Net Lease Office Properties

NLOP
About the company

Net Lease Office Properties is a publicly traded real estate investment trust that owns a portfolio of high-quality, single-tenant properties located in the U.S. and net leased to corporate tenants operating across a variety of industries. Net Lease Office Properties is based in New York, United States.

Country: United StatesPrice: $9.54Market Cap: $141.3M

Investment snapshot

24%positive consensus
Scored 1d ago

Positive

4

BUY / PASS

Neutral / negative

2 / 10

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

9 of 12 pass — Graham, Dreman and Schloss object

Key risk

No clean pass — all 8 investors flag at least one growth criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILNot rankedPASSPASSPASSFAILFAILFAILFAILPASSFAILNEUTRALFAILFAILNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

TTM ended 2026-09-30 · Annual history · FY 2025

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-25

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-25

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-02-25

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-25

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-25

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-11-04

Score computed: 2026-11-14

TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-11-04

Score computed: 2026-11-14

Where It Passes

  • Debt & Leverage75% pass✓ 12✗ 3▾

    9 of 12 pass — Graham, Dreman and Schloss object

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.00, IC: 9.5x
    ✓BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0
    ✓Lynch< 0.33
    Cash - Long-term Debt$97.7M
    ✓LynchPositive preferred
    LT Debt / Total Assets Change21.02% -> 4.83%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity0
    ✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    Debt Levels0
    ✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=9.5x, D/EBITDA=0.0x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.0000; #1/4210 (top 0.0%)
    ✓AsnessTop 30% of eligible cross-section

Where It Falls Short

  • Growth0% pass✓ 1✗ 12▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)-871.3%
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction$1.08 (2022) -> $-9.81 (2025)
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency2/5 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth-16.4%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency1/3 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin -48.9% -> -84.7%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Efficiency0% pass✓ 1✗ 10▾

    No clean pass — all 8 investors flag at least one efficiency criterion

    Current Ratio
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)-12.1%
    ✗Buffett> 10%
    ROIC - WACC-22.1%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)
    ✗Greenblatt> 25%
    Current Ratio Change YoY
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.18x -> 0.26x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5
    Return on Invested Capital-25.2%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=-5.5%; FY2024: ROIC=-4.6%; FY2025: ROIC=-25.2%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/4 years above 12% (latest -25.2%)
    ✗SleepROIC > 12% in a majority of years
  • Profitability6% pass✓ 4✗ 31▾

    15 of 16 flag NLOP's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)1/6 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)-871.3%
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)2/6 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-16.6%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)-84.7% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE11.1%
    ✗Lynch> 15%
    EBIT / Enterprise Value-230.9%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-230.9%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-32.04%
    ✗PiotroskiROA > 0
    ROA Change YoY-11.36% -> -32.04% (delta: -20.68%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=14.14%, ROA=-32.04%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue35.2%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity11.1%
    ✗Dreman> 12%
    Margin of Safety
    ✗PabraiP/FFO < 15
    Return on Equity-28.2% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency2/5 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue-84.7%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity11.1%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-48.9% (2023) -> -84.7% (2025)
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin -48.9% -> -84.7%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization+12.81%; #453/6340 (top 7.1%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity+11.09%; #1651/5226 (top 31.6%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.1196; #3694/5884 (top 62.8%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Valuation8% pass✓ 9✗ 16▾

    12 of 13 flag NLOP's valuation — Graham, Lynch, Greenblatt +9 more

    Price / FFO per ShareN/A (non-positive FFO)
    ✗Graham<= 15x✗Dreman< 12x✗Ackman<= 25
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value-230.9%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=-230.9%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / (CFO / Shares)2.2x
    ✓Dreman< 8x
    Valuation ReasonablenessOE Yield=-77.4%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/FFO or FFO YieldFFO Yield=-56.9%
    ✗PabraiP/FFO < 15 or FFO Yield > 10%
    P/B or P/E vs. Historical AverageP/B=0.5x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / EPS
    ✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price vs. Trailing Low106% of trailing low ($8.96)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Price / Book Value per Share0.5x
    ✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Net income / market capitalization+12.81%; #453/6340 (top 7.1%)
    ✓AsnessTop 30% of eligible cross-section✓OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+1.1547; #1261/6449 (top 19.6%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share0.51x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-72.6%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.3681; #3031/5247 (top 57.8%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-26.95%; #4283/6202 (top 69.1%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Verdicts29% pass✓ 4✗ 10▾

    Split decision: 10 FAIL · 4 PASS · 2 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (0/7)✗BuffettFAIL (1/9)✗LynchFAIL (3/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✓DremanPASS (4/10)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (2/5)✗AckmanFAIL (2/9)✓TempletonPASS (4/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
  • Cash Flow50% pass✓ 4✗ 3▾

    3 of 6 pass — Buffett, Neff and Oshaughnessy object

    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    Operating Cash Flow$64.1M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=14.14%, ROA=-32.04%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)2.2x
    ✓Dreman< 8x
    Positive Operating Cash Flow frequency5/5 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Trading
SIC Sector: Holding & Investment Offices
Size: Micro Cap($141.3M)
Revenue: $118.9M-16.4% YoY
Net Income: $145.3M-58.8% YoY

Financial Snapshot

Operating Margin-84.7%
Return on Equity-49.4%
Debt / Equity0.07
Current Ratio--
EPS (Diluted)$-9.81
Shares Retired−1.3% / −1.3% 2y

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Sector-adjusted criteria: REIT

Depreciation distorts REIT earnings and book value, so FFO-based criteria replace P/E and free-cash-flow tests, and P/B tests are omitted.

Shareholder Return

Fiscal 2025

Issued 1.3% of shares last year, 1.3% issued over two.

Buybacks
—
Dividends
$60.7M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: revenue, net income, pre tax income, interest expense, operating cash flow, depreciation amortization, re sale gains.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-02-25
FY 2024
Sources
  • 10-K · 2025-02-27
FY 2023
Sources
  • 10-K · 2024-03-06
FY 2022
Sources
  • 10-K · 2024-03-06
FY 2021
Sources
  • 10-K · 2024-03-06
Market Cap$141.3Mcurrent------$118.9Mest.$149.8Mest.$116.3Mest.$87.7Mest.--
Revenue$52.0M↓55%$5.9M↓80%$6.4M↓78%$9.0M↓69%$118.9M↓16%$142.2M↓19%$175.0M↑12%$156.2M↑6%$147.9M
Operating Income---------$100.7M↓130%-$43.9M↑49%-$85.5M↓298%$43.1M↓12%$48.9M
Net Income$18.1M↑110%-$649.0K↑99%-$6.2M↑92%$25.0M↑4981%-$145.3M↓59%-$91.5M↑31%-$131.7M↓935%$15.8M↑1013%$1.4M
EPS (Diluted)--$-0.04↑99%$-0.42↑92%$1.69↑5533%$-9.81↓59%$-6.18↑31%$-9.00↓933%$1.08--
Gross Margin—————————
Operating Margin————-84.7%↓175%-30.8%↑37%-48.9%↓277%27.6%↓17%33.1%
ROE11.1%↑126%———-49.4%↓214%-15.7%↑19%-19.5%↓1466%1.4%↑962%0.1%
Total Debt$0↓100%$0↓100%$21.9M↓81%$21.9M↓85%$21.9M↓87%$169.2M↓69%$542.0M↑96%$276.1M--
Shareholders' Equity$163.2M↓62%$163.2M↓62%$163.8M↓67%$170.0M↓71%$293.9M↓49%$581.2M↓14%$677.0M↓39%$1.1B↑5%$1.1B
Current Ratio—————————
Debt / Equity0.00↓100%0.00↓100%0.13↓43%0.13↓50%0.07↓74%0.29↓64%0.80↑221%0.25—
Operating Cash Flow$32.6M↓38%$750.0K↓95%$1.8M↓85%$8.1M↓42%$64.1M↓11%$71.9M↑1%$71.0M↓16%$84.3M↑12%$75.3M
Free Cash Flow------------------

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Trading

NLOP vs Peers — Financial Grading

Revenue$118.9MBottom 25%
Net Income$145.3MBottom 25%
ROE-49.4%Bottom 25%
D/E0.07Top 25%
Op. Margin-84.7%Bottom 25%
Curr. Ratio—
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
REALTY INCOME CORPO$56.1B$58.82$5.7B$1.1B2.7%0.6316.8%—2/71/93/70/3F-Score 64/10
Ventas, Inc.VTR$47.0B$88.92$5.8B$261.5M2.1%1.043.5%—2/71/92/70/3F-Score 62/10
RAYMOND JAMES FINANCIAL INCRJF$32.4B$168.64$15.9B$2.1B17.1%0.28——3/93/93/71/3F-Score 64/11
ROYAL GOLD INCRGLD$21.7B$256.89$1.0B$466.3M6.5%0.1361.9%3.124/92/94/70/3F-Score 44/11
iShares Ethereum Trust ETFETHA$19.4B$44.02—$2.3B——————————
KIMCO REALTY CORPKIM$17.0B$25.55$2.1B$584.7M5.6%0.7436.0%—3/72/94/70/3F-Score 75/10
LandBridge Co LLCLB$5.6B$73.15$199.1M$30.1M8.9%1.6559.5%4.872/93/92/70/3F-Score 63/11
Digital Turbine, Inc.APPS$927.6M$7.61$565.3M$37.7M-19.6%1.886.0%1.161/92/92/71/3F-Score 70/11