NNN Reit

NNN · Retail REITs

$41.72

1.0%

Regency Centers

REG · Retail REITs

$73.98

0.5%

The short version

Regency Centers is the larger business, with $1.6B of revenue in fiscal 2025 against $926M for NNN Reit, about 1.7 times as much.
Regency Centers kept more of each dollar of sales as operating profit (72.3% operating margin, against 63.6% operating margin).
Investors pay more for each dollar of Regency Centers’s earnings: a P/E of 25.4x against 20.2x for NNN Reit.

Latest fiscal year	NNN · FY25	REG · FY25
Size
Market cap	$7.8B	—
Revenue	$926M	$1.6B
Free cash flow	—	$393M
Net income	$390M	$528M
Growth
Revenue growth	6.6%	6.9%
5-year growth	7.0%	8.9%
Share count change	2.1%	—
Profitability
Gross margin	—	—
Operating margin	63.6%	72.3%
Net margin	42.1%	34.0%
FCF margin	—	25.3%
Return on capital	—	7.7%
Return on equity	8.9%	7.7%
Balance sheet
Net debt	—	$4.6B
Net debt / EBITDA	—	3.0x
Dividends and buybacks	$443M	$512M
Valuation & quality
P/E	20.2x	25.4x
Piotroski F-score	—	—

Revenue

FY16

NNN $534M

REG —

FY17

NNN $585M

REG $984M

FY18

NNN $623M

REG $1.1B

FY19

NNN $671M

REG $1.1B

FY20

NNN $661M

REG $1.0B

FY21

NNN $726M

REG $1.2B

FY22

NNN $773M

REG $1.2B

FY23

NNN $828M

REG $1.3B

FY24

NNN $869M

REG $1.5B

FY25

NNN $926M

REG $1.6B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

NNN REG

Operating margin

FY16

NNN 63.0%

REG —

FY17

NNN 64.0%

REG —

FY18

NNN 68.2%

REG —

FY19

NNN 62.1%

REG —

FY20

NNN 56.7%

REG —

FY21

NNN 61.8%

REG —

FY22

NNN 62.4%

REG 73.3%

FY23

NNN 67.0%

REG 71.9%

FY24

NNN 66.5%

REG 72.0%

FY25

NNN 63.6%

REG 72.3%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

NNN REG

Free cash flow

FY16

NNN —

REG —

FY17

NNN —

REG $123M

FY18

NNN —

REG $384M

FY19

NNN —

REG $421M

FY20

NNN —

REG $318M

FY21

NNN —

REG $482M

FY22

NNN —

REG $460M

FY23

NNN —

REG $487M

FY24

NNN —

REG $447M

FY25

NNN —

REG $393M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

NNN REG

Return on capital

FY16

NNN —

REG —

FY17

NNN —

REG —

FY18

NNN —

REG —

FY19

NNN —

REG 3.3%

FY20

NNN —

REG 1.6%

FY21

NNN —

REG 4.8%

FY22

NNN —

REG 9.2%

FY23

NNN —

REG 9.0%

FY24

NNN —

REG 9.2%

FY25

NNN —

REG 7.7%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

NNN REG

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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.