Realty Income (O)
Forward P/E is 34.42x against a peer median of 31.84x, a ratio of 1.08x — inside the 0.90–1.15 fairly priced band — with trailing P/E 41.22x and PEG 12.71. Latest-quarter revenue grew 9.7% year over year (PRIMARY, EDGAR), a touch above the group pace, but PEG is far too high for an undervalued call and the ratio is not cheap enough either. Delivered demand check: the Retail & industrial REITs group's median growth was 9.0% year over year — demand rising, and Realty Income is growing at about that pace.
What would change this label: Move to UNDERVALUED if the forward P/E compresses to about 28.7x or below (0.90x the peer median) at unchanged estimates with revenue growth staying at or above 9% year over year. Move to OVERVALUED if the forward P/E rises above about 36.6x (1.15x the peer median) without revenue growth rising clearly above the group's 9.0% median.
Realty Income owns shops and other properties let to single tenants on long leases. Its shares trade at about 34 times expected earnings, a little above similar property companies at about 32 times, while its income grows at about the group pace. That balance makes the shares look fairly priced — neither a bargain nor clearly expensive.
Both lines start at 100 on 2020-09-01. Over the full window Realty Income returned -7.27% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Realty Income: -38.3% (2022-04-20 to 2023-10-30). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 34.42x against a peer median of 31.84x, a ratio of 1.08x — inside the 0.90–1.15 fairly priced band — with trailing P/E 41.22x and PEG 12.71. Latest-quarter revenue grew 9.7% year over year (PRIMARY, EDGAR), a touch above the group pace, but PEG is far too high for an undervalued call and the ratio is not cheap enough either. Delivered demand check: the Retail & industrial REITs group's median growth was 9.0% year over year — demand rising, and Realty Income is growing at about that pace. The company’s forward P/E is 34.4× against a peer median of 31.8×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Retail & industrial REITs group's median latest-quarter revenue growth was 9.0% year over year (SEC filings) — demand rising. Realty Income's own growth of 9.7% was a touch ahead of that pace. Latest-quarter sales growth was +9.7% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Realty Income (O) | $56.40 | 34.4× | 41.2× |
| SPG | $212.14 | 31.8× | 14.9× |
| KIM | $23.65 | 27.9× | 27.8× |
| REG | $73.81 | 29.4× | 24.9× |
| FRT | $109.20 | 36.0× | 22.0× |
| PLD | $125.71 | 38.4× | 27.7× |
| Peer median | 31.8× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
This company does not report a gross-profit line in its SEC facts (normal for banks, payment networks and some health insurers), so profit is shown as net income instead — gross margin is marked UNVERIFIED-absent rather than estimated.
Free cash flow by quarter is not shown for Realty Income. Its SEC cash-flow facts do not separately tag spending on plant and equipment (normal for a bank), so a quarterly free-cash-flow figure cannot be built without estimating — and this programme does not estimate.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jun 2026 2026-06-30 | $1.5B | — | $344M | 0.37 | — |
| Q/E Mar 2026 2026-03-31 | $1.5B | — | $312M | 0.33 | — |
| Q/E Dec 2025 2025-12-31 | $1.5B | — | $296M | — | — |
| Q/E Sep 2025 2025-09-30 | $1.5B | — | $316M | 0.35 | — |
| Q/E Jun 2025 2025-06-30 | $1.4B | — | $197M | 0.22 | — |
| Q/E Mar 2025 2025-03-31 | $1.4B | — | $250M | 0.28 | — |
| Q/E Dec 2024 2024-12-31 | $1.3B | — | $200M | — | — |
| Q/E Sep 2024 2024-09-30 | $1.3B | — | $269M | 0.30 | — |
| Q/E Jun 2024 2024-06-30 | $1.3B | — | $259M | 0.29 | — |
| Q/E Mar 2024 2024-03-31 | $1.3B | — | $132M | 0.16 | — |
| Q/E Dec 2023 2023-12-31 | $1.1B | — | $218M | — | — |
| Q/E Sep 2023 2023-09-30 | $1.0B | — | $233M | 0.33 | — |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | REALTY INCOME CORP |
| Chief executive | Sumit Roy (source: https://en.wikipedia.org/wiki/Realty_Income) |
| Sector | Real Estate — Retail REITs — owns shops and other commercial properties let to single tenants on long leases |
| Share price (Oct 28, 2026) | $56.40 |
| Market value (market cap) | $53.8B — share price times shares outstanding of 946,218,033 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $6.1B |
| Net income, last twelve months | $1.3B |
| Free cash flow, last twelve months | — |
| Latest reported quarter | Q/E Jun 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | -7.27% vs +118.28% |
| Worst peak-to-trough fall | -38.3% (2022-04-20 to 2023-10-30) |
What we could not verify
- Gross profit / gross margin: not tagged as a standalone line in this company's EDGAR company facts (common for banks, payment networks and some healthcare payers) — shown as UNVERIFIED-absent; the page charts revenue and net income instead.
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Free cash flow is absent for one or more quarters: either the filer does not separately tag PP&E purchases in its EDGAR cash-flow facts (common for banks), or — for a successor registrant's newest quarter — the cash-flow lines are year-to-date without the prior-quarter rung needed to difference them. Affected quarters are null in the data, never estimated.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0000726728.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0000726728.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/O/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.