Net Lease Office Financials
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).
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
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Net Lease Office's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Net Lease Office's revenue declined 16.4% year-over-year, from $142.2M to $118.9M. This contraction results in a growth score of 4/100.
Net Lease Office carries a low D/E ratio of 0.07, meaning only $0.07 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Net Lease Office generates a -49.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -15.7% the prior year.
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.
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
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.
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.
Net Lease Office had 15M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
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.
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
NLOP Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $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-19.3% | $39.0M |
| 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 | $1.9M+13.7% | $1.7M+2.5% | $1.7M-22.7% | $2.1M+18.6% | $1.8M-4.8% | $1.9M+4.1% | $1.8M-3.0% | $1.9M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $386K-58.8% | $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 |
| Income Tax | $17K+131.5% | -$54K-280.0% | $30K-70.0% | $100K+22.0% | $82K+102.5% | -$3.2M-768.0% | $485K+225.5% | $149K |
| Net Income | $25.0M+47266.0% | -$53K+99.9% | -$64.2M+21.3% | -$81.5M-16673.2% | $492K+101.4% | -$35.8M+11.2% | -$40.3M-423.6% | $12.5M |
| EPS (Diluted) | $1.69 | N/A | $-4.33+21.3% | $-5.50-18433.3% | $0.03 | N/A | $-2.73-425.0% | $0.84 |
NLOP Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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-11.9% | $1.0B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $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+0.1% | $36.1M |
| 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 | $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-22.7% | $380.0M |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | $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 |
| Total Equity | $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-5.8% | $660.3M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NLOP Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $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+38.1% | $14.7M |
| 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 | $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-48.8% | $150.8M |
| Financing Cash Flow | -$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+46.3% | -$173.1M |
| Dividends Paid | $75.6M | N/A | N/A | $0 | $0-100.0% | $1K | $0 | $0 |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NLOP Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | 277.0%+277.2pp | -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% |
| Return on Equity | 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%-8.4pp | 1.9% |
| Return on Assets | 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%-5.6pp | 1.2% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.49+0.4 | 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 |
| 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.
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 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) 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.
How financially healthy is Net Lease Office?
Net Lease Office (NLOP) scores 17 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.