Federal Realty Investment Trust vs Regency Centers
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The short version
- Regency Centers is the larger business, with $1.6B of revenue in fiscal 2025 against $1.3B for Federal Realty Investment Trust.
- Regency Centers kept more of each dollar of sales as operating profit (72.3% operating margin, against 47.1%).
- Regency Centers earned a higher return on the capital invested in it (7.7%, against 6.0%).
- Investors pay more for each dollar of Regency Centers’s earnings: a P/E of 25.4x against 18.9x for Federal Realty Investment Trust.
| Latest fiscal year | FRT · FY25 | REG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.4B | — |
| Revenue | $1.3B | $1.6B |
| Free cash flow | — | $393M |
| Net income | $411M | $528M |
| Growth | ||
| Revenue growth | 6.4% | 6.9% |
| 5-year growth | 8.9% | 8.9% |
| Share count change | 3.4% | — |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 47.1% | 72.3% |
| Net margin | 32.1% | 34.0% |
| FCF margin | — | 25.3% |
| Return on capital | 6.0% | 7.7% |
| Return on equity | 12.8% | 7.7% |
| Balance sheet | ||
| Net debt | $4.9B | $4.6B |
| Net debt / EBITDA | 5.0x | 3.0x |
| Dividends and buybacks | $0.0M | $512M |
| Valuation & quality | ||
| P/E | 18.9x | 25.4x |
| Piotroski F-score | — | — |
Revenue
FY16
FRT $802M
REG —
FY17
FRT $857M
REG $984M
FY18
FRT $915M
REG $1.1B
FY19
FRT $936M
REG $1.1B
FY20
FRT $836M
REG $1.0B
FY21
FRT $951M
REG $1.2B
FY22
FRT $1.1B
REG $1.2B
FY23
FRT $1.1B
REG $1.3B
FY24
FRT $1.2B
REG $1.5B
FY25
FRT $1.3B
REG $1.6B
FRT
REG
Operating margin
FY16
FRT 40.0%
REG —
FY17
FRT 47.9%
REG —
FY18
FRT 39.5%
REG —
FY19
FRT 50.3%
REG —
FY20
FRT 34.7%
REG —
FY21
FRT 41.5%
REG —
FY22
FRT 49.0%
REG 73.3%
FY23
FRT 35.9%
REG 71.9%
FY24
FRT 39.3%
REG 72.0%
FY25
FRT 47.1%
REG 72.3%
FRT
REG
Free cash flow
FY16
FRT —
REG —
FY17
FRT —
REG $123M
FY18
FRT —
REG $384M
FY19
FRT —
REG $421M
FY20
FRT —
REG $318M
FY21
FRT —
REG $482M
FY22
FRT —
REG $460M
FY23
FRT —
REG $487M
FY24
FRT —
REG $447M
FY25
FRT —
REG $393M
FRT
REG
Return on capital
FY16
FRT 5.6%
REG —
FY17
FRT 6.2%
REG —
FY18
FRT 5.1%
REG —
FY19
FRT 6.5%
REG 3.3%
FY20
FRT 3.8%
REG 1.6%
FY21
FRT 4.9%
REG 4.8%
FY22
FRT 5.9%
REG 9.2%
FY23
FRT 4.4%
REG 9.0%
FY24
FRT 5.0%
REG 9.2%
FY25
FRT 6.0%
REG 7.7%
FRT
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.