What is Net Lease Office's earnings per share (EPS)?

Net Lease Office (NLOP) reported diluted earnings per share of $-9.81 for fiscal year 2025. This represents a -58.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Net Lease Office Financials

NLOP

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Net Lease Office (NLOP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Neutral

5/9

Net Lease Office passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-0.44x

For every $1 of reported earnings, Net Lease Office generates $-0.44 in operating cash flow ($64.1M OCF vs -$145.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$118.9M

YoY-16.4%

Net Lease Office generated $118.9M in revenue in fiscal year 2025. This represents a decrease of 16.4% from the prior year.

EBITDA

N/A

Net Income

-$145.3M

YoY-58.8%

Net Lease Office reported -$145.3M in net income in fiscal year 2025. This represents a decrease of 58.8% from the prior year.

EPS (Diluted)

$-9.81

YoY-58.7%

Net Lease Office earned $-9.81 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 58.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$119.6M

YoY+376.2%

Net Lease Office held $119.6M in cash against $21.9M in long-term debt as of fiscal year 2025.

Dividends Per Share

$12.30

YoY+3517.6%

Net Lease Office paid $12.30 per share in dividends in fiscal year 2025. This represents an increase of 3517.6% from the prior year.

Shares Outstanding

15M

YoY+0.0%

Net Lease Office had 15M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-122.2%

YoY-57.9pp

Net Lease Office's net profit margin was -122.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 57.9 percentage points from the prior year.

Return on Equity

-49.4%

YoY-33.7pp

Net Lease Office's ROE was -49.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 33.7 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

NLOP Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$118.9M-16.4%	$142.2M-18.7%	$175.0M+12.0%	$156.2M+5.6%	$147.9M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$7.3M-2.6%	$7.5M-44.9%	$13.6M+14.6%	$11.9M+15.2%	$10.3M
Operating Income	N/A	N/A	N/A	N/A	N/A
Interest Expense	$12.7M-81.3%	$68.0M+59.5%	$42.6M+58.8%	$26.8M-6.3%	$28.6M
Income Tax	$158K+106.6%	-$2.4M-660.5%	$425K-12.6%	$486K-70.5%	$1.6M
Net Income	-$145.3M-58.8%	-$91.5M+30.6%	-$131.7M-934.9%	$15.8M+1012.8%	$1.4M
EPS (Diluted)	$-9.81-58.7%	$-6.18+31.3%	$-9.00	$1.08+980.0%	$0.10

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$30.7M+3.2%	$29.8M+2.1%	$29.2M-0.1%	$29.2M+5.3%	$27.7M-11.9%	$31.5M-19.3%	$39.0M-11.3%	$44.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.7M+2.5%	$1.7M-22.7%	$2.1M+18.6%	$1.8M-4.8%	$1.9M+4.1%	$1.8M-3.0%	$1.9M-1.1%	$1.9M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$936K-43.5%	$1.7M-62.3%	$4.4M-23.4%	$5.7M-24.6%	$7.6M-35.1%	$11.7M-57.8%	$27.8M+33.6%	$20.8M
Income Tax	-$54K-280.0%	$30K-70.0%	$100K+22.0%	$82K+102.5%	-$3.2M-768.0%	$485K+225.5%	$149K-33.5%	$224K
Net Income	-$53K+99.9%	-$64.2M+21.3%	-$81.5M-16673.2%	$492K+101.4%	-$35.8M+11.2%	-$40.3M-423.6%	$12.5M+144.7%	-$27.8M
EPS (Diluted)	N/A	$-4.33+21.3%	$-5.50-18433.3%	$0.03	N/A	$-2.73-425.0%	$0.84+144.7%	$-1.88

NLOP Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$453.4M-43.7%	$805.1M-38.3%	$1.3B-10.7%	$1.5B	N/A
Current Assets	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$119.6M+376.2%	$25.1M+54.4%	$16.3M+248.3%	$4.7M+17.8%	$4.0M
Inventory	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	$0-100.0%	$63.6M+22.4%	$52.0M
Total Liabilities	$155.5M-29.2%	$219.7M-64.8%	$623.7M+76.8%	$352.7M	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$21.9M-87.1%	$169.2M-68.8%	$542.0M+96.3%	$276.1M	N/A
Total Equity	$293.9M-49.4%	$581.2M-14.1%	$677.0M-38.9%	$1.1B+4.8%	$1.1B
Retained Earnings	N/A	N/A	N/A	$0	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$453.4M-13.2%	$522.6M-21.9%	$668.7M-14.7%	$784.1M-2.6%	$805.1M-12.5%	$919.9M-11.9%	$1.0B-15.2%	$1.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$119.6M+209.2%	$38.7M-28.5%	$54.1M+92.3%	$28.2M+12.1%	$25.1M-30.4%	$36.1M+0.1%	$36.1M-9.2%	$39.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$155.5M+76.1%	$88.3M-46.3%	$164.6M-16.8%	$197.9M-9.9%	$219.7M-25.2%	$293.8M-22.7%	$380.0M-34.5%	$580.2M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$21.9M-53.5%	$47.1M-59.8%	$117.2M-21.1%	$148.5M-12.2%	$169.2M-29.3%	$239.4M-26.9%	$327.4M-36.4%	$515.2M
Total Equity	$293.9M-31.7%	$430.3M-14.0%	$500.0M-14.1%	$582.1M+0.2%	$581.2M-6.5%	$621.9M-5.8%	$660.3M+2.0%	$647.2M
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NLOP Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$64.1M-10.8%	$71.9M+1.3%	$71.0M-15.8%	$84.3M+11.9%	$75.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$208.2M-30.1%	$297.7M+975.2%	$27.7M+220.8%	-$22.9M-447.8%	-$4.2M
Financing Cash Flow	-$218.9M+40.5%	-$368.0M-900.6%	-$36.8M+43.0%	-$64.5M+16.4%	-$77.2M
Dividends Paid	N/A	$1.1M	$0	$0	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$22.0M+34.4%	$16.3M+39.5%	$11.7M-17.1%	$14.1M+34.7%	$10.5M-48.4%	$20.3M+38.1%	$14.7M-44.3%	$26.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$146.0M+269.8%	$39.5M+181.1%	$14.1M+62.3%	$8.7M-79.9%	$43.1M-44.2%	$77.2M-48.8%	$150.8M+463.5%	$26.8M
Financing Cash Flow	-$86.5M-22.0%	-$70.9M-98.5%	-$35.7M-38.6%	-$25.8M+63.1%	-$69.9M+24.8%	-$92.9M+46.3%	-$173.1M-440.4%	-$32.0M
Dividends Paid	N/A	N/A	$0	$0-100.0%	$1K	$0	$0-100.0%	$1.1M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

NLOP Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A
Net Margin	-122.2%-57.9pp	-64.3%+11.0pp	-75.3%-85.4pp	10.1%+9.1pp	1.0%
Return on Equity	-49.4%-33.7pp	-15.7%+3.7pp	-19.5%-20.9pp	1.4%+1.3pp	0.1%
Return on Assets	-32.0%-20.7pp	-11.4%-1.3pp	-10.1%-11.2pp	1.1%	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.07-0.2	0.29-0.5	0.80+0.6	0.25	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-0.2%+215.3pp	-215.4%+64.1pp	-279.5%-281.2pp	1.7%+130.7pp	-129.1%-1.0pp	-128.0%-159.9pp	31.9%+95.2pp	-63.3%
Return on Equity	-0.0%+14.9pp	-14.9%+1.4pp	-16.3%-16.4pp	0.1%+6.2pp	-6.2%+0.3pp	-6.5%-8.4pp	1.9%+6.2pp	-4.3%
Return on Assets	-0.0%+12.3pp	-12.3%-0.1pp	-12.2%-12.3pp	0.1%+4.5pp	-4.4%-0.1pp	-4.4%-5.6pp	1.2%+3.5pp	-2.3%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.07-0.0	0.11-0.1	0.23-0.0	0.26-0.0	0.29-0.1	0.39-0.1	0.50-0.3	0.80
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Net Lease Office's annual revenue?

Net Lease Office (NLOP) reported $118.9M in total revenue for fiscal year 2025. This represents a -16.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Net Lease Office's revenue growing?

Net Lease Office (NLOP) revenue declined by 16.4% year-over-year, from $142.2M to $118.9M in fiscal year 2025.

Is Net Lease Office profitable?

No, Net Lease Office (NLOP) reported a net income of -$145.3M in fiscal year 2025, with a net profit margin of -122.2%.

How much debt does Net Lease Office have?

As of fiscal year 2025, Net Lease Office (NLOP) had $119.6M in cash and equivalents against $21.9M in long-term debt.

What is Net Lease Office's net profit margin?

Net Lease Office (NLOP) had a net profit margin of -122.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Net Lease Office pay dividends?

Yes, Net Lease Office (NLOP) paid $12.30 per share in dividends during fiscal year 2025.

What is Net Lease Office's return on equity (ROE)?

Net Lease Office (NLOP) has a return on equity of -49.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Net Lease Office's operating cash flow?

Net Lease Office (NLOP) generated $64.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Net Lease Office's total assets?

Net Lease Office (NLOP) had $453.4M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Net Lease Office have outstanding?

Net Lease Office (NLOP) had 15M shares outstanding as of fiscal year 2025.

What is Net Lease Office's debt-to-equity ratio?

Net Lease Office (NLOP) had a debt-to-equity ratio of 0.07 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Net Lease Office's return on assets (ROA)?

Net Lease Office (NLOP) had a return on assets of -32.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Net Lease Office's Piotroski F-Score?

Net Lease Office (NLOP) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Net Lease Office's earnings high quality?

Net Lease Office (NLOP) has an earnings quality ratio of -0.44x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.