W. P. Carey Inc. (WPC)
W. P. Carey Inc. ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate. It includes 1,748 net lease properties covering approximately 188 million square feet as of June 30, 2026. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Europe, under long-term net leases with built-in rent escalations. W. P. Carey Inc. was incorporated in 1973 in Maryland, USA.
- Symbol
- WPC
- Exchange
- NYSE
- Sector
- Real Estate
- Industry
- REIT - Diversified
- Market cap
- $15.24B
- 52 week range
- 63.08 - 77.22
Valuation
- Share price
- $66.49 (close of 2026-09-23)
- P/E (TTM)
- 22.82x
- Price to book
- 1.75x
- Price to free cash flow
- 12.47x
- Enterprise value
- $23.93B
- Book value per share
- $38.14
Price performance
| Period | Change |
|---|
| 1 day | +0.44% |
| 5 days | -2.68% |
| 1 month | -6.62% |
| 3 months | -8.04% |
| 6 months | -1.66% |
| Year to date | +3.31% |
| 1 year | -1.83% |
| 3 years | +17.70% |
| 5 years | -10.93% |
| 10 years | +1.22% |
| All time | +206.82% |
Profitability and growth
- Return on equity
- 5.73%
- Return on assets
- 2.59%
- Net margin
- 27.17%
- EBITDA margin
- 60.35%
- Revenue growth
- 8.43%
- Net income growth
- 1.20%
- Free cash flow growth
- -30.05%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 8.02%
- Net debt to EBITDA
- 5.60x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $1.72B
- EBITDA
- $1.04B
- Net income
- $466.36M
- Earnings per share
- $2.11
- Shares outstanding
- 220.50M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $1.72B | - | $466.36M | $2.11 |
| 2024-12-31 | $1.58B | - | $460.84M | $2.09 |
| 2023-12-31 | $1.74B | $1.74B | $708.33M | $3.29 |
| 2022-12-31 | $1.48B | $1.48B | $599.14M | $3.00 |
| 2021-12-31 | $1.33B | $1.33B | $409.99M | $2.25 |
| 2020-12-31 | $1.21B | $1.20B | $455.36M | $2.56 |
| 2019-12-31 | $1.23B | $1.22B | $305.24M | $1.75 |
| 2018-12-31 | $885.73M | $863.81M | $411.57M | $3.43 |
| 2017-12-31 | $848.30M | $796.86M | $277.29M | $2.52 |
| 2016-12-31 | $941.53M | $849.66M | $267.75M | $2.45 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity |
|---|
| 2025-12-31 | - | 27.17% | 5.73% |
| 2024-12-31 | - | 29.11% | 5.46% |
| 2023-12-31 | 99.98% | 40.68% | 8.14% |
| 2022-12-31 | 99.83% | 40.51% | 6.65% |
| 2021-12-31 | 99.70% | 30.79% | 5.41% |
| 2020-12-31 | 99.27% | 37.65% | 6.62% |
| 2019-12-31 | 98.66% | 24.76% | 4.39% |
| 2018-12-31 | 97.52% | 46.47% | 6.03% |
| 2017-12-31 | 93.94% | 32.69% | 8.13% |
| 2016-12-31 | 90.24% | 28.44% | 7.82% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $155.33M | $8.72B |
| 2024-12-31 | $640.37M | $8.04B |
| 2023-12-31 | $633.86M | $8.14B |
| 2022-12-31 | $168.00M | $7.88B |
| 2021-12-31 | $165.43M | $6.79B |
| 2020-12-31 | $248.66M | $6.70B |
| 2019-12-31 | $196.03M | $6.05B |
| 2018-12-31 | $217.64M | $6.38B |
| 2017-12-31 | $162.31M | $4.27B |
| 2016-12-31 | $155.48M | $4.44B |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $1.28B | $39.89M |
| 2024-12-31 | $1.83B | $40.89M |
| 2023-12-31 | $1.07B | $34.50M |
| 2022-12-31 | $1.00B | $32.84M |
| 2021-12-31 | $926.48M | $24.88M |
| 2020-12-31 | $801.54M | $15.94M |
| 2019-12-31 | $812.08M | $18.79M |
| 2018-12-31 | $509.17M | $18.29M |
| 2017-12-31 | $520.66M | $18.92M |
| 2016-12-31 | $546.80M | $21.22M |
Dividend history
- Most recent payment
- 2026-06-30
- Paid in the last twelve months
- $3.70
| Payment date | Dividend per share |
|---|
| 2026-06-30 | $0.94 |
| 2026-03-31 | $0.93 |
| 2025-12-31 | $0.92 |
| 2025-09-30 | $0.91 |
| 2025-06-30 | $0.90 |
| 2025-03-31 | $0.89 |
| 2024-12-31 | $0.88 |
| 2024-09-30 | $0.88 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-10-27
- Consensus EPS estimate
- $1.26
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-28 | Jun/2026 | $1.24 |
| 2026-04-28 | - | - |
| 2026-02-10 | - | - |
| 2025-10-28 | - | - |
| 2025-07-29 | - | - |
| 2025-04-29 | - | - |
| 2025-02-11 | - | - |
| 2024-10-29 | - | - |
Filings and sources
- Company website
- wpcarey.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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