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NEW YORK STOCK EXCHANGE, INC. · Real Estate · CIK 0001952976
$9.71
+0.62% · delayed ~15 min
Last price from Oct 20, 2026
$143.8M market value
From Net Lease Office Properties's FY2025 10-K, filed Feb 25, 2026 · read the filing
Net Lease Office Properties owns income-producing property as a REIT. It took in $118.9M last year, which makes it a smaller company. It spends more than it earns — losing about 122 cents on every dollar of sales.
The financial picture is mixed, with debt needing attention and profitability and growth weaker.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Several areas of financial weakness.
From Net Lease Office Properties's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Profit
-$91.5M → -$145.3M
Profit margin
-64.3% → -122.2%
Earnings per share
-$6.17 → -$9.81
Long-term debt
$169.2M → $21.9M
Measured against FY2024, from the 10-K filed Feb 25, 2026
Deteriorated: $53.8M wider
-$91.5M to -$145.3MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote delayed ~15 min), and what was published around it
NLOP rose 0.62% on the latest quote. The average Real Estate company tracked here moved +1.90%, and the S&P 500 −1.04%. That is 1.3 points below its sector and 1.7 points above the market.
No filing from NLOP and no news item about it appeared in the last 3 days.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 7 analysts covering this company, as of . Their views, not this site's.
Of 7 analysts publishing on this company, 2 say strong buy, 4 say buy and 1 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
No. It lost $145.3M last year, losing about 122 cents on every dollar of sales.
No. Sales shrank 16.4% last year.
For every $1 it owes, it owns $2.91 in assets. Banks and insurers always carry high debt — that is how lending works — so this is normal for the industry and not comparable with other sectors.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it lost $145.3M and generated $64.1M of cash from operations.
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 25, 2026Filing for FY2025 | FY202410-K · Feb 25, 2026Filing for FY2024 | FY202310-K · Feb 27, 2025Filing for FY2023 | FY202210-K · Feb 27, 2025Filing for FY2022 | FY202110-K · Mar 6, 2024Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $118.9M | $142.2M | $175.0M | $156.2M | $147.9M | −16.4% |
| Selling, general and administrative | $7.3M | $7.5M | $13.6M | $11.9M | $10.3M | −2.6% |
| Interest expense | $12.7M | $68.0M | $42.6M | $26.8M | $28.6M | −81.3% |
| Income before tax | -$145.0M | -$93.8M | -$131.3M | $16.3M | $3.1M | −54.6% |
| Net income | -$145.3M | -$91.5M | -$131.7M | $15.8M | $1.4M | −58.8% |
| Net marginNet income ÷ revenueWhat is this? | -122.2% | -64.3% | -75.3% | 10.1% | 1.0% | −57.9 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $-9.81 | $-6.17 | $-9.01 | $1.08 | $0.097 | −58.8% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Nothing recent
No insider trades, pending-sale notices or 5% stake filings from NLOP in the last few months. That is the ordinary case, not a gap.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Made a Regulation FD disclosure
Read the filingQuarterly report for Q2 FY2026
Revenue -78.2% · Profit margin +182.1 pts · Profit $75.3M narrower — against Q2 FY2025
Read the filingWrite down why you are following Net Lease Office Properties, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
Coverage from the last 30 days
Net Lease Office Properties (NLOP) Alongside Real Estate Peers Amid Higher Rates
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Net Lease Office Properties Announces Postponement of Annual Meeting of Shareholders
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Orion Properties Inc. Announces Third Quarter 2026 Earnings Release and Webcast Dates
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Should You Hold Net Lease Office Properties (NLOP)?
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Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from NLOP's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 25, 2026), reported under the US GAAP taxonomy. View the source filing.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 7 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 3.3 | 5/7 | 10-K, filed Feb 25, 2026 |
| FY2024 | 3.3 | 6/7 | 10-K, filed Feb 27, 2025 |
| FY2023 | 4.7 | 4/7 | 10-K, filed Mar 6, 2024 |
| FY2022 | 7.3 | 4/4 | 10-K, filed Mar 6, 2024 |
| FY2021 | 4.0 | 2/2 | 10-K, filed Mar 6, 2024 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
5 of 7 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. 2 could not be evaluated and are excluded from the total rather than counted as failures.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: −57.9 pts
-64.3% to -122.2%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: $3.63 wider
-$6.17 to -$9.81Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: -87.1%
$169.2M to $21.9MCritical
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Improved: +376.2%
$25.1M to $119.6MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: -16.4%
$142.2M to $118.9MSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 5, 2026 — read it.
Deteriorated: -78.2%
$29.2M to $6.4MCritical
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: $75.3M narrower
-$81.5M to -$6.2MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +182.1 pts
-279.5% to -97.4%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: $5.09 narrower
-$5.50 to -$0.42Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -56.3%
$54.1M to $23.7MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 5, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Deteriorated: turned negative
$25.0M to -$6.2MCritical
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −374.4 pts
277.0% to -97.4%Critical
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: turned negative
$1.69 to -$0.42Critical
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Deteriorated: -66.5%
$70.6M to $23.7MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: -29.6%
$9.0M to $6.4MSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
1 other measure barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 5.7% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
Trailing P/E is not meaningful because the latest trailing earnings are zero or negative. The price-to-book and price-to-sales figures below still provide reference points.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Reported annual figures
Held a shareholder vote
Reported another event
Read the filingMade a Regulation FD disclosure
Read the filingQuarterly report for Q1 FY2026
Revenue -69.1% · Profit margin +275.3 pts · Profit +4980.9% — against Q1 FY2025
Read the filingProxy statement for a shareholder meeting
Read the filingMade a Regulation FD disclosure
Read the filingAnnual report for FY2025
Revenue -16.4% · Profit margin −57.9 pts · Profit $53.8M wider — against FY2024
Read the filingCompleted an acquisition or disposal
Read the filingMade a Regulation FD disclosure
Read the filingQuarterly report for Q3 FY2025
Revenue -5.4% · Profit margin −87.4 pts · Profit $23.9M wider — against Q3 FY2024
Read the filingMade a Regulation FD disclosure
Read the filingQuarterly report for Q2 FY2025
Revenue -25.3% · Profit margin −311.4 pts · Profit turned negative — against Q2 FY2024
Read the filingHeld a shareholder vote
Read the filingMade a Regulation FD disclosure
Read the filingQuarterly report for Q1 FY2025
Revenue -33.6% · Profit margin +65.0 pts · Profit turned positive — against Q1 FY2024
Read the filingProxy statement for a shareholder meeting
Read the filingMade a Regulation FD disclosure
Read the filingAnnual report for FY2024
Revenue -18.7% · Profit margin +11.0 pts · Long-term debt -68.8% — against FY2023
Read the filingNet Lease Office Properties Declares Special Cash Distribution of $3.30 Per Share
Yahoo Finance ·
Primary sources and further research