Agree Realty vs EPR Properties
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KIRA’s take AI analyst
I put Agree Realty and EPR Properties 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 $718M for EPR Properties.
- Agree Realty grew revenue faster (16.4%, against 2.9%).
- EPR Properties kept more of each dollar of sales as operating profit (57.7% operating margin, against 47.4%).
- Agree Realty turned more of its sales into free cash flow (70.2% FCF margin, against 37.5%).
- Investors pay more for each dollar of Agree Realty’s earnings: a P/E of 34.4x against 17.9x for EPR Properties.
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Agree Realty
ADC
3/7
Revenue growth5-year growthFCF margin
EPR Properties
EPR
4/7
Operating marginNet marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | ADC FY25 | EPR FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.3B | $4.3B |
| Revenue | $718M | $718M |
| Free cash flow | $504M | $269M |
| Net income | $204M | $275M |
| Growth | ||
| Revenue growth | 16.4% | 2.9% |
| 5-year growth | 23.6% | 11.6% |
| Share count change | 9.2% | 0.7% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 47.4% | 57.7% |
| Net margin | 28.5% | 38.3% |
| FCF margin | 70.2% | 37.5% |
| Return on capital | — | 8.0% |
| Return on equity | 3.5% | 11.8% |
| Balance sheet | ||
| Net debt | — | $2.8B |
| Net debt / EBITDA | — | 4.9x |
| Dividends and buybacks | $344M | $301M |
| Valuation & quality | ||
| P/E | 34.4x | 17.9x |
| Piotroski F-score | — | — |
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.