Agree Realty vs Rayonier
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KIRA’s take AI analyst
I put Agree Realty and Rayonier side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
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
Rayonier
RYN
3/6
Net marginReturn on equityShare count change
Side by side
Best in the row
| 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 |
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.