Realty Income's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Realty Income (O) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Realty Income vs Its Competitors
- TTM: Trailing 12-month revenue of 6,206M vs 36,215M combined for its competitors (14.6% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+4.5% annualized vs trailing 12 months), vs accelerating (+4.3%) for its tracked peer group.
- Growth: Realty Income generated 10.3% revenue growth year over year in Q3 2026, vs 16.6% for its competitors combined.
- Profitability: Its 26.7% net margin compares with 20.8% for the peer group.
- Scale: Realty Income ranks #8 of 187 companies by market capitalization in the Real Estate Investment Trusts industry, holding 3.6% of industry market cap.
- Peer revenue share: Realty Income accounted for 14.7% of combined revenue among its tracked peer group, down from 15.4% a year earlier.
- Peer differentiation: Revenue per employee of $11.41M compares with $2.82M for the peer group (4.0x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
O Sales vs. its Competitors, Q3 2026
Realty Income reported revenue growth of 10.27 % year on year in Q3 2026, below its competitors' combined revenue growth of 16.64 %.
With a net margin of 26.65 %, Realty Income achieved higher profitability than its competitors (20.77 %).
Realty Income generated 14.65 % of the combined sales of its peer group, down from 15.37 % a year earlier.
Realty Income vs. its Competitors, Q3 2026
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Realty Income reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Realty Income and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Realty Income Corporation | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Realty Income's competitor groups requires a Commercial License.
For context: the Real Estate Investment Trusts industry grew revenue -1.0% year over year, combined, vs 10.3% for Realty Income. Realty Income's share of combined industry revenue moved from 1.96% to 2.18%, a gain of 0.22 percentage points.
Realty Income's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Realty Income Corporation | Yes | Yes | Yes | No |
| Competitors combined (57) | ||||
| Similar-Size Competitors (10) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
O Stock Performance relative to its Competitors
O Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Postal Realty Trust Inc | 282.9% | Outperformed |
| 2 | Digitalbridge Group Inc | 282.9% | Outperformed |
| 3 | Welltower Inc | 282.9% | Outperformed |
| 4 | Kimco Realty Corporation | 282.9% | Outperformed |
| 5 | Modiv Industrial Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Realty Income's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Realty Income's Comment on Competition and Industry Peers
Publicly Traded Peers of Realty Income Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Realty Income Corporation |
56,615.52 | 6,205.96 |
 Welltower Inc |
186,166.63 | 13,793.30 |
 American Tower Corporation |
90,692.40 | 11,009.50 |
 Vici Properties Inc |
28,214.53 | 4,155.60 |
 Sba Communications Corporation |
20,669.41 | 2,870.62 |
 Kimco Realty Corporation |
17,703.97 | 2,161.51 |
| SUBTOTAL | 504,582.53 | 63,752.18 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Realty Income Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Realty Income's Competitors Named by the Company
Competitive relationships identified from Realty Income reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Gladstone Commercial Corp | Company report | 85% |
| Store Capital Llc | Company report | 85% |
| W P Carey Inc | Company report | 85% |
| Urban Edge Properties | Company report | 85% |
| One Liberty Properties Inc | Company report | 85% |
| The Necessity Retail Reit Inc | Company report | 85% |
| Epr Properties | Company report | 85% |
| Kimco Realty Corporation | Company report | 85% |
| Spirit Realty Capital Inc | Company report | 85% |
| Global Net Lease Inc | Company report | 85% |
| Regency Centers Corporation | Company report | 85% |
| Essential Properties Realty Trust Inc | Company report | 85% |
| Nnn Reit Inc | Company report | 85% |
| Tanger Inc | Company report | 85% |
| Alpine Income Property Trust Inc | Company report | 85% |
| Netstreit Corp | Company report | 85% |
| American Realty Capital Properties, Inc. | Company report | 85% |
| Divall Insured Income Properties 2 Limited Partnership | Company report | 85% |
| First Real Estate Investment Trust Of New Jersey Inc | Company report | 85% |
| Federal Realty Investment Trust | Company report | 85% |
| Pennsylvania Real Estate Investment Trust | Company report | 85% |
| Net Lease Office Properties | Company report | 85% |
| Inpoint Commercial Real Estate Income Inc | Company report | 85% |
| Stag Industrial inc | Company report | 85% |
| Washington Prime Group inc | Company report | 85% |
| Postal Realty Trust Inc | Company report | 85% |
| Presidential Realty Corp | Company report | 85% |
| Agree Realty Corporation | Company report | 85% |
| Vici Properties Inc | Company report | 85% |
| Vereit Inc | Company report | 85% |
| Medalist Diversified inc | Company report | 85% |
| Wheeler Real Estate Investment Trust Inc | Company report | 85% |
| Generation Income Properties Inc | Company report | 85% |
| Presidio Property Trust Inc | Company report | 85% |
| Broadstone Net Lease Inc | Company report | 85% |
Company report basis, confidence, active dates and source counts for Realty Income's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Realty Income's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Welltower Inc | Senior Housing - Operating 84.10 % |
| American Tower Corporation | Property 98.15 % |
| Sba Communications Corporation | Domestic Site Leasing Revenue 64.01 % |
| Tanger Inc | Tanger Single Reporting 95.32 % |
| Highwoods Properties Inc | Total Reportable 93.94 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Realty Income's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Realty Income Corporation | 56,616 | 11,408,018 | 2,619,897 |
| Welltower Inc | 186,167 | 19,372,612 | 2,454,900 |
| American Tower Corporation | 90,692 | 2,262,536 | 695,356 |
| Vici Properties Inc | 28,215 | 148,414,286 | 84,931,786 |
| Sba Communications Corporation | 20,669 | 1,556,736 | 538,085 |
| Kimco Realty Corporation | 17,704 | 3,275,012 | 946,445 |
| PEERS TOTAL | 447,967 | 2,824,909 | 740,079 |
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Realty Income's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent report. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Welltower Inc | United States 60.91 % |
Source: revenue geography as reported in each company's reports (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Realty Income's Position in Industry Market Structure
Market-capitalization share and concentration across all 181 companies in Realty Income's industry classification, broader than the peer set above. Market cap in millions of $.Realty Income ranks #8 of 181 companies by market capitalization in its industry, holding 3.64 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 409, indicating a unconcentrated market structure (see Methodology: Market Structure & Concentration).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Welltower Inc | 181,987 | 11.84 % |
| 2 | Prologis Inc | 126,053 | 8.20 % |
| 3 | Equinix Inc | 100,369 | 6.53 % |
| 4 | American Tower Corporation | 90,791 | 5.91 % |
| 5 | Simon Property Group inc | 1,234 | 5.2% |
| 6 | Digital Realty Trust Inc | 1,234 | 5.2% |
| 7 | Public Storage | 1,234 | 5.2% |
| 8 | Realty Income Corporation | 55,930 | 3.64 % |
| 9 | Ventas inc | 1,234 | 5.2% |
| 10 | Crown Castle Inc | 1,234 | 5.2% |
Market cap and industry share for the rest of Realty Income's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-11-05.
Realty Income's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 3 | Equinix Inc | 100,369 | 21.99 % |
| 4 | American Tower Corporation | 90,791 | 7.97 % |
| 5 | Simon Property Group inc | 74,998 | 26.40 % |
| 6 | Digital Realty Trust Inc | 64,436 | 5.92 % |
| 7 | Public Storage | 1,234 | 12.3% |
| 8 | Realty Income Corporation | 55,930 | 6.59 % |
| 9 | Ventas inc | 1,234 | 12.3% |
| 10 | Crown Castle Inc | 1,234 | 12.3% |
| 11 | Extra Space Storage Inc | 1,234 | 12.3% |
| 12 | Iron Mountain Inc | 1,234 | 12.3% |
| 13 | Vici Properties Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Realty Income's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-11-05. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Realty Income's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Real Estate Investment Trusts industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (283 companies). See the full Real Estate Investment Trusts industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 92.59 % | 41.74 % (avg) | +50.9 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | 67.84 % | 38.44 % (avg) | +29.4 pp |
| Capital Intensity (Capex / Revenue) | 117.97 % | 28.42 % (avg) | +89.6 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Realty Income's Valuation vs Competitive Position
Valuation multiples vs the Real Estate Investment Trusts industry average (283 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Real Estate Investment Trusts industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 42.3x | 30.7x | +11.6x |
| EV / EBITDA | 14.5x | 17.6x | -3.1x |
| P/B | 1.4x | 1.9x | -0.4x |
| Return on Equity | 3.44 % | industry aggregate | -2.46 % |
| Return on Invested Capital | - | 2.21 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Realty Income's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 9.22 % | 12.33 % | 10.73 % | 25.96 % | 60.72 % | 21.99 % | 29.23 % | 9.07 % |
| Operating Margin | -226.69 % | 53.03 % | 39.33 % | 33.13 % | 35.28 % | 39.46 % | 14.43 % | 14.09 % |
| Return on Invested Capital | -13.55 % | 3.05 % | 2.16 % | 1.61 % | 1.62 % | 1.87 % | 0.71 % | 0.73 % |
| P/E | 49.4x | 52.7x | 52.5x | 74.5x | 48.3x | 41.0x | 59.4x | 49.1x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Realty Income's BCG Growth-Share Matrix
See Methodology: BCG Growth-Share Matrix for how relative share and growth are calculated and thresholded.
Realty Income falls in the Dog quadrant: relative market share of 0.31x vs its largest competitor, in an industry growing revenue 2.4% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Realty Income's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 409 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 117.97 % vs industry average 28.42 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Realty Income's dedicated Suppliers and Customers pages, not here.
Realty Income's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Realty Income falls in the Medium attractiveness / Medium strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Realty Income's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+4.5% annualized vs trailing 12 months).
Weaknesses
- Underperforming the U.S.A. 500 over the trailing 12 months.
- Low relative market share vs the industry leader (0.31x).
Opportunities
No rule matched.
Threats
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: see Methodology: SWOT Analysis.
Realty Income's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Realty Income Corporation | 0.22 | 0.96 | 0.08 |
| Welltower Inc | 1.37 | 3.09 | 0.36 |
| American Tower Corporation | 0.20 | 0.34 | 5.53 |
| Vici Properties Inc | 1.98 | 2.12 | 0.58 |
| Sba Communications Corporation | 0.11 | 0.26 | - |
| Kimco Realty Corporation | - | 1.62 | 0.11 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Realty Income's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Realty Income Corporation | Q3 2026 | +10.3 % | +36.0 % |
| Welltower Inc | Q3 2026 | +38.4 % | +47.0 % |
| American Tower Corporation | Q3 2026 | +2.5 % | -14.4 % |
| Vici Properties Inc | Q3 2026 | +5.8 % | -55.7 % |
| Sba Communications Corporation | Q2 2026 | +2.3 % | -12.9 % |
| Kimco Realty Corporation | Q1 2026 | +4.0 % | +23.7 % |
| PEERS TOTAL | +12.3 % | +11.1 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Realty Income's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Realty Income Corporation | Q3 2026 | +28.1 % | +129.0 % |
| Welltower Inc | Q3 2026 | +42.3 % | +144.7 % |
| American Tower Corporation | Q3 2026 | +10.3 % | -14.6 % |
| Vici Properties Inc | Q3 2026 | +1.4 % | +3,622.0 % |
| Sba Communications Corporation | Q2 2026 | +228.8 % | +11.7 % |
| Kimco Realty Corporation | Q1 2026 | - | - |
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Realty Income's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Realty Income Corporation | 1.89% | 1.89% | 3.44% |
| Welltower Inc | 2.51% | 2.52% | 3.78% |
| American Tower Corporation | 5.36% | 4.51% | 33.40% |
| Vici Properties Inc | 5.00% | 4.96% | 8.21% |
| Sba Communications Corporation | 8.57% | 8.75% | - |
| Kimco Realty Corporation | 3.16% | 2.03% | 5.89% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Realty Income's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Realty Income Corporation | 40.99 | 9.12 |
| Welltower Inc | 106.76 | 13.50 |
| American Tower Corporation | 27.47 | 8.24 |
| Vici Properties Inc | 11.87 | 6.79 |
| Sba Communications Corporation | 21.03 | 7.20 |
| Kimco Realty Corporation | 30.60 | 8.19 |
| PEERS AVERAGE | 30.58 | 7.91 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.