Company Analysis

Orion Office REIT Inc. ONL

A comprehensive view of key metrics, scores, and financial health for Orion Office REIT Inc.

Overview of Orion Office REIT Inc.

ONL NYQ

Real Estate REIT - Office Framework: Real Estate Investment Trusts Micro Cap

Orion Office REIT Inc. (ONL), is a Micro Cap company, in the REIT - Office industry, last closed at $2.66, about 8.6% overvalued vs fair value, -10.7% 1Y return, ranked 335/338 in sector.

Metrics Rev Growth -10.4% ROE -20.1% Gross Margin 56.1% Div Yield 7.05%

USD 2.66

-1.85%

(Delayed)

• Vol 90d: 34.5%

52-Week Range

Low

1.89

67%

Now 2.66

High

3.04

Market Cap

$157.99M

Enterprise Value

$574.92M

Overall Score

View breakdown

Overall

Growth

Weak

Profitability

Weak

Health

Weak

Efficiency

Weak

Valuation

Weak

Growth

Weak

Profitability

Weak

Health

Weak

Efficiency

Weak

Valuation

Weak

Completeness: 100%

Confidence: 59%

Updated: Sep 12

Top Beats

Quick Facts

Website https://www.onlreit.com

HQ Phoenix, AZ

Employees 40

Fiscal year Dec 31

Next Events

Dividend Oct 15 Ex-div: Sep 30

Earnings Nov 5 Estimated

Fair Value Snapshot

Bear Base Bull

Current: $2.66 -9% vs base

Engine Room Money Flow™

Micro Cap

Real Estate Investment Trust - Where revenue goes and how value is created

Flow Steps

Total Revenue

$147.6M

-10.4%%

Net Operating Income

$-2.2M

89.8%%

Net Income

$-139.3M

-35.2%%

FFO (Funds From Operations)

$-80.6M

Money Flow Bridge

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Flow Direction: Money moves from left to right

Components: Breakdown shows composition of each stage

Industry-Specific: Real Estate Investment Trust

Data Quality Notes

Note: For REITs, FFO and AFFO are the key cash metrics. Net Income is distorted by high depreciation on properties.
Note: Owner Pocket percentages are relative to AFFO (not FCF), as AFFO represents true cash available for distribution.
Warning: Interest Coverage is -3.4x, indicating potential debt service pressure.
Note: Portfolio contraction - net property disposals of $71.2M.
Note: Deleveraging - net debt repayment of $27.0M.

Quality & Reliability Indicators

NOI Margin

-1.5%

Poor

Operating Income / Revenue - property efficiency

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Where It Leaks

Cash Flow Health critical

Significant cash flow inefficiencies identified. Multiple high-impact leaks require attention.

Active Leaks

0/5

Improving

High Impact

Critical

Low

Stock-Based Compensation Leak

Current: 16.5%

Conversion Leak

Worsening

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Scores based on quantitative metrics and qualitative factors

Full moat analysis

Key risks

Weak NOI Margins NOI margins lag peers (score 0.14), indicating weak pricing power.
Weak AFFO Coverage AFFO generation is weak (score 0.24), threatening dividend sustainability.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Rent Pricing Power

Weak

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AFFO Strength

Weak

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Balance Sheet & Cost of Capital

Developing

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Capital Recycling & Growth

Weak

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Operational Efficiency

Weak

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Portfolio Quality & Diversification

Weak

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Trade-Off Ledger™

Where management spends the performance budget - Growth, Profitability, or Safety

Equity REITs vs Industry Peers 97% Coverage

Click axes to expand details. Marker shows current allocation.

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Growth

13th percentile vs peers

Key Signals

Buyback % 0.7% 52p Rev Growth YoY -10.4% 14p Revenue CAGR 3Y -10.8% 13p EPS Growth YoY -34.4% 22p TSR -34.8% 8p

Strengths

Price/FFO in top 20% of peers (-1.58, 90th percentile)
P/AFFO in top 20% of peers (-1.37, 92th percentile)
AFFO Payout Ratio in top 20% of peers (-9.7%, 88th percentile)
FFO Payout Ratio in top 20% of peers (-11.1%, 89th percentile)
Conservative leverage compared to industry peers

Risks

Growth in bottom 20% of peers (percentile: 13)
Rev Growth YoY in bottom 20% of peers (-10.4%)
FFO Growth YoY in bottom 20% of peers (-35.75)

Profitability

30th percentile vs peers

Key Signals

Strengths

Risks

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Safety

38th percentile vs peers

Key Signals

Strengths

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Two Futures

Scenario-based fair value ranges for Orion Office REIT Inc..

WACC X.X%

X%XX%

Rev CAGR 5Y X.X%

-XX%XX%

Op Margin XX.X%

-XX%XX%

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Bear

- - -

- upside

Base

$2.43

- - -

-8.6% vs current

Snapshot base estimate

Bull

- - -

- upside

Fair Value Range Current: $-

$- $- $-

Orion Office REIT Inc. ONL

Overview of Orion Office REIT Inc.

Quick Facts

Next Events

Fair Value Snapshot

Flow Steps

Money Flow Bridge

Data Quality Notes

Quality & Reliability Indicators

NOI Margin

Locked Metric

Locked Metric

Locked Metric

Locked Metric

Stock-Based Compensation Leak

Locked Leak

Locked Leak

Locked Leak

Locked Leak

Key risks

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Rent Pricing Power

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AFFO Strength

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Balance Sheet & Cost of Capital

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Capital Recycling & Growth

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Operational Efficiency

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Portfolio Quality & Diversification

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Growth

Profitability

Safety

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