Net Lease Office Properties (NLOP) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Net Lease Office Properties $26.53, price $10.24, upside +159.1%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Net Lease Office Properties for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
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, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
35‑month range $3.30 – $13.37 · fair‑value band $22.08 – $33.98 · the $10.24 price screens below the $26.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.
Follow Net Lease Office Properties in your weekly email
Every Wednesday you see whether Net Lease Office Properties is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
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. Net Lease Office Properties is based in New York, United States.
Stock analysis
Net Lease Office Properties (NLOP) currently trades at $10.24, while our model-based Fair Value estimate is $26.53, implying the stock looks roughly 61.4% undervalued today.
Show more
Valuation
Bull case: the Multiples group reads highest at a median of $59.04 per share, and 13 of the 13 models we run sit above the $10.24 price.
Bear case: the Asset-Based group reads lowest at $13.29, and 0 of the 13 models stay below the price. Evidence for this calculation is medium.
Scenario range: $22.08 (bear) to $33.98 (bull), the price of $10.24 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 59/100 (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 $172M · P/S ratio 1.99 · EPS (TTM) $−8.15 · Net margin −122% · Return on equity −31.7% · Return on assets (EBIT) 4.4% · Operating margin 25.5% · Revenue (TTM) $86.5M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (medium confidence).
What moves the price
The share trades about 23% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 2% fair-value upside, at 159%, NLOP screens cheaper than that median.
Fair Value models
Bear $22.08Fair Value $26.53Bull $33.98
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.
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 %
Yearly growth needed for the next five years to justify today's price.
Compare Net Lease Office Properties with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
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 · 68 stocks
Beats the industry median on 8/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Top 25%
Fair Value upside+159% · Top 25%
Profitability
Return on assets3% · Above median
Net margin (TTM)−140% · Bottom 25%
Operating margin (TTM)25% · Below median
Growth and dividend
Revenue growth−71% · Bottom 25%
Balance sheet
Debt / equity0.08× · Lowest 25%
Valuation Multiplesvs REIT - Office median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Net Lease Office Properties (NLOP) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $26.53 versus a price of $10.24, about +159% upside (undervalued).
What is the fair value of NLOP?
Our model-based fair value for Net Lease Office Properties is $26.53 (as of Sep 23, 2026), built from audited fundamentals. The current price: $10.24.
What is the quality score of NLOP?
Net Lease Office Properties has a Quality Score of 59/100. 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 $26.53 (as of Sep 23, 2026) from 13 valuation models. Cautious scenario $22.08, optimistic scenario $33.98. 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 $26.53, about +159% upside versus a price of $10.24 (undervalued). Cautious scenario $22.08, optimistic scenario $33.98. 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 $86.5M (latest available figure, as of Sep 23, 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 12.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -3.9 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of NLOP use?
Our models discount Net Lease Office Properties at 12.5 %: a base by market capitalisation (micro), damped by beta 0.92, 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 a year over ten years, using the same discount rate (12.5 %) 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 less than minus 40 % per year free-cash-flow growth a 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 +1.8 % a year. That is the yardstick for the growth priced into Net Lease Office Properties (less than minus 40 % per year a 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 39.61 %: that much free cash flow Net Lease Office Properties produces per unit of market value. When it exceeds the discount rate of our models (12.5 %), 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 $26.53 per share (as of Sep 23, 2026), against a price of $10.24. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Net Lease Office Properties stock overvalued or undervalued in 2026?
As of Sep 23, 2026, NLOP trades below its calculated fair value: price $10.24, fair value $26.53, a gap of about +159% (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 ($10.24); the fair value is what the company's own numbers justify ($26.53). For Net Lease Office Properties the two are $16.29 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 $172M (market capitalisation, as of Sep 23, 2026). Per share that is $10.24; our models calculate a fair value of $26.53 per share.
What do the bullish and bearish scenarios say about NLOP?
Our models span a range for Net Lease Office Properties: cautious scenario $22.08, base $26.53, optimistic $33.98 per share (as of Sep 23, 2026, price $10.24). 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 Sep 23, 2026): return on equity −31.7%, debt of 0.08 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is NLOP from its 52-week high?
Net Lease Office Properties trades at $10.24, about 23% below its 52-week high of $13.37 and 7% above the low of $9.54 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $26.53 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, Vornado Realty Trust, Alexandria Real Estate Equities, Inc, 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 Sep 23, 2026: price $10.24, calculated fair value $26.53 (+159%), Quality Score 59/100, from 13 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 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $26.53, 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 13.2 % above its aggregate fair value. Net Lease Office Properties currently trades 159 % 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 Sep 23, 2026 was $10.24. Our model-based fair value is $26.53, about +159% 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 ($22.08). The market is more pessimistic than our downside scenario. Solid quality (59/100) 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 $172M. 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 1.99 (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 $−8.15. 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 −31.7% (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 25.5% (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 −70.9% 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.
Free · no account needed
Watch Net Lease Office Properties in the live analysis
One click puts Net Lease Office Properties on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Some data
Sep 23, 2026