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Orion Office REIT Inc.

ONL Real Estate Reit Office

Orion Office REIT Inc.’s revenue for fiscal 2025 (year ended December 2025) was $147.6 million, down 10.4% from fiscal 2024.

Revenue
−4.55%
EPS
+95.1%
Free cash flow
+0.08%
Total debt
−9.93%

Quarter to September 2026, against a year earlier

2.67 0.32 +13.62%
Market cap
$134.1M
P/E
0.0×
Fwd P/E
119×
Dividend yield
3.00%
F-score
2/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 6.62%

Capital & Financial Ratios $m

Size
Market Cap 134.05
Revenue ttm 141.23
Net income ttm (28.06)
Free cash flow ttm 26.88
Net debt Q 433.96
Valuation
P/E 0.00
Forward P/E 119.00 (above 35: high)
Price / sales 1.08
Forward P/S Powerpack
Price / FCF 2.10
Price / book 0.24
Financial health
Current ratio Q 0.00
Debt / equity Q 0.69
Interest coverage Q 0.53
Growth
Revenue growth Q −4.55% (below 0%: shrinking)
Operating income growth Q +105.97% (above 0%: growing)
EPS, this year +100.81% (at or above 15%: strong)
EPS, next year A −1,400.00% (below 0%: weak)
Revenue, next year A +24.71% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +39.37% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.2×, against a ten-year median of 6.1×; over the ten years it ranged from 5.1× in 2024 to 20.6× in 2021.
P/S against its own 10 years 35.14%
10-year low 10-year high
P/B against its own 10 years 34.50%
10-year low 10-year high
EV/Sales against its own 10 years 63.79%
10-year low 10-year high
EV/FCF against its own 10 years 40.30%
10-year low 10-year high

Dividends

Yield
3.00%
Annual rate
0.08
Payout ratio
—
Growth, 2022–25
−41.5%/yr
  1. 0.40 ’22
  2. 0.40 ’23 +0
  3. 0.40 ’24 +0
  4. 0.08 ’25 −80
  5. 0.11 ’26e +33
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 22 57 61 —
Receivables 25 23 35 45
Inventory — — — —
Other — — — —
47 80 96 —
2023 2024 2025 Q'26
Payables 30 32 40 27
ST’ Debt — — — —
Other — — — —
30 32 40 27

Compound Annual Growth %

10y 5y 3y
Sales — 22.52% (10.81%)
Cash Flow — (11.04%) (40.90%)
Earnings — 0.00% 0.00%
Book Value — 4.67% (13.82%)

EPS $

Mar Jun Sep Dec Year
’26 (0.24) 0.42 (0.06) — —
’25 (0.17) (0.45) (1.23) (0.64) (2.48)
’24 (0.47) (0.60) (0.18) (0.59) (1.84)
’23 (0.16) (0.28) (0.29) (0.29) (1.02)
’22 (0.17) (0.27) (0.94) (0.33) (1.72)
’21 0.08 0.08 (0.03) (0.97) (0.84)
’20 — — — — (0.03)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 36 34 35 — —
’25 38 37 37 35 148
’24 47 40 39 38 165
’23 50 52 49 44 195
’22 53 53 52 50 208
’21 13 13 13 41 80
’20 — — — — 53
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (8) 16 10 — —
’25 (2) 12 6 9 24
’24 11 17 14 12 54
’23 11 32 26 20 89
’22 28 24 34 28 114
’21 11 10 8 27 56
’20 — — — 42 42
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (26) 67 10 — —
’25 (8) 24 10 17 43
’24 7 15 (25) 6 2
’23 8 29 33 21 92
’22 26 26 49 34 134
’21 11 10 8 17 46
’20 — — — 42 42
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — — — 53 53 80 208 195 165 148 141 +18.4% 184 184 — +11.7%
Gross margin, % — — — 88.97 89.21 83.18 70.44 68.84 60.48 56.09 59.82 (32.9) pt
EBT — — — 15 (2) (47) (97) (57) (103) (139) (28) n/m
EBT margin, % — — — 28.59 (3.55) (59.33) (46.73) (29.15) (62.33) (94.16) (19.68) (122.7) pt
Net income — — — 15 (2) (47) (97) (57) (103) (139) (28) n/m
Per share, $
Per share, $ Revenue — — — 0.94 0.94 1.41 3.67 3.46 2.95 2.63 2.48 +18.6%
Earnings — — — 0.27 (0.03) (0.84) (1.72) (1.02) (1.84) (2.48) (0.51) n/m
Cash flow — — — 0.71 0.75 0.99 2.02 1.58 0.97 0.42 0.47 (8.3%)
Capex — — — (0.01) (0.01) (0.18) 0.36 0.05 (0.93) 0.35 0.00 n/m
Free cash flow — — — 0.70 0.74 0.82 2.37 1.63 0.04 0.77 0.47 +1.7%
Book value — — — 0.00 8.78 19.22 17.23 15.72 13.69 11.11 11.05 n/m
Shares, m — — — 57 57 57 57 56 56 56 57 (0.1%)
Valuation, ×
Valuation, × P/E — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
P/S — — — 0.00 0.00 13.26 2.27 1.67 1.26 0.86 1.08 2.8
P/B — — — 1,415,650.00 1,415,650.00 0.97 0.48 0.37 0.27 0.20 0.24 404,471.8
EV/Sales — — — 0.00 0.00 20.63 6.40 5.77 6.03 5.99 6.21 6.4
EV/FCF — — — 20.27 20.27 35.61 9.91 12.28 492.72 20.38 12.10 87.3
Cash, $m
Cash, $m Operating cash flow — — — 40 42 56 114 89 54 24 27 (8.4%)
Capex — — — (1) 0 (10) 20 3 (52) 20 46 n/m
Free cash flow — — — 39 42 46 134 92 2 43 27 +1.6%
Balance, $m
Balance, $m Working capital — — — — 7 (325) 16 17 48 56 (27) +50.5%
Net debt — — — — 37 588 505 446 433 403 434 +61.2%
Shareholders’ equity — — — — 497 1,088 976 887 765 625 630 +4.7%
Returns, %
Returns, % ROA — — — 5.59 (0.70) (4.12) (5.85) (3.83) (7.46) (11.11) (2.38) (16.7) pt
ROIC — — — 0.00 0.12 (1.46) (2.86) (1.27) (3.61) (5.87) (0.61) (5.9) pt
ROE — — — 0.00 (0.24) (5.99) (9.45) (6.15) (12.47) (20.05) (4.35) (20.0) pt
People
People Employees — — — — — 26 35 38 40 37 — +9.2%
Revenue/emp, $m — — — 0.00 0.00 3.07 5.95 5.13 4.12 3.99 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Orion Office REIT Inc. vs peers in Reit Office (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PDM Piedmont Realty Trust, Inc. $1.2B — (loss-making) — (loss-making) +8.68% (above 0%: growing) n/m −4,096.18% (below 0%: shrinking) 60.31% 14.53% Compare
DEA Easterly Government Properties, Inc. $1.1B 72.3× 78.4× +8.66% (above 0%: growing) +337.82% (above 0%: growing) −79.62% (below 0%: shrinking) 65.93% 25.59% Compare
PSTL Postal Realty Trust, Inc. $847.0M 34.6× 31.0× +24.47% (above 0%: growing) +77.00% (above 0%: growing) +36.44% (above 0%: growing) 79.22% 39.31% Compare
BDN Brandywine Realty Trust $540.7M — (loss-making) — (loss-making) +3.48% (above 0%: growing) n/m +526.19% (above 0%: growing) 58.53% 37.51% Compare
HPP Hudson Pacific Properties, Inc. $486.0M — (loss-making) — (loss-making) −3.07% (below 0%: shrinking) n/m +817.27% (above 0%: growing) 45.56% (4.30%) Compare
OPI OFFIC PPTYS IT $283.0M — (loss-making) — +2.04% (above 0%: growing) n/m −358.26% (below 0%: shrinking) 84.14% (0.02%) Compare
ONL Orion Office REIT Inc. $134.1M — (loss-making) 119× −4.55% (below 0%: shrinking) n/m +0.08% (above 0%: growing) 59.69% 10.66%
NLOP Net Lease Office Properties $133.6M 7.5× — −80.18% (below 0%: shrinking) n/m −98.66% (below 0%: shrinking) 80.28% (89.99%) Compare
FSP Franklin Street Properties Corp. $44.3M — (loss-making) — (loss-making) −8.67% (below 0%: shrinking) n/m +598.40% (above 0%: growing) 48.93% (33.20%) Compare
Median of peers $513.3M 34.6× — +2.76% — −21.59% 63.12% 7.26%

All 19 Reit Office stocks →

Pay and ownership Proxy statement filed 20 March 2026

Ownership

Directors and executive officers, together less than 1%
Kawa Capital Management, Inc. 9.60%
Private Management Group, Inc. 8.40%
Sanda Par Olof 5.90%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Orion Office REIT Inc. (ONL) Latest News

6 Nov

Impact 4 · · Business Wire
Impact 3 · · GuruFocus.com
Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby

5 Nov

Impact 3 · · Business Wire

14 Aug

Impact 3 · · The Motley Fool transcript

8 Aug

Impact 3 · · MarketBeat
Impact 3 · · GuruFocus.com transcript

7 Aug

Impact 4 ·
Impact 3 · · Moby transcript

6 Aug

Impact 4 ·
Impact 3 ·

14 May

Impact 3 · · MarketBeat

8 May

Impact 4 · · Moby

7 May

Impact 3 · · Business Wire

6 Mar

Impact 4 · · GuruFocus.com
Impact 4 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · Moby

5 Mar

Impact 4 · · Business Wire

19 Feb

Impact 4 · · Business Wire

27 Jan

Impact 3 · · Business Wire

26 Jan

Impact 4 · · Business Wire

23 Jan

Impact 3 · · The Motley Fool

16 Dec

Impact 4 · · Business WireMT Newswires

19 Nov

Impact 3 · · Business Wire

8 Nov

Impact 3 · transcript

28 Jul

Impact 3 · · Business Wire

17 Jul

Impact 4 · · Business Wire

9 Jul

Impact 3 ·
stockrow.com/ONL · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com