Net Lease Office Properties — Earnings Quality Grade F
NLOP · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
Insufficient data
Insufficient data
Revenue -16.4%, CFFO -10.8%. Cash follows revenue
Expense Quality
No material inventory
Insufficient data
SG&A/Gross Profit = 8.8%, excellent (<30%)
Gross margin 70.0%, change +0.7pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.1B, FCF/NI = -0.44
Accruals ratio = -46.2%. Low accruals
Cash $0.1B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = -0.2x. Healthy
Other assets grew 100.1% vs revenue -16.4%
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
Insufficient data
Portfolio monitoring
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Altman Z-Score — Not Applicable
Net Lease Office Properties is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25