Agree Realty vs NNN Reit
NNN Reit reported revenue of $926 million in fiscal 2025, 1.3 times Agree Realty's $718 million in fiscal 2025. Agree Realty's revenue grew 16.4% in its latest year, and NNN Reit's grew 6.5%. Agree Realty had an operating margin of 47.4%, against 63.6% at NNN Reit.
Side by side
| Agree Realty | NNN Reit | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $718M | $926M |
| Revenue growth | 16.4% | 6.5% |
| Revenue growth a year, last 5 years | 23.6% | 7.0% |
| Gross margin | — | — |
| Operating margin | 47.4% | 63.6% |
| Net margin | 28.4% | 42.1% |
| Free cash flow | $504M | — |
| Free cash flow margin | 70.2% | — |
| Return on capital | — | — |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $344M | $443M |
| Change in diluted share count | 9.2% | 2.1% |
| Last close | $67.39 | $42.03 |
| P/E at the last close | 34.7× | 20.3× |
| Insider trades, last 12 months | bought $9.9 million, sold $0 | sold $1.9 million |
| Piotroski F-score | — | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Agree RealtyNNN Reit
Operating margin
Percent of revenue
Agree RealtyNNN Reit
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Agree RealtyNNN Reit
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Agree Realty and NNN Reit pages.