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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. In the quarter to June 2026, revenue fell 8.04%, EPS grew 195.6%, free cash flow grew 175.5% and total debt fell 9.92%, each against the same quarter a year earlier.

2.05 0.01 −0.49%
Market cap
$117.5M
P/E
0.0×
Fwd P/E
−6.1×
Dividend yield
3.90%
F-score
2/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 6.46%

Capital & Financial Ratios $m

Market Cap 117.51
Revenue 142.92
Net Income (93.81)
Free Cash Flow 68.21
Net Debt 370.27
Current Ratio 4.11
Debt/Equity 0.68
P/E ratio 0.00
Fwd P/E (6.13) (negative: loss-making)
P/S ratio 0.82
P/B ratio 0.18
Past 5Y EPS Growth —
This Y EPS Growth 100.81% (at or above 15%: strong)
Next Y EPS Growth (1,400.00%) (below 0%: weak)
Next Y revenue growth 23.07% (at or above 10%: strong)
Next 5Y EPS Growth 39.37% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.9×, 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 9.14%
10-year low 10-year high
P/B against its own 10 years 8.71%
10-year low 10-year high
EV/Sales against its own 10 years 28.93%
10-year low 10-year high
EV/FCF against its own 10 years 39.80%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate 0.08
Annual Dividend Yield 3.90%
total individual payouts
2027 Powerpack
2026 0.11
0.02
0.02
0.02
2025 0.11
0.02
0.02
0.02
0.02
2024 0.40
0.10
0.10
0.10
0.10
2023 0.40
0.10
0.10
0.10
0.10
2022 0.40
0.10
0.10
0.10
0.10
2020 Powerpack
2019 Powerpack
2018 Powerpack
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 22 57 61 64
Receivables 25 23 35 41
Inventory — — — —
Other — — — —
47 80 96 105
2023 2024 2025 Q'26
Payables 30 32 40 25
ST’ Debt — — — —
Other — — — —
30 32 40 25

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%)

Revenue $m

Mar Jun Sep Dec Year
’26 36 34 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (0.24) 0.42 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — — — — — 16.85 8.29 4.41 3.01 1.46

Analyst estimates 2026–2028

Powerpack
High — — — — — 19.27 18.80 9.75 5.91 4.25
People
People Employees — — — — — 26 35 38 40 37
Revenue/emp, $m — — — 0.00 0.00 3.07 5.95 5.13 4.12 3.99
Income, $m
Income, $m Revenue — — — 53 53 80 208 195 165 148
Gross margin, % — — — 88.97 89.21 83.18 70.44 68.84 60.48 56.09
EBT — — — 15 (2) (47) (97) (57) (103) (139)
EBT margin, % — — — 28.59 (3.55) (59.33) (46.73) (29.15) (62.33) (94.16)
Net income — — — 15 (2) (47) (97) (57) (103) (139)
Depreciation — — — 26 26 45 136 113 105 62
Per share, $
Per share, $ Revenue — — — 0.94 0.94 1.41 3.67 3.46 2.95 2.63
Earnings — — — 0.27 (0.03) (0.84) (1.72) (1.02) (1.84) (2.48)
Cash flow — — — 0.71 0.75 0.99 2.02 1.58 0.97 0.42
Capex — — — (0.01) (0.01) (0.18) 0.36 0.05 (0.93) 0.35
Free cash flow — — — 0.70 0.74 0.82 2.37 1.63 0.04 0.77
Book value — — — 0.00 8.78 19.22 17.23 15.72 13.69 11.11
Shares, m — — — 57 57 57 57 56 56 56
Valuation, ×
Valuation, × P/E — — — 0.00 0.00 0.00 0.00 0.00 0.00 0.00
P/S — — — 0.00 0.00 13.26 2.27 1.67 1.26 0.86
P/B — — — 1,064,002.54 1,064,002.54 0.97 0.48 0.37 0.27 0.20
EV/Sales — — — 0.00 0.00 20.63 6.40 5.77 6.03 5.99
EV/FCF — — — 15.36 15.36 35.61 9.91 12.28 492.72 20.38
Cash, $m
Cash, $m Operating cash flow — — — 40 42 56 114 89 54 24
Capex — — — (1) 0 (10) 20 3 (52) 20
Free cash flow — — — 39 42 46 134 92 2 43
Balance, $m
Balance, $m Working capital — — — — 7 (325) 16 17 48 56
Total debt — — — — 37 617 526 469 490 464
Net debt — — — — 37 588 505 446 433 403
Shareholders’ equity — — — — 497 1,088 976 887 765 625
Returns, %
Returns, % ROA — — — 5.59 (0.70) (4.12) (5.85) (3.83) (7.46) (11.11)
ROIC — — — 0.00 0.12 (1.46) (2.86) (1.27) (3.61) (5.87)
ROE — — — 0.00 (0.24) (5.99) (9.45) (6.15) (12.47) (20.05)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $1.1B — (loss-making) — (loss-making) +2.73% (above 0%: growing) n/m −9.08% (below 0%: shrinking) 61.15% 14.29% Compare
DEA Easterly Government Properties, Inc. $1.0B 100× 133× +9.71% (above 0%: growing) −33.33% (below 0%: shrinking) +106.84% (above 0%: growing) 68.54% 23.79% Compare
PSTL Postal Realty Trust, Inc. $776.1M 40.7× 36.4× +22.40% (above 0%: growing) +25.00% (above 0%: growing) +45.98% (above 0%: growing) 79.73% 39.49% Compare
HPP Hudson Pacific Properties, Inc. $619.7M — (loss-making) — (loss-making) −0.90% (below 0%: shrinking) n/m −100.77% (below 0%: shrinking) 44.94% (5.05%) Compare
BDN Brandywine Realty Trust $460.5M — (loss-making) — (loss-making) +6.92% (above 0%: growing) n/m −1.07% (below 0%: shrinking) 59.27% 15.09% Compare
NLOP Net Lease Office Properties $143.9M — (loss-making) — −78.21% (below 0%: shrinking) n/m −91.52% (below 0%: shrinking) 86.13% (101.56%) Compare
ONL Orion Office REIT Inc. $117.5M — (loss-making) — (loss-making) −8.04% (below 0%: shrinking) n/m +175.48% (above 0%: growing) 63.63% 9.86%
FSP Franklin Street Properties Corp. $41.6M — (loss-making) — (loss-making) −1.35% (below 0%: shrinking) n/m −129.01% (below 0%: shrinking) 44.77% (34.23%) Compare
CMCT Creative Media & Community Trust Corporation $13.2M — (loss-making) — (loss-making) −0.02% (below 0%: shrinking) n/m +123.64% (above 0%: growing) 10.61% (22.79%) Compare
Median of peers $540.1M — — +1.36% — −5.07% 60.21% 4.62%

All 18 Reit Office stocks →

Orion Office REIT Inc. (ONL) key facts

  • Concern: Orion Office REIT Inc.’s revenue for fiscal 2025 (year ended December 2025) was $147.6 million, down 10.4% from fiscal 2024.
  • Concern: Orion Office REIT Inc. reported a net loss of $139.3 million, or a loss of $2.48 per share, for fiscal 2025.
  • Orion Office REIT Inc. (ONL) is a Reit Office company in the Real Estate sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, ONL traded at $2.05, a market capitalization of $117.5 million.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 0.8× sales.
  • Orion Office REIT Inc. pays an annual dividend of $0.08 per share, a yield of 3.90%.
  • Return on equity was −20.1% and debt-to-equity 0.68.
  • Its Piotroski F-score is 2 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Orion Office REIT Inc. (ONL) Latest News

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stockrow.com/ONL · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com