Realty Income key statistics and ratios
In fiscal 2025, Realty Income had return on equity of 2.7%, a net margin of 18.4% and debt equal to 1.4% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2008Dec 2008 | 2009Dec 2009 | 2010Dec 2010 | 2011Dec 2011 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net margin | 40.6% | 40.7% | 38.1% | 37.3% | 28.6% | 26.2% | 27.4% | 29.3% | 24.0% | 17.3% | 26.0% | 21.4% | 16.3% | 18.4% | 21.8% |
| Free-cash-flow margin | — | — | — | 70.0% | 71.3% | 70.8% | 68.9% | 70.2% | 67.2% | 62.6% | 73.8% | 70.9% | 65.5% | 67.2% | 64.1% |
| Return on equity | 8.5% | 8.6% | 7.8% | 7.7% | 7.0% | 4.5% | 4.7% | 4.9% | 3.8% | 2.0% | 3.2% | 2.8% | 2.4% | 2.7% | 3.4% |
| Return on assets | — | 4.5% | 4.1% | 3.9% | 3.6% | 2.3% | 2.5% | 2.6% | 2.0% | 1.1% | 1.9% | 1.6% | 1.4% | 1.5% | 1.8% |
| Asset turnover | — | 0.11 | 0.11 | 0.11 | 0.13 | 0.09 | 0.09 | 0.09 | 0.08 | 0.07 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 |
| Debt to equity | — | 0.0% | 0.0% | 77.6% | 58.7% | — | 3.7% | 4.2% | 2.7% | 8.2% | 5.4% | 4.8% | 0.4% | 1.4% | 3.9% |
| Effective tax rate | — | — | — | — | — | — | — | 1.4% | 3.6% | 8.1% | 4.9% | 5.6% | 7.1% | 7.4% | 6.4% |
| Capital spending as % of revenue | — | — | — | 1.0% | 1.2% | 1.3% | 1.9% | 1.6% | 0.5% | 0.9% | 2.9% | 1.7% | 2.3% | 2.3% | 2.8% |
| Free cash flow ÷ net income | — | — | — | 187.7% | 249.2% | 270.0% | 251.7% | 239.5% | 279.9% | 362.5% | 283.9% | 331.3% | 401.0% | 364.9% | 293.4% |
| Dividends ÷ net income | 128.7% | 135.8% | 139.5% | 139.7% | 193.5% | 216.2% | 209.4% | 195.2% | 243.8% | 325.2% | 208.6% | 242.1% | 312.7% | 275.9% | 223.3% |
| Dividends and buybacks ÷ free cash flow | — | — | — | 74.4% | 77.6% | 80.1% | 83.2% | 81.5% | 87.1% | 89.7% | 73.5% | 73.1% | 78.0% | 75.6% | 76.1% |
Moat
Moderate moat
How hard Realty Income's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 0 / 20
Net income has been a median 1.9% of total assets over 10 years.
- Durability 18 / 20
Net margin has been a median 23.8%; its worst year was 17.2%.
- Cash conversion 20 / 20
Free cash flow was positive in 9 of 9 years, at a median 69.3% of revenue.
- Discipline 10 / 20
The diluted share count rose 150.4% over five years; stock-based pay has been a median 1.0% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
Compare with peers
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