Stock fact sheet · data as of
Net Lease Office Properties (NLOP): fair value, margin of safety and Wheel Score
Real Estate · REIT - Office · United States · Speculative / Distressed
Is NLOP undervalued?
NLOP has a margin of safety of 92%: the stock closed at 9.71 on 16 Oct 2026 against a GLS average fair value of 120.41. 3 of the 3 valuation models that produced a number sit above the price. Our screens treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
The average is built from just 3 models (DCF, 10 Cap, DDM) - the rest returned nothing because an input they need (dividends, free cash flow, book value) is zero or negative - so treat it with more caution than usual.
The nightly engine files NLOP under Speculative / Distressed - negative earnings or a Piotroski score of 3 or less - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for NLOP
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 13.87 | +43% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | 64.12 | +560% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 283.25 | +2817% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | -2.22 | -123% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 73.00 | +652% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Net Lease Office Properties scores 6 of 9 on the Piotroski F-score: a middling result that passes the Sunday Scan's "6 or more" rule. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. A GLS Moat score of 3.2/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
Returns on capital are thin or negative - ROIC -45.9%, ROE -49.4%, ROA -32.0% - with debt at 0.08 times equity and a free-cash-flow yield of 32.6%.
The dividend yield is high at 198.25% (payout ratio -494%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual.
Institutional ownership scores 7/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | -45.9% |
|---|---|---|---|
| GLS Moat | 3.2 / 10 | ROE | -49.4% |
| Debt / equity | 0.08 | ROA | -32.0% |
| Free-cash-flow yield | 32.6% | Payout ratio | -494% |
| Institutions | 7 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 45: Weak
With a Wheel Score of 45 Net Lease Office Properties sits in the Weak band, capped at 45 because the engine files it as Speculative / Distressed. The parts - Value 25/25, Health 13/20, Moat 5/15, Premium 20/20, Stability 8/20 - show where: Moat (5/15) scores lowest.
Implied volatility is 46% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 663 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 193k shares a day on a market cap of $144M, with a beta of 0.96; the Stability part of the Wheel Score gives that 8 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 92% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 5 / 15 | moat 3.2/10 | |
| Premium | 20 / 20 | implied volatility 46% | |
| Stability | 8 / 20 | 193k shares/day, $144M cap, beta 0.96 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 6 Nov 2026, 21 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in REIT - Office
The 12 companies below are the closest to Net Lease Office Properties by market cap within the REIT - Office industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| ONL Orion Properties Inc. | 2.06 | 1.18 | -75% | 34Weak | $118M |
| OPI Office Properties Income Trust | 13.93 | - | - | 19No options | $306M |
| BDN Brandywine Realty Trust | 2.63 | 6.81 | +61% | 45Weak | $454M |
| FSP Franklin Street Properties Corp. | 0.4000 | 0.8397 | +52% | 45Weak | $42M |
| HPP Hudson Pacific Properties, Inc. | 11.17 | 87.37 | +87% | 45Weak | $606M |
| PSTL Postal Realty Trust, Inc. | 22.03 | 29.08 | +24% | 80Prime | $877M |
| DEA Easterly Government Properties, Inc. | 21.99 | 37.35 | +41% | 74Good | $1.0B |
| PDM Piedmont Office Realty Trust, Inc. | 8.79 | 6.56 | -34% | 42Weak | $1.1B |
| DEI Douglas Emmett, Inc. | 9.60 | 61.13 | +84% | 45Weak | $1.6B |
| CMCT Creative Media & Community Trust Corporation | 4.48 | 102.32 | +96% | 38No options | $11M |
| HIW Highwoods Properties, Inc. | 29.21 | 37.68 | +22% | 72Good | $3.2B |
| SLG SL Green Realty Corp. | 46.04 | 34.84 | -32% | 45Weak | $3.3B |
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Start free See the Sunday ScanQuestions about NLOP
Is NLOP undervalued right now?
By the GLS models, yes: at 9.71 the stock is 92% below the average fair value of 120.41 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of NLOP and what does it mean?
NLOP scores 45 out of 100 (Weak). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for NLOP?
120.41 per share as of 16 Oct 2026 - the simple average of the 3 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Net Lease Office Properties report earnings next?
The next earnings report is due on 6 Nov 2026, 21 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does NLOP have listed options, and how liquid are they?
Yes. The nightly snapshot found 90 listed contracts with 663 open interest across all expiries and implied volatility of 46% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.