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Orion Office Reit Inc (ONL) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Orion Office Reit Inc stock $6.73, price $2.69, upside +150.2%, quality 32 out of 100. Rating: strongly undervalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.

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Real Estate US

OO Orion Office Reit Inc logo Thin data Nov 8, 2026

Orion Office Reit Inc

ONL · US
Cheap, value-trap risk

The stock costs 60% less than our calculation considers fair.

Fair value $6.73 · Strongly undervalued
Even on cautious assumptions the value is 30% above the price ($3.50).
Moderate debt
3.0% dividend yield · Watch coverage
Mixed vs. peers (5/12)
Quality 32/100
Weak Growth (revenue 3y −10.8 %/yr in USD)
Loss-making · -21.6% net margin (TTM)
Negative free cash flow
Narrow moat 16/100
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$24.20 $1.44 Fair Value $6.73 Nov 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range $1.44 – $24.20 · fair‑value band $3.50 – $9.94 · the $2.69 price screens below the $6.73 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

Orion Office REIT specializes in the ownership, acquisition and management of a diversified portfolio of mission-critical and corporate headquarters office buildings in high-quality suburban markets across the U.S. The portfolio is leased primarily on a single-tenant net lease basis to creditworthy tenants.

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The company's team of experienced industry leaders employs a proven, cycle-tested investment evaluation framework which serves as the lens through which capital allocation decisions are made for the current portfolio and future acquisitions.

Stock analysis

Orion Office Reit Inc (ONL) currently trades at $2.69, while our model-based Fair Value estimate is $6.73, implying the stock looks roughly 60% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: $3.50 (bear) to $9.94 (bull), the price of $2.69 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 32/100 (below-average quality), in the Real Estate sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Orion Office Reit Inc reported revenue of $148M in FY2025 versus $79.7M in FY2021, a compound +16.7%/yr. Reported net income was −$139M in FY2025.

Key figures

Market cap $156M Micro · P/S ratio 1.18 · EPS (TTM) $−0.5100 · Dividend yield 3.0% · Net margin −21.6% · Return on equity −4.4% · Return on assets (EBIT) −0.1% (5-year average) · Operating margin 10.7%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 16 out of 100 (medium confidence).

What moves the price

The share trades about 9% below its 52-week high and 46% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at −1% fair-value upside, at 150%, ONL screens cheaper than that median.

Fair Value models

Bear $3.50 Fair Value $6.73 Bull $9.94
Price $2.69 · Upside +150.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EV/EBITDA $4.58 $8.80 $13.01 64
NCAV (Graham) $4.80 $6.43 $9.59 54
All 2 models by family
Multiples
EV/EBITDA $4.58 $8.80 $13.01 64
Asset-Based
NCAV (Graham) $4.80 $6.43 $9.59 54

Open the full fair value analysis →

Quality Score breakdown

Overall quality 32/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 3
How much profit the company makes from its sales and capital
Quality Growth 13
Are margins and returns getting better?
Cashflow 20
Do the profits arrive as real cash?
Financial strength 49
Debt, balance sheet and risk of trouble
Investment 67
Does it invest with discipline instead of growing at any price?
Low Volatility 20
How calm the share price moves, does not count
Price momentum 35
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 63
Distance to the 52-week high, does not count
New shares 60
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, no officer or director bought or sold shares on the open market.

Plus 5 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 32/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−10.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−10.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+22.5%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.3%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
36.8% (2020) → −1.5% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Compare Orion Office Reit Inc with another stock

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Office · 63 stocks

Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 32 · Bottom 25%
Fair Value upside +150.2% · Top 25%
Profitability
Return on assets −11.9% · Bottom 25%
Net margin (12 months) −21.6% · Bottom 25%
Operating margin (12 months) 10.7% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −3.9% · Bottom 25%
Dividend yield (12 months) 3.0% · Bottom 25%
Balance sheet
Debt / equity 0.60× · Below median

Valuation Multiplesvs REIT - Office median · lower = cheaper

P/B 0.25× · Cheapest 25%
P/S (12 months) 1.20× · Cheapest 25%
EV/EBITDA 10.0× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 41
FUTURE (revenue growth)0 · sector 6
PAST (return on equity)0 · sector 9
HEALTH (low debt)70 · sector 69
DIVIDEND (yield)59 · sector 100

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more REIT - Office stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Alexandria Real Estate Equities, Inc ARE $44.80 $83.18 +86% vs ONL
Vornado Realty Trust VNO $35.82 $41.06 +15% vs ONL
Mapletree Pan Asia Commercial Trust N2IU 1.18 SGD 1.35 SGD +14% vs ONL
Keppel DC REIT AJBU 2.17 SGD 2.29 SGD +5% vs ONL
Kilroy Realty Corporation KRC $35.82 $35.48 −1% vs ONL
DEXUS DXS A$5.90 A$4.76 −19% vs ONL
COPT Defense Properties CDP $32.87 $22.83 −31% vs ONL
BXP, Inc BXP $65.01 $43.24 −33% vs ONL
MERLIN Properties SOCIMI, S.A MRL €11.60 €7.56 −35% vs ONL
Cousins Properties Incorporated CUZ $29.60 $9.13 −69% vs ONL

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Orion Office Reit Inc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Orion Office Reit Inc Fair Value". https://www.fairvalue-calculator.com/stock/ONL

Frequently asked questions

Is Orion Office Reit Inc (ONL) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $6.73 versus a price of $2.69, about +150% upside (undervalued).
What is the fair value of ONL?
Our model-based fair value for Orion Office Reit Inc is $6.73 (as of Nov 8, 2026), built from audited fundamentals. The current price: $2.69.
What is the quality score of ONL?
Orion Office Reit Inc has a Quality Score of 32/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Orion Office Reit Inc (ONL)?
Our model-based price target is the fair value of $6.73 (as of Nov 8, 2026) from 2 valuation models. Cautious scenario $3.50, optimistic scenario $9.94. It is a calculation from audited fundamentals, not an analyst target.
What is the Orion Office Reit Inc stock forecast for 2026?
Our models put fair value at $6.73, about +150% upside versus a price of $2.69 (undervalued). Cautious scenario $3.50, optimistic scenario $9.94. The calculation is refreshed regularly with new filings.
What is the revenue of Orion Office Reit Inc (ONL)?
Orion Office Reit Inc reported trailing-twelve-month revenue of about $130M (latest available figure, as of Nov 8, 2026).
Does Orion Office Reit Inc pay a dividend?
Orion Office Reit Inc currently shows a dividend yield of 2.97% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Orion Office Reit Inc (ONL) and when is the ex-dividend date?
Orion Office Reit Inc pays a dividend of $0.08 per share a year, a dividend yield of 3.0%. The last ex-dividend date was Sep 30, 2026. A dividend has been paid every year since at least 2022. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Orion Office Reit Inc (ONL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Orion Office Reit Inc it is $6.73 per share (as of Nov 8, 2026), against a price of $2.69. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is Orion Office Reit Inc stock overvalued or undervalued in 2026?
As of Nov 8, 2026, ONL trades below its calculated fair value: price $2.69, fair value $6.73, a gap of about +150% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ONL?
No. The price is what the market pays today ($2.69); the fair value is what the company's own numbers justify ($6.73). For Orion Office Reit Inc the two are $4.04 per share apart. That gap is exactly why we show both numbers side by side.
How much is Orion Office Reit Inc worth?
The market values Orion Office Reit Inc at about $156M (market capitalisation, as of Nov 8, 2026). Per share that is $2.69; our models calculate a fair value of $6.73 per share.
What do the bullish and bearish scenarios say about ONL?
Our models span a range for Orion Office Reit Inc: cautious scenario $3.50, base $6.73, optimistic $9.94 per share (as of Nov 8, 2026, price $2.69). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Orion Office Reit Inc (ONL)?
Balance-sheet figures for Orion Office Reit Inc (as of Nov 8, 2026): return on equity −4.4%, debt of 0.60 per unit of equity. They feed the Quality Score of 32/100, which measures business quality independently of the share price.
How far is ONL from its 52-week high?
Orion Office Reit Inc trades at $2.69, about 9% below its 52-week high of $2.96 and 46% above the low of $1.84 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $6.73 is for.
Which stocks are comparable to Orion Office Reit Inc?
From the same area (Real Estate) we also value BXP, Inc, MERLIN Properties SOCIMI, S.A, Alexandria Real Estate Equities, Inc, Vornado Realty Trust, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Orion Office Reit Inc stock attractive at the current price?
The data as of Nov 8, 2026: price $2.69, calculated fair value $6.73 (+150%), Quality Score 32/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ONL calculated?
We run Orion Office Reit Inc through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of $6.73 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Orion Office Reit Inc currently trades 60% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Orion Office Reit Inc (ONL)?
The closing price on Nov 6, 2026 was $2.69. Our model-based fair value is $6.73, about +150% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Orion Office Reit Inc right now?
The large discount to fair value meets weak quality (32/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($3.50). The market is more pessimistic than our downside scenario. The model range is unusually wide ($3.50 to $9.94). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Orion Office Reit Inc

How large is the market capitalisation of Orion Office Reit Inc (ONL)?
The market capitalisation of Orion Office Reit Inc is $156M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Orion Office Reit Inc (ONL)?
The price-to-sales ratio of Orion Office Reit Inc is 1.18 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Orion Office Reit Inc (ONL)?
Earnings per share at Orion Office Reit Inc are $−0.5100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Orion Office Reit Inc (ONL)?
The dividend yield of Orion Office Reit Inc is 3.0%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Orion Office Reit Inc (ONL)?
The net margin of Orion Office Reit Inc is −21.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Orion Office Reit Inc (ONL)?
The return on equity (ROE) of Orion Office Reit Inc is −4.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Orion Office Reit Inc (ONL)?
On an EBIT basis the return on assets of Orion Office Reit Inc is −0.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Orion Office Reit Inc (ONL)?
The operating margin of Orion Office Reit Inc is 10.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Orion Office Reit Inc (ONL)?
Revenue at Orion Office Reit Inc is growing −3.9% versus a year earlier (3y avg −10.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Orion Office Reit Inc (ONL) generate?
The free cash flow of Orion Office Reit Inc is −$28.1M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Orion Office Reit Inc (ONL) carry?
The net debt of Orion Office Reit Inc is $460M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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