FRT vs O: Federal Realty Investment Trust 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 5.4 times Federal Realty Investment Trust.
- Federal Realty Investment Trust grew revenue faster over the last year (+10.3% vs +9.7%).
- Federal Realty Investment Trust keeps more of each dollar of revenue as operating profit (53.6% vs 20.1%).
- On earnings, Federal Realty Investment Trust is the cheaper stock (18.7x vs 44.8x).
- Federal Realty Investment Trust's price assumes faster free cash flow growth: about 6% a year, against -0% for Realty Income (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | FRT | O |
|---|---|---|
| Market cap | $9.4B | $51.0B |
| Share price | $106.16 | $54.18 |
| Revenue (last fiscal year) | $1.3B | $5.7B |
| Free cash flow (last fiscal year) | $443M | $3.9B |
| Revenue growth, last year | +10.3% | +9.7% |
| Revenue growth per year, last 5 fiscal years | +7.7% | +28.9% |
| Operating margin | 53.6% | 20.1% |
| Net margin | 38.6% | 20.9% |
| Return on equity | 15.3% | 3.2% |
| P/E (trailing) | 18.7x | 44.8x |
| Price / free cash flow | 28.3x | 12.8x |
| EV / EBITDA | 13.7x | 20.4x |
| FCF growth the price implies | 5.7% | -0.46% |
| Dividend yield | 4.2% | 5.9% |
| Debt / equity | 1.67x | 0.87x |
| Fundamental grade | B | C |
| Superinvestors holding it | 2 | 3 |
| Insider purchases, last 12 months | 0 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Federal Realty Investment Trust
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $951M | $103M | 41.5% |
| 2022 | $1.1B | $208M | 49.0% |
| 2023 | $1.1B | $342M | 35.9% |
| 2024 | $1.2B | $435M | 39.3% |
| 2025 | $1.3B | $443M | 47.1% |
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
Federal Realty Investment Trust
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 FRT in InvestinglyQuestions
Which is bigger, Federal Realty Investment Trust or Realty Income?
Realty Income (O), at $51.0B against $9.4B.
Is FRT or O cheaper?
By trailing P/E, Federal Realty Investment Trust (18.7x) is cheaper than Realty Income (44.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, FRT or O?
Federal Realty Investment Trust: revenue grew +10.3% 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.