Net Lease Office PropertiesNLOP -1.83%46 Piotroski F-Score is 6 as of Jun. 24, 2026, which is 20% above its 10-year median of 5.00. GuruFocus rates NLOP with a GF Score™ of 46/100 and a GF Value™ of $16.68 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 888 REITs companies, Net Lease Office Properties ranks better than 73.65% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Net Lease Office Properties has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Net Lease Office Properties's Piotroski F-Score or its related term are showing as below:
NLOP'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 5 Max: 6
Current: 6
During the past 7 years, the highest Piotroski F-Score of Net Lease Office Properties was 6. The lowest was 3. And the median was 5.
Net Lease Office Properties (NYSE:NLOP) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Net Lease Office Properties Piotroski F-Score Related Terms
Net Lease Office Properties Piotroski F-Score Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Net Lease Office Properties Piotroski F-Score Chart
NLOP vs ONL, FSP, CMCT: Piotroski F-Score Comparison
For the REIT - Office subindustry, Net Lease Office Properties's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Net Lease Office Properties Piotroski F-Score vs REITs Industry
For the REITs industry and Real Estate sector, Net Lease Office Properties's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Net Lease Office Properties's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Net Lease Office Properties's current Net Income (TTM) was -120.76.
==> Negative ==> Score 0.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Net Lease Office Properties's current Cash Flow from Operations (TTM) was 58.12.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Net Lease Office Properties's return on assets of this year was -0.15400488. Net Lease Office Properties's return on assets of last year was -0.05125593.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Net Lease Office Properties's gearing of this year was 0.04075686. Net Lease Office Properties's gearing of last year was 0.15515298.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Net Lease Office Properties's current ratio of this year was 1.17597389. Net Lease Office Properties's current ratio of last year was 1.50885809.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Net Lease Office Properties's number of shares in issue this year was 14.814. Net Lease Office Properties's number of shares in issue last year was 14.814.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Net Lease Office Properties's gross margin of this year was 0.72104895. Net Lease Office Properties's gross margin of last year was 0.66054938.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Net Lease Office Properties's asset turnover of this year was 0.12591043. Net Lease Office Properties's asset turnover of last year was 0.10346899.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Net Lease Office Properties has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Net Lease Office Properties (NLOP) has a Piotroski F-Score of 6 as of Jun. 24, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Net Lease Office Properties and its competitors. This is 20% above median its historical median of 5.00. Over the past decade, Net Lease Office Properties' Piotroski F-Score has ranged from 3.00 to 6.00. According to the industry distribution chart, Net Lease Office Properties ranks #234 out of 888 companies in the REITs industry, placing it in the top 26.4%.
Is Net Lease Office Properties' Piotroski F-Score too high?
Net Lease Office Properties' current Piotroski F-Score of 6 is 20% above median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 6.00. The REITs industry median Piotroski F-Score is 6.00. Net Lease Office Properties' value of 6 is 0% at this industry median. Based on the distribution chart, Net Lease Office Properties ranks #234 out of 888 companies in the REITs industry, which is above the industry midpoint. Overall, Net Lease Office Properties has a GF Score™ of 46/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Net Lease Office Properties' Piotroski F-Score compare to ONL and FSP?
According to the REITs industry distribution chart, Net Lease Office Properties ranks #234 out of 888 companies for Piotroski F-Score. This puts Net Lease Office Properties in the upper half of its industry. The industry median Piotroski F-Score is 6.00. Net Lease Office Properties' value of 6 is 0% at this benchmark. Historically, Net Lease Office Properties' own Piotroski F-Score has ranged from 3.00 to 6.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 6.00, Net Lease Office Properties has consistently been at the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a REITs company?
The median Piotroski F-Score among REITs companies is 6.00, based on 888 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Net Lease Office Properties's current Piotroski F-Score of 6 is 0% at the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Net Lease Office Properties and its competitors. For the REITs industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Net Lease Office Properties's current Piotroski F-Score is 6, which is 20% above median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Net Lease Office Properties stock overvalued right now?
Based on GuruFocus' analysis, Net Lease Office Properties (NLOP) is currently considered Possible Value Trap. The stock's GF Value™ is $16.68, compared to a current price of $11.24 — trading 32.6% below its estimated fair value. The current Piotroski F-Score is 6, which is 20% above median its 10-year median of 5.00 and 0% at the REITs industry median of 6.00. Net Lease Office Properties' overall GF Score™ is 46/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Net Lease Office Properties (NLOP), the current Piotroski F-Score is 6 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Net Lease Office Properties (NLOP) Overvalued in 2026?
Based on GuruFocus' analysis, Net Lease Office Properties stock appears to be undervalued.
The current stock price of $11.24 is trading 32.6% below its estimated GF Value™ of $16.68.
GuruFocus considers Net Lease Office Properties to be Possible Value Trap.
Key valuation signals for NLOP:
Piotroski F-Score: 6 (20% above median its 10-year median of 5.00)
GF Value™: $16.68 vs. price of $11.24 (32.6% below fair value)
Industry Position: 0% at the REITs median (#234 of 888)
No single metric tells the full story. See the NLOP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Net Lease Office Properties is a Maryland real estate investment trust that, together with its consolidated subsidiaries, owns, operates, and finances a diversified portfolio of office properties mainly leased to corporate tenants on a single-tenant, net-lease basis. The company operates as a single operating and reportable segment focused on owning and managing office properties that generate revenue mainly from long-term lease agreements with tenants.
46GF Score
Get the complete analysis for NLOP
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