WallStSmart
O

Realty Income Corporation

NYSE: O · REAL ESTATE · REIT - RETAIL

$63.29
-0.41% today

Updated 2026-04-29

Market cap
$59.05B
P/E ratio
54.13
P/S ratio
10.25x
EPS (TTM)
$1.17
Dividend yield
5.02%
52W range
$52 – $68
Volume
6.0M
OverviewPrice TargetsFinancialsValuationInsidersEarnings

Realty Income Corporation (O) Financial Forecast & Price Target 2030

Research-backed projections from analyst consensus, management guidance, and sector analysis.

Price target summary

Current
$63.29
Consensus
$66.42
+4.95%
2030 Target
$105.76
+67.10%
DCF
$65.76
+1.92% MoS
13 analysts:
2 Buy9 Hold2 Sell

Management guidance

Management has not provided specific multi-year revenue targets in the available data. However, recent CEO commentary indicates focus on accelerating AFFO (Adjusted Funds From Operations) growth through the $1 billion Apollo joint venture and $8 billion global expansion strategy. The company targets long-term growth through portfolio diversification across 10 countries and private capital partnerships.

Sources: Management guidance, analyst consensus, sector analysishigh confidence

Revenue & price projection

Actual revenue Projected revenue Base case Bull to bear range
Bull case (2030)
$174.19
$8.1B Rev × 20x P/S
Base case (2030)
$105.76
$8.1B Rev × 12x P/S
Bear case (2030)
$68.43
$8.1B Rev × 8x P/S

Financial forecast — research-backed

Metric2023202420252026 (E)2027 (E)2028 (E)2029 (E)2030 (E)
Revenue$4.1B$5.3B$5.7B$6.1B$6.5B$7.0B$7.6B$8.1B
Revenue growth—29.2%9.1%6.1%7.2%7.5%7.5%7.3%
EPS$1.26$0.97$1.18$1.67$1.76$1.88$2.02$2.16
P/S ratio———12.0x12.0x12.0x12.0x12.0x
Implied price———$80.87$87.09$93.32$99.54$105.76

Catalysts & risks

Growth catalysts
+ $1 billion Apollo joint venture expected to drive AFFO growth acceleration and portfolio monetization
+ Global expansion into 10 countries with $8 billion growth plan targeting international markets
+ 32-year dividend growth streak supports investor confidence; recent 5.26% yield attractive in current rate environment
+ $2.49 billion in recent capital raises (Apollo JV + term loan + senior notes) enables acquisition acceleration
+ Portfolio strength: 15,500 properties with diversified tenancy reducing single-source dependency
Key risks
- High P/E ratio of 53.2x and forward P/E of 34.19x limits upside; elevated valuation relative to historical REIT multiples
- Interest rate sensitivity: Rising rates impact REIT valuations and refinancing costs; company carries $0.78 debt-to-equity ratio
- Retail real estate secular challenges: E-commerce headwinds, tenant bankruptcies, economic sensitivity could impact occupancy and rent collection
- Insider selling signals: Recent executive and director share sales suggest potential stock price weakness concerns
- Dividend sustainability concerns: Payout ratio of 277% indicates dividends may exceed current earnings; AFFO coverage is critical metric

Methodology

Realty Income Corporation's forward estimates are derived from AI-powered research synthesis combining analyst consensus from 13 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts from industry research. Revenue and EPS projections use analyst consensus where available and conservative extrapolation with growth deceleration for outer years. Price targets are calculated using a tiered Price-to-Sales (P/S) methodology, where the P/S multiple is determined by the projected revenue growth rate.

WallStSmart proprietary research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 7, 2026.