- ✓Net margin above the peer median21.8% vs 21.7%
- !Return on equity below 15%3.4%
- ✓A profit in every one of 10 years
Cash and shareholders
2 of 3- !Share count up over 5 years+75.3%
- ✓Dividend per share up over 5 years$2.79 → $3.22
- ✓Cash from operations above net income$4.0B vs $1.1B
Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.
Revenue and net income, FY2016 to FY2025
Revenue 5.7B Net income 1.1BFrom XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →
Income statement, balance sheet and cash flow
O's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.
Revenue by product or service
year to Dec 31, 2025| Revenue | Share | vs year before | |
|---|---|---|---|
| Retail | 4.3B | 75.2% | +7.9% |
| Industrial | 864.4M | 15.0% | +8.7% |
| Other | 247.2M | 4.3% | +3.6% |
10-K 0000726728-26-000011, segment and revenue notes (XBRL).
Income statement
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1B | 1.2B | 1.3B | 1.5B | 1.6B | 2.1B | 3.3B | 4.1B | 5.3B | 5.7B |
| SG&A | 52.0M | 58.4M | 84.1M | 66.5M | 73.2M | 97.0M | 138.5M | 144.5M | 176.9M | 202.6M |
| Interest expense | 220.0M | 247.4M | 266.0M | 291.0M | 309.3M | 323.6M | 465.2M | 730.4M | 970.0M | 1.1B |
| Pretax income | - | - | - | 443.6M | 411.2M | 392.4M | 917.6M | 928.9M | 933.9M | 1.2B |
| Income tax | 3.3M | 6.0M | 5.3M | 6.2M | 14.7M | 31.7M | 45.2M | 52.0M | 66.6M | 85.3M |
| Net income | 315.6M | 318.8M | 363.6M | 436.5M | 395.5M | 359.5M | 869.4M | 872.3M | 860.8M | 1.1B |
| EPS (diluted) | 1.13 | 1.10 | 1.26 | 1.38 | 1.14 | 0.87 | 1.42 | 1.26 | 0.98 | 1.17 |
| Diluted shares | 255.6M | 273.9M | 289.9M | 316.2M | 345.4M | 414.8M | 612.2M | 693.0M | 863.8M | 908.3M |
| Depreciation & amortization | 449.9M | 498.8M | 539.8M | 594.0M | 677.0M | 897.8M | 1.7B | 1.9B | 2.4B | 2.5B |
| Net margin | 28.6% | 26.2% | 27.4% | 29.3% | 24.0% | 17.3% | 26.0% | 21.4% | 16.3% | 18.4% |
| Revenue growth | - | +10.2% | +9.2% | +12.1% | +10.7% | +26.3% | +60.7% | +22.0% | +29.2% | +9.1% |
| EPS growth | - | -2.7% | +14.5% | +9.5% | -17.4% | -23.7% | +63.2% | -11.3% | -22.2% | +19.4% |
Balance sheet
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash | 9.4M | 6.9M | 10.4M | 54.0M | 824.5M | 258.6M | 171.1M | 232.9M | 445.0M | 434.8M |
| Short-term investments | - | - | - | 0 | - | - | - | - | - | - |
| Goodwill | 15.1M | 15.0M | 14.6M | 14.4M | 14.2M | 3.7B | 3.7B | 3.7B | 4.9B | 4.9B |
| Total assets | 13.2B | 14.1B | 15.3B | 18.6B | 20.7B | 43.1B | 49.7B | 57.8B | 68.8B | 72.8B |
| Total debt | 4.0B | - | - | - | 0 | 901.4M | 701.8M | 764.4M | 67.3M | 516.8M |
| Total liabilities | 6.4B | 6.7B | 7.1B | 8.8B | 9.7B | 18.0B | 20.8B | 24.7B | 29.8B | 32.7B |
| Shareholders' equity | 6.8B | 7.4B | 8.1B | 9.8B | 11.0B | 25.1B | 28.7B | 32.9B | 38.8B | 39.4B |
Cash flow
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 799.9M | 875.9M | 940.7M | 1.1B | 1.1B | 1.3B | 2.6B | 3.0B | 3.6B | 4.0B |
| Stock-based pay (added back) | 12.0M | 13.9M | 27.3M | 13.7M | 16.5M | 41.8M | 21.6M | 26.2M | 57.5M | 30.8M |
| Dividends paid | 610.5M | 689.3M | 761.6M | 852.1M | 964.2M | 1.2B | 1.8B | 2.1B | 2.7B | 2.9B |
| Acquisitions | - | - | - | 0 | 0 | 366.0M | 0 | 0 | - | - |
| Debt raised | - | - | - | - | - | 0 | 0 | 1.0B | 0 | 407.0M |
| Investing cash flow | -1.7B | -1.3B | -1.6B | -3.5B | -2.0B | -6.4B | -8.4B | -9.4B | -3.3B | -5.7B |
| Financing cash flow | 866.2M | 375.1M | 707.9M | 2.5B | 1.7B | 4.6B | 5.7B | 6.4B | -21.2M | 1.7B |
| Dividend per share | - | 2.53 | 2.63 | 2.71 | 2.79 | 2.83 | 2.97 | 3.05 | 3.13 | 3.22 |
Stock-based pay and leases
From EDGAR| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based pay (expense) | 12.0M | 13.9M | 27.3M | 13.7M | 16.5M | 41.8M | 21.6M | 26.2M | 57.5M | 30.8M |
| Stock-based pay / revenue | 1.1% | 1.1% | 2.1% | 0.9% | 1.0% | 2.0% | 0.6% | 0.6% | 1.1% | 0.5% |
| Right-of-use assets | - | - | 132.0M | 120.5M | 112.0M | 631.5M | 603.1M | 594.7M | 619.4M | 592.3M |
| Operating lease liabilities | - | - | 132.0M | 122.3M | 114.6M | 461.7M | 440.1M | 425.2M | 453.0M | 429.7M |
| Finance lease liabilities | - | - | - | 5.9M | 6.3M | 44.0M | 49.5M | 44.3M | 77.2M | 121.4M |
From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.