O - NYSE

Realty Income Corporation

Realty Income Corporation

OยทNYSE

$59.72

-0.32%
Real EstateREIT - Retail

Realty Income, The Monthly Dividend Company, is an S&P 500 company dedicated to providing stockholders with dependable monthly income. The company is structured as a REIT, and its monthly dividends are supported by the cash flow from over 6,500 real estate properties owned under long-term lease agreements with our commercial clients. To date, the company has declared 608 consecutive common stock monthly dividends throughout its 52-year operating history and increased the dividend 109 times since Realty Income's public listing in 1994 (NYSE: O). The company is a member of the S&P 500 Dividend Aristocrats index. Additional information about the company can be obtained from the corporate website at www.realtyincome.com.

StatementsValue Model

At a Glance

Live Snapshot
Market Cap$55.69B
EPS1.1700
P/E Ratio51.04
Earnings Date08/05/2026
Realty Income Corporation

Realty Income Corporation Fair Value Envelope

O ยท NYSE

Our analysis suggests that O has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $59.72, this represents a potential HIDDEN relative to our calculated worth for Realty Income Corporation.

HIDDEN
Intrinsic Value
Current Price: $59.72

Owner Earnings Valuation Tool

Warren Buffett's Owner Earnings DCF analysis for intrinsic value calculation

Historical Financial Data

Base year metrics used for projections

$
%
$
%
$
$

Projection Settings

Forecast period and terminal assumptions

%
%

DCF Valuation Summary

Calculation flow from present value to intrinsic value per share

Present Value$144.8B
+ Cash & Equivalents$434.8M
Firm Value$145.2B
- Debt$32.9B
Equity Value$112.4B
/ Shares Outstanding919,905,765B
DCF Value$122
UNDERVALUED BY 105%

Owner Earnings Projections

Operating Cash Flow - Maintenance CapEx = Owner Earnings

Metric
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Operating Cash Flow
$4.5B
$5.0B
$5.6B
$6.3B
$7.0B
$7.8B
$8.8B
$9.8B
$11.0B
$12.3B
Maintenance CapEx
-$29.5M
-$33.0M
-$36.9M
-$41.3M
-$46.3M
-$51.8M
-$57.9M
-$64.8M
-$72.6M
-$81.2M
Owner Earnings
$4.4B
$5.0B
$5.6B
$6.2B
$7.0B
$7.8B
$8.7B
$9.8B
$10.9B
$12.2B
Discount Factor
0.926
0.857
0.794
0.735
0.681
0.630
0.583
0.540
0.500
0.463
Present Value
$4.1B
$4.3B
$4.4B
$4.6B
$4.7B
$4.9B
$5.1B
$5.3B
$5.5B
$5.7B
Terminal Value represents 66.5% of Enterprise Value

Related Guides

Blog Categories

Continue your O research with focused valuation guides.

DCF Modeling

Improve assumptions for intrinsic value accuracy.

Forecasting

Calibrate growth paths and terminal value behavior.

WACC

Refine discount-rate logic for valuation quality.

Cost of Capital

Match risk profile to expected return assumptions.

Research Paths

Pick your next lens
1

Snapshot

Start with context, operating signals, and key market metrics.

2

Value Model

Stress test fair value across bear, base, and bull assumptions.

3

Statements

Validate revenue quality, margins, and balance sheet durability.

4

Earnings Call

Read management commentary and compare it with reported outcomes.

5

Dividends

Check payout sustainability and long-term distribution behavior.

6

Analyst Expectations

Review consensus spread and where estimate risk is concentrated.