W. P. Carey
WPC on NYSE. W. P. Carey leases buildings and land to companies and collects rent. Market value $14.6bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Real estate stocks on the list
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 23.2 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: 79 of 100. Price score: 53 of 100. Our list needs 70 on quality and 60 on price.
$64.01 a share, at its 1-year low
Over the past year the price has ranged from $63.08 to $77.22.
Dividend: 5.4% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.3bn | $1.5bn | $1.7bn | $1.6bn | $1.7bn |
| Operating margin | |||||
| Operating margin | 47.7% | 57.2% | 60.0% | 48.6% | 46.4% |
| Debt to equity | |||||
| Debt to equity | 0.90 | 0.88 | 0.94 | 0.95 | 1.07 |
| Shares outstanding | |||||
| Shares outstanding | 0.21bn | 0.22bn | 0.22bn | 0.22bn | 0.23bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.07× equity
- Revenue growth, five yearsSlow, 7.3% a year
- Buying back its own sharesNo, 10% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $461 million last quarter, up 7% on a year ago.
- Profit: $185 million, up 262% on a year ago.
- 3% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $8.7 billion more than cash, up from $8.4 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $397m |
| December 2024 | $406m |
| March 2025 | $410m |
| June 2025 | $431m |
| September 2025 | $431m |
| December 2025 | $445m |
| March 2026 | $455m |
| June 2026 | $461m |
| Quarter to | Amount |
|---|---|
| September 2024 | $112m |
| December 2024 | $47m |
| March 2025 | $126m |
| June 2025 | $51m |
| September 2025 | $141m |
| December 2025 | $148m |
| March 2026 | $176m |
| June 2026 | $185m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 11 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
3 long-term investors we follow own it, down from 4 last quarter. 900 funds in all.
- Horizon KineticsMurray Stahl
- Value
- $2m
- Share of fund
- <0.1%
- Cullen Capital ManagementJames Cullen
- Value
- $987,916
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Horizon KineticsMurray Stahl | $2m | <0.1% | |
| Cullen Capital ManagementJames Cullen | $987,916 | <0.1% | |
| First Eagle Investment ManagementMatthew McLennan | $38,754 | <0.1% | Added |
Sold out this quarter
- GMOJeremy GranthamSold out
Largest holders overall
- BlackRock$2.4bnAdded
- Vanguard Portfolio Management$1.4bn
- State Street$895m
- Vanguard Capital Management$717m
- Geode Capital Management$359mAdded
- Massachusetts Financial Services$325mAdded
- Invesco$324m
- Northern Trust$243mAdded
- Dimensional Fund Advisors LP$239m
- Charles Schwab Investment Management$233mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- Vanguard Portfolio ManagementPassive investor8.7%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Portfolio Management Passive investor | 8.7% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $32,042.
- Zander Brian HChief Accounting OfficerSold
- Date
- 6 May 2026
- Shares
- 433
- Price
- $74.00
- Value
- $32,042
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 6 May 2026 | Zander Brian H Chief Accounting Officer | Sold | 433 | $74.00 | $32,042 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.