Net Lease Office Properties (NLOP) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Net Lease Office Properties stock $23.20, price $9.28, upside +150.0%, quality 61 out of 100. Rating: strongly undervalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
36‑month range $3.30 – $13.37 · fair‑value band $19.39 – $29.56 · the $9.28 price screens below the $23.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Net Lease Office Properties is a publicly traded real estate investment trust that owns a portfolio of high-quality, single-tenant properties located in the U.S. and net leased to corporate tenants operating across a variety of industries.
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Net Lease Office Properties is based in New York, United States.
Stock analysis
Net Lease Office Properties (NLOP) currently trades at $9.28, while our model-based Fair Value estimate is $23.20, implying the stock looks roughly 60% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $59.01 per share, and 11 of the 11 models we run sit above the $9.28 price.
Bear case: the Asset-Based group reads lowest at $11.25, and 0 of the 11 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $19.39 (bear) to $29.56 (bull), the price of $9.28 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 61/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Net Lease Office Properties reported revenue of $119M in FY2025 versus $148M in FY2021, a compound −5.3%/yr. Reported net income was −$145M in FY2025.
Key figures
Market cap $137M Micro · P/S ratio 2.10 · EPS (TTM) $1.22 · Net margin −122% · Return on equity −13.5% · Return on assets (EBIT) 4.4% (5-year average) · Operating margin 10.0% · Revenue (TTM) $65.4M.
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 31% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −1% fair-value upside, at 150%, NLOP screens cheaper than that median.
Fair Value models
Bear$19.39Fair Value $23.20Bull$29.56
Price $9.28 · Upside +150.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($1.05 per share) are deliberately not added.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.
In the last 6 months, no officer or director bought or sold shares on the open market.
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.
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.49/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
33.6% (2019) → 24.2% (2024)
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
Growth Forecast
Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
The company could shrink this much every year for the next five years and today's price would still be justified.
News mood ⓘNews mood, the average tone of recent news (24 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Compare Net Lease Office Properties with another stock
Price, fair value, quality and upside side by side.
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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 7/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside+150.0% · Top 25%
Profitability
Return on assets−32.0% · Bottom 25%
Net margin (12 months)−69.5% · Bottom 25%
Operating margin (12 months)10.0% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−76.9% · Bottom 25%
Balance sheet
Debt / equity0.08× · Lowest 25%
Valuation Multiplesvs REIT - Office median · lower = cheaper
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Is Net Lease Office Properties (NLOP) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $23.20 versus a price of $9.28, about +150% upside (undervalued).
What is the fair value of NLOP?
Our model-based fair value for Net Lease Office Properties is $23.20 (as of Nov 7, 2026), built from audited fundamentals. The current price: $9.28.
What is the quality score of NLOP?
Net Lease Office Properties has a Quality Score of 61/100. 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 Net Lease Office Properties (NLOP)?
Our model-based price target is the fair value of $23.20 (as of Nov 7, 2026) from 11 valuation models. Cautious scenario $19.39, optimistic scenario $29.56. It is a calculation from audited fundamentals, not an analyst target.
What is the Net Lease Office Properties stock forecast for 2026?
Our models put fair value at $23.20, about +150% upside versus a price of $9.28 (undervalued). Cautious scenario $19.39, optimistic scenario $29.56. The calculation is refreshed regularly with new filings.
What is the revenue of Net Lease Office Properties (NLOP)?
Net Lease Office Properties reported trailing-twelve-month revenue of about $65.4M (latest available figure, as of Nov 7, 2026).
What growth is priced into Net Lease Office Properties (NLOP)?
For today's price to be fair in a discounted-cash-flow model, Net Lease Office Properties would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 12.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -3.9 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of NLOP use?
Our models discount Net Lease Office Properties at 12.7 %: a base by market capitalisation (micro), damped by beta 0.99, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Net Lease Office Properties that is less than minus 40 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.7 %) and the same formula as our fair value.
How much growth has Net Lease Office Properties (NLOP) delivered so far?
Over the past 5 years revenue at Net Lease Office Properties grew -3.9 % a year. The price currently implies free-cash-flow growth of less than minus 40 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Net Lease Office Properties (NLOP) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Net Lease Office Properties (less than minus 40 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Net Lease Office Properties (NLOP)?
The free-cash-flow yield on the price is 43.70 %: that much free cash flow Net Lease Office Properties produces per unit of market value. When it exceeds the discount rate of our models (12.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Net Lease Office Properties (NLOP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Net Lease Office Properties it is $23.20 per share (as of Nov 7, 2026), against a price of $9.28. It is the blended result of 11 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Net Lease Office Properties stock overvalued or undervalued in 2026?
As of Nov 7, 2026, NLOP trades below its calculated fair value: price $9.28, fair value $23.20, 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 NLOP?
No. The price is what the market pays today ($9.28); the fair value is what the company's own numbers justify ($23.20). For Net Lease Office Properties the two are $13.92 per share apart. That gap is exactly why we show both numbers side by side.
How much is Net Lease Office Properties worth?
The market values Net Lease Office Properties at about $137M (market capitalisation, as of Nov 7, 2026). Per share that is $9.28; our models calculate a fair value of $23.20 per share.
What do the bullish and bearish scenarios say about NLOP?
Our models span a range for Net Lease Office Properties: cautious scenario $19.39, base $23.20, optimistic $29.56 per share (as of Nov 7, 2026, price $9.28). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Net Lease Office Properties (NLOP)?
Balance-sheet figures for Net Lease Office Properties (as of Nov 7, 2026): return on equity −13.5%, debt of 0.08 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is NLOP from its 52-week high?
Net Lease Office Properties trades at $9.28, about 31% below its 52-week high of $13.37 and 5% above the low of $8.88 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $23.20 is for.
Which stocks are comparable to Net Lease Office Properties?
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 Net Lease Office Properties stock attractive at the current price?
The data as of Nov 7, 2026: price $9.28, calculated fair value $23.20 (+150%), Quality Score 61/100, from 11 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 NLOP calculated?
We run Net Lease Office Properties through 11 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of $23.20 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. Net Lease Office Properties 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 Net Lease Office Properties (NLOP)?
The closing price on Nov 6, 2026 was $9.28. Our model-based fair value is $23.20, about +150% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Net Lease Office Properties right now?
The price is below even our cautious bear case ($19.39). The market is more pessimistic than our downside scenario. Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Net Lease Office Properties
How large is the market capitalisation of Net Lease Office Properties (NLOP)?
The market capitalisation of Net Lease Office Properties is $137M. 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 Net Lease Office Properties (NLOP)?
The price-to-sales ratio of Net Lease Office Properties is 2.10 (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 Net Lease Office Properties (NLOP)?
Earnings per share at Net Lease Office Properties are $1.22. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Net Lease Office Properties (NLOP)?
The net margin of Net Lease Office Properties is −122% (fiscal year 2025). 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 Net Lease Office Properties (NLOP)?
The return on equity (ROE) of Net Lease Office Properties is −13.5% (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 Net Lease Office Properties (NLOP)?
On an EBIT basis the return on assets of Net Lease Office Properties is 4.4% (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 Net Lease Office Properties (NLOP)?
The operating margin of Net Lease Office Properties is 10.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Net Lease Office Properties (NLOP)?
Revenue at Net Lease Office Properties is growing −76.9% versus a year earlier (3y avg −8.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Net Lease Office Properties (NLOP)?
Earnings per share at Net Lease Office Properties are growing +49.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Net Lease Office Properties (NLOP) hold?
Net Lease Office Properties holds more cash than debt, $97.4M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Some data
Nov 7, 2026