Question 1

What is Realty Income's P/FCF ratio?

Accepted Answer

Realty Income (O) P/FCF ratio is 14.5× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Realty Income?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Realty Income specifically, the relevant sector benchmark is the current sector median of 15.9×.

Question 5

Is Realty Income's P/FCF ratio high or low?

Accepted Answer

Realty Income's P/FCF ratio of 14.5× is below its own 5-year average of 17.1× and below the sector median of 15.9×. That places the current reading at the 29th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Realty Income's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Realty Income (O) P/FCF ratio has ranged from a low of 8.2× in 2009 to a high of 63.1× in 2003. The 5-year average is 17.1× and the 5-year median is 15.1×.

Question 7

What was Realty Income's P/FCF ratio in 2025?

Accepted Answer

Realty Income (O) P/FCF ratio at the end of 2025 was 12.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Realty Income's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$51B	$3.99B	12.8×	-0.8×	Dec 31, 2025
2024	$46.8B	$3.45B	13.5×	-0.8×	Dec 31, 2024
2023	$41.6B	$2.89B	14.4×	-1.9×	Dec 31, 2023
2022	$40.2B	$2.47B	16.3×	-16.2×	Dec 31, 2022
2021	$42.3B	$1.3B	32.5×	+13.0×	Dec 31, 2021
2020	$21.5B	$1.11B	19.4×	-3.0×	Dec 31, 2020
2019	$23.4B	$1.05B	22.4×	+2.8×	Dec 31, 2019
2018	$17.9B	$915M	19.6×	+1.8×	Dec 31, 2018
2017	$15.3B	$861M	17.7×	-0.5×	Dec 31, 2017
2016	$14.4B	$794M	18.2×	+0.5×	Dec 31, 2016
2015	$12.3B	$692M	17.7×	+1.4×	Dec 31, 2015
2014	$10.3B	$628M	16.3×	+2.2×	Dec 31, 2014
2013	$7.35B	$519M	14.2×	-6.3×	Dec 31, 2013
2012	$6.68B	$326M	20.5×	+3.7×	Dec 31, 2012
2011	$4.49B	$267M	16.8×	-1.5×	Dec 31, 2011
2010	$3.94B	$215M	18.4×	+6.8×	Dec 31, 2010
2009	$2.6B	$224M	11.6×	-24.0×	Dec 31, 2009
2008	$2.32B	$65.1M	35.6×	—	Dec 31, 2008
2007	$2.62B	-$189M	—	—	Dec 31, 2007
2006	$2.64B	-$568M	—	—	Dec 31, 2006
2005	$1.69B	-$664M	—	—	Dec 31, 2005
2004	$1.94B	-$17.1M	—	—	Dec 31, 2004
2003	$1.45B	-$18.3M	—	—	Dec 31, 2003
2002	$1.18B	$37.2M	31.6×	—	Dec 31, 2002


Digital Realty Trust (DLR)	53.9×
CBRE Group (CBRE)	44.5×
Regency Centers (REG)	24.4×
Mid-America Apartment Communities (MAA)	23.3×
American Tower (AMT)	21.3×
Simon Property Group (SPG)	18.5×
Kimco Realty (KIM)	17.9×
SBA Communications (SBAC)	17.9×
BXP (BXP)	17.7×
Tanger (SKT)	17.2×
STAG Industrial (STAG)	16.0×
Extra Space Storage (EXR)	15.8×
Public Storage (PSA)	15.5×
AvalonBay Communities (AVB)	15.2×
Host Hotels & Resorts (HST)	14.4×
Camden Property Trust (CPT)	14.3×
Invitation Homes (INVH)	13.3×
Medical Properties Trust (MPT)	12.8×
UDR (UDR)	12.4×
NNN REIT (NNN)	12.2×
VICI Properties (VICI)	11.4×
Healthpeak Properties (DOC)	9.7×
Arbor Realty Trust (ABR)	7.6×
Alexandria Real Estate Equities (ARE)	6.2×
Opendoor Technologies (OPEN)	4.2×

P/FCF Ratio for Realty Income (O) 2002-2026

P/FCF Ratio daily chart for Realty Income (O)

Historical P/FCF Ratio for Realty Income (O) from 2002 to 2025

About P/FCF Ratio at Realty Income (O)

Realty Income P/FCF Ratio by Year

Realty Income P/FCF Ratio 2025: 12.8×

Realty Income P/FCF Ratio 2024: 13.5×

Realty Income P/FCF Ratio 2023: 14.4×

Realty Income P/FCF Ratio 2022: 16.3×

Realty Income P/FCF Ratio 2021: 32.5×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Realty Income (O) Key Financials