Question 1

What is Realty Income's P/B ratio?

Accepted Answer

Realty Income (O) P/B ratio is 1.4× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Realty Income specifically, the relevant sector benchmark is the current sector median of 2.1×.

Question 5

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

Accepted Answer

Realty Income's P/B ratio of 1.4× is below its own 5-year average of 1.4× and below the sector median of 2.1×. That places the current reading at the 58th 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/B ratio range?

Accepted Answer

In the available daily series, Realty Income (O) P/B ratio has ranged from a low of 1.0× in 2023 to a high of 5.2× in 2012. The 5-year average is 1.4× and the 5-year median is 1.4×.

Question 7

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

Accepted Answer

Realty Income (O) P/B ratio at the end of 2025 was 1.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$51.00B	$39.44B	1.3×	+0.1×	Dec 31, 2025
2024	$46.77B	$38.84B	1.2×	-0.1×	Dec 31, 2024
2023	$41.61B	$32.94B	1.3×	-0.1×	Dec 31, 2023
2022	$40.17B	$28.71B	1.4×	-0.3×	Dec 31, 2022
2021	$42.33B	$25.05B	1.7×	-0.3×	Dec 31, 2021
2020	$21.51B	$10.99B	2.0×	-0.4×	Dec 31, 2020
2019	$23.43B	$9.77B	2.4×	+0.2×	Dec 31, 2019
2018	$17.91B	$8.09B	2.2×	+0.1×	Dec 31, 2018
2017	$15.27B	$7.37B	2.1×	-0.1×	Dec 31, 2017
2016	$14.45B	$6.77B	2.1×	+0.3×	Dec 31, 2016
2015	$12.29B	$6.53B	1.9×	+0.1×	Dec 31, 2015
2014	$10.25B	$5.61B	1.8×	+0.5×	Dec 31, 2014
2013	$7.35B	$5.39B	1.4×	-1.4×	Dec 31, 2013
2012	$6.68B	$2.41B	2.8×	+0.8×	Dec 31, 2012
2011	$4.49B	$2.25B	2.0×	-0.1×	Dec 31, 2011
2010	$3.94B	$1.85B	2.1×	+0.4×	Dec 31, 2010
2009	$2.60B	$1.49B	1.7×	+0.3×	Dec 31, 2009
2008	$2.32B	$1.55B	1.5×	-0.2×	Dec 31, 2008
2007	$2.62B	$1.54B	1.7×	+0.0×	Dec 31, 2007
2006	$2.64B	$1.58B	1.7×	-0.0×	Dec 31, 2006
2005	$1.69B	$989.21M	1.7×	-0.4×	Dec 31, 2005
2004	$1.94B	$913.74M	2.1×	+0.4×	Dec 31, 2004
2003	$1.45B	$827.77M	1.8×	+0.1×	Dec 31, 2003
2002	$1.18B	$722.46M	1.6×	+0.2×	Dec 31, 2002
2001	$941.38M	$671.79M	1.4×	—	Dec 31, 2001


Ventas (VTR)	3.0×
Essex Property Trust (ESS)	2.9×
Federal Realty Investment Trust (FRT)	2.8×
Digital Realty Trust (DLR)	2.7×
Mid-America Apartment Communities (MAA)	2.6×
Camden Property Trust (CPT)	2.5×
Prologis (PLD)	2.3×
CoStar Group (CSGP)	2.1×
Equity Residential (EQR)	2.1×
Regency Centers (REG)	2.1×
Extra Space Storage (EXR)	2.1×
AvalonBay Communities (AVB)	1.9×
Host Hotels & Resorts (HST)	1.9×
STAG Industrial (STAG)	1.9×
NNN REIT (NNN)	1.8×
Invitation Homes (INVH)	1.7×
BXP (BXP)	1.6×
Healthpeak Properties (DOC)	1.5×
Kimco Realty (KIM)	1.5×
Agree Realty (ADC)	1.4×
VICI Properties (VICI)	1.0×
Apartment Investment and Management (AIV)	0.8×
Medical Properties Trust (MPT)	0.6×
Alexandria Real Estate Equities (ARE)	0.6×
Arbor Realty Trust (ABR)	0.5×

P/B Ratio for Realty Income (O)

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

Historical P/B Ratio for Realty Income (O) from 2001 to 2025

About P/B Ratio at Realty Income (O)

Realty Income P/B Ratio by Year

Realty Income P/B Ratio 2025: 1.3×

Realty Income P/B Ratio 2024: 1.2×

Realty Income P/B Ratio 2023: 1.3×

Realty Income P/B Ratio 2022: 1.4×

Realty Income P/B Ratio 2021: 1.7×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Realty Income (O) Key Financials

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

Historical P/B Ratio for Realty Income (O) from 2001 to 2025

About P/B Ratio at Realty Income (O)

Realty Income P/B Ratio by Year

Realty Income P/B Ratio 2025: 1.3×

Realty Income P/B Ratio 2024: 1.2×

Realty Income P/B Ratio 2023: 1.3×

Realty Income P/B Ratio 2022: 1.4×

Realty Income P/B Ratio 2021: 1.7×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is Realty Income's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

+What is a good P/B ratio for Realty Income?

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

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

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

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

Realty Income (O) Key Financials