Net Lease Office PropertiesNLOP -1.83%46 PB Ratio is 0.98 as of Jun. 24, 2026, which is 27% above its 10-year median of 0.77. 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 929 REITs companies, Net Lease Office Properties ranks worse than 65.55% on this metric.
The historical rank and industry rank for Net Lease Office Properties's PB Ratio or its related term are showing as below:
NLOP'
s PB Ratio Range Over the Past 10 Years
Min: 0.17 Med: 0.77 Max: 1.15
Current: 0.98
During the past 7 years, Net Lease Office Properties's highest PB Ratio was 1.15. The lowest was 0.17. And the median was 0.77.
NLOP's PB Ratio is ranked worse than 65.55% of 929
companies
in the REITs industry
Industry Median: 0.87
vs NLOP: 0.98
During the past 12 months, Net Lease Office Properties's average Book Value Per Share Growth Rate was -70.80% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was -36.60% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was -22.70% per year.
During the past 7 years, the highest 3-Year average Book Value Per Share Growth Rate of Net Lease Office Properties was -14.40% per year. The lowest was -36.60% per year. And the median was -19.10% per year.
Back to Basics: PB Ratio
Net Lease Office Properties (NYSE:NLOP) PB Ratio Explanation
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Net Lease Office Properties PB Ratio Related Terms
Net Lease Office Properties PB Ratio 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.
For the REIT - Office subindustry, Net Lease Office Properties's PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs REITs Industry
For the REITs industry and Real Estate sector, Net Lease Office Properties's PB Ratio distribution charts can be found below:
* The bar in red indicates where Net Lease Office Properties's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Net Lease Office Properties (NLOP) has a PB Ratio of 0.98 as of Jun. 24, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Net Lease Office Properties and its competitors. This is 27% above median its historical median of 0.77. Over the past decade, Net Lease Office Properties' PB Ratio has ranged from 0.17 to 1.15. According to the industry distribution chart, Net Lease Office Properties ranks #609 out of 929 companies in the REITs industry, placing it in the top 65.6%.
Is Net Lease Office Properties' PB Ratio too high?
Net Lease Office Properties' current PB Ratio of 0.98 is 27% above median its 10-year median of 0.77. Over the past 10 years, this metric has ranged from a low of 0.17 to a high of 1.15. The REITs industry median PB Ratio is 0.87. Net Lease Office Properties' value of 0.98 is 12.6% above this industry median. Based on the distribution chart, Net Lease Office Properties ranks #609 out of 929 companies in the REITs industry, which is below 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' PB Ratio compare to ONL and FSP?
According to the REITs industry distribution chart, Net Lease Office Properties ranks #609 out of 929 companies for PB Ratio. This places Net Lease Office Properties in the lower half of its industry. The industry median PB Ratio is 0.87. Net Lease Office Properties' value of 0.98 is 12.6% above this benchmark. Historically, Net Lease Office Properties' own PB Ratio has ranged from 0.17 to 1.15 over the past decade. While the company's 10-year median is 0.77 vs. the industry median of 0.87, Net Lease Office Properties has consistently been above 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 PB Ratio for a REITs company?
The median PB Ratio among REITs companies is 0.87, based on 929 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Net Lease Office Properties's current PB Ratio of 0.98 is 12.6% above 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Net Lease Office Properties and its competitors. For the REITs industry, the median PB Ratio is 0.87 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Net Lease Office Properties's current PB Ratio is 0.98, which is 27% above median its own 10-year median of 0.77. 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 PB Ratio is 0.98, which is 27% above median its 10-year median of 0.77 and 12.6% above the REITs industry median of 0.87. 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 PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Net Lease Office Properties (NLOP), the current PB Ratio is 0.98 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:
PB Ratio: 0.98 (27% above median its 10-year median of 0.77)
GF Value™: $16.68 vs. price of $11.24 (32.6% below fair value)
Industry Position: 12.6% above the REITs median (#609 of 929)
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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