Orion Properties Inc. Common Stock (ONL)

FairStock Score: 37/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

At the 2026-10-13 close of $2.10, Orion Office REIT has a $119.8M market cap. FairStock calculations show P/B 0.19, P/E negative 1.25, dividend yield 3.28%, ROE -13.76%, ROCE -0.22%, FCF yield -39.3%, Piotroski 6/9, and Altman Z -0.48. The filed numbers explain why: revenue fell from $195.0M in FY2023 to $164.9M in FY2024 to $147.6M in FY2025; net income went from -$57.3M in FY2023 to -$103.0M in FY2024 to -$139.3M in FY2025. Diluted EPS was -$1.02, -$1.84, and -$2.48 in those years. The latest fiscal Q2 2026, the quarter ended 2026-06-30, showed net income of $24.6M and diluted EPS of $0.42, but fiscal Q1 2026 was -$13.6M and -$0.24, and fiscal Q3 2025 was -$69.0M and -$1.23. TTM free cash flow is -$47.1M. As a REIT, reported EPS is distorted by depreciation, and FFO/AFFO, the right measures, are not in the data. So I lean on dividend yield, leverage, revenue trend, and P/B. The single-tenant net lease strategy to creditworthy tenants may be sensible, but office demand is structurally challenged, revenue is shrinking, and cash flow is negative. Debt-to-equity of 0.70 is not extreme, but an Altman Z of -0.48 signals financial stress. A 0.19x P/B can be an opportunity if book value is real; it can also be a value trap if assets are impaired. FairStock score 37/100. By its Lynch rules, Orion fits no category because it lost money in each of the last four years. At this price, I see a speculative asset play, not a high-quality compounder; without FFO/AFFO and stabilizing revenue, the low P/B does not by itself make the risk comfortable.

In plain English: Orion Office REIT owns office buildings, mostly leased to single tenants in U.S. suburbs. The business looks weak: revenue has fallen and it has lost money in recent years, though it earned a profit in the latest quarter. The stock looks very cheap compared with its book value, but that cheap price reflects real risks and not a clear bargain.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer