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

As of Sep 24, 2026: fair value of Orion Office Reit Inc $6.43, price $2.52, upside +155.2%, quality 33 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Real Estate · US · ISIN US68629Y1038

OO Orion Office Reit Inc logo Some data Sep 23, 2026

Orion Office Reit Inc

ONL · US

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value $6.43 · Strongly undervalued (+155%)
!Quality 33/100
!Weak Growth (revenue 5y +22.5 %/yr)
!Loss-making · -106.8% net margin (TTM)
!Moderate debt · negative free cash flow
·3.17% dividend yield
!Mixed vs. peers (5/12)
!Narrow moat 16/100
!Evidence only medium, so the estimate is less certain
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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

$24.56 $1.47 Fair Value $6.43 Nov 2021 Sep 2026

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

59‑month range $1.47 – $24.56 · fair‑value band $3.35 – $9.50 · the $2.52 price screens below the $6.43 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 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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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. 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 $2.52, while our model-based Fair Value estimate is $6.43, implying the stock looks roughly 60.8% undervalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $10.77 per share, and 2 of the 4 models we run sit above the $2.52 price.

Bear case: the Dividend Discount group reads lowest at $1.75, and 2 of the 4 models stay below the price. Evidence for this calculation is medium.

Scenario range: $3.35 (bear) to $9.50 (bull), the price of $2.52 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 33/100 (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 $163M · P/S ratio 1.21 · EPS (TTM) $−2.55 · Dividend yield 3.2% · Net margin −94.4% · Return on equity −21.0% · Return on assets (EBIT) −0.1% · Operating margin 8.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 27 out of 100 (medium confidence).

What moves the price

The share trades about 16% below its 52-week high and 35% 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 155%, ONL screens cheaper than that median.

Fair Value models

Bear $3.35 Fair Value $6.43 Bull $9.50
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.
Highest evidence
Gordon GGM $1.10 $1.84 $2.39 66
DDM Multi-Stage $1.10 $1.75 $1.98 65
EV/EBITDA $6.54 $10.77 $15.00 65
All 4 models by family
Dividend Discount
Gordon GGM $1.10 $1.84 $2.39 66
DDM Multi-Stage $1.10 $1.75 $1.98 65
Multiples
EV/EBITDA $6.54 $10.77 $15.00 65
Asset-Based
NCAV (Graham) $5.48 $7.35 $10.97 54

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Quality Score breakdown

Overall quality 33/100

Of which business quality 35 · Market factors (momentum, volatility) 40

Profitability 3
Margins and returns on capital today
Quality Growth 13
Are margins and returns improving?
Cashflow 20
Earnings quality: real cash, not paper profit
Fin. Strength 49
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 25
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 41
Distance to the 52-week high (market factor)
Net Issuance 80
Share count: buybacks or dilution?

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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 · 68 stocks

Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 35 · Bottom 25%
Fair Value upside +159% · Top 25%
Profitability
Return on assets 0% · Bottom 25%
Net margin (TTM) −107% · Bottom 25%
Operating margin (TTM) 8% · Bottom 25%
Growth and dividend
Revenue growth −4% · Below median
Dividend yield (TTM) 3.2% · Bottom 25%
Balance sheet
Debt / equity 0.60× · Below median

Valuation Multiplesvs REIT - Office median · lower = cheaper

P/B 0.26× · Cheapest 25%
P/S (TTM) 1.21× · Cheapest 25%
EV/EBITDA 10.6× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 29
FUTURE (revenue growth)0 · sector 0
PAST (return on equity)0 · sector 11
HEALTH (low debt)70 · sector 66
DIVIDEND (yield)63 · 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
BXP, Inc BXP $64.31 $53.27 −17%
MERLIN Properties SOCIMI, S.A MRL €12.51 €9.69 −23%
Vornado Realty Trust VNORP $70.25 $48.20 −31%
Alexandria Real Estate Equities, Inc ARE $51.86 $96.26 +86%
Hudson Pacific Properties, Inc HPP $12.08 $2.97 −75%
Gecina GFC €65.80 €75.35 +15%
Mapletree Pan Asia Commercial Trust N2IU 1.22 SGD 1.26 SGD +3%
Cousins Properties Incorporated CUZ $28.90 $7.87 −73%
Kilroy Realty Corporation KRC $34.74 $35.56 +2%
Keppel DC REIT AJBU 2.14 SGD 3.04 SGD +42%

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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 Sep 23, 2026, our model estimates a fair value of $6.43 versus a price of $2.52, about +155% upside (undervalued).
What is the fair value of ONL?
Our model-based fair value for Orion Office Reit Inc is $6.43 (as of Sep 23, 2026), built from audited fundamentals. The current price: $2.52.
What is the quality score of ONL?
Orion Office Reit Inc has a Quality Score of 33/100. 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 $6.43 (as of Sep 23, 2026) from 4 valuation models. Cautious scenario $3.35, optimistic scenario $9.50. 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 $6.43, about +155% upside versus a price of $2.52 (undervalued). Cautious scenario $3.35, optimistic scenario $9.50. 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 $134M (latest available figure, as of Sep 23, 2026).
Does Orion Office Reit Inc pay a dividend?
Orion Office Reit Inc currently shows a dividend yield of about 3.17% relative to its recent price (as of Sep 23, 2026).
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 $6.43 per share (as of Sep 23, 2026), against a price of $2.52. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Orion Office Reit Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, ONL trades below its calculated fair value: price $2.52, fair value $6.43, a gap of about +155% (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 ($2.52); the fair value is what the company's own numbers justify ($6.43). For Orion Office Reit Inc the two are $3.91 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 $163M (market capitalisation, as of Sep 23, 2026). Per share that is $2.52; our models calculate a fair value of $6.43 per share.
What do the bullish and bearish scenarios say about ONL?
Our models span a range for Orion Office Reit Inc: cautious scenario $3.35, base $6.43, optimistic $9.50 per share (as of Sep 23, 2026, price $2.52). 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 Sep 23, 2026): return on equity −21.0%, debt of 0.60 per unit of equity. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
How far is ONL from its 52-week high?
Orion Office Reit Inc trades at $2.52, about 16% below its 52-week high of $3.00 and 35% above the low of $1.87 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of $6.43 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, 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 Orion Office Reit Inc stock attractive at the current price?
The data as of Sep 23, 2026: price $2.52, calculated fair value $6.43 (+155%), Quality Score 33/100, from 4 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 4 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 $6.43, 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 14.0 % above its aggregate fair value. Orion Office Reit Inc currently trades 155 % 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 Sep 24, 2026 was $2.52. Our model-based fair value is $6.43, about +155% 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 (33/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($3.35). The market is more pessimistic than our downside scenario. The model range is unusually wide ($3.35 to $9.50). The outcome hinges heavily on assumptions, so read the point estimate with caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

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 $163M. 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 1.21 (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 $−2.55. 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 3.2%. 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 −94.4% (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 Orion Office Reit Inc (ONL)?
The return on equity (ROE) of Orion Office Reit Inc is −21.0% (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 8.1% (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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