GTY vs O: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
GTY and O are similarly sized, but GTY trades noticeably cheaper on forward earnings (17.36x vs 37.41x): the market is paying up for O's profile and pricing GTY more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
GTY vs O: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | GTY | O | What it tells you |
|---|---|---|---|
| Forward P/E | 17.36 | 37.41 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 20.69 | 52.35 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.76 | 0.73 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 76% of range | 66% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 1.88 | 1.52 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: GTY is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how GTY and O affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. GTY and O share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined GTY and O exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Getty Realty Corp (GTY) do?
Getty Realty Corp. is a publicly traded net lease real estate investment trust focused on convenience, automotive, and other single-tenant retail properties. As of the first quarter of 2026 its portfolio spanned roughly 1,190 properties across 45 states plus Washington, D.C., leased to tenants that operate convenience stores, express car washes, automotive service centers, quick-service restaurants, and auto-parts stores under long-term triple-net leases where the tenant covers taxes, insurance, and maintenance. The company has been deliberately diversifying away from its legacy Northeast gas-station roots, growing non-gas properties from under 3% of rent in 2019 to roughly a quarter of rent today while maintaining occupancy near 99%.
What does Realty Income Corporation (O) do?
Realty Income Corporation (NYSE: O), founded in 1969 and headquartered in San Diego, California, is a real estate investment trust that acquires, owns, and manages freestanding, single-tenant commercial properties leased under long-term triple-net agreements. Under a triple-net lease, tenants bear property taxes, insurance, and maintenance costs, making revenue highly predictable; rental income forms over 99% of total revenue. As of Q1 2026, the portfolio spanned more than 15,600 properties leased to approximately 1,600 clients across 92 industries in all 50 U.S. states, the United Kingdom, and seven other European countries. Top tenants include essential and service-oriented businesses such as Walgreens, Dollar General, Dollar Tree, FedEx, Walmart, and CVS, which are considered relatively resistant to e-commerce disruption. The company earns its return by purchasing properties at cap rates meaningfully above its cost of capital and collecting contractual rent escalators over weighted average remaining lease terms of roughly nine years.
GTY vs O: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- GTY drivers: Acquisition-led external growth; Portfolio diversification beyond gas.
- O drivers: Monthly dividend compounding with a 30-plus year growth streak; Accelerating global acquisition pipeline at attractive spreads.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: As a REIT, Getty is sensitive to interest rates, which raise borrowing costs and pressure property valuations and the stock. For O, interest rate sensitivity is the primary structural risk: O's share price is materially affected by movements in Treasury yields because investors compare its dividend yield against risk-free alternatives, and rising rates also increase borrowing costs that narrow acquisition spreads.
GTY or O: which should you pick?
GTY vs O: the full fundamentals
GTY. Getty trades at a discount to larger net lease REITs, at roughly 12 to 13 times forward FFO, which is the main reason value and income investors follow it. First-quarter 2026 rental revenue rose to about $57 million and AFFO per share grew nearly 7% year over year, prompting a modest guidance raise. The mid-to-high single-digit dividend yield reflects both the payout and the market's caution on a small, fuel-and-automotive-concentrated REIT.
O. REITs are most meaningfully valued on AFFO rather than GAAP earnings, because depreciation charges make net income a poor proxy for cash generation; on a price-to-AFFO basis, O trades at roughly 14x forward AFFO using the midpoint of 2026 guidance and the late-June 2026 share price near $62, which is in line with its historical range but a premium to smaller net-lease peers. The ~5.2% dividend yield is among the highest O has offered in the past decade, reflecting both share-price compression from elevated interest rates and management's consistent payout increases. Investors weighing the valuation should note that the 2026 investment volume guidance of $9.5 billion, if executed at the recent ~7% cash yield, is the most aggressive acquisition posture in the company's history and could drive meaningful AFFO per share acceleration, but also increases sensitivity to any deterioration in capital market access.
Headline figures (approximate, JULY 2026): GTY shows revenue (ttm) ~$225M, affo per share (2026 guide) ~$2.50 to $2.52, ffo per share (2025) ~$2.34, net income (ttm) ~$90M; O shows revenue (fy 2025) ~$5.76 billion, affo per share (fy 2025, full year) ~$4.28, affo per share (q1 2026, most recent quarter) ~$1.13 (+6.6% YoY), 2026 affo per share guidance (raised after q1 2026) $4.41 to $4.44.
The bottom line: GTY vs O
GTY and O are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined GTY and O exposure against your real portfolio. It is not an investment adviser.
Wondering how GTY or O fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Getty Realty Corp with AI
Connect the broker you already use and ask Walnut's AI how GTY fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between GTY and O?
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Getty Realty Corp. Realty Income Corporation (NYSE: O), founded in 1969 and headquartered in San Diego, California, is a real estate investment trust that acquires, owns, and manages freestanding, single-tenant commercial properties leased under long-term triple-net agreements. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is GTY or O the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, GTY or O?
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On forward P/E (as of August 2026), GTY trades at 17.36x and O at 37.41x, so GTY is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both GTY and O?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of GTY vs O?
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GTY: As a REIT, Getty is sensitive to interest rates, which raise borrowing costs and pressure property valuations and the stock. Its tenants are concentrated in fuel, convenience, and automotive retail, so a secular decline in gasoline demand or stress among a few large operators could hurt rent collection. Growth depends on continued access to reasonably priced equity and debt to fund acquisitions, and a higher cost of capital would slow accretive deals. The company is small relative to peers, giving it less diversification and scale. Its dividend payout ratio is high, typical for a net lease REIT, leaving limited margin if cash flow weakens. O: Interest rate sensitivity is the primary structural risk: O's share price is materially affected by movements in Treasury yields because investors compare its dividend yield against risk-free alternatives, and rising rates also increase borrowing costs that narrow acquisition spreads. Tenant credit quality is a secondary concern, as a portion of credit losses has been traced to tenants acquired through recent M&A transactions, and retail bankruptcies or store-closure programs could pressure occupancy below its historically stable 98-plus percent level. Currency risk is growing as European investments expand, with local-currency debt only partially hedging revenue exposure. The stock trades at a GAAP P/E of roughly 52x (as of late June 2026), a significant premium to the broader REIT sector, meaning any disappointment in AFFO growth or guidance could weigh disproportionately on share price.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell GTY or O; figures are approximate and dated (as of August 2026). Verify current data before investing.