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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
−4.47%
Free cash flow
−55.9%
Total debt
+1.14%

Quarter to September 2026, against a year earlier

65.41 0.78 +1.21%
Market cap
$15.0B
P/E
22.5×
Fwd P/E
21.2×
Dividend yield
5.72%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

W.P. Carey Inc. (WPC) valuation and DCF model

What the price implies · reverse DCF

At $65.41 the price implies FFO a share growing −0.9% a year for ten years.

FFO a share grew −1.3% a year over the last ten years, −3.6% over the last five. The price asks for 0.4 points a year more than its ten-year rate. The industry’s median company is priced for 2.8%.

In December 2017 the price assumed 1.9% a year; W.P. Carey Inc. went on to grow FFO a share −2.0% a year to FY2025.

FFO a share is worked out from W.P. Carey Inc.’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales. It reported AFFO of $1.33 a share for Q3 2026.

Price implies
−0.9%
Last 5 years, reported
−3.6%
Last 10 years, reported
−1.3%
Industry median implies
2.8%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
−0.9% a year for ten years
$65.41
today’s price
Its base case
−1.3% a year for five years, then −0.8%
$64.34
1.6% below today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record W.P. Carey Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing −0.9% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against W.P. Carey Inc.’s own cost of capital: risk-free 4.3% + beta 0.78 × equity premium 4.5% = 7.8% cost of equity; weighted, 7.8%.

Use 7.8%
Base case value per share $64.34 ten years discounted, and what follows
Current price $65.41 market price per share
Below today’s price 1.6% downside at the base case’s assumptions

How we got there$32.34 10 years of FFO+$31.99 terminal value=$64.34 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Diversified).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 22.54× 25.02× 27.94× 19% below 22.82× 1% below
P/FCF — 41.20× 37.41× — 7.40× —
P/B 1.72× 1.65× 1.72× 0% below 0.91× 88% above
EV/EBITDA 17.61× 17.06× 17.74× 1% below 12.30× 43% above
EV/Sales 12.98× 13.34× 14.33× 9% below 6.35× 104% above
P/FFO 12.26× 13.66× 14.50× 15% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
1.19×1.49×1.80×2.11×10Y avg 1.72×2017201820192020202120222023202420252026

WPC trades at 1.72× P/B, against a 10-year average of 1.72× (range 1.12×–2.16×). That is cheaper than 67% of the last 9 year-end readings; re-rating to the average implies $65.59 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.