W. P. Carey
WPC NYSE Diversified REITs Financials FY2016–FY2025
W. P. Carey's revenue rose 8.4% to $1.7 billion in fiscal 2025. Its net margin was 27.2%, down from 29.1% a year earlier. It paid out $790 million in dividends and buybacks. The diluted share count rose 0.3%.
Revenue
Total sales reported in the income statement.
$1.7B
8.4%
vs prior year
Operating margin
Operating income as a share of revenue.
—
Net income
Profit after all expenses, interest and tax.
$466M
1.2%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
4.6%
0.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$14.5B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
21.8x
On $2.93 EPS (TTM)
What W. P. Carey does
No business description yet.
- Legal name
- W. P. Carey Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001025378-26-000036
0001025378
Revenue and margins
W. P. Carey had $1.7B of revenue in fiscal 2025, up 8.4% on the year before.
FY16
Revenue $942M
FY17
Revenue $848M
FY18
Revenue $886M
FY19
Revenue $1.2B
FY20
Revenue $1.2B
FY21
Revenue $1.3B
FY22
Revenue $1.5B
FY23
Revenue $1.7B
FY24
Revenue $1.6B
FY25
Revenue $1.7B
Q3 '23
Revenue $449M
Q4 '23
Revenue $412M
Q1 '24
Revenue $390M
Q2 '24
Revenue $390M
Q3 '24
Revenue $397M
Q4 '24
Revenue $406M
Q1 '25
Revenue $410M
Q2 '25
Revenue $431M
Q3 '25
Revenue $431M
Q4 '25
Revenue $445M
Q1 '26
Revenue $455M
Q2 '26
Revenue $461M
FY16
Gross 90.2%
Operating —
Net 28.4%
FCF —
FY17
Gross 93.9%
Operating —
Net 32.7%
FCF —
FY18
Gross 97.5%
Operating —
Net 46.5%
FCF —
FY19
Gross 98.7%
Operating —
Net 24.8%
FCF —
FY20
Gross 99.3%
Operating —
Net 37.7%
FCF —
FY21
Gross 99.7%
Operating —
Net 30.8%
FCF —
FY22
Gross 99.8%
Operating —
Net 40.5%
FCF —
FY23
Gross 100.0%
Operating —
Net 40.7%
FCF —
FY24
Gross —
Operating —
Net 29.1%
FCF —
FY25
Gross —
Operating —
Net 27.2%
FCF —
Gross
Operating
Net
FCF
Q3 '23
Gross 100.0%
Operating —
Net 27.9%
FCF —
Q4 '23
Gross 100.0%
Operating —
Net 35.0%
FCF —
Q1 '24
Gross —
Operating —
Net 40.9%
FCF —
Q2 '24
Gross —
Operating —
Net 36.7%
FCF —
Q3 '24
Gross —
Operating —
Net 28.1%
FCF —
Q4 '24
Gross —
Operating —
Net 11.6%
FCF —
Q1 '25
Gross —
Operating —
Net 30.7%
FCF —
Q2 '25
Gross —
Operating —
Net 11.9%
FCF —
Q3 '25
Gross —
Operating —
Net 32.7%
FCF —
Q4 '25
Gross —
Operating —
Net 33.4%
FCF —
Q1 '26
Gross —
Operating —
Net 38.8%
FCF —
Q2 '26
Gross —
Operating —
Net 40.2%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew −1.8% a year. Loss periods are shown in red.
FY16
Net income $268M
FY17
Net income $277M
FY18
Net income $412M
FY19
Net income $305M
FY20
Net income $455M
FY21
Net income $410M
FY22
Net income $599M
FY23
Net income $708M
FY24
Net income $461M
FY25
Net income $466M
Q3 '23
Net income $125M
Q4 '23
Net income $144M
Q1 '24
Net income $159M
Q2 '24
Net income $143M
Q3 '24
Net income $112M
Q4 '24
Net income $47.0M
Q1 '25
Net income $126M
Q2 '25
Net income $51.2M
Q3 '25
Net income $141M
Q4 '25
Net income $148M
Q1 '26
Net income $176M
Q2 '26
Net income $185M
FY16
Diluted EPS $2.49
FY17
Diluted EPS $2.56
FY18
Diluted EPS $3.49
FY19
Diluted EPS $1.78
FY20
Diluted EPS $2.60
FY21
Diluted EPS $2.24
FY22
Diluted EPS $2.99
FY23
Diluted EPS $3.28
FY24
Diluted EPS $2.09
FY25
Diluted EPS $2.11
Q3 '23
Diluted EPS $0.58
Q4 '23
Diluted EPS $0.65
Q1 '24
Diluted EPS $0.72
Q2 '24
Diluted EPS $0.65
Q3 '24
Diluted EPS $0.51
Q4 '24
Diluted EPS $0.21
Q1 '25
Diluted EPS $0.57
Q2 '25
Diluted EPS $0.23
Q3 '25
Diluted EPS $0.64
Q4 '25
Diluted EPS $0.67
Q1 '26
Diluted EPS $0.80
Q2 '26
Diluted EPS $0.82
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 8.0%
Return on equity 8.0%
Return on assets 3.1%
FY17
Return on capital 5.9%
Return on equity 8.5%
Return on assets 3.3%
FY18
Return on capital 5.8%
Return on equity 8.2%
Return on assets 3.7%
FY19
Return on capital 4.0%
Return on equity 4.4%
Return on assets 2.2%
FY20
Return on capital 5.0%
Return on equity 6.6%
Return on assets 3.2%
FY21
Return on capital 4.3%
Return on equity 5.7%
Return on assets 2.7%
FY22
Return on capital 5.2%
Return on equity 7.2%
Return on assets 3.6%
FY23
Return on capital 6.0%
Return on equity 8.0%
Return on assets 3.9%
FY24
Return on capital 4.5%
Return on equity 5.4%
Return on assets 2.6%
FY25
Return on capital 4.6%
Return on equity 5.6%
Return on assets 2.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $547M
Capital spending —
FY17
Cash from operations $521M
Capital spending —
FY18
Cash from operations $509M
Capital spending —
FY19
Cash from operations $812M
Capital spending —
FY20
Cash from operations $802M
Capital spending —
FY21
Cash from operations $927M
Capital spending —
FY22
Cash from operations $1.0B
Capital spending —
FY23
Cash from operations $1.1B
Capital spending —
FY24
Cash from operations $1.8B
Capital spending —
FY25
Cash from operations $1.3B
Capital spending —
Cash from operations
Capital spending
Q3 '23
Cash from operations $282M
Capital spending —
Q4 '23
Cash from operations $261M
Capital spending —
Q1 '24
Cash from operations $1.0B
Capital spending —
Q2 '24
Cash from operations $221M
Capital spending —
Q3 '24
Cash from operations $280M
Capital spending —
Q4 '24
Cash from operations $296M
Capital spending —
Q1 '25
Cash from operations $273M
Capital spending —
Q2 '25
Cash from operations $404M
Capital spending —
Q3 '25
Cash from operations $301M
Capital spending —
Q4 '25
Cash from operations $305M
Capital spending —
Q1 '26
Cash from operations $283M
Capital spending —
Q2 '26
Cash from operations $333M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
W. P. Carey returned $790M to shareholders in fiscal 2025. The diluted share count rose 0.3%.
FY16
Dividends $417M
Buybacks $0.0M
FY17
Dividends $431M
Buybacks $0.0M
FY18
Dividends $440M
Buybacks $1.2M
FY19
Dividends $704M
Buybacks $0.0M
FY20
Dividends $727M
Buybacks $0.0M
FY21
Dividends $764M
Buybacks $0.0M
FY22
Dividends $835M
Buybacks $0.0M
FY23
Dividends $917M
Buybacks $0.0M
FY24
Dividends $765M
Buybacks $0.0M
FY25
Dividends $790M
Buybacks $0.0M
Dividends
Buybacks
Q3 '23
Dividends $230M
Buybacks $0.0M
Q4 '23
Dividends $230M
Buybacks $0.0M
Q1 '24
Dividends $190M
Buybacks $0.0M
Q2 '24
Dividends $191M
Buybacks $0.0M
Q3 '24
Dividends $192M
Buybacks $0.0M
Q4 '24
Dividends $193M
Buybacks $0.0M
Q1 '25
Dividends $195M
Buybacks $0.0M
Q2 '25
Dividends $196M
Buybacks $0.0M
Q3 '25
Dividends $198M
Buybacks $0.0M
Q4 '25
Dividends $201M
Buybacks $0.0M
Q1 '26
Dividends $205M
Buybacks $0.0M
Q2 '26
Dividends $209M
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares 0.11B
FY17
Diluted shares 0.11B
FY18
Diluted shares 0.12B
FY19
Diluted shares 0.17B
FY20
Diluted shares 0.17B
FY21
Diluted shares 0.18B
FY22
Diluted shares 0.20B
FY23
Diluted shares 0.22B
FY24
Diluted shares 0.22B
FY25
Diluted shares 0.22B
Value W. P. Carey yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$8.6B and divides by 221.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 21.8x · peers 24.4x · sector 28.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably W. P. Carey can carry it.
FY16
Cash $156M
Debt $4.4B
FY17
Cash $162M
Debt $4.3B
FY18
Cash $218M
Debt $6.4B
FY19
Cash $196M
Debt $6.1B
FY20
Cash $249M
Debt $6.7B
FY21
Cash $165M
Debt $6.8B
FY22
Cash $168M
Debt $7.9B
FY23
Cash $634M
Debt $8.1B
FY24
Cash $640M
Debt $8.0B
FY25
Cash $155M
Debt $8.7B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $165M | $168M | $634M | $640M | $155M |
| Debt incl. finance leases | $6.8B | $7.9B | $8.1B | $8.0B | $8.7B |
| Net debt / EBITDA | 6.0x | 5.7x | 4.6x | 5.9x | 6.5x |
| Debt / equity | 0.9x | 0.9x | 0.9x | 1.0x | 1.1x |
| Interest coverage | 3.2x | 3.9x | 3.6x | 2.8x | 2.7x |
| Total assets | $15.5B | $18.1B | $18.0B | $17.5B | $18.0B |
| Total liabilities | $7.9B | $9.1B | $9.3B | $9.1B | $9.9B |
| Shareholders' equity | $7.6B | $9.0B | $8.7B | $8.4B | $8.1B |
| Net debt (− = net cash) | $6.6B | $7.7B | $7.5B | $7.4B | $8.6B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 6, 2026 | Brian H ZanderChief Accounting Officer | Sold | 433 | $74.00 | $0.0M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✕ |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | — | — |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −2.0% | −7.7% | −4.6% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| W. P. Carey WPC | $14.5B | 8.4% | — | — | 4.6% | 21.8x | — | |
| UDR UDR | $11.8B | 2.4% | 32.3% | — | 6.0% | 24.4x | — | Compare → |
| Vornado Realty Trust VNO | $6.8B | 1.3% | — | 53.1% | 17.4% | — | — | Compare → |
| Gaming and Leisure Properties GLPI | $11.3B | 4.1% | 75.3% | 51.7% | 10.2% | 11.6x | — | Compare → |
| American Homes 4 Rent AMH | $11.5B | 7.0% | — | 44.5% | — | 25.3x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $942M | $848M | $886M | $1.2B | $1.2B | $1.3B | $1.5B | $1.7B | $1.6B | $1.7B |
| Gross profit | $850M | $797M | $864M | $1.2B | $1.2B | $1.3B | $1.5B | $1.7B | — | — |
| Interest expense | $183M | $166M | $178M | $233M | $210M | $197M | $219M | $292M | $277M | $291M |
| Pretax income | $278M | $288M | $439M | $333M | $445M | $439M | $626M | $752M | $492M | $505M |
| Income tax | $3.3M | $2.7M | $14.4M | $26.2M | −$20.8M | $28.5M | $27.7M | $44.1M | $31.7M | $31.9M |
| Net income | $268M | $277M | $412M | $305M | $455M | $410M | $599M | $708M | $461M | $466M |
| Diluted EPS | $2.49 | $2.56 | $3.49 | $1.78 | $2.60 | $2.24 | $2.99 | $3.28 | $2.09 | $2.11 |
| Diluted shares | 0.11B | 0.11B | 0.12B | 0.17B | 0.17B | 0.18B | 0.20B | 0.22B | 0.22B | 0.22B |
| Cash flow | ||||||||||
| Cash from operations | $547M | $521M | $509M | $812M | $802M | $927M | $1.0B | $1.1B | $1.8B | $1.3B |
| Depreciation and amortization | $277M | $253M | $291M | $447M | $443M | $476M | $503M | $574M | $488M | $521M |
| Stock-based compensation | $21.2M | $18.9M | $18.3M | $18.8M | $15.9M | $24.9M | $32.8M | $34.5M | $40.9M | $39.9M |
| Acquisitions | $0.0M | $0.0M | $1.7M | $0.0M | $0.0M | $0.0M | $423M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $1.2M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $417M | $431M | $440M | $704M | $727M | $764M | $835M | $917M | $765M | $790M |
| Dividends and buybacks | $417M | $431M | $442M | $704M | $727M | $764M | $835M | $917M | $765M | $790M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $156M | $162M | $218M | $196M | $249M | $165M | $168M | $634M | $640M | $155M |
| Total debt | $4.4B | $4.3B | $6.4B | $6.1B | $6.7B | $6.8B | $7.9B | $8.1B | $8.0B | $8.7B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Total assets | $8.5B | $8.2B | $14.2B | $14.1B | $14.7B | $15.5B | $18.1B | $18.0B | $17.5B | $18.0B |
| Total liabilities | $5.0B | $4.8B | $7.4B | $7.1B | $7.8B | $7.9B | $9.1B | $9.3B | $9.1B | $9.9B |
| Shareholders' equity | $3.3B | $3.2B | $6.8B | $6.9B | $6.9B | $7.6B | $9.0B | $8.7B | $8.4B | $8.1B |
| Margins | ||||||||||
| Gross margin | 90.2% | 93.9% | 97.5% | 98.7% | 99.3% | 99.7% | 99.8% | 100.0% | — | — |
| EBITDA margin | 78.4% | 83.3% | 102.6% | 82.2% | 90.8% | 83.5% | 91.2% | 92.9% | 79.4% | 76.7% |
| Net margin | 28.4% | 32.7% | 46.5% | 24.8% | 37.7% | 30.8% | 40.5% | 40.7% | 29.1% | 27.2% |
| Returns | ||||||||||
| Return on capital | 8.0% | 5.9% | 5.8% | 4.0% | 5.0% | 4.3% | 5.2% | 6.0% | 4.5% | 4.6% |
| Return on equity | 8.0% | 8.5% | 8.2% | 4.4% | 6.6% | 5.7% | 7.2% | 8.0% | 5.4% | 5.6% |
| Return on assets | 3.1% | 3.3% | 3.7% | 2.2% | 3.2% | 2.7% | 3.6% | 3.9% | 2.6% | 2.6% |
| Growth | ||||||||||
| Revenue growth | 0.3% | −9.9% | 4.4% | 39.2% | −1.9% | 10.1% | 11.1% | 17.7% | −9.1% | 8.4% |
| Net income growth | 55.4% | 3.6% | 48.4% | −25.8% | 49.2% | −10.0% | 46.1% | 18.2% | −34.9% | 1.2% |
| EPS growth | 54.7% | 2.8% | 36.3% | −49.0% | 46.1% | −13.9% | 33.5% | 9.7% | −36.3% | 1.0% |
| Share count change | 0.5% | 0.9% | 9.0% | 45.5% | 2.1% | 4.7% | 9.5% | 7.7% | 2.2% | 0.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | 5.8x | 5.8x | 6.8x | 5.8x | 5.9x | 6.0x | 5.7x | 4.6x | 5.9x | 6.5x |
| Debt / equity | 1.4x | 1.3x | 0.9x | 0.9x | 1.0x | 0.9x | 0.9x | 0.9x | 1.0x | 1.1x |
| Interest coverage | 2.5x | 2.7x | 3.5x | 2.4x | 3.1x | 3.2x | 3.9x | 3.6x | 2.8x | 2.7x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 2.3% | 2.2% | 2.1% | 1.5% | 1.3% | 1.9% | 2.2% | 2.0% | 2.6% | 2.3% |
| Quality scores | ||||||||||
| Accruals ratio | −3.3% | −2.9% | −0.9% | −3.6% | −2.4% | −3.4% | −2.4% | −2.0% | −7.7% | −4.6% |
Source: SEC EDGAR XBRL filings (CIK 0001025378). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.