Agree Realty vs NNN Reit
NNN Reit is the larger business, with $926m of revenue in fiscal 2025 against $718m for Agree Realty (1.3 times as much). Agree Realty grew faster (16.4% against 6.6%). NNN Reit kept more of each dollar of sales as profit: a net margin of 42.1% against 28.4%. NNN Reit carries less debt relative to equity (7.9% against 53.0%).
| Latest fiscal year | Agree RealtyADC, 2025 | NNN ReitNNN, 2025 |
|---|---|---|
| Revenue | $718m | $926m |
| Revenue growth | 16.4% | 6.6% |
| Net income | $204m | $390m |
| Operating margin | 47.4% | 63.6% |
| Net margin | 28.4% | 42.1% |
| Return on equity | 3.5% | 8.9% |
| Free cash flow | $504m | — |
| Cash | $16.3m | $5.0m |
| Total debt | $3.32bn | $348m |
| Debt to equity | 53.0% | 7.9% |
| Dividend per share | $3.08 | $2.36 |
| Dividend yield | 4.3% | 5.5% |
| Share buybacks | $3.7m | — |
| Employees | 90 | 83 |
| Market value | $8.94bn | $7.98bn |
| Price vs our value range | — | — |
| Moat score | 41 (Weak) | 61 (Moderate) |
| Insider trades, 12 months | 14 buys, 0 sales | 0 buys, 3 sales |