Agree Realty vs Rayonier
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The short version
- Agree Realty is the larger business, with $718M of revenue in fiscal 2025 against $485M for Rayonier.
- Agree Realty grew revenue faster (16.4%, against −51.0%).
- Agree Realty kept more of each dollar of sales as operating profit (47.4% operating margin, against 17.2%).
| Latest fiscal year | ADC · FY25 | RYN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.3B | $4.8B |
| Revenue | $718M | $485M |
| Free cash flow | $504M | — |
| Net income | $204M | $474M |
| Growth | ||
| Revenue growth | 16.4% | −51.0% |
| 5-year growth | 23.6% | −10.8% |
| Share count change | 9.2% | 4.4% |
| Profitability | ||
| Gross margin | — | 32.5% |
| Operating margin | 47.4% | 17.2% |
| Net margin | 28.5% | 97.9% |
| FCF margin | 70.2% | — |
| Return on capital | — | 3.4% |
| Return on equity | 3.5% | 23.8% |
| Balance sheet | ||
| Net debt | — | $202M |
| Net debt / EBITDA | — | — |
| Dividends and buybacks | $344M | $295M |
| Valuation & quality | ||
| P/E | 34.4x | — |
| Piotroski F-score | — | 4 |
Revenue
FY16
ADC $91.5M
RYN $816M
FY17
ADC $112M
RYN $820M
FY18
ADC $137M
RYN $816M
FY19
ADC $188M
RYN $712M
FY20
ADC $249M
RYN $859M
FY21
ADC $339M
RYN $1.1B
FY22
ADC $430M
RYN $909M
FY23
ADC $538M
RYN $788M
FY24
ADC $617M
RYN $988M
FY25
ADC $718M
RYN $485M
ADC
RYN
Operating margin
FY16
ADC 56.4%
RYN 31.4%
FY17
ADC 56.5%
RYN 26.3%
FY18
ADC 53.2%
RYN 20.8%
FY19
ADC 61.0%
RYN 15.0%
FY20
ADC 53.6%
RYN 8.7%
FY21
ADC 56.1%
RYN 24.3%
FY22
ADC 50.7%
RYN 18.2%
FY23
ADC 47.3%
RYN 23.4%
FY24
ADC 49.0%
RYN 36.9%
FY25
ADC 47.4%
RYN 17.2%
ADC
RYN
Free cash flow
FY16
ADC —
RYN $145M
FY17
ADC —
RYN $191M
FY18
ADC −$515M
RYN $248M
FY19
ADC −$576M
RYN $150M
FY20
ADC −$1.2B
RYN $138M
FY21
ADC −$1.1B
RYN $249M
FY22
ADC −$1.2B
RYN $194M
FY23
ADC −$808M
RYN $203M
FY24
ADC −$443M
RYN $159M
FY25
ADC $504M
RYN —
ADC
RYN
Return on capital
FY16
ADC —
RYN 10.8%
FY17
ADC —
RYN 7.5%
FY18
ADC —
RYN 5.5%
FY19
ADC —
RYN 3.6%
FY20
ADC —
RYN —
FY21
ADC —
RYN —
FY22
ADC —
RYN 5.1%
FY23
ADC —
RYN 5.8%
FY24
ADC —
RYN 13.1%
FY25
ADC —
RYN 3.4%
ADC
RYN
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.