Realty Income Corporation — Earnings Quality Grade F
O · Real Estate
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 67 days, change +6 days YoY
AR growth 20.0% exceeds revenue growth 9.1%
Revenue 9.1%, CFFO 11.8%. Cash follows revenue
Expense Quality
No material inventory
Insufficient data
SG&A/Gross Profit = 3.8%, excellent (<30%)
Gross margin 92.5%, change -0.3pp. Stable
Cash Flow Quality
CFFO/NI = 3.77. Profits backed by cash
FCF $4.0B, FCF/NI = 3.77
Accruals ratio = -4.0%. Low accruals
Cash $0.4B covers only 1% of debt $29.3B
Balance Sheet Health
Goodwill+Intangibles $10.6B = 27% of equity. Manageable
Debt/EBITDA = 6.1x (>4x). Financial stress
Other assets grew 29.0% vs revenue 9.1%
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -5% YoY. Normal
Manipulation Score
M-Score = -2.52 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score — Not Applicable
Realty Income Corporation 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 · 2026-04-09