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Arphra AIPlain-English read on Realty Income Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +93.58% | +93.23% | +92.23% | +92.84% | +89.80% | +91.86% | +93.71% | +92.89% | +91.37% |
| Operating margin | +45.76% | +39.13% | +42.22% | +44.03% | +28.30% | +37.82% | +39.01% | +38.81% | +37.79% |
| EBITDA margin | +88.92% | +89.09% | +88.33% | +82.10% | +61.76% | +77.72% | +79.21% | +77.45% | +75.22% |
| EBIT margin | +45.76% | +39.13% | +41.87% | +36.65% | +18.76% | +31.47% | +32.82% | +33.04% | +32.38% |
| Pre-tax margin | +18.86% | +27.44% | +22.77% | +17.72% | +18.76% | +19.63% | +19.73% | +19.16% | +19.94% |
| Net margin | +17.28% | +26.00% | +21.39% | +16.33% | +18.41% | +18.73% | +18.53% | +18.45% | +18.68% |
| Cost structure | |||||||||
| Cost of revenue / sales | +6.42% | +6.77% | +7.77% | +7.16% | +10.20% | +8.15% | +8.50% | +8.52% | +8.45% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +4.66% | +4.14% | +3.54% | +3.36% | +4.40% | +3.74% | +3.87% | +3.78% | +3.76% |
| Effective tax rate | +8.07% | +4.92% | +5.60% | +7.13% | +1.85% | +4.97% | +4.74% | +5.06% | +4.70% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +1.43% | +3.01% | +2.63% | +2.20% | +2.64% | +2.48% | +2.45% | +2.40% | +2.53% |
| Return on assets (ROA) | +0.83% | +1.75% | +1.51% | +1.25% | +1.45% | +1.42% | +1.43% | +1.39% | +1.38% |
| Return on capital (ROC) | +2.32% | +2.76% | +3.13% | +3.53% | +2.23% | +2.93% | +3.00% | +2.98% | +2.99% |
| Return on invested capital (ROIC) | +0.88% | +1.83% | +1.58% | +1.31% | +1.45% | +1.45% | +1.43% | +1.42% | +1.48% |
| Asset turnover | +4.82% | +6.73% | +7.06% | +7.66% | +7.90% | +7.60% | +7.70% | +7.52% | +7.36% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +17.28% | +26.00% | +21.39% | +16.33% | +18.41% | +18.73% | +18.53% | +18.45% | +18.68% |
| Asset turnover (× revenue / assets) | +4.82% | +6.73% | +7.06% | +7.66% | +7.90% | +7.60% | +7.70% | +7.52% | +7.36% |
| Equity multiplier (× assets / equity) | +171.66% | +172.22% | +174.52% | +176.27% | +181.43% | +174.05% | +171.70% | +172.96% | +183.84% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.05 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.07 |
| Fixed-asset turnover | 2.45 | 3.12 | 3.13 | 4.14 | — | — | — | — | — |
| Inventory turnover | — | 7.66 | 10.07 | — | — | — | — | — | — |
| Receivables turnover | 2.76 | 2.23 | 1.57 | 1.56 | 5.46 | — | — | — | — |
| Payables turnover | — | — | — | — | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 132.48 | 163.86 | 232.09 | 234.00 | 66.88 | — | — | — | — |
| Days inventory outstanding (DIO) | — | 47.63 | 36.23 | — | — | — | — | — | — |
| Days payables outstanding (DPO) | — | — | — | — | — | — | — | — | — |
| Cash conversion cycle | 132.48 | 211.49 | 268.32 | 234.00 | 66.88 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 3.68 | 2.95 | 3.39 | 4.15 | 3.77 | 3.83 | 3.78 | 3.74 | 3.82 |
| FCF / Net income | 3.63 | 2.84 | 3.31 | 4.01 | 3.65 | 3.73 | 3.63 | 3.66 | 3.63 |
| FCF margin | +62.64% | +73.82% | +70.85% | +65.49% | +67.19% | +69.82% | +67.36% | +67.59% | +67.87% |
| OCF margin | +63.55% | +76.68% | +72.54% | +67.79% | +69.48% | +71.80% | +70.07% | +69.05% | +71.39% |
| CapEx / Revenue | +0.92% | +2.86% | +1.68% | +2.30% | +2.29% | +2.04% | +2.05% | +2.08% | +2.14% |
| CapEx / D&A | 0.02 | 0.06 | 0.04 | 0.05 | 0.05 | — | — | — | — |
| Stock-based comp / Revenue | +2.01% | +0.65% | +0.64% | +1.09% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 0.87 | 1.42 | 1.26 | 0.98 | 1.17 | 1.59 | 1.75 | 1.79 | 2.05 |
| EPS · basic | 0.87 | 1.42 | 1.26 | 0.98 | 1.17 | 1.60 | 1.73 | 1.76 | 2.03 |
| Book value / share | 60.59 | 47.12 | 47.77 | 44.54 | 44.35 | 47.84 | 50.17 | 54.84 | 57.07 |
| Tangible BV / share | 39.00 | 32.58 | 35.15 | 31.70 | 38.79 | 47.84 | 50.17 | 54.84 | 57.07 |
| Sales / share | 5.02 | 5.46 | 5.89 | 6.01 | 6.35 | 6.32 | 6.63 | 7.14 | 7.73 |
| Operating CF / share | 3.19 | 4.19 | 4.27 | 4.08 | 4.42 | 4.54 | 4.65 | 4.93 | 5.52 |
| Free cash flow / share | 3.14 | 4.03 | 4.17 | 3.94 | 4.27 | 4.42 | 4.47 | 4.82 | 5.24 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +60.72% | +21.99% | +29.23% | +9.07% | -1.19% | +6.17% | +7.58% | +8.17% | +16.42% |
| Gross profit · YoY | — | +60.12% | +20.68% | +30.08% | +5.51% | +1.07% | +8.32% | +6.63% | +6.40% | +16.07% |
| Profit | ||||||||||
| Operating income · YoY | — | +37.44% | +31.62% | +34.76% | -29.90% | +32.04% | +9.51% | +7.03% | +5.34% | +13.67% |
| EBITDA · YoY | — | +61.03% | +20.96% | +20.11% | -17.95% | +24.35% | +8.20% | +5.19% | +5.05% | +14.01% |
| Net income · YoY | — | +141.87% | +0.33% | -1.32% | +22.98% | +0.53% | +5.05% | +7.06% | +9.57% | +17.56% |
| Operating | ||||||||||
| EBIT · YoY | — | +37.44% | +30.53% | +13.12% | -44.17% | +65.73% | +10.73% | +8.32% | +6.01% | +11.49% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +63.22% | -11.27% | -22.22% | +19.39% | +36.14% | +10.08% | +1.91% | +14.72% | +11.31% |
| EPS · basic · YoY | — | +63.22% | -11.27% | -22.22% | +19.39% | +36.95% | +8.26% | +1.58% | +15.30% | +11.18% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $15.95B | $18.6B | $21.99B | $26.76B | $32.85B | $30.27B | $32.78B | $34.5B | $36.93B |
| Net debt | $15.69B | $18.43B | $21.76B | $26.31B | $32.42B | $29.85B | $32.34B | $34.04B | $36.43B |
| Net debt / EBITDA | 8.48 | 6.19 | 6.04 | 6.08 | 9.13 | 6.76 | 6.77 | 6.77 | 6.90 |
| Debt / equity | 0.63 | 0.64 | 0.66 | 0.69 | 0.82 | 0.70 | 0.72 | 0.69 | 0.71 |
| Debt / assets | +36.97% | +37.45% | +38.06% | +38.87% | +45.13% | +40.47% | +41.85% | +40.01% | +38.75% |
| Equity / assets | +58.25% | +58.07% | +57.30% | +56.73% | +55.12% | +57.46% | +58.24% | +57.82% | +54.39% |
| Coverage | |||||||||
| EBITDA / interest expense | — | — | — | — | — | — | — | — | — |
| Operating income / interest | — | — | — | — | — | — | — | — | — |
| Interest expense | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Liquidity | |||||||||
| Current ratio | 0.52 | 0.51 | 1.53 | 1.68 | 0.51 | — | — | — | — |
| Quick ratio | 0.46 | 0.48 | 1.49 | 1.59 | 0.51 | — | — | — | — |
| Cash ratio | 0.12 | 0.05 | 0.12 | 0.19 | 0.15 | — | — | — | — |
| Working capital | -$1.06B | -$1.73B | $1.01B | $1.62B | -$1.43B | — | — | — | — |
| Working capital / revenue | -51.03% | -51.61% | +24.69% | +30.75% | -24.84% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).