Orion Office REIT Inc. (ONL) vs Piedmont Realty Trust, Inc. (PDM)

Orion Office REIT Inc. and Piedmont Realty Trust, Inc. are both Reit Office companies. Piedmont Realty Trust, Inc. is the larger, with a market value of $1.2B against $143.8M — 8.0× the size. Piedmont Realty Trust, Inc. grew revenue faster over the last twelve months: 0.70% against −6.50%. Piedmont Realty Trust, Inc. has the higher net margin (−14.2% vs −65.7%) and the higher return on invested capital (1.29% vs −4.82%). Both pay a dividend; Orion Office REIT Inc. yields more (8.23% vs 7.65%). Across the 20 metrics below, Orion Office REIT Inc. leads on 11 and Piedmont Realty Trust, Inc. on 9.

Valuation

Metric ONL PDM Reit Office median
P/E n/m n/m 38.94
P/S 1.00 2.03 2.92
P/B 0.23 0.78 0.78
Price to free cash flow 2.10 36.40 14.22
EV/EBITDA n/m 10.60 12.77
EV/Sales 4.82 5.94 7.03
Earnings yield (66.93%) (7.05%) (3.43%)
Free cash flow yield 47.72% 2.75% 5.85%

Profitability

Metric ONL PDM Reit Office median
Gross margin 58.20% 60.02% 60.53%
Operating margin (54.17%) 13.46% 16.84%
Net margin (65.66%) (14.18%) (8.23%)
Free cash flow margin 47.73% 5.56% 16.39%
Return on equity (13.77%) (5.34%) (2.66%)
Return on assets (7.73%) (2.01%) (0.95%)
Return on invested capital (4.82%) 1.29% 1.32%

Growth

Metric ONL PDM Reit Office median
Revenue growth (TTM) (6.50%) 0.70% 1.08%
EPS growth (last fiscal year) (34.78%) (4.69%) —
Revenue growth, 5-year CAGR 22.52% 1.10% 4.37%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric ONL PDM Reit Office median
Debt to equity 0.68 1.53 1.20
Current ratio 4.11 1.36 2.43
Net debt to EBITDA (11.84) 7.13 6.91

Dividend

Metric ONL PDM Reit Office median
Dividend yield 8.23% 7.65% 6.16%
Payout ratio 0.00 1.22 1.38

Size

Metric ONL PDM Reit Office median
Market cap 143.75m 1.15b 1.39b

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