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NET LEASE OFFICE PROPERTY (NLOP) Stock Fundamental Analysis

USA - NYSE:NLOP - US64110Y1082 - REIT

29.35 USD
-0.27 (-0.91%)
Last: 9/24/2025, 1:27:56 PM
Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to NLOP. NLOP was compared to 130 industry peers in the Diversified REITs industry. NLOP scores quite bad on profitability, while its financial health is fine. Not spectacular, but in line with the averages. NLOP is valued expensive and it does not seem to be growing.


Dividend Valuation Growth Profitability Health

3

1. Profitability

1.1 Basic Checks

NLOP had negative earnings in the past year.
NLOP had a positive operating cash flow in the past year.
The reported net income has been mixed in the past 5 years: NLOP reported negative net income in multiple years.
In the past 5 years NLOP always reported a positive cash flow from operatings.
NLOP Yearly Net Income VS EBIT VS OCF VS FCFNLOP Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2019 2020 2021 2022 2023 2024 0 50M -50M -100M

1.2 Ratios

With a Return On Assets value of -23.50%, NLOP is not doing good in the industry: 96.92% of the companies in the same industry are doing better.
NLOP's Return On Equity of -31.42% is on the low side compared to the rest of the industry. NLOP is outperformed by 90.00% of its industry peers.
With a decent Return On Invested Capital value of 3.17%, NLOP is doing good in the industry, outperforming 60.77% of the companies in the same industry.
NLOP had an Average Return On Invested Capital over the past 3 years of 2.84%. This is in line with the industry average of 3.05%.
The 3 year average ROIC (2.84%) for NLOP is below the current ROIC(3.17%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA -23.5%
ROE -31.42%
ROIC 3.17%
ROA(3y)-6.79%
ROA(5y)-3.86%
ROE(3y)-11.26%
ROE(5y)-6.42%
ROIC(3y)2.84%
ROIC(5y)2.82%
NLOP Yearly ROA, ROE, ROICNLOP Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2019 2020 2021 2022 2023 2024 0 -5 -10 -15

1.3 Margins

NLOP's Operating Margin of 21.34% is in line compared to the rest of the industry. NLOP outperforms 49.23% of its industry peers.
In the last couple of years the Operating Margin of NLOP has declined.
NLOP has a Gross Margin (64.44%) which is in line with its industry peers.
In the last couple of years the Gross Margin of NLOP has declined.
Industry RankSector Rank
OM 21.34%
PM (TTM) N/A
GM 64.44%
OM growth 3Y-9.93%
OM growth 5Y-6.37%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-4.53%
GM growth 5Y-2.94%
NLOP Yearly Profit, Operating, Gross MarginsNLOP Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2019 2020 2021 2022 2023 2024 0 50 -50

6

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so NLOP is destroying value.
Compared to 1 year ago, NLOP has about the same amount of shares outstanding.
The debt/assets ratio for NLOP has been reduced compared to a year ago.
NLOP Yearly Shares OutstandingNLOP Yearly Shares OutstandingYearly Shares Outstanding 2020 2021 2022 2023 2024 5M 10M
NLOP Yearly Total Debt VS Total AssetsNLOP Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2020 2021 2022 2023 2024 500M 1B 1.5B

2.2 Solvency

NLOP has an Altman-Z score of 1.22. This is a bad value and indicates that NLOP is not financially healthy and even has some risk of bankruptcy.
The Altman-Z score of NLOP (1.22) is better than 84.62% of its industry peers.
NLOP has a debt to FCF ratio of 2.38. This is a good value and a sign of high solvency as NLOP would need 2.38 years to pay back of all of its debts.
NLOP has a Debt to FCF ratio of 2.38. This is amongst the best in the industry. NLOP outperforms 99.23% of its industry peers.
NLOP has a Debt/Equity ratio of 0.23. This is a healthy value indicating a solid balance between debt and equity.
With an excellent Debt to Equity ratio value of 0.23, NLOP belongs to the best of the industry, outperforming 97.69% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.23
Debt/FCF 2.38
Altman-Z 1.22
ROIC/WACC0.45
WACC6.97%
NLOP Yearly LT Debt VS Equity VS FCFNLOP Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

2.3 Liquidity

A Current Ratio of 1.25 indicates that NLOP should not have too much problems paying its short term obligations.
The Current ratio of NLOP (1.25) is comparable to the rest of the industry.
NLOP has a Quick Ratio of 1.25. This is a normal value and indicates that NLOP is financially healthy and should not expect problems in meeting its short term obligations.
NLOP has a Quick ratio (1.25) which is in line with its industry peers.
Industry RankSector Rank
Current Ratio 1.25
Quick Ratio 1.25
NLOP Yearly Current Assets VS Current LiabilitesNLOP Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2020 2021 2022 2023 2024 20M 40M 60M

0

3. Growth

3.1 Past

The earnings per share for NLOP have decreased by -0.68% in the last year.
NLOP shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -31.84%.
Measured over the past years, NLOP shows a decrease in Revenue. The Revenue has been decreasing by -4.00% on average per year.
EPS 1Y (TTM)-0.68%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-754.64%
Revenue 1Y (TTM)-31.84%
Revenue growth 3Y-1.29%
Revenue growth 5Y-4%
Sales Q2Q%-25.25%

3.2 Future

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
EPS Next YN/A
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next YearN/A
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
NLOP Yearly Revenue VS EstimatesNLOP Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2019 2020 2021 2022 2023 2024 50M 100M 150M

2

4. Valuation

4.1 Price/Earnings Ratio

NLOP reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Industry RankSector Rank
PE N/A
Fwd PE N/A
NLOP Price Earnings VS Forward Price EarningsNLOP Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 0 0 0 0 0 0 0 0 0 0

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, NLOP is valued cheaply inside the industry as 100.00% of the companies are valued more expensively.
93.08% of the companies in the same industry are more expensive than NLOP, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 8.83
EV/EBITDA 6.37
NLOP Per share dataNLOP EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 -10 20 30

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2YN/A
EPS Next 3YN/A

4

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 10.67%, NLOP is a good candidate for dividend investing.
NLOP's Dividend Yield is rather good when compared to the industry average which is at 6.58. NLOP pays more dividend than 91.54% of the companies in the same industry.
NLOP's Dividend Yield is rather good when compared to the S&P500 average which is at 2.38.
Industry RankSector Rank
Dividend Yield 10.67%

5.2 History

NLOP is new to the dividend game and has less than 3 years of track record.
Dividend Growth(5Y)N/A
Div Incr Years0
Div Non Decr Years0
NLOP Yearly Dividends per shareNLOP Yearly Dividends per shareYearly Dividends per share 2023 2025 1 2 3

5.3 Sustainability

NLOP has negative earnings and hence a negative payout ratio. The dividend may be in danger.
DP0%
EPS Next 2YN/A
EPS Next 3YN/A
NLOP Yearly Income VS Free CF VS DividendNLOP Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2019 2020 2021 2022 2023 2024 0 100M -100M 200M 300M

NET LEASE OFFICE PROPERTY

NYSE:NLOP (9/24/2025, 1:27:56 PM)

29.35

-0.27 (-0.91%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)N/A N/A
Earnings (Next)N/A N/A
Inst Owners58.06%
Inst Owner Change-1.53%
Ins Owners0.65%
Ins Owner Change0%
Market Cap434.67M
Analysts82.86
Price Target46.92 (59.86%)
Short Float %1.8%
Short Ratio2.64
Dividend
Industry RankSector Rank
Dividend Yield 10.67%
Yearly Dividend0.07
Dividend Growth(5Y)N/A
DP0%
Div Incr Years0
Div Non Decr Years0
Ex-Date08-18 2025-08-18 (3.1)
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)N/A
EPS NY rev (3m)N/A
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)N/A
Revenue NY rev (3m)N/A
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 3.7
P/FCF 8.83
P/OCF 7.68
P/B 0.87
P/tB 0.87
EV/EBITDA 6.37
EPS(TTM)-10.61
EYN/A
EPS(NY)N/A
Fwd EYN/A
FCF(TTM)3.32
FCFY11.33%
OCF(TTM)3.82
OCFY13.02%
SpS7.94
BVpS33.76
TBVpS33.76
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -23.5%
ROE -31.42%
ROCE 4.01%
ROIC 3.17%
ROICexc 3.47%
ROICexgc 3.66%
OM 21.34%
PM (TTM) N/A
GM 64.44%
FCFM 41.86%
ROA(3y)-6.79%
ROA(5y)-3.86%
ROE(3y)-11.26%
ROE(5y)-6.42%
ROIC(3y)2.84%
ROIC(5y)2.82%
ROICexc(3y)2.9%
ROICexc(5y)2.86%
ROICexgc(3y)3.06%
ROICexgc(5y)3.06%
ROCE(3y)3.6%
ROCE(5y)3.57%
ROICexcg growth 3Y3.88%
ROICexcg growth 5YN/A
ROICexc growth 3Y5.46%
ROICexc growth 5YN/A
OM growth 3Y-9.93%
OM growth 5Y-6.37%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-4.53%
GM growth 5Y-2.94%
F-Score5
Asset Turnover0.18
Health
Industry RankSector Rank
Debt/Equity 0.23
Debt/FCF 2.38
Debt/EBITDA 1.49
Cap/Depr 13.73%
Cap/Sales 6.27%
Interest Coverage 250
Cash Conversion 71.84%
Profit Quality N/A
Current Ratio 1.25
Quick Ratio 1.25
Altman-Z 1.22
F-Score5
WACC6.97%
ROIC/WACC0.45
Cap/Depr(3y)22.59%
Cap/Depr(5y)16.46%
Cap/Sales(3y)10.42%
Cap/Sales(5y)7.44%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-0.68%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-754.64%
EPS Next YN/A
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-31.84%
Revenue growth 3Y-1.29%
Revenue growth 5Y-4%
Sales Q2Q%-25.25%
Revenue Next YearN/A
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-38.03%
EBIT growth 3Y-11.09%
EBIT growth 5Y-10.12%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-21.38%
FCF growth 3Y-5.6%
FCF growth 5Y27.04%
OCF growth 1Y-36.45%
OCF growth 3Y-1.56%
OCF growth 5Y-2.85%