One Liberty Properties

OLP

REIT - Diversified · Real Estate

Price

$25.24

-0.20 (-0.79%)

Market Cap

$550.7M

Exchange

New York Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+3.2% over 4y

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

Diluted shares outstanding: 20.3M (2021) → 20.9M (2025)

One Liberty Properties is a real estate investment trust (REIT) that owns and leases commercial properties across the United States. Its portfolio includes industrial warehouses, retail stores, restaurants, and fitness centers. The company rents these properties to businesses under long-term lease agreements, acting essentially as a landlord for a variety of commercial tenants.

One Liberty makes money by collecting rent from its tenants, most of whom sign net leases — meaning tenants pay not just rent but also taxes, insurance, and maintenance costs. This structure gives the company relatively predictable income. The portfolio is spread across roughly 30 states, and the company has a market cap of around $600 million, making it a smaller player in the REIT space. Its main competitive advantage is the stability of long-term net leases, but its diversified-yet-small portfolio means it has less bargaining power than larger REITs. The key risk is tenant credit quality — if major tenants struggle financially and stop paying rent, income can drop quickly.

Winston Score History

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

-5.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-16.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

15.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$840M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Revenue declining

One Liberty Properties'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.

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Quality

Gross Margin

73.7%

Premium pricing power — 73.7% gross margin

Operating Margin

34.1%

Excellent — 34.1% operating margin

ROCE

0.9%

Weak — 0.9% 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 YoY

+4.3%

Slow sales growth (4.3% YoY)

EPS YoY

-18.0%

Earnings shrinking (-18.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

154%

Turns 154% of profit into real cash

FCF Margin

37.4%

Converts sales into free cash efficiently (37.4%)

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

Debt / Equity

1.89

Elevated debt (1.89)

Interest Cover

1.81x

Dangerous — barely covers interest (1.8x)

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

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Valuation

P/E Ratio (TTM)

22.1x

Growth-priced — P/E 22.1

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

P/E vs Forward

-98.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

7.12%

Healthy income — 7.12% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

+0.0%

Dividend flat

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