Agree Realty vs Kite Realty Group Trust
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The short version
- Kite Realty Group Trust is the larger business, with $844M of revenue in fiscal 2025 against $718M for Agree Realty.
- Agree Realty grew revenue faster (16.4%, against 0.8%).
- Agree Realty turned more of its sales into free cash flow (70.2% FCF margin, against 32.9%).
- Investors pay more for each dollar of Agree Realty’s earnings: a P/E of 34.4x against 15.3x for Kite Realty Group Trust.
| Latest fiscal year | ADC · FY25 | KRG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.3B | $5.0B |
| Revenue | $718M | $844M |
| Free cash flow | $504M | $278M |
| Net income | $204M | $299M |
| Growth | ||
| Revenue growth | 16.4% | 0.8% |
| 5-year growth | 23.6% | 25.9% |
| Share count change | 9.2% | −0.6% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 47.4% | — |
| Net margin | 28.5% | 35.4% |
| FCF margin | 70.2% | 32.9% |
| Return on capital | — | 7.1% |
| Return on equity | 3.5% | 9.4% |
| Balance sheet | ||
| Net debt | — | $3.0B |
| Net debt / EBITDA | — | 3.7x |
| Dividends and buybacks | $344M | $238M |
| Valuation & quality | ||
| P/E | 34.4x | 15.3x |
| Piotroski F-score | — | — |
Revenue
FY16
ADC $91.5M
KRG $354M
FY17
ADC $112M
KRG $359M
FY18
ADC $137M
KRG $354M
FY19
ADC $188M
KRG $315M
FY20
ADC $249M
KRG $267M
FY21
ADC $339M
KRG $373M
FY22
ADC $430M
KRG $802M
FY23
ADC $538M
KRG $821M
FY24
ADC $617M
KRG $838M
FY25
ADC $718M
KRG $844M
ADC
KRG
Operating margin
FY16
ADC 56.4%
KRG 19.7%
FY17
ADC 56.5%
KRG 22.3%
FY18
ADC 53.2%
KRG 5.9%
FY19
ADC 61.0%
KRG 22.8%
FY20
ADC 53.6%
KRG 13.1%
FY21
ADC 56.1%
KRG −5.8%
FY22
ADC 50.7%
KRG 11.4%
FY23
ADC 47.3%
KRG 18.5%
FY24
ADC 49.0%
KRG 13.3%
FY25
ADC 47.4%
KRG —
ADC
KRG
Free cash flow
FY16
ADC —
KRG $60.8M
FY17
ADC —
KRG $82.2M
FY18
ADC −$515M
KRG $95.1M
FY19
ADC −$576M
KRG $84.7M
FY20
ADC −$1.2B
KRG $57.3M
FY21
ADC −$1.1B
KRG $43.0M
FY22
ADC −$1.2B
KRG $221M
FY23
ADC −$808M
KRG $250M
FY24
ADC −$443M
KRG $279M
FY25
ADC $504M
KRG $278M
ADC
KRG
Return on capital
FY16
ADC —
KRG 1.2%
FY17
ADC —
KRG 2.4%
FY18
ADC —
KRG 0.5%
FY19
ADC —
KRG 2.1%
FY20
ADC —
KRG 1.2%
FY21
ADC —
KRG −0.4%
FY22
ADC —
KRG 1.1%
FY23
ADC —
KRG 2.3%
FY24
ADC —
KRG 1.7%
FY25
ADC —
KRG 7.1%
ADC
KRG
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.