Agree Realty vs Federal Realty Investment Trust
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The short version
- 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 Realty’s earnings: a P/E of 34.4x against 18.9x for Federal Realty Investment Trust.
| Latest fiscal year | ADC · FY25 | FRT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.3B | $9.4B |
| Revenue | $718M | $1.3B |
| Free cash flow | $504M | — |
| 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 | — | — |
| Operating margin | 47.4% | 47.1% |
| Net margin | 28.5% | 32.1% |
| FCF margin | 70.2% | — |
| Return on capital | — | 6.0% |
| Return on equity | 3.5% | 12.8% |
| Balance sheet | ||
| Net debt | — | $4.9B |
| Net debt / EBITDA | — | 5.0x |
| Dividends and buybacks | $344M | $0.0M |
| Valuation & quality | ||
| P/E | 34.4x | 18.9x |
| Piotroski F-score | — | — |
Revenue
FY16
ADC $91.5M
FRT $802M
FY17
ADC $112M
FRT $857M
FY18
ADC $137M
FRT $915M
FY19
ADC $188M
FRT $936M
FY20
ADC $249M
FRT $836M
FY21
ADC $339M
FRT $951M
FY22
ADC $430M
FRT $1.1B
FY23
ADC $538M
FRT $1.1B
FY24
ADC $617M
FRT $1.2B
FY25
ADC $718M
FRT $1.3B
ADC
FRT
Operating margin
FY16
ADC 56.4%
FRT 40.0%
FY17
ADC 56.5%
FRT 47.9%
FY18
ADC 53.2%
FRT 39.5%
FY19
ADC 61.0%
FRT 50.3%
FY20
ADC 53.6%
FRT 34.7%
FY21
ADC 56.1%
FRT 41.5%
FY22
ADC 50.7%
FRT 49.0%
FY23
ADC 47.3%
FRT 35.9%
FY24
ADC 49.0%
FRT 39.3%
FY25
ADC 47.4%
FRT 47.1%
ADC
FRT
Free cash flow
FY16
ADC —
FRT —
FY17
ADC —
FRT —
FY18
ADC −$515M
FRT —
FY19
ADC −$576M
FRT —
FY20
ADC −$1.2B
FRT —
FY21
ADC −$1.1B
FRT —
FY22
ADC −$1.2B
FRT —
FY23
ADC −$808M
FRT —
FY24
ADC −$443M
FRT —
FY25
ADC $504M
FRT —
ADC
FRT
Return on capital
FY16
ADC —
FRT 5.6%
FY17
ADC —
FRT 6.2%
FY18
ADC —
FRT 5.1%
FY19
ADC —
FRT 6.5%
FY20
ADC —
FRT 3.8%
FY21
ADC —
FRT 4.9%
FY22
ADC —
FRT 5.9%
FY23
ADC —
FRT 4.4%
FY24
ADC —
FRT 5.0%
FY25
ADC —
FRT 6.0%
ADC
FRT
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.