W. P. Carey Inc. is a US-listed company in the diversified REITs industry. Its financial year ends in December.
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~$90
Valuation models combined (2)
Base case. Range ~$74–$97. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
W. P. Carey Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Model value +7.5%
Revenue for the twelve months to September 2026 was $1.83bn, up 9.0% on a year earlier, about the same pace as a quarter earlier. The diluted share count is up 2.1% on a year earlier, which dilutes existing holders. Its fundamentals grade moves from C+ to B+. Our model value rises from $81.78 to $87.91 a share, against a share price of $65.01.
Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation
W. P. Carey's revenue for the twelve months to June 2026 reached $1.83bn, a 9.0% increase on the same period last year and broadly in line with the pace recorded a quarter earlier. Diluted shares outstanding rose 2.1% year on year, a level of dilution that works against existing holders. Our model value has edged down from $82.63 to $81.78 a share, trimmed slightly despite the steady revenue growth. Against this, the stock trades at $63.51, leaving a sizeable gap to our estimate of fair value. The rating remains Buy.
Revenue for the twelve months to June 2026 was $1.79bn, up 9.0% on a year earlier, slower than 9.9% a quarter earlier. Our valuation models combined value is $82.80 a share, against a share price of $63.75.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
W. P. Carey Inc.'s trailing-twelve-month revenue grew 9.0% year on year, with a free-cash-flow margin of 37.8%. Where it stands out: net margin of 35.6% ranks 2 of 15 diversified reits companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 10.6% while net income grew 78.3%: a 89pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
W. P. Carey Inc. reports on Tuesday 27 October, after the market closes. Analysts expect full-year EPS of $3.29; these are the numbers and trends the report will test.
We value W. P. Carey Inc. as an equity reit, with every model that fits that kind of business. Cost of equity 7.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.56 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. | ~$97 ~$82–$120 | Primary model, counts double |
| Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. | ~$1.9 ~$44–$91 | Left out: out of range vs price (0.03x) |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | ~$74 ~$62–$93 | Included |
| Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$90 ~$74–$97 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare W. P. Carey Inc. with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Strong moat
How hard W. P. Carey'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.
Net income has been a median 3.1% of total assets over 10 years.
Gross margin has been a median 99.5%, moving by 0.9 percentage points (standard deviation) across 6 years.
Net margin has been a median 35.2%; its worst year was 21.8%.
Free cash flow was positive in 10 of 10 years, at a median 33.4% of revenue.
The diluted share count rose 25.2% over five years; stock-based pay has been a median 2.0% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $3.29 | +28% | $1.9bn | +8% |
| Next | $3.15 | −4% | $2.0bn | +6% |
Next year's EPS estimate has moved −9.1% in 90 days, across 1 analysts.
The consensus EPS forecast for the current fiscal year is +9.0% on 90 days ago. In the last 30 days, 1 analyst raised W. P. Carey Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $3.02 | $3.46 |
| 60 days ago | $3.02 | $3.46 |
| 30 days ago | $3.02 | $3.46 |
| 7 days ago | $3.02 | $3.46 |
| Now | $3.29 | $3.15 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $0.66 | $0.77 | +17.3% |
| Jun 2026 | $0.72 | $0.92 | +27.7% |
| Mar 2026 | $0.63 | $0.71 | +13.8% |
| Dec 2025 | $0.67 | $0.66 | −2.3% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +3.7%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $1.6bn | $1.8bn | +9.0% |
| Net margin | 20.4% | 36.3% | +78.0% |
| P/E multiple | 41.1x | 22.2x | −46.0% |
| Share count | 221m | 223m | −0.9% |
Biggest factor: p/e multiple.
Last 3 years +39.7%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $1.7bn | $1.8bn | +7.5% |
| Net margin | 45.2% | 36.3% | −19.6% |
| P/E multiple | 12.9x | 22.2x | +71.2% |
| Share count | 211m | 223m | −5.6% |
Biggest factor: p/e multiple.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| WPC | +23% | +1% | −10% | −11% | +25% | +5% |
| Industry peers (median) | +34% | −30% | +5% | −1% | −20% | −6% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| WPC | 67% | 50% | 25% | 50% | 67% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| WPC | −8% | −22% | −36% | −20% | −13% | −17% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since October 29, 2015: 52% from October 18, 2019 to March 23, 2020. Getting back needed a 110% gain, reached on December 29, 2021, 646 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 27, 2026 | −2.0% | +0.9% | — | — |
| July 28, 2026 | −2.0% | −1.3% | −5.1% | −6.6% |
| April 28, 2026 | −0.5% | −0.5% | +1.1% | +2.5% |
| February 10, 2026 | +1.1% | −0.3% | −0.2% | +0.4% |
| October 28, 2025 | −0.9% | +0.3% | −1.4% | +0.8% |
| July 29, 2025 | −0.6% | −0.4% | +3.3% | +4.4% |
| April 29, 2025 | +2.8% | +0.7% | +1.0% | +3.8% |
| February 11, 2025 | +3.5% | −0.2% | +8.4% | +10.6% |
| October 29, 2024 | −2.2% | −0.1% | −3.0% | +0.1% |
| July 30, 2024 | −5.1% | +1.1% | −6.2% | −2.0% |
| April 30, 2024 | −1.9% | −1.9% | +3.7% | +0.7% |
| February 9, 2024 | −7.3% | +0.5% | −6.4% | −6.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $1.7B |
| FY24 Q1 | $1.7B |
| FY24 Q2 | $1.6B |
| FY24 Q3 | $1.6B |
| FY24 Q4 | $1.6B |
| FY25 Q1 | $1.6B |
| FY25 Q2 | $1.6B |
| FY25 Q3 | $1.7B |
| FY25 Q4 | $1.7B |
| FY26 Q1 | $1.8B |
| FY26 Q2 | $1.8B |
| FY26 Q3 | $1.8B |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q4 | 17.7% |
| FY24 Q1 | 9.3% |
| FY24 Q2 | -1.6% |
| FY24 Q3 | -8.2% |
| FY24 Q4 | -9.1% |
| FY25 Q1 | -5.9% |
| FY25 Q2 | 0.2% |
| FY25 Q3 | 5.6% |
| FY25 Q4 | 8.4% |
| FY26 Q1 | 9.9% |
| FY26 Q2 | 9.0% |
| FY26 Q3 | 9.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | 28.1% |
| FY24 Q1 | 75.2% |
| FY24 Q2 | 76.8% |
| FY24 Q3 | 80.9% |
| FY24 Q4 | 84.4% |
| FY25 Q1 | 35.1% |
| FY25 Q2 | 46.4% |
| FY25 Q3 | 46.0% |
| FY25 Q4 | 43.9% |
| FY26 Q1 | 43.0% |
| FY26 Q2 | 37.6% |
| FY26 Q3 | 37.8% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Sept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||||
| Revenue | 228 | 261 | 310 | 352 | 490 | 908 | 938 | 942 | 848 | 886 | 1,233 | 1,209 | 1,332 | 1,479 | 1,741 | 1,583 | 1,716 | 1,828 |
| Gross profit | — | — | — | — | — | — | — | 850 | 797 | 864 | 1,216 | 1,200 | 1,327 | 1,477 | 1,741 | — | — | — |
| EBITDA | — | — | — | 149 | 226 | 472 | 498 | — | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | 94 | 86 | 224 | 210 | — | — | — | — | — | — | — | — | — | — | — |
| Net income | 69 | 74 | 139 | 62 | 99 | 240 | 172 | 268 | 277 | 412 | 305 | 455 | 410 | 599 | 708 | 461 | 466 | 651 |
| Diluted EPS | $1.74 | $1.82 | $3.35 | $1.28 | $1.38 | $2.34 | $1.58 | $2.44 | — | — | — | — | — | — | — | — | — | $2.89 |
| Growth (year on year) | ||||||||||||||||||
| Revenue | −2.7% | +14.1% | +18.8% | +13.8% | +39.0% | +85.5% | +3.3% | +0.3% | −9.9% | +4.4% | +39.2% | −1.9% | +10.1% | +11.1% | +17.7% | −9.1% | +8.4% | +9.0% |
| EBITDA | — | — | — | — | +51.4% | +108.9% | +5.3% | — | — | — | — | — | — | — | — | — | — | — |
| Operating income | — | — | — | — | −9.0% | +160.7% | −6.3% | — | — | — | — | — | — | — | — | — | — | — |
| Net income | −11.6% | +7.2% | +88.0% | −55.3% | +59.1% | +142.6% | −28.2% | +55.4% | +3.6% | +48.4% | −25.8% | +49.2% | −10.0% | +46.1% | +18.2% | −34.9% | +1.2% | +78.3% |
| Diluted EPS | −10.8% | +4.7% | +83.9% | −61.8% | +7.9% | +69.5% | −32.6% | +54.7% | — | — | — | — | — | — | — | — | — | +74.7% |
| Margins | ||||||||||||||||||
| Gross margin | — | — | — | — | — | — | — | 90.2% | 93.9% | 97.5% | 98.7% | 99.3% | 99.7% | 99.8% | 100.0% | — | — | — |
| EBITDA margin | — | — | — | 42.4% | 46.2% | 52.0% | 53.0% | — | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | 26.8% | 17.5% | 24.7% | 22.4% | — | — | — | — | — | — | — | — | — | — | — |
| Net margin | 30.2% | 28.4% | 44.9% | 17.6% | 20.2% | 26.4% | 18.4% | 28.4% | 32.7% | 46.5% | 24.8% | 37.7% | 30.8% | 40.5% | 40.7% | 29.1% | 27.2% | 35.6% |
| Cash flow | ||||||||||||||||||
| Cash from operations | 75 | 86 | 80 | 81 | 208 | 399 | 509 | 547 | 521 | 509 | 812 | 802 | 926 | 1,004 | 1,073 | 1,833 | 1,282 | 1,243 |
| Stock-based pay | 9 | 7 | 18 | 26 | 37 | 31 | 22 | 21 | 19 | 18 | 19 | 16 | 25 | 33 | 35 | 41 | 40 | 40 |
| Balance sheet | ||||||||||||||||||
| Cash | 18 | 65 | 29 | 124 | 118 | 199 | 157 | 155 | 162 | 218 | 196 | 249 | 165 | 168 | 634 | 640 | 155 | 143 |
| Total debt | 215 | 255 | 356 | 1,968 | 1,492 | 2,533 | 4,493 | 4,441 | 4,265 | 6,379 | 6,054 | 6,696 | 6,792 | 7,878 | 8,144 | 8,039 | 8,723 | 8,784 |
| Net debt (negative = net cash) | 197 | 191 | 327 | 1,844 | 1,375 | 2,334 | 4,336 | 4,285 | 4,103 | 6,161 | 5,858 | 6,447 | 6,626 | 7,710 | 7,510 | 7,399 | 8,567 | 8,640 |
| Diluted shares | 40m | 40m | 40m | 48m | 70m | 100m | 107m | 107m | 108m | 118m | 171m | 175m | 183m | 200m | 216m | 221m | 221m | 226m |
| Returned to shareholders | ||||||||||||||||||
| Dividends | 79 | 93 | 86 | 114 | 220 | 348 | 404 | 417 | 431 | 440 | 704 | 727 | 764 | 835 | 917 | 765 | 790 | 830 |
| Buybacks | 11 | 0 | 0 | 45 | 40 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | — | — | — | — | — | — |
| Total returned | 89 | 93 | 86 | 159 | 260 | 349 | 404 | 417 | 431 | 442 | 704 | 727 | 764 | 835 | 917 | 765 | 790 | 830 |
| Quarter | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 | 2026 Q3 Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 406 | 410 | 431 | 431 | 445 | 455 | 461 | 468 |
| Net income | 47 | 126 | 51 | 141 | 148 | 176 | 185 | 141 |
| Growth (year on year) | ||||||||
| Revenue | −1.5% | +5.1% | +10.5% | +8.5% | +9.4% | +10.9% | +7.0% | +8.6% |
| Net income | −67.4% | −21.0% | −64.2% | +26.2% | +215.4% | +40.1% | +261.9% | −0.0% |
| Margins | ||||||||
| Net margin | 11.6% | 30.7% | 11.9% | 32.7% | 33.4% | 38.8% | 40.2% | 30.1% |
| Free-cash-flow margin | 73.0% | 66.7% | 93.8% | 69.7% | 68.5% | 62.3% | 72.3% | 68.8% |
| Cash flow | ||||||||
| Cash from operations | 296 | 273 | 404 | 300 | 305 | 283 | 333 | 322 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 296 | 273 | 404 | 300 | 305 | 283 | 333 | 322 |
| Stock-based pay | 10 | 9 | 11 | 11 | 9 | 7 | 14 | 10 |
| Free cash flow after stock pay | 287 | 264 | 393 | 289 | 296 | 276 | 319 | 312 |
| Last 12 months unless stated | WPC | JBGS | BNL | GNL | SAFE | ALX | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.8bn | $508m | $484m | $460m | $420m | $233m | $170m |
| Revenue growth, last 12 months | 9.0% | −1.1% | 8.0% | −13.9% | 12.1% | 8.2% | 2.5% |
| Revenue growth, 3-year average | 1.8% | −5.6% | 2.4% | 6.9% | 16.4% | 2.8% | 2.4% |
| Revenue growth, latest quarter | 8.6% | 2.3% | 6.7% | −10.0% | 22.2% | 34.9% | 4.7% |
| Gross margin | 100.0% | — | — | 89.4% | 98.9% | — | 94.2% |
| Operating margin | — | 6.0% | 46.1% | 39.6% | 25.1% | 43.2% | 31.3% |
| Operating margin, 3-year average | — | — | — | 22.6% | 12.0% | — | 21.6% |
| Net margin | 35.6% | −29.9% | 30.3% | −12.5% | 27.7% | 81.9% | 0.2% |
| Cash from operations / revenue | 68.0% | 11.9% | 63.3% | 47.5% | 8.8% | 22.8% | 38.5% |
| Free-cash-flow margin | 37.8% | −25.2% | 54.3% | 43.8% | 6.9% | 7.4% | 5.6% |
| Free-cash-flow margin, 3-year average | 54.9% | −18.5% | 56.0% | 37.3% | 9.5% | 13.8% | 1.2% |
| Stock pay / revenue | 2.2% | 5.3% | 2.2% | 3.1% | 3.1% | — | 3.4% |
| Change in share count | 2.1% | −25.8% | 1.5% | −5.4% | 0.3% | 0.1% | 0.5% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 9.0% | 2.5% | 4 of 15 |
| Change in growth rate Growth | +0.0pp | +1.0pp | 11 of 15 |
| Net margin Profitability | 35.6% | 0.2% | 2 of 15 |
| Stock pay as % of revenue Cash generation | 2.2% | 3.4% | 2 of 13 |
| Long-term debt as % of assets Balance sheet | 47.1% | 52.8% | 3 of 10 |
| Change in share count Balance sheet | 2.1% | 1.5% | 8 of 12 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Owned Real Estate | $113M | ▼ 23.4% |
| Investment Management | $9.2M | ▼ 14.6% |
| Management Service | $5M | ▼ 24.9% |
| Other Advisory Income and Reimbursements | $4.3M | ▲ 1.4% |
These categories overlap or exclude eliminations, so shares aren't shown.
From W. P. Carey Inc.'s 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $2.4B | 33.2M | 18.5% | ▲ 10.2% |
| Vanguard Portfolio Management LLC | $1.4B | 19.2M | 10.8% | ▲ 0.5% |
| State Street Corp | $895M | 12.4M | 7.0% | ▲ 0.1% |
| Vanguard Capital Management LLC | $717M | 10.0M | 5.6% | ▲ 0.3% |
| Geode Capital Management, LLC | $359M | 5.0M | 2.8% | ▲ 2.3% |
| Massachusetts Financial Services Co | $325M | 4.5M | 2.5% | ▲ 6.6% |
| Invesco Ltd. | $324M | 4.5M | 2.5% | ▲ 1.0% |
| Northern Trust Corp | $243M | 3.4M | 1.9% | ▲ 28.0% |
| Dimensional Fund Advisors LP | $239M | 3.3M | 1.9% | 0.0% |
| Charles Schwab Investment Management Inc | $233M | 3.3M | 1.8% | ▲ 7.1% |
| Norges Bank | $204M | 2.8M | 1.6% | — |
| Legal & General Group PLC | $189M | 2.6M | 1.5% | ▼ 3.5% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not W. P. Carey Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Zander Brian H Chief Accounting Officer | May 6, 2026 | Sell | 433 | $74.00 | $32,042 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in W. P. Carey Inc. disclosed in the last 12 months; 8 earlier trades on record.
Next expected around February 9, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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