Net Lease Office Financials
Net Lease Office (NLOP) reported $75.9M in revenue over the twelve months to Jun 30, 2026, down 35.4% from the prior twelve months. This page shows its 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).
Cash generation stayed positive even as the asset base shrank, showing a business in harvest-and-deleverage mode rather than expansion.
Between FY2023 and FY2025, revenue fell from$175.0M to$118.9M and total assets from$1.31B to$453.4M , yet operating cash flow stayed between$64.1M and$71.9M while cash climbed to$119.6M . That mix implies the headline losses were not an equivalent cash drain; the company was converting a smaller balance sheet into liquidity while tightening leverage.
The deepest accounting loss arrived in FY2025, with net margin at
The balance sheet changed faster than the income statement: long-term debt fell from
Financial Health Signals
Net Lease Office does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Net Lease Office passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Net Lease Office reported a net loss of $145.3M while generating $64.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Net Lease Office generated $118.9M in revenue in fiscal year 2025. This represents a decrease of 16.4% from the prior year.
Net Lease Office reported -$145.3M in net income in fiscal year 2025. This represents a decrease of 58.8% from the prior year.
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.
Not reported for fiscal year 2025.
Cash & Balance Sheet
Net Lease Office held $119.6M in cash against $21.9M in long-term debt as of fiscal year 2025.
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.
Not reported for fiscal year 2025.
Margins & Returns
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
NLOP Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.4M-29.6% | $9.0M-70.6% | $30.7M+3.2% | $29.8M+2.1% | $29.2M-0.1% | $29.2M+5.3% | $27.7M-11.9% | $31.5M |
| SG&A Expenses | $1.9M-2.1% | $1.9M+13.7% | $1.7M+2.5% | $1.7M-22.7% | $2.1M+18.6% | $1.8M-4.8% | $1.9M+4.1% | $1.8M |
| Interest Expense | $390K+1.0% | $386K-58.8% | $936K-43.5% | $1.7M-62.3% | $4.4M-23.4% | $5.7M-24.6% | $7.6M-35.1% | $11.7M |
| Income Tax | $23K+35.3% | $17K+131.5% | -$54K-280.0% | $30K-70.0% | $100K+22.0% | $82K+102.5% | -$3.2M-768.0% | $485K |
| Net Income | -$6.2M-124.8% | $25.0M+47266.0% | -$53K+99.9% | -$64.2M+21.3% | -$81.5M-16673.2% | $492K+101.4% | -$35.8M+11.2% | -$40.3M |
| EPS (Diluted) | -$0.42-124.9% | $1.69 | -$0.01 | -$4.33+21.3% | -$5.50-18433.3% | $0.03+101.2% | -$2.41+11.7% | -$2.73 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.
NLOP Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $200.9M-22.1% | $258.0M-43.1% | $453.4M-13.2% | $522.6M-21.9% | $668.7M-14.7% | $784.1M-2.6% | $805.1M-12.5% | $919.9M |
| Cash & Equivalents | $23.7M-66.5% | $70.6M-41.0% | $119.6M+209.2% | $38.7M-28.5% | $54.1M+92.3% | $28.2M+12.1% | $25.1M-30.4% | $36.1M |
| Total Liabilities | $33.2M-60.5% | $84.0M-46.0% | $155.5M+76.1% | $88.3M-46.3% | $164.6M-16.8% | $197.9M-9.9% | $219.7M-25.2% | $293.8M |
| Long-Term Debt | N/A | N/A | $21.9M-53.5% | $47.1M-59.8% | $117.2M-21.1% | $148.5M-12.2% | $169.2M-29.3% | $239.4M |
| Total Equity | $163.8M-3.6% | $170.0M-42.2% | $293.9M-31.7% | $430.3M-14.0% | $500.0M-14.1% | $582.1M+0.2% | $581.2M-6.5% | $621.9M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Retained Earnings.
NLOP Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.8M-77.9% | $8.1M-63.0% | $22.0M+34.4% | $16.3M+39.5% | $11.7M-17.1% | $14.1M+34.7% | $10.5M-48.4% | $20.3M |
| Investing Cash Flow | $492K-99.6% | $118.8M-18.6% | $146.0M+269.8% | $39.5M+181.1% | $14.1M+62.3% | $8.7M-79.9% | $43.1M-44.2% | $77.2M |
| Financing Cash Flow | -$49.0M+72.1% | -$175.6M-103.0% | -$86.5M-22.0% | -$70.9M-98.5% | -$35.7M-38.6% | -$25.8M+63.1% | -$69.9M+24.8% | -$92.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | $0 | $0-100.0% | $1K | $0 |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.
NLOP Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Net Margin | -97.4% | 277.0% | -0.2% | -215.4% | -279.5% | 1.7% | -129.1% | -128.0% |
| Return on Equity | -3.8%-18.5pp | 14.7%+14.7pp | 0.0%+14.9pp | -14.9%+1.4pp | -16.3%-16.4pp | 0.1%+6.2pp | -6.2%+0.3pp | -6.5% |
| Return on Assets | -3.1%-12.8pp | 9.7%+9.7pp | 0.0%+12.3pp | -12.3%-0.1pp | -12.2%-12.3pp | 0.1%+4.5pp | -4.4%-0.1pp | -4.4% |
| Debt-to-Equity | 0.20-0.3x | 0.49+0.4x | 0.070.0x | 0.11-0.1x | 0.230.0x | 0.260.0x | 0.29-0.1x | 0.39 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Net Margin.
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Where Net Lease Office Ranks
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.
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.
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.
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 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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) reported a net loss of $145.3M while generating $64.1M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.