ADC vs O: Agree Realty and Realty Income compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Realty Income is the larger company, worth $51.0B, about 6.5 times Agree Realty.
- Agree Realty grew revenue faster over the last year (+16.9% vs +9.7%).
- Agree Realty keeps more of each dollar of revenue as operating profit (47.9% vs 20.1%).
- On earnings, Agree Realty is the cheaper stock (35.3x vs 44.8x).
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 | O |
|---|---|---|
| Market cap | $7.9B | $51.0B |
| Share price | $65.95 | $54.18 |
| Revenue (last fiscal year) | $718M | $5.7B |
| Free cash flow (last fiscal year) | — | $3.9B |
| Revenue growth, last year | +16.9% | +9.7% |
| Revenue growth per year, last 5 fiscal years | +20.6% | +28.9% |
| Operating margin | 47.9% | 20.1% |
| Net margin | 28.9% | 20.9% |
| Return on equity | 3.5% | 3.2% |
| P/E (trailing) | 35.3x | 44.8x |
| Price / free cash flow | 15.6x | 12.8x |
| EV / EBITDA | 20.1x | 20.4x |
| FCF growth the price implies | — | -0.46% |
| Dividend yield | 4.7% | 5.9% |
| Debt / equity | 0.62x | 0.87x |
| Fundamental grade | C | C |
| Superinvestors holding it | 2 | 3 |
| Insider purchases, last 12 months | 8 | 6 |
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% |
Realty Income
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.1B | $1.3B | 20.3% |
| 2022 | $3.3B | $2.5B | 24.0% |
| 2023 | $4.1B | $2.9B | 21.8% |
| 2024 | $5.3B | $3.5B | 14.8% |
| 2025 | $5.7B | $3.9B | 16.8% |
Where the revenue comes from
Agree Realty
No segment breakdown reported.
Realty Income · by products, 2018
Rental$1.3B96%
Tenant reimbursements$47M4%
Other$6M0%
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 Realty Income?
Realty Income (O), at $51.0B against $7.9B.
Is ADC or O cheaper?
By trailing P/E, Agree Realty (35.3x) is cheaper than Realty Income (44.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, ADC or O?
Agree Realty: revenue grew +16.9% over the last year, against +9.7%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.