Realty Income vs Regency Centers
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The short version
- Realty Income is the larger business, with $5.7B of revenue in fiscal 2025 against $1.6B for Regency Centers, about 3.7 times as much.
- Realty Income grew revenue faster (9.1%, against 6.9%).
- Realty Income turned more of its sales into free cash flow (67.2% FCF margin, against 25.3%).
- Investors pay more for each dollar of Realty Income’s earnings: a P/E of 41.2x against 25.4x for Regency Centers.
| Latest fiscal year | O · FY25 | REG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $53.2B | — |
| Revenue | $5.7B | $1.6B |
| Free cash flow | $3.9B | $393M |
| Net income | $1.1B | $528M |
| Growth | ||
| Revenue growth | 9.1% | 6.9% |
| 5-year growth | 28.4% | 8.9% |
| Share count change | 5.2% | — |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 72.3% |
| Net margin | 18.4% | 34.0% |
| FCF margin | 67.2% | 25.3% |
| Return on capital | — | 7.7% |
| Return on equity | 2.7% | 7.7% |
| Balance sheet | ||
| Net debt | — | $4.6B |
| Net debt / EBITDA | — | 3.0x |
| Dividends and buybacks | $2.9B | $512M |
| Valuation & quality | ||
| P/E | 41.2x | 25.4x |
| Piotroski F-score | — | — |
Revenue
FY16
O $1.1B
REG —
FY17
O $1.2B
REG $984M
FY18
O $1.3B
REG $1.1B
FY19
O $1.5B
REG $1.1B
FY20
O $1.6B
REG $1.0B
FY21
O $2.1B
REG $1.2B
FY22
O $3.3B
REG $1.2B
FY23
O $4.1B
REG $1.3B
FY24
O $5.3B
REG $1.5B
FY25
O $5.7B
REG $1.6B
O
REG
Operating margin
FY16
O —
REG —
FY17
O —
REG —
FY18
O —
REG —
FY19
O —
REG —
FY20
O —
REG —
FY21
O —
REG —
FY22
O —
REG 73.3%
FY23
O —
REG 71.9%
FY24
O —
REG 72.0%
FY25
O —
REG 72.3%
O
REG
Free cash flow
FY16
O $786M
REG —
FY17
O $861M
REG $123M
FY18
O $915M
REG $384M
FY19
O $1.0B
REG $421M
FY20
O $1.1B
REG $318M
FY21
O $1.3B
REG $482M
FY22
O $2.5B
REG $460M
FY23
O $2.9B
REG $487M
FY24
O $3.5B
REG $447M
FY25
O $3.9B
REG $393M
O
REG
Return on capital
FY16
O —
REG —
FY17
O —
REG —
FY18
O —
REG —
FY19
O —
REG 3.3%
FY20
O —
REG 1.6%
FY21
O —
REG 4.8%
FY22
O —
REG 9.2%
FY23
O —
REG 9.0%
FY24
O —
REG 9.2%
FY25
O —
REG 7.7%
O
REG
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.