Realty Income Corp. (O) intrinsic value & 10-year financials
Realty Income Corp. (O) has a Graham intrinsic value of $7.39 per share. At $56.08 on Oct 17, 2026, the stock trades 659% above that value. Over the last 10 fiscal years revenue grew 20.1% a year to $5.7B, with an average return on invested capital of 3.2%.
- Graham intrinsic value
- $7.39
- Share price (Oct 17, 2026)
- $56.08
- Price vs Graham value
- 659% above
- Market cap
- $50.9B
- Revenue (FY2025)
- $5.7B
- Revenue growth (10-yr CAGR)
- 20.1%
- ROIC (10-yr avg)
- 3.2%
- Free cash flow (FY2025)
- —
O 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.7B | $1.1B | $1.17 | — | — | 2.7% |
| FY2024 | $5.3B | $860.8M | $0.98 | — | — | 2.4% |
| FY2023 | $4.1B | $872.3M | $1.26 | — | — | 2.8% |
| FY2022 | $3.3B | $869.4M | $1.42 | — | — | 3.2% |
| FY2021 | $2.1B | $359.5M | $0.87 | — | — | 2.0% |
| FY2020 | $1.7B | $395.5M | $1.14 | — | — | 3.9% |
| FY2019 | $1.5B | $436.5M | $1.38 | — | — | 4.9% |
| FY2018 | $1.3B | $363.6M | $1.26 | — | — | 4.7% |
| FY2017 | $1.2B | $318.8M | — | — | — | 3.0% |
| FY2016 | $1.1B | $315.6M | — | — | — | 2.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Realty Income is a consistent compounder, expanding top-line revenue at 20.1% annually over the past decade.
Realty Income has historically struggled to out-earn its cost of capital, averaging just 3.2% ROIC.
Realty Income has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Realty Income is modeled at -0.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $7.39 per share.