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Friday 6 November 2026
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W.P. Carey Inc.
WPC Real Estate Reit Diversified
W.P. Carey Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.7 billion, up 8.43% from fiscal 2024.
- Revenue
- +8.58%
- EPS
- −4.69%
- Free cash flow
- −55.9%
- Total debt
- +1.14%
Quarter to September 2026, against a year earlier
65.23
0.13
−0.20%
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Target Price Range
Analyst price targets
Free accountTen 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 | 942 | 848 | 886 | 1,233 | 1,209 | 1,332 | 1,479 | 1,741 | 1,583 | 1,716 | 1,828 | +6.9% | 1,853 | 1,975 | 2,145 | +7.7% | |
| Gross margin, % | 84.99 | 86.59 | 89.51 | 87.86 | 90.14 | 90.67 | 89.76 | 87.28 | 88.85 | 89.35 | 90.69 | +4.4 pt | ||||||
| EBT | 278 | 288 | 439 | 333 | 445 | 439 | 626 | 752 | 492 | 505 | 695 | +6.8% | ||||||
| EBT margin, % | 29.54 | 33.93 | 49.54 | 26.99 | 36.81 | 32.94 | 42.34 | 43.20 | 31.10 | 29.41 | 38.00 | (0.1) pt | ||||||
| Net income | 275 | 285 | 424 | 307 | 466 | 410 | 598 | 708 | 461 | 473 | 658 | +6.2% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 8.82 | 7.87 | 7.54 | 7.21 | 6.93 | 7.30 | 7.41 | 8.09 | 7.19 | 7.78 | 7.92 | (1.4%) | |||||
| Earnings | 2.51 | 2.56 | 3.50 | 1.78 | 2.61 | 2.25 | 3.00 | 3.29 | 2.09 | 2.11 | 2.90 | (1.9%) | ||||||
| Cash flow | 5.12 | 4.83 | 4.33 | 4.75 | 4.59 | 5.08 | 5.03 | 4.98 | 8.33 | 5.82 | 5.39 | +1.4% | ||||||
| Capex | (0.50) | 0.46 | (3.37) | (3.36) | (2.85) | (6.89) | (5.09) | (4.12) | (3.88) | (2.58) | (6.21) | +19.9% | ||||||
| Free cash flow | 4.62 | 5.29 | 0.97 | 1.39 | 1.75 | (1.81) | (0.06) | 0.87 | 4.44 | 3.24 | (0.82) | (3.9%) | ||||||
| Book value | 32.09 | 31.64 | 58.13 | 40.63 | 39.42 | 41.56 | 45.13 | 40.43 | 38.31 | 36.89 | 38.04 | +1.6% | ||||||
| Shares, m | 107 | 108 | 117 | 171 | 175 | 182 | 200 | 215 | 220 | 221 | 224 | +8.4% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 24.06 | 26.64 | 19.51 | 44.60 | 27.08 | 36.54 | 26.02 | 19.95 | 26.07 | 30.50 | 22.49 | 28.1 | |||||
| P/S | 6.79 | 8.67 | 8.65 | 11.07 | 10.16 | 11.22 | 10.54 | 8.14 | 7.58 | 8.27 | 8.24 | 9.1 | ||||||
| P/B | 1.87 | 2.16 | 1.12 | 1.96 | 1.79 | 1.97 | 1.73 | 1.63 | 1.42 | 1.74 | 1.71 | 1.7 | ||||||
| EV/Sales | 11.34 | 13.51 | 15.60 | 15.83 | 15.49 | 16.23 | 15.75 | 12.45 | 12.25 | 13.26 | 12.96 | 14.2 | ||||||
| EV/FCF | 21.66 | 20.09 | 121.68 | 82.36 | 61.52 | (65.40) | (1,946.62) | 116.08 | 19.82 | 31.88 | (124.55) | (153.7) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 547 | 521 | 509 | 812 | 802 | 926 | 1,004 | 1,073 | 1,833 | 1,282 | 1,243 | +9.9% | |||||
| Capex | (54) | 50 | (396) | (575) | (497) | (1,257) | (1,016) | (887) | (855) | (568) | (1,433) | +30.0% | ||||||
| Free cash flow | 493 | 570 | 114 | 237 | 305 | (330) | (12) | 187 | 978 | 714 | (190) | +4.2% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (788) | (318) | (278) | (493) | (437) | (407) | (732) | (386) | (12) | (950) | (546) | +2.1% | |||||
| Net debt | 4,285 | 4,103 | 6,161 | 5,858 | 6,447 | 6,672 | 7,710 | 7,510 | 7,399 | 8,567 | 8,640 | +8.0% | ||||||
| Shareholders’ equity | 3,425 | 3,411 | 6,830 | 6,948 | 6,878 | 7,583 | 9,009 | 8,707 | 8,434 | 8,134 | 8,781 | +10.1% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 3.11 | 3.32 | 3.67 | 2.16 | 3.17 | 2.72 | 3.57 | 3.93 | 2.60 | 2.63 | 3.55 | (0.5) pt | |||||
| ROIC | 2.59 | 2.98 | 1.73 | 2.45 | 2.43 | 2.65 | 2.29 | 2.79 | 2.89 | 2.99 | 2.87 | +0.4 pt | ||||||
| ROE | 7.66 | 8.11 | 8.04 | 4.43 | 6.59 | 5.67 | 7.22 | 8.00 | 5.38 | 5.63 | 7.68 | (2.0) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 281 | 207 | 206 | 204 | 188 | 183 | 193 | 197 | 203 | 199 | — | (3.8%) | |||||
| Revenue/emp, $m | 3.35 | 4.10 | 4.30 | 6.04 | 6.43 | 7.28 | 7.66 | 8.84 | 7.80 | 8.63 | — | +11.1% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2016
| Owned Real Estate Segment | 755 | 80.23% |
|---|---|---|
| Revenue From Reimbursements | 66 | 7.06% |
| Asset management revenue | 62 | 6.57% |
| Structuring Revenue | 47 | 5.03% |
| Dealer Manager Fees | 8 | 0.85% |
| Other Advisory Revenue | 2 | 0.26% |
| Gross margin | 84.99% | |
| Operating margin | 33.97% | |
| Pre-tax margin | 29.54% |
W.P. Carey Inc. vs peers in Reit Diversified (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 |
|---|---|---|---|---|---|---|---|---|---|
| VICI VICI Properties Inc. | $27.8B | 11.5× | 8.9× | +5.76% (above 0%: growing) | −55.61% (below 0%: shrinking) | +11.34% (above 0%: growing) | 100.00% | 52.85% | Compare |
| WPC W.P. Carey Inc. | $15.0B | 22.5× | 21.2× | +8.58% (above 0%: growing) | −4.69% (below 0%: shrinking) | −55.88% (below 0%: shrinking) | 91.70% | 55.16% | |
| BNL Broadstone Net Lease, Inc. | $3.4B | 23.0× | 23.4× | +6.74% (above 0%: growing) | +5.36% (above 0%: growing) | −35.28% (below 0%: shrinking) | 93.98% | 42.25% | Compare |
| GNL Global Net Lease, Inc. | $1.6B | — (loss-making) | — (loss-making) | −9.95% (below 0%: shrinking) | n/m | +54.71% (above 0%: growing) | 88.09% | 48.66% | Compare |
| AAT American Assets Trust, Inc. | $1.3B | 56.1× | 62.5× | +4.29% (above 0%: growing) | +135.71% (above 0%: growing) | −58.53% (below 0%: shrinking) | 70.60% | 25.77% | Compare |
| JBGS JBG SMITH Properties | $929.0M | — (loss-making) | — (loss-making) | +2.29% (above 0%: growing) | n/m | +71.92% (above 0%: growing) | 62.69% | 2.98% | Compare |
| ESRT Empire State Realty Trust, Inc. | $917.6M | 177× | 110× | +2.95% (above 0%: growing) | n/m | +42.29% (above 0%: growing) | 74.97% | (70.45%) | Compare |
| CTO CTO Realty Growth, Inc. | $781.4M | 16.9× | 45.8× | +24.25% (above 0%: growing) | n/m | −258.74% (below 0%: shrinking) | 75.31% | 24.66% | Compare |
| SAFE Safehold Inc. | $752.8M | 6.4× | 7.0× | +23.42% (above 0%: growing) | +7.90% (above 0%: growing) | −93.40% (below 0%: shrinking) | 86.92% | 71.85% | Compare |
| Median of peers | $1.1B | 20.0× | 34.6× | +5.03% | +6.63% | −11.97% | 81.12% | 34.01% |
From the latest earnings call
- CEO Jason Fox said higher interest rates had made fourth-quarter deal timing less predictable, although he saw a path to the top half of investment guidance.
- CFO Toni Sanzone said rent collections improved and W.P. Carey lowered its estimate of potential full-year rent loss from tenant credit events.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
78.58%
Held by the ten largest
46.25%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 33.17m | 14.56% | +3.06m |
| Vanguard | 31.51m | 13.83% | +220.79k |
| State Street | 12.36m | 5.42% | +17.46k |
| Geode Capital Management | 5.03m | 2.21% | +115.37k |
| Invesco | 4.54m | 1.99% | +43.79k |
| MFS Investment Management | 4.47m | 1.96% | +276.17k |
| UBS | 4.29m | 1.88% | +419.98k |
| Northern Trust | 3.40m | 1.49% | +745.12k |
| Dimensional Fund Advisors | 3.35m | 1.47% | −1.57k |
| Charles Schwab | 3.26m | 1.43% | +215.79k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 27 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 10.79m | 22.44m | 124.42 |
| 2024 | 10.15m | 3.68m | 99.55 |
| 2023 | 12.99m | 4.69m | 111.34 |
| 2022 | 9.41m | 16.63m | 123.46 |
| 2021 | 10.10m | 13.91m | 122.88 |
Ownership
Directors and executive officers, together
less than 1%
The Vanguard Group100 Vanguard Blvd.Malvern, PA
14.04%
BlackRock, Inc.50 Hudson YardsNew York, NY
12.06%
State Street Corporation1 Congress Street, Suite
5.90%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
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
W.P. Carey Inc. (WPC) Latest News
29 Oct
27 Oct
22 Oct
8 Oct
30 Jul
7 Jun
2 May
30 Apr
29 Apr
WPC metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
W. P. Carey is an internally managed diversified real estate investment trust, or REIT. It owns commercial properties and leases them to companies, primarily in the United States and Europe. Its portfolio consists mainly of single-tenant industrial, warehouse and retail facilities. The company also owns a small number of operating properties, including self-storage facilities, hotels and student housing.
The company specializes in sale-leaseback transactions: it buys a property from a business and then leases it back to that business for a long period. This lets the seller continue using the property while receiving proceeds from the sale. W. P. Carey also acquires other net-leased properties and works with existing tenants on expansions, renovations and redevelopment.