Growth & profitability
- Revenue has declined 5.3% per year over the past 4 years.
Financial health
- The company holds more cash ($120M) than total debt ($22M).
- Total debt has grown slower than revenue (-57.0% vs -5.3% per year).
NLOP Financials Net Lease Office Properties
5 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $119M | -$145M | 0.0% | 0.0% | — | $22M | $120M |
| 2024 | $142M | -$91M | 0.0% | 0.0% | — | $169M | $25M |
| 2023 | $175M | -$132M | 0.0% | 0.0% | — | $542M | $16M |
| 2022 | $156M | $16M | 0.0% | 0.0% | — | $276M | $5M |
| 2021 | $148M | $1M | 0.0% | 0.0% | — | — | $4M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $9M | $25M | 0.0% | 0.0% | — | $22M | $71M |
| Dec '25 | $31M | -$53000 | 0.0% | 0.0% | — | $22M | $120M |
| Sep '25 | $30M | -$64M | 0.0% | 0.0% | — | $47M | $39M |
| Jun '25 | $29M | -$82M | 0.0% | 0.0% | — | $117M | $54M |
| Mar '25 | $29M | $492000 | 0.0% | 0.0% | — | $148M | $28M |
| Dec '24 | $28M | -$36M | 0.0% | 0.0% | — | $169M | $25M |
| Sep '24 | $31M | -$40M | 0.0% | 0.0% | — | $239M | $36M |
| Jun '24 | $39M | $12M | 0.0% | 0.0% | — | $327M | $36M |
| Mar '24 | $44M | -$28M | 0.0% | 0.0% | — | $515M | $40M |
| Dec '23 | $46M | -$142M | 0.0% | 0.0% | — | $542M | $16M |
| Sep '23 | $43M | $3M | 0.0% | 0.0% | — | — | $1 |
| Jun '23 | $43M | $4M | 0.0% | 0.0% | — | — | — |
| Mar '23 | $43M | $4M | 0.0% | 0.0% | — | — | — |
Valuation over time
How the market has priced NLOP against its own fundamentals since 2023-11 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has risen from 15.5× (Nov '23) to 17.3× (Dec '23).
- The price-to-sales ratio has fallen from 1.6× (Nov '23) to 1.4× (Jun '26).
- The dividend yield has risen from 0.2% (Dec '24) to 0.2% (Nov '25).
P/E
P/S
Dividend yield %
Frequently asked questions
Is NLOP growing its revenue and profit?
Over the past 4 years, Net Lease Office Properties's revenue has declined 5.3% per year. These are computed facts, not advice.
How much debt does NLOP have?
As of FY2025, Net Lease Office Properties reported $22M of total debt against $120M of cash.
What is NLOP's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin -122.2%.
What is NLOP's P/E ratio?
As of Jun '26, Net Lease Office Properties traded at a price-to-earnings ratio of about 17.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.