Agree Realty vs NNN Reit

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KIRA’s take AI analyst

I put Agree Realty and NNN Reit side by side, using each one’s latest annual report. Here is what stands out:

NNN Reit is the larger business, with $926M of revenue in fiscal 2025 against $718M for Agree Realty.
Agree Realty grew revenue faster (16.4%, against 6.6%).
NNN Reit kept more of each dollar of sales as operating profit (63.6% operating margin, against 47.4%).

Who comes out ahead

Of the 6 measures where higher (or lower) is clearly better, how many each company leads.

Agree Realty

ADC

2/6

Revenue growth5-year growth

NNN Reit

NNN

4/6

Operating marginNet marginReturn on equityShare count change

Side by side

Best in the row

Latest fiscal year	ADC FY25	NNN FY25
Size
Market cap	$8.3B	$7.8B
Revenue	$718M	$926M
Free cash flow	$504M	—
Net income	$204M	$390M
Growth
Revenue growth	16.4%	6.6%
5-year growth	23.6%	7.0%
Share count change	9.2%	2.1%
Profitability
Gross margin	—	—
Operating margin	47.4%	63.6%
Net margin	28.5%	42.1%
FCF margin	70.2%	—
Return on capital	—	—
Return on equity	3.5%	8.9%
Balance sheet
Net debt	—	—
Net debt / EBITDA	—	—
Dividends and buybacks	$344M	$443M
Valuation & quality
P/E	34.4x	—
Piotroski F-score	—	—

Ten years

Revenue

FY16

ADC $91.5M

NNN $534M

FY17

ADC $112M

NNN $585M

FY18

ADC $137M

NNN $623M

FY19

ADC $188M

NNN $671M

FY20

ADC $249M

NNN $661M

FY21

ADC $339M

NNN $726M

FY22

ADC $430M

NNN $773M

FY23

ADC $538M

NNN $828M

FY24

ADC $617M

NNN $869M

FY25

ADC $718M

NNN $926M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ADC NNN

Operating margin

FY16

ADC 56.4%

NNN 63.0%

FY17

ADC 56.5%

NNN 64.0%

FY18

ADC 53.2%

NNN 68.2%

FY19

ADC 61.0%

NNN 62.1%

FY20

ADC 53.6%

NNN 56.7%

FY21

ADC 56.1%

NNN 61.8%

FY22

ADC 50.7%

NNN 62.4%

FY23

ADC 47.3%

NNN 67.0%

FY24

ADC 49.0%

NNN 66.5%

FY25

ADC 47.4%

NNN 63.6%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ADC NNN

Free cash flow

FY16

ADC —

NNN —

FY17

ADC —

NNN —

FY18

ADC −$515M

NNN —

FY19

ADC −$576M

NNN —

FY20

ADC −$1.2B

NNN —

FY21

ADC −$1.1B

NNN —

FY22

ADC −$1.2B

NNN —

FY23

ADC −$808M

NNN —

FY24

ADC −$443M

NNN —

FY25

ADC $504M

NNN —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ADC NNN

Return on capital

FY16

ADC —

NNN —

FY17

ADC —

NNN —

FY18

ADC —

NNN —

FY19

ADC —

NNN —

FY20

ADC —

NNN —

FY21

ADC —

NNN —

FY22

ADC —

NNN —

FY23

ADC —

NNN —

FY24

ADC —

NNN —

FY25

ADC —

NNN —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

ADC 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.