Stock

W. P. Carey

WPC

REIT - Diversified · Real Estate

Also trades as: 0LS8.L GBP 0.64 (-1.26%)

Price

$63.90

-0.65 (-1.00%)

Market Cap

$14.56B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

4/30

Growth

Good

12/20

Cash Flow

Exceptional

10/10

Stability

Mixed

4/10

Valuation

Good

5/10

Ownership

Mixed

4/15

Dividends

Strong

4/5

43 of 100 counted points = Winston Score 43.

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Share count rising — dilution

+20.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 183.1M (2021) → 221.1M (2025)

§Winston Score History

The full picture

W. P. Carey is a real estate company that owns and leases commercial properties to businesses. Its portfolio includes warehouses, retail stores, office buildings, and self-storage facilities. Tenants are typically large, established companies that sign long-term leases, making W. P. Carey one of the larger diversified real estate investment trusts (REITs) in the United States.

The company makes money by collecting rent from its tenants, most of whom sign "net leases," meaning tenants pay property taxes, insurance, and maintenance costs on top of rent. W. P. Carey operates across the United States and Europe, owning roughly 1,400 properties in total. Its long-term leases with built-in rent increases provide steady, predictable income, but the company faces risk from rising interest rates, which increase its borrowing costs and can pressure its stock price since REITs rely heavily on debt to fund property purchases.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-20.6% YoY

YoY Growth Rate

Revenue declining

Reported EPS Growth

+256.5% YoY

Quarterly reporting periods ended:

30 Jun 2025: $0.23

30 Jun 2026: $0.82

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$16.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

W. P. Carey's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

8.8%

Thin — 8.8% gross margin

Profit after running costs

Operating Margin

1.2%

Thin — 1.2% operating margin

Return on the money invested

ROCE

3.6%

Weak — 3.6% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+15.7%

Fast-growing sales (+15.7% YoY)

Profit growth

EPS YoY

+92.8%

Earnings growing fast (+92.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

187%

Turns 187% of profit into real cash

Spare cash per sale

FCF Margin

53.5%

Converts sales into free cash efficiently (53.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.03

Elevated debt (1.03)

Covers its interest

Interest Cover

2.07x

Tight — interest eats into profit (2.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

21.8x

Growth-priced — P/E 21.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+2.2

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

5.89%

Healthy income — 5.89% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+4.5%

Dividend growing modestly (4.5% YoY)

Payout Ratio

125%

no trend

Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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