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Realty Income Corporation — Intrinsic Value & Fair Price

O
NYSEReal EstateREIT - RetailCIK 0000726728realtyincome.comAbout O
Last close · Oct 16, 202656.08+0.53 (+0.95%)
Market cap$53.1B
Model value · P/Cash FFO · own history
64.75
Realty Income closed at $56.08 — undervalued by 13% vs model.
61.88the model's range73.44

P/Cash FFO · own history leads for a REIT. From its own five-year median price to Cash FFO.

Other models
21.43 – 72.20
Wall St. target
63.75 12% below
Below model, 1y
20 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Monthly · as of Oct 16, 2026
Yield, trailing 12 months
5.79%
#14 · Highest dividend yield
Past 2 years
low 4.78%high 6.06%
Dividends per share, a year at a time
$2.73Sep ’21$2.95Sep ’22$3.04Sep ’23$3.11Oct ’24$3.21Oct ’25$3.25TTM
Dividends / FFO, FY2025
81.5%
Raised
30 years in a row
Growth, 5 yrs
3.5% a year
Last change
+0.2% · Sep 2026
Every payment, with ex-dates · latest $0.2715, paid Oct 15, 2026

Research on O

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How it is valued

Valued asREIT
Moderate growth (~19% recent)Moderate margins (18% net margin)Strong dividend yieldHighly cyclical earningsStrong FCF yield (7.3%)
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for REITs
Price / Cash FFO
—
Dividend yield, TTM
5.79%
Dividends / Cash FFO
—
Debt / assets
45.1%
Price / book
1.3×
Revenue growth
9.1%
Full financials

Analyst actions

third-party, quoted
10-09Stifel Nicolaus · target63.75
10-01Truist Financial · target60.00
09-24Scotiabank · “Sector Perform” from “Sector Outperform”downgrade
09-24Scotiabank · target59.00
Ratings, targets and estimates

Comparable companies

by business, not by industry label
3 more companies list O as a comparable
Side by side:vs VICI

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just O. No account.

About Realty Income

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.

CEO
Sumit Roy
Headquarters
San Diego, CA
Employees
544
IPO
1994-10-18
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.