ADC vs NNN: Agree Realty and NNN REIT compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Agree Realty is the larger company, worth $7.9B, close to NNN REIT's $7.8B.
- Agree Realty grew revenue faster over the last year (+16.9% vs +6.5%).
- NNN REIT keeps more of each dollar of revenue as operating profit (63.6% vs 47.9%).
- On earnings, NNN REIT is the cheaper stock (19.4x vs 35.3x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ADC | NNN |
|---|---|---|
| Market cap | $7.9B | $7.8B |
| Share price | $65.95 | $40.24 |
| Revenue (last fiscal year) | $718M | $926M |
| Free cash flow (last fiscal year) | — | — |
| Revenue growth, last year | +16.9% | +6.5% |
| Revenue growth per year, last 5 fiscal years | +20.6% | +6.3% |
| Operating margin | 47.9% | 63.6% |
| Net margin | 28.9% | 42.1% |
| Return on equity | 3.5% | 8.7% |
| P/E (trailing) | 35.3x | 19.4x |
| Price / free cash flow | 15.6x | 11.7x |
| EV / EBITDA | 20.1x | 15.3x |
| FCF growth the price implies | — | — |
| Dividend yield | 4.7% | 5.9% |
| Debt / equity | 0.62x | 1.15x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 3 |
| Insider purchases, last 12 months | 8 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Agree Realty
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $339M | -$1.1B | 56.1% |
| 2022 | $430M | -$1.2B | 50.8% |
| 2023 | $537M | -$808M | 47.3% |
| 2024 | $617M | -$443M | 49.0% |
| 2025 | $718M | — | 47.4% |
NNN REIT
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $726M | — | 61.8% |
| 2022 | $773M | — | 62.4% |
| 2023 | $828M | — | 67.0% |
| 2024 | $869M | — | 66.5% |
| 2025 | $926M | — | 63.6% |
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ADC in InvestinglyQuestions
Which is bigger, Agree Realty or NNN REIT?
Agree Realty (ADC), at $7.9B against $7.8B.
Is ADC or NNN cheaper?
By trailing P/E, NNN REIT (19.4x) is cheaper than Agree Realty (35.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, ADC or NNN?
Agree Realty: revenue grew +16.9% over the last year, against +6.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.