Federal Realty Investment Trust vs NNN Reit
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The short version
- Federal Realty Investment Trust is the larger business, with $1.3B of revenue in fiscal 2025 against $926M for NNN Reit.
- NNN Reit kept more of each dollar of sales as operating profit (63.6% operating margin, against 47.1%).
| Latest fiscal year | FRT · FY25 | NNN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.4B | $7.8B |
| Revenue | $1.3B | $926M |
| Free cash flow | — | — |
| Net income | $411M | $390M |
| Growth | ||
| Revenue growth | 6.4% | 6.6% |
| 5-year growth | 8.9% | 7.0% |
| Share count change | 3.4% | 2.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 47.1% | 63.6% |
| Net margin | 32.1% | 42.1% |
| FCF margin | — | — |
| Return on capital | 6.0% | — |
| Return on equity | 12.8% | 8.9% |
| Balance sheet | ||
| Net debt | $4.9B | — |
| Net debt / EBITDA | 5.0x | — |
| Dividends and buybacks | $0.0M | $443M |
| Valuation & quality | ||
| P/E | 18.9x | — |
| Piotroski F-score | — | — |
FY16
FRT $802M
NNN $534M
FY17
FRT $857M
NNN $585M
FY18
FRT $915M
NNN $623M
FY19
FRT $936M
NNN $671M
FY20
FRT $836M
NNN $661M
FY21
FRT $951M
NNN $726M
FY22
FRT $1.1B
NNN $773M
FY23
FRT $1.1B
NNN $828M
FY24
FRT $1.2B
NNN $869M
FY25
FRT $1.3B
NNN $926M
FRT
NNN
FY16
FRT 40.0%
NNN 63.0%
FY17
FRT 47.9%
NNN 64.0%
FY18
FRT 39.5%
NNN 68.2%
FY19
FRT 50.3%
NNN 62.1%
FY20
FRT 34.7%
NNN 56.7%
FY21
FRT 41.5%
NNN 61.8%
FY22
FRT 49.0%
NNN 62.4%
FY23
FRT 35.9%
NNN 67.0%
FY24
FRT 39.3%
NNN 66.5%
FY25
FRT 47.1%
NNN 63.6%
FRT
NNN
FY16
FRT —
NNN —
FY17
FRT —
NNN —
FY18
FRT —
NNN —
FY19
FRT —
NNN —
FY20
FRT —
NNN —
FY21
FRT —
NNN —
FY22
FRT —
NNN —
FY23
FRT —
NNN —
FY24
FRT —
NNN —
FY25
FRT —
NNN —
FRT
NNN
FY16
FRT 5.6%
NNN —
FY17
FRT 6.2%
NNN —
FY18
FRT 5.1%
NNN —
FY19
FRT 6.5%
NNN —
FY20
FRT 3.8%
NNN —
FY21
FRT 4.9%
NNN —
FY22
FRT 5.9%
NNN —
FY23
FRT 4.4%
NNN —
FY24
FRT 5.0%
NNN —
FY25
FRT 6.0%
NNN —
FRT
NNN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.