Agree Realty vs EPR Properties
Add, change or remove companies; up to four.
The short version
- Agree Realty is the larger business, with $718M of revenue in fiscal 2025 against $718M for EPR Properties.
- Agree Realty grew revenue faster (16.4%, against 2.9%).
- EPR Properties kept more of each dollar of sales as operating profit (57.7% operating margin, against 47.4%).
- Agree Realty turned more of its sales into free cash flow (70.2% FCF margin, against 37.5%).
- Investors pay more for each dollar of Agree Realty’s earnings: a P/E of 34.4x against 17.9x for EPR Properties.
| Latest fiscal year | ADC · FY25 | EPR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.3B | $4.3B |
| Revenue | $718M | $718M |
| Free cash flow | $504M | $269M |
| Net income | $204M | $275M |
| Growth | ||
| Revenue growth | 16.4% | 2.9% |
| 5-year growth | 23.6% | 11.6% |
| Share count change | 9.2% | 0.7% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 47.4% | 57.7% |
| Net margin | 28.5% | 38.3% |
| FCF margin | 70.2% | 37.5% |
| Return on capital | — | 8.0% |
| Return on equity | 3.5% | 11.8% |
| Balance sheet | ||
| Net debt | — | $2.8B |
| Net debt / EBITDA | — | 4.9x |
| Dividends and buybacks | $344M | $301M |
| Valuation & quality | ||
| P/E | 34.4x | 17.9x |
| Piotroski F-score | — | — |
Revenue
FY16
ADC $91.5M
EPR $493M
FY17
ADC $112M
EPR $518M
FY18
ADC $137M
EPR $640M
FY19
ADC $188M
EPR $652M
FY20
ADC $249M
EPR $415M
FY21
ADC $339M
EPR $532M
FY22
ADC $430M
EPR $658M
FY23
ADC $538M
EPR $706M
FY24
ADC $617M
EPR $698M
FY25
ADC $718M
EPR $718M
ADC
EPR
Operating margin
FY16
ADC 56.4%
EPR —
FY17
ADC 56.5%
EPR —
FY18
ADC 53.2%
EPR —
FY19
ADC 61.0%
EPR —
FY20
ADC 53.6%
EPR 12.6%
FY21
ADC 56.1%
EPR 52.4%
FY22
ADC 50.7%
EPR 47.3%
FY23
ADC 47.3%
EPR 43.4%
FY24
ADC 49.0%
EPR 45.2%
FY25
ADC 47.4%
EPR 57.7%
ADC
EPR
Free cash flow
FY16
ADC —
EPR $86.2M
FY17
ADC —
EPR $0.7M
FY18
ADC −$515M
EPR $297M
FY19
ADC −$576M
EPR −$61.1M
FY20
ADC −$1.2B
EPR $26.6M
FY21
ADC −$1.1B
EPR $250M
FY22
ADC −$1.2B
EPR $39.2M
FY23
ADC −$808M
EPR $178M
FY24
ADC −$443M
EPR $129M
FY25
ADC $504M
EPR $269M
ADC
EPR
Return on capital
FY16
ADC —
EPR 7.4%
FY17
ADC —
EPR 6.8%
FY18
ADC —
EPR 6.1%
FY19
ADC —
EPR 5.1%
FY20
ADC —
EPR 0.8%
FY21
ADC —
EPR 5.3%
FY22
ADC —
EPR 6.0%
FY23
ADC —
EPR 5.8%
FY24
ADC —
EPR 6.0%
FY25
ADC —
EPR 8.0%
ADC
EPR
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.