W. P. Carey

WPC

REIT - Diversified · Real Estate

Price

$75.86

+0.74 (+0.99%)

Market Cap

$16.90B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

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)

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.

Winston Score History

Politician Trades

1 trades / 12mo

1 Congressional buy and 0 sells on WPC in the last 12 months.

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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

+10.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+40.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.1%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$16.2B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

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

Growth + cash flow

W. P. Carey is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

Gross Margin

90.6%

Premium pricing power — 90.6% gross margin

Operating Margin

43.9%

Excellent — 43.9% operating margin

ROCE

1.2%

Weak — 1.2% 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

+24.5%

Fast-growing sales (24.5% YoY)

EPS YoY

+20.6%

Earnings growing fast (20.6% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

250%

Turns 250% of profit into real cash

FCF Margin

55.1%

Converts sales into free cash efficiently (55.1%)

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

1.05

Elevated debt (1.05)

Interest Cover

2.86x

Tight — interest eats into profit (2.9x)

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

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Valuation

P/E Ratio (TTM)

32.4x

Pricey — P/E 32.4

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

P/E vs Forward

+11.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (32.4 → 21.3)

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Dividends

Dividend Yield

5.19%

Healthy income — 5.19% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+4.4%

Dividend growing modestly (4.4% YoY)

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