Office Properties Income Trust (OPI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 24	-$0.57	-$0.48	+15.8%	—	$120.6M	—
Q2 24	-$0.42	-$0.37	+11.9%	—	$123.7M	—
Q1 24	-$0.43	-$0.09	+79.1%	—	$139.4M	—
Q4 23	-$0.12	-$0.11	+8.3%	—	$133.8M	—
Q3 23	-$0.09	-$0.41	-355.6%	—	$133.4M	—
Q2 23	-$0.03	-$0.25	-733.3%	—	$134M	—
Q1 23	$0.01	-$0.01	-200.0%	—	$132.4M	—
Q4 22	-$0.02	$0.13	+750.0%	—	$127.9M	—
Q3 22	-$0.08	$0.35	+537.5%	—	$137.7M	—
Q2 22	-$0.15	-$0.33	-120.0%	—	$141.3M	—
Q1 22	-$0.05	-$0.28	-460.0%	—	$147.4M	—
Q4 21	$1.54	$0.35	-77.3%	—	$147.3M	—
Q3 21	-$0.09	$0.08	+188.9%	—	$147.6M	—
Q2 21	$0.1	-$1.38	-1480.0%	—	$137.1M	—
Q1 21	-$0.1	$0.78	+880.0%	—	$144.5M	—
Q4 20	-$0.11	-$0.03	+72.7%	—	$146.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY24	—	-$2.63	—	—	$502M	—
FY23	—	-$1.44	—	—	$533.6M	—
FY22	—	-$0.14	—	—	$554.3M	—
FY21	—	-$0.17	—	—	$576.5M	—

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Revenue	$248.5M	$258.2M	$316.5M	$426.6M	$678.4M	$587.9M	$576.5M	$554.3M	$533.6M	$502M
YoY change	-0.99%	+3.87%	+22.6%	+34.8%	+59%	-13.3%	-1.95%	-3.85%	-3.74%	-5.92%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Revenue	248.5M	258.2M	316.5M	426.6M	678.4M	587.9M	576.5M	554.3M	533.6M	502M
Cost of revenue	29.9M	30.7M	37.9M	49.7M	73.7M	65.1M	72M	57.8M	62.8M	62.4M
Gross profit	218.6M	227.5M	278.6M	376.9M	604.7M	522.8M	504.5M	496.4M	470.7M	439.6M
Gross margin	88%	88.1%	88%	88.3%	89.1%	88.9%	87.5%	89.6%	88.2%	87.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	14.8M	14.9M	18.8M	24.9M	32.7M	28.4M	26.9M	25.1M	22.7M	21.1M
Operating expenses	83.2M	86.5M	105.2M	141M	188M	159.3M	157.9M	162.5M	159.4M	156M
Operating income	66.8M	67.9M	63.8M	73.4M	126.8M	111.9M	105.1M	111.4M	102.1M	88.9M
Operating margin	26.9%	26.3%	20.2%	17.2%	18.7%	19%	18.2%	20.1%	19.1%	17.7%
Non-operating income, net	-257.8M	-37K	-10M	-9.4M	39.4M	3.8M	1.9M	-10.4M	-39.3M	-63.9M
Pretax income	-228M	22.9M	-9.6M	-25.2M	32.4M	8.2M	-5.4M	-2.3M	-46.9M	-135.1M
Income tax	86K	101K	101K	117K	778K	377K	251K	270K	351K	203K
Net income	-210M	57.8M	12.1M	-21.9M	30.3M	6.7M	-8.2M	-6.1M	-69.4M	-136.1M
Net margin	-84.5%	22.4%	3.82%	-5.13%	4.47%	1.14%	-1.42%	-1.1%	-13%	-27.1%
EBITDA	81M	141.2M	175.4M	236.5M	417.8M	364.3M	346.6M	334.1M	312.4M	287.3M
EPS	-11.9	3.24	0.56	-0.9	0.63	0.14	-0.17	-0.14	-1.44	-2.63
Diluted EPS	-11.9	3.24	0.56	-0.9	0.63	0.14	-0.17	-0.14	-1.44	-2.63

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25
Revenue	137.7M	127.9M	132.4M	134M	133.4M	133.8M	139.4M	123.7M	120.6M	118.2M	113.6M	114.5M
Cost of revenue	16.4M	8.2M	15.3M	15.9M	14.3M	17.3M	15.7M	14.7M	16.9M	15M	13.5M	12.1M
Gross profit	121.3M	119.7M	117.1M	118.1M	119.1M	116.4M	123.7M	109M	103.7M	103.2M	100.2M	102.4M
Gross margin	88.1%	93.6%	88.4%	88.1%	89.3%	87%	88.7%	88.1%	86%	87.3%	88.2%	89.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	6.6M	5.8M	5.9M	5.8M	5.7M	5.3M	5.6M	5.3M	4.9M	5.3M	5.1M	4.8M
Operating expenses	42.3M	40.9M	39.2M	38.2M	41.1M	40.9M	41.1M	38.2M	39.4M	37.3M	43.8M	41.7M
Operating income	26M	27.3M	26.2M	28.3M	25.7M	21.9M	32.3M	20.4M	18.2M	18M	12.6M	16.8M
Operating margin	18.9%	21.3%	19.8%	21.1%	19.3%	16.4%	23.1%	16.5%	15.1%	15.2%	11.1%	14.7%
Non-operating income, net	16.9M	4.3M	-670K	-13.5M	-15.9M	-9.3M	-3M	94M	-33.9M	-121M	-5.9M	-6.1M
Pretax income	18M	7.1M	418K	-11.3M	-18.7M	-17.2M	-4.9M	76.2M	-58M	-148.5M	-45.5M	-41M
Income tax	90K	-161K	30K	211K	95K	15K	56K	-107K	230K	24K	137K	94K
Net income	17M	6.4M	-446K	-12.2M	-19.6M	-37.2M	-5.2M	76.2M	-58.4M	-148.7M	-45.9M	-41.2M
Net margin	12.3%	5%	-0.34%	-9.14%	-14.7%	-27.8%	-3.72%	61.6%	-48.4%	-125.7%	-40.4%	-36%
EBITDA	79M	79M	78M	80.3M	78.3M	75.8M	84M	71M	64.5M	67.9M	57.5M	61.4M
EPS	0.35	0.13	-0.01	-0.25	-0.41	—	-0.11	1.56	-1.14	—	-0.66	-1.88
Diluted EPS	0.35	0.13	-0.01	-0.25	-0.41	—	-0.11	1.56	-1.14	—	-0.66	-1.88

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Market cap	—	1.4B	—	—	—	1.1B	1.2B	644.5M	354.2M	51.8M	416M
Enterprise value	—	2.7B	—	—	—	3.3B	3.7B	3.1B	2.9B	2.3B	2B
Shares outstanding	17.7M	17.8M	21.2M	24.8M	48.1M	48.1M	48.2M	48.3M	48.4M	51.8M	51.8M

Valuation

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
P/E	—	23.4	—	—	—	163.7	—	—	—	—	2.34
P/S	—	5.25	—	—	—	1.86	2.08	1.16	0.66	0.1	0.95
P/B	—	1.45	—	—	—	0.68	0.8	0.46	0.28	0.04	0.81
EV/EBITDA	—	19.2	—	—	—	8.96	10.7	9.22	9.37	8.13	10.4
EV/Sales	—	10.5	—	—	—	5.55	6.43	5.56	5.48	4.65	4.66
Earnings yield	—	4.27%	—	—	—	0.61%	—	—	—	—	42.8%
FCF yield	—	9.35%	—	—	—	21.4%	18.5%	29.9%	40%	129.7%	-32.7%
PEG	—	—	—	—	—	—	—	—	—	—	0

Profitability

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Gross margin	88%	88.1%	88%	88.3%	89.1%	88.9%	87.5%	89.6%	88.2%	87.6%	89.1%
Operating margin	26.9%	26.3%	20.2%	17.2%	18.7%	19%	18.2%	20.1%	19.1%	17.7%	-0.02%
Net margin	-84.5%	22.4%	3.82%	-5.13%	4.47%	1.14%	-1.42%	-1.1%	-13%	-27.1%	-243.2%
ROE	-21.9%	6.19%	0.9%	-1.23%	1.78%	0.41%	-0.55%	-0.44%	-5.53%	-11.8%	-135.7%
ROA	-9.68%	2.43%	0.33%	-0.42%	0.72%	0.17%	-0.19%	-0.15%	-1.74%	-3.56%	0.72%
ROIC	3.17%	2.94%	1.78%	1.46%	3.13%	2.83%	2.62%	2.91%	2.67%	2.59%	1.95%
Return on tangible assets	-9.68%	2.43%	0.33%	-0.42%	0.72%	0.17%	-0.19%	-0.15%	-1.74%	-3.56%	-8.26%

Financial health

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Current ratio	0.41	0.42	0.83	1.01	1.74	1.89	1.49	0.35	0.56	1.03	2.93
Quick ratio	0.4	0.42	0.83	0.31	1.25	1.28	1.32	0.35	0.45	0.96	2.11
Debt / equity	1.21	1.49	1.67	1.84	1.37	1.38	1.73	1.77	2.06	2.21	3.29
Debt / assets	0.53	0.58	0.61	0.63	0.56	0.56	0.61	0.61	0.65	0.67	0.67
Net debt / EBITDA	14.2	9.65	12.8	13.7	5.38	5.96	7.25	7.29	8.23	7.95	9.14
Interest coverage	-5.16	1.51	0.85	0.72	1.24	1.08	0.95	0.98	0.58	0.17	-0.5
Effective tax rate	0%	0.44%	0%	0%	2.4%	4.57%	0%	0%	0%	0%	0%

Per share

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Revenue per share	14.1	14.5	15	17.2	14.1	12.2	12	11.5	11	9.69	6.15
EPS (basic)	-11.9	3.24	0.56	-0.9	0.63	0.14	-0.17	-0.14	-1.44	-2.63	-2.63
EPS (diluted)	-11.9	3.24	0.56	-0.9	0.63	0.14	-0.17	-0.14	-1.44	-2.63	-2.63
Book value per share	54.1	52.6	63.8	71.6	35.5	33.4	31.1	28.7	25.9	22.3	23.3
FCF per share	6.53	7.13	6.5	5.84	4.48	4.85	4.6	3.99	2.93	1.3	0.18
Cash per share	0.5	1.69	0.78	1.42	1.95	0.87	1.72	0.25	0.25	5.04	2.31
Capex per share	1.72	0.01	0.71	12.3	17.3	—	—	—	—	—	—

Capital allocation

Metric	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	Current
Capex / revenue	12.3%	0.1%	4.77%	71.5%	122.3%	—	—	—	—	—	—
Capex / operating cash flow	-20.8%	0.21%	12.1%	232%	299%	—	—	—	—	—	—
Payout ratio	-57.9%	211.5%	1.2K%	-782.4%	349%	1.6K%	-1.3K%	-1.7K%	-91%	-1.49%	-0.84%
Dividend yield	—	9.03%	—	—	—	9.71%	8.88%	16.5%	17.8%	3.92%	0.21%

Yield

0.21%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.01

ex-dividend Apr 22, 2025

Payout ratio

-1%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Apr 22, 2025	$0.01
Jan 27, 2025	$0.01
Oct 28, 2024	$0.01

Period	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25
Revenue	$137.7M	$127.9M	$132.4M	$134M	$133.4M	$133.8M	$139.4M	$123.7M	$120.6M	$118.2M	$113.6M	$114.5M
YoY change	-6.7%	-13.1%	-10.1%	-5.18%	-3.14%	+4.57%	+5.3%	-7.69%	-9.55%	-11.6%	-18.5%	-7.43%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Cash & short-term investments	8.8M	29.9M	16.6M	35.3M	93.7M	42M	83M	12.2M	12.3M	261.3M
Receivables	45.3M	48.5M	61.4M	72.1M	83.6M	101.8M	112.9M	105.6M	133.3M	155.7M
Inventory	3.1M	0	0	253.5M	70.9M	75.2M	26.6M	2.5M	37.3M	32.2M
Total current assets	70.6M	91.5M	548.6M	364.5M	255.1M	233.8M	224M	120.4M	197.3M	463M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	2.2B	2.4B	3.7B	5.2B	4.2B	3.9B	4.2B	4B	4B	3.8B
Accounts payable	50.5M	54M	89.4M	145.5M	125M	116.5M	142.6M	140.2M	140.2M	118.7M
Short-term debt	117M	160M	570M	175M	—	—	—	195M	205M	325M
Total current liabilities	170.5M	217.6M	664.3M	359.7M	146.9M	123.5M	150M	341.7M	354.7M	450.3M
Long-term debt	1B	1.2B	1.7B	3.1B	2.3B	2.2B	2.6B	2.3B	2.4B	2.2B
Total liabilities	1.2B	1.5B	2.4B	3.5B	2.5B	2.3B	2.7B	2.6B	2.7B	2.7B
Shareholders' equity	956.7M	935M	1.4B	1.8B	1.7B	1.6B	1.5B	1.4B	1.3B	1.2B
Total debt	1.2B	1.4B	2.3B	3.3B	2.3B	2.2B	2.6B	2.4B	2.6B	2.5B
Net debt	1.1B	1.4B	2.2B	3.2B	2.2B	2.2B	2.5B	2.4B	2.6B	2.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25
Cash & short-term investments	14M	12.2M	23.3M	25.2M	24.4M	12.3M	23.5M	13.5M	22.4M	261.3M	63.7M	78.2M
Receivables	105.4M	105.6M	107M	110.6M	124M	133.3M	137.5M	140.5M	146.6M	155.7M	150.7M	160.2M
Inventory	4.5M	2.5M	4.6M	11.7M	16.9M	37.3M	11.9M	117.8M	125.8M	32.2M	11.1M	8.7M
Total current assets	125.9M	120.4M	134.9M	148.2M	180.6M	197.3M	193.5M	292.7M	308.6M	463M	239.3M	264M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	4B	4B	4B	4B	4B	4B	4B	3.8B	3.7B	3.8B	3.6B	3.6B
Accounts payable	152.9M	140.2M	141.1M	134.4M	154.1M	140.2M	109.7M	142.4M	105.9M	118.7M	87.5M	115.5M
Short-term debt	135M	195M	245M	240M	200M	205M	—	—	—	325M	—	—
Total current liabilities	289.2M	341.7M	394.1M	380.7M	362.2M	354.7M	117.2M	151.8M	115.2M	450.3M	93M	120.9M
Long-term debt	2.3B	2.3B	2.3B	2.3B	2.4B	2.4B	2.6B	2.3B	2.3B	2.2B	2.4B	2.4B
Total liabilities	2.6B	2.6B	2.6B	2.7B	2.7B	2.7B	2.7B	2.5B	2.4B	2.7B	2.5B	2.5B
Shareholders' equity	1.4B	1.4B	1.4B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.2B	1.1B	1.1B
Total debt	2.4B	2.4B	2.5B	2.6B	2.6B	2.6B	2.6B	2.3B	2.3B	2.5B	2.4B	2.4B
Net debt	2.4B	2.4B	2.5B	2.5B	2.6B	2.6B	2.6B	2.3B	2.3B	2.3B	2.3B	2.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
Net income	-210M	57.8M	12.1M	-21.9M	30.3M	6.7M	-8.2M	-6.1M	-69.4M	-136.1M
Depreciation & amortization	67.6M	71.5M	108.6M	161.1M	287.4M	251M	237.1M	216.7M	200.3M	183.3M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-4.6M	-6.5M	3.1M	-6.4M	-31.5M	-21.7M	-8.4M	-39.4M	-13.6M	-26M
Operating cash flow	-146.4M	126.5M	125.1M	131.4M	277.5M	238.7M	224.6M	179.3M	111.4M	17.2M
Capital expenditure	30.5M	263K	15.1M	304.8M	829.8M	—	—	—	—	—
Investing cash flow	-72.6M	263K	15.1M	739.9M	934.5M	2.9M	0	-3.9M	-5.2M	0
Dividends paid	-121.7M	-122.4M	-145.2M	-171.2M	-105.9M	-106.1M	-106.4M	-106.6M	-63.2M	-2M
Share repurchases	-172K	-337K	-264K	-20.5M	-473K	-434K	-1M	-540K	-294K	-192K
Financing cash flow	63.2M	155.1M	1.4B	-1.4B	-1.2B	-254.5M	249.2M	-65.3M	77.6M	114.7M
Net change in cash	-155.7M	281.8M	1.6B	-496M	5.6M	-12.9M	473.7M	110.2M	183.8M	131.9M
Free cash flow	115.4M	126.7M	137.6M	144.9M	215.3M	233.6M	221.5M	192.6M	141.7M	67.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25
Net income	17M	6.4M	-446K	-12.2M	-19.6M	-37.2M	-5.2M	76.2M	-58.4M	-148.7M	-45.9M	-41.2M
Depreciation & amortization	51.5M	50M	49.6M	49.5M	49.9M	51.3M	47.4M	47.8M	43.5M	44.7M	40.9M	40.9M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-11.9M	-13.4M	2.9M	-3.6M	-8.1M	-6.2M	-18.4M	10.2M	-26.3M	8.4M	-34.6M	22M
Operating cash flow	59.6M	43.7M	52.6M	34.5M	18.9M	4.1M	23.4M	133.5M	-44.5M	-95.2M	-31.1M	30M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-712K	-937K	-2.3M	-1.5M	0	-1.4M	0	—	0	0	—	—
Dividends paid	-26.7M	-26.7M	-26.7M	-12.1M	-12.1M	-12.2M	-487K	-488K	-502K	-556K	-698K	-709K
Share repurchases	-517K	-7K	-13K	-44K	-234K	-3K	-6K	-15K	-170K	-1K	0	-5K
Financing cash flow	-217.3M	71.1M	73M	27.3M	-20.1M	-2.6M	-4.9M	-24.7M	10.9M	133.3M	-185M	-6.6M
Net change in cash	-158.4M	113.8M	123.4M	60.3M	-1.3M	29K	18.5M	108.9M	-33.6M	38.1M	-216.1M	23.4M
Free cash flow	43.8M	39.9M	51.9M	36.3M	20.9M	32.6M	26.6M	31.9M	-17.1M	25.7M	-28.6M	32.4M

Office Properties Income Trust Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history