Agree Realty vs Federal Realty Investment Trust
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KIRAβs take AI analyst
I put Agree Realty and Federal Realty Investment Trust side by side, using each oneβs latest annual report. Here is what stands out:
- Federal Realty Investment Trust is the larger business, with $1.3B of revenue in fiscal 2025 against $718M for Agree Realty, about 1.8 times as much.
- Agree Realty grew revenue faster (16.4%, against 6.4%).
- Investors pay more for each dollar of Agree Realtyβs earnings: a P/E of 34.4x against 18.9x for Federal Realty Investment Trust.
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
Agree Realty
ADC
3/6
Revenue growth5-year growthOperating margin
Federal Realty Investment Trust
FRT
3/6
Net marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | ADC FY25 | FRT FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.3B | $9.4B |
| Revenue | $718M | $1.3B |
| Free cash flow | $504M | β |
| Net income | $204M | $411M |
| Growth | ||
| Revenue growth | 16.4% | 6.4% |
| 5-year growth | 23.6% | 8.9% |
| Share count change | 9.2% | 3.4% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | 47.4% | 47.1% |
| Net margin | 28.5% | 32.1% |
| FCF margin | 70.2% | β |
| Return on capital | β | 6.0% |
| Return on equity | 3.5% | 12.8% |
| Balance sheet | ||
| Net debt | β | $4.9B |
| Net debt / EBITDA | β | 5.0x |
| Dividends and buybacks | $344M | $0.0M |
| Valuation & quality | ||
| P/E | 34.4x | 18.9x |
| Piotroski F-score | β | β |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.