Realty Income O

NYSE · Real Estate Investment Trusts · $56.0B

$59.50+0.47%Nov 5 close · Databento

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O Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $59.501D +0.47%3M −3.86%SMA20 $56.50SMA50 $57.16RSI(14) 66.8

59.50

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 66.8

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$56.0B

Enterprise value$60.2B

Revenue$5.7B +9.1%

EPS, diluted$1.17 +19.4%

Modern Valuation (EOD)

Market Cap$56.0B

Enterprise Value$60.2B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT—

EV / Sales10.47

P / E (GAAP)52.93

P / FCF—

P / Oper. CF14.03

P / Book1.40

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield1.9%

Shareholder Yield+5.2%

Buyback Yield—

Dividend Yield5.41%

Dividend / sh$3.22

Payout Ratio276%

FCF / sh—

EPS (diluted)$1.17

Compounder & Returns

Rule of 40—

ROIC—

Cash ROIC (CROIC)—

GP / Assets—

ROE2.6%

ROA1.5%

Gross Margin—

Oper. Margin—

Net Margin18.4%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio−4.0%

SBC % of FCF—

SBC % of Rev0.5%

Reinvest. Rate—

Sales Growth Y/Y+9.1%

Sales 3Y CAGR+19.8%

EPS Growth Y/Y+19.4%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y+5.2%

Balance Sheet & Scale

Revenue (FY)$5.7B

Gross Profit (FY)—

Oper. Income (FY)—

GAAP Net Income$1.1B

True FCF (ex-SBC)—

Cash & Equiv$520.8M

Total Debt$4.7B

Net Cash (Debt)$-4.2B

Net Cash % MCap−7.4%

Debt / FCF (yrs)—

Current Ratio—951.00M sh

Price & Technicals (EOD)

Perf Week+4.02%

Perf Month+11.53%

Perf Quarter−4.82%

Perf Half Y−3.71%

Perf YTD−8.35%

SMA 20 Dist+5.31%$56.50

SMA 50 Dist+4.10%$57.16

SMA 100 Dist−1.14%$60.19

Window High−9.51%$65.75

Window Low+11.53%$53.35

RSI (14) · Vol66.820%v

Income Distribution & Cash Flow ConversionHow every dollar of O revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

Operating Expenses$0 ($0.0 / $100)

Tax & Non-Operating$4.7B ($81.6 / $100)

Net Profit Kept$1.1B ($18.4 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$1.1B (18.4% margin)

Operating Cash Flow (OCF)$4.0B(69.5% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)−$30.8M

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$2.1B	$3.3B	$4.1B	$5.3B	$5.7B	+9.1%	+28.9%
Interest Expense	$323.6M	$465.2M	$730.4M	—	$730.4M	—	+22.6%
Income Tax Expense	$31.7M	$45.2M	$52.0M	$66.6M	$85.3M	+28.1%	+28.1%
GAAP Net Income	$359.5M	$869.4M	$872.3M	$860.8M	$1.1B	+23.0%	+31.0%
Diluted EPS	$0.87	$1.42	$1.26	$0.98	$1.17	+19.4%	+7.7%
Diluted Shares	414.8M	612.2M	693.0M	863.8M	908.3M	+5.2%	+21.6%
Balance Sheet
Cash & Equivalents	$332.4M	$226.9M	$292.2M	$495.5M	$520.8M	+5.1%	+11.9%
Total Assets	$43.1B	$49.7B	$57.8B	$68.8B	$72.8B	+5.8%	+14.0%
Total Debt (Short + Long Term)	$4.7B	$4.7B	$4.7B	$4.7B	$4.7B	+0.0%	+0.0%
Total Liabilities	$18.0B	$20.8B	$24.7B	$29.8B	$32.7B	+9.7%	+16.1%
Stockholders' Equity	$25.1B	$28.8B	$33.1B	$39.1B	$40.1B	+2.7%	+12.4%
Net Cash / (Net Debt)	$-4.3B	$-4.4B	$-4.4B	$-4.2B	$-4.2B	+0.6%	—
Invested Capital	$29.5B	$33.3B	$37.5B	$43.2B	$44.3B	+2.4%	+10.7%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$1.3B	$2.6B	$3.0B	$3.6B	$4.0B	+11.8%	+31.8%
Depreciation & Amortization (D&A)	$897.8M	$1.7B	$1.9B	$2.4B	$2.5B	+5.4%	+29.5%
Stock-Based Compensation (SBC)	$41.8M	$21.6M	$26.2M	$57.5M	$30.8M	−46.5%	−7.4%
Dividends Paid	$1.2B	$1.8B	$2.1B	$2.7B	$2.9B	+8.5%	+25.7%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what O did at the next close after each story

No Wire story has named O yet.

What happened · big days

11 big days in a year, and what we hold on each

A big day is a close more than 2.11% from the one before, three times O’s median day (0.70%). On 5 of the 11, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±2.11%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayOWhat we hold that dayGroup (median of 4) · each

1 Nov 4, 2025−3.54%
Resultsgroup +0.5%, did not move with it
1Nov 4, 2025−3.54%
ResultsFirst close after the Nov 3 results filing
+0.5% did not move with itEQIX −0.3 · PLD −0.2 · WELL +1.1 · AMT +2.1
2 Feb 18, 2026−2.14%
Before our storiesgroup −3.1%, moved with O
2Feb 18, 2026−2.14%
Before our stories
−3.1% moved with OAMT −3.4 · WELL −3.2 · EQIX −2.9 · PLD −1.5
3 Mar 20, 2026−2.70%
Before our storiesgroup −2.8%, moved with O
3Mar 20, 2026−2.70%
Before our stories
−2.8% moved with OWELL −4.9 · AMT −3.3 · PLD −2.4 · EQIX −1.6
4 May 7, 2026−3.47%
Resultsgroup −1.0%, did not move with it
4May 7, 2026−3.47%
ResultsFirst close after the May 6 results filing
−1.0% did not move with itEQIX −1.9 · WELL −1.6 · PLD −0.4 · AMT −0.2
5 Jun 1, 2026−2.82%
Before our storiesgroup −2.4%, moved with O
5Jun 1, 2026−2.82%
Before our stories
−2.4% moved with OWELL −3.9 · PLD −3.1 · EQIX −1.6 · AMT +0.3
6 Jun 17, 2026−2.57%
Nothing on Ogroup −2.5%, moved with O
6Jun 17, 2026−2.57%
Nothing on ONo O story, brief or results filing in our record that day
−2.5% moved with OPLD −3.5 · WELL −3.3 · AMT −1.8 · EQIX −0.6
7 Jul 2, 2026+3.27%
Nothing on Ogroup +0.9%, did not move with it
7Jul 2, 2026+3.27%
Nothing on ONo O story, brief or results filing in our record that day
+0.9% did not move with itWELL +2.5 · PLD +1.9 · AMT −0.0 · EQIX −1.1
8 Jul 16, 2026+3.94%
Nothing on Ogroup +1.8%, did not move with it
8Jul 16, 2026+3.94%
Nothing on ONo O story, brief or results filing in our record that day
+1.8% did not move with itPLD +4.6 · WELL +3.5 · AMT +0.2 · EQIX −1.3
9 Sep 16, 2026−2.66%
Nothing on Ogroup +0.0%, did not move with it
9Sep 16, 2026−2.66%
Nothing on ONo O story, brief or results filing in our record that day
+0.0% did not move with itPLD −1.6 · AMT −0.7 · WELL +0.8 · EQIX +0.9
10 Oct 22, 2026+3.09%
Nothing on Ogroup +0.3%, did not move with it
10Oct 22, 2026+3.09%
Nothing on ONo O story, brief or results filing in our record that day
+0.3% did not move with itAMT +2.2 · WELL +1.4 · PLD −0.7 · EQIX −4.3
11 Nov 4, 2026+2.99%
Nothing on Ogroup +3.4%, moved with O
11Nov 4, 2026+2.99%
Nothing on ONo O story, brief or results filing in our record that day
+3.4% moved with OAMT +4.0 · EQIX +3.9 · WELL +2.8 · PLD +1.8

A story on the same day is not a cause, and a group move is not proof either. Group: the median of WELL, PLD, EQIX and AMT that day, the largest companies in O’s SEC industry; “moved with O” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). O reports after the close, so day 1 is the next close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Nov 3, 2025

day 1−3.54%day 6−1.79%

Reported Feb 24, 2026

day 1−0.80%day 6−0.78%

Reported May 6, 2026

day 1−3.47%day 6−3.20%

Reported Aug 5, 2026

day 1−0.54%day 6+0.40%

Next report: expected early-to-late FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Nov 2 report: +2.85%. Four reports is a small sample.

Every report since 2023 →

Each line is O’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

O against four REIT peers, a year at 100

O is up 4.1% in a year. Welltower is up 30.3%, Equinix 27.8%, American Tower 9.5% and Prologis 4.6%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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O +4.1%. Welltower +30.3%, Equinix +27.8%, American Tower +9.5%, Prologis +4.6%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in O’s SEC industry (Real Estate Investment Trusts) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

WELL	Welltower	$178.7B	−1.03%
PLD	Prologis	$122.5B	−2.14%
EQIX	Equinix	$104.0B	−5.38%
AMT	American Tower	$90.8B	−0.45%
SPG	Simon Property	$74.6B	−0.85%
DLR	Digital Realty Trust	$65.0B	−5.52%
PSA	Public Storage	$60.2B	−0.66%
VTR	Ventas	$45.8B	−0.18%