O vs REG: Realty Income and Regency Centers 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 3.8 times Regency Centers.
- Realty Income grew revenue faster over the last year (+9.7% vs +8.3%).
- Regency Centers keeps more of each dollar of revenue as operating profit (72.3% vs 20.1%).
- On earnings, Regency Centers is the cheaper stock (25.0x 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 | O | REG |
|---|---|---|
| Market cap | $51.0B | $13.6B |
| Share price | $54.18 | $72.05 |
| Revenue (last fiscal year) | $5.7B | $1.6B |
| Free cash flow (last fiscal year) | $3.9B | — |
| Revenue growth, last year | +9.7% | +8.3% |
| Revenue growth per year, last 5 fiscal years | +28.9% | +7.4% |
| Operating margin | 20.1% | 72.3% |
| Net margin | 20.9% | 34.5% |
| Return on equity | 3.2% | 7.9% |
| P/E (trailing) | 44.8x | 25.0x |
| Price / free cash flow | 12.8x | 34.5x |
| EV / EBITDA | 20.4x | 22.8x |
| FCF growth the price implies | -0.46% | — |
| Dividend yield | 5.9% | 4.0% |
| Debt / equity | 0.87x | 0.85x |
| Fundamental grade | C | C |
| Superinvestors holding it | 3 | 3 |
| Insider purchases, last 12 months | 6 | 2 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
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% |
Regency Centers
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.2B | — | 84.2% |
| 2022 | $1.2B | — | 73.3% |
| 2023 | $1.3B | — | 71.9% |
| 2024 | $1.5B | — | 72.0% |
| 2025 | $1.6B | — | 72.3% |
Where the revenue comes from
Realty Income · by products, 2018
Rental$1.3B96%
Tenant reimbursements$47M4%
Other$6M0%
Regency Centers
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open O in InvestinglyQuestions
Which is bigger, Realty Income or Regency Centers?
Realty Income (O), at $51.0B against $13.6B.
Is O or REG cheaper?
By trailing P/E, Regency Centers (25.0x) is cheaper than Realty Income (44.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, O or REG?
Realty Income: revenue grew +9.7% over the last year, against +8.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.