Orion Properties (ONL)
Market Price (12/15/2025): $2.03 | Market Cap: $114.3 MilSector: Real Estate | Industry: Office REITs
Orion Properties (ONL)
Market Price (12/15/2025): $2.03Market Cap: $114.3 MilSector: Real EstateIndustry: Office REITs
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18% | Weak multi-year price returns2Y Excs Rtn is -105%, 3Y Excs Rtn is -145% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 308% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include IoT for Buildings, Show more. | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.5%, Rev Chg QQuarterly Revenue Change % is -5.2% | |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.9% | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -94% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, Sustainable & Green Buildings, and E-commerce Logistics & Data Centers. Themes include IoT for Buildings, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -105%, 3Y Excs Rtn is -145% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 308% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.5%, Rev Chg QQuarterly Revenue Change % is -5.2% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -9.9% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -94% |
Valuation, Metrics & Events
ONL Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
**1. Orion Properties reported a significant increase in net loss and a decline in revenue during its Third Quarter 2025 earnings. The net loss attributable to common stockholders was $(69.0) million, or $(1.23) per share, a substantial increase from $(10.2) million, or $(0.18) per share, in the same quarter of the previous year. Total revenues also decreased to $37.1 million from $39.2 million in Q3 2024.** **2. The company's rejection of multiple unsolicited takeover offers from Kawa Capital Management may have contributed to investor uncertainty. Orion's management rejected offers of $2.50 and subsequently $2.75 per share, stating they significantly undervalued the company, potentially disappointing investors who anticipated an acquisition at a premium. Additionally, a director nomination notice from Kawa was deemed invalid in late November 2025, indicating ongoing governance tensions.** **3. Orion Properties continued to face challenges in the broader office real estate market, exacerbated by its strategic pivot. The company acknowledged that 2025 was expected to be a "trough year" for core FFO earnings and revenue as it transitions away from traditional office properties towards dedicated-use assets, suggesting anticipated short-term financial pressure. This strategic shift, while aimed at long-term growth, created near-term uncertainty regarding profitability.** **4. High capital expenditures and costs associated with vacant properties continued to weigh on the company's financial performance. Despite ongoing asset sales, vacant properties incurred significant expenses, such as $11.6 million in the first half of 2025, which can negatively impact cash flow and investor sentiment. Q2 2025 results highlighted $15.6 million in CapEx and leasing costs, reflecting accelerated leasing efforts.** **5. Broader negative market conditions in 2025 likely compounded company-specific issues, contributing to a stock decline. The U.S. stock market experienced plunges and increased volatility in 2025, with factors like the Federal Reserve forecasting fewer rate cuts, stubborn inflation, rising public debt, and the introduction of new tariff policies being cited as reasons for market downturns. These macroeconomic headwinds generally impact real estate investment trusts (REITs) like Orion Properties.**
Show moreStock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ONL Return | � | � | -52% | -28% | -27% | -45% | � |
| Peers Return | -29% | 45% | -50% | -3% | 6% | -16% | -55% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 111% |
Monthly Win Rates [3] | |||||||
| ONL Win Rate | � | 100% | 17% | 33% | 50% | 50% | |
| Peers Win Rate | 33% | 60% | 30% | 47% | 45% | 38% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| ONL Max Drawdown | � | � | -54% | -44% | -45% | -59% | |
| Peers Max Drawdown | -49% | -5% | -52% | -43% | -26% | -34% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: CIO, FSP, BDN, DEI, KRC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/12/2025 (YTD)
How Low Can It Go
| Event | ONL | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -85.8% | -25.4% |
| % Gain to Breakeven | 605.8% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
Compare to HIW, HPP, PSTL, FSP, BXP
In The Past
Orion Properties's stock fell -85.8% during the 2022 Inflation Shock from a high on 11/10/2021. A -85.8% loss requires a 605.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Trade Ideas
Select past ideas related to ONL. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | MPW | Medical Properties Trust | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 0.3% | 0.3% | -5.8% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | MPW | Medical Properties Trust | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 0.3% | 0.3% | -5.8% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Orion Properties
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 4.98 |
| Mkt Cap | 0.4 |
| Rev LTM | 325 |
| Op Inc LTM | 53 |
| FCF LTM | 38 |
| FCF 3Y Avg | 37 |
| CFO LTM | 96 |
| CFO 3Y Avg | 116 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -5.6% |
| Rev Chg 3Y Avg | -1.7% |
| Rev Chg Q | -6.6% |
| QoQ Delta Rev Chg LTM | -1.7% |
| Op Mgn LTM | 16.3% |
| Op Mgn 3Y Avg | 17.8% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 29.5% |
| CFO/Rev 3Y Avg | 33.9% |
| FCF/Rev LTM | 5.2% |
| FCF/Rev 3Y Avg | 12.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.4 |
| P/S | 1.6 |
| P/EBIT | -2.3 |
| P/E | -1.7 |
| P/CFO | 6.2 |
| Total Yield | -21.9% |
| Dividend Yield | 3.7% |
| FCF Yield 3Y Avg | 5.5% |
| D/E | 1.8 |
| Net D/E | 1.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.9% |
| 3M Rtn | -29.9% |
| 6M Rtn | -5.5% |
| 12M Rtn | -39.8% |
| 3Y Rtn | -23.8% |
| 1M Excs Rtn | -8.4% |
| 3M Excs Rtn | -32.1% |
| 6M Excs Rtn | -19.7% |
| 12M Excs Rtn | -51.5% |
| 3Y Excs Rtn | -93.3% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/6/2025 | 6.1% | -1.2% | |
| 8/6/2025 | -1.2% | 1.2% | 17.6% |
| 3/5/2025 | -29.4% | -39.5% | -51.8% |
| 11/7/2024 | 2.5% | -2.8% | 3.0% |
| 8/8/2024 | -2.3% | -3.4% | 1.3% |
| 5/8/2024 | 1.5% | 11.6% | 3.9% |
| 2/27/2024 | -16.9% | -25.3% | -20.1% |
| 11/9/2023 | -0.4% | 0.4% | 10.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 5 | 6 |
| # Negative | 8 | 8 | 7 |
| Median Positive | 2.5% | 1.1% | 3.8% |
| Median Negative | -2.7% | -9.8% | -16.5% |
| Max Positive | 6.1% | 11.6% | 17.6% |
| Max Negative | -29.4% | -39.5% | -51.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11062025 | 10-Q 9/30/2025 |
| 6302025 | 8062025 | 10-Q 6/30/2025 |
| 3312025 | 5072025 | 10-Q 3/31/2025 |
| 12312024 | 3052025 | 10-K 12/31/2024 |
| 9302024 | 11072024 | 10-Q 9/30/2024 |
| 6302024 | 8082024 | 10-Q 6/30/2024 |
| 3312024 | 5082024 | 10-Q 3/31/2024 |
| 12312023 | 2272024 | 10-K 12/31/2023 |
| 9302023 | 11092023 | 10-Q 9/30/2023 |
| 6302023 | 8092023 | 10-Q 6/30/2023 |
| 3312023 | 5092023 | 10-Q 3/31/2023 |
| 12312022 | 3082023 | 10-K 12/31/2022 |
| 9302022 | 11022022 | 10-Q 9/30/2022 |
| 6302022 | 8032022 | 10-Q 6/30/2022 |
| 3312022 | 5042022 | 10-Q 3/31/2022 |
| 12312021 | 3242022 | 10-K 12/31/2021 |
External Quote Links
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| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |