Comprehensive Stock Comparison
Compare Agree Realty Corporation (ADC) vs Realty Income Corporation (O) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | ADC | 16.4% revenue growth vs O's 9.1% |
| Value | ADC | Lower P/E (41.3x vs 41.8x) |
| Quality / Margins | ADC | 27.6% net margin vs O's 18.4% |
| Stability / Safety | ADC | Beta 0.06 vs O's 0.19 |
| Dividends | ADC | 0.1% yield; O pays no meaningful dividend |
| Momentum (1Y) | O | +23.6% vs ADC's +13.6% |
| Efficiency (ROA) | ADC | 2.0% ROA vs O's 1.5%, ROIC 2.9% vs 2.3% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Agree Realty Corporation is a retail-focused real estate investment trust that acquires and develops single-tenant properties leased to national retail tenants. It generates revenue primarily through long-term net leases — where tenants pay most property expenses — with its portfolio heavily weighted toward investment-grade tenants like Walmart, Dollar General, and Tractor Supply. The company's competitive advantage lies in its disciplined acquisition strategy focused on recession-resistant retail sectors and its relationships with creditworthy tenants that provide stable, predictable cash flows.
Realty Income is a real estate investment trust that owns and leases single-tenant commercial properties to retail and service-oriented businesses. It generates revenue primarily through long-term triple-net leases—where tenants pay rent plus property expenses—with retail clients like convenience stores and drugstores accounting for roughly 80% of its portfolio. The company's moat lies in its massive scale, diversified tenant base, and long-term lease structure that provides predictable monthly cash flow supporting its famous monthly dividend payments.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
ADC leads in 5 of 6 categories (Financial Metrics, Valuation Metrics). O leads in 1 (Analyst Outlook).
Financial Metrics (TTM)
O is the larger business by revenue, generating $5.7B annually — 8.3x ADC's $689M. ADC is the more profitable business, keeping 27.6% of every revenue dollar as net income compared to O's 18.4%. On growth, ADC holds the edge at +18.7% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | ADCAgree Realty Corp… | ORealty Income Cor… |
|---|---|---|
| RevenueTrailing 12 months | $689M | $5.7B |
| EBITDAEarnings before interest/tax | $581M | $4.1B |
| Net IncomeAfter-tax profit | $190M | $1.1B |
| Free Cash FlowCash after capex | $484M | $2.8B |
| Gross MarginGross profit ÷ Revenue | +89.0% | +89.8% |
| Operating MarginEBIT ÷ Revenue | +46.9% | +28.3% |
| Net MarginNet income ÷ Revenue | +27.6% | +18.4% |
| FCF MarginFCF ÷ Revenue | +70.3% | +48.5% |
| Rev. Growth (YoY)Latest quarter vs prior year | +18.7% | +11.0% |
| EPS Growth (YoY)Latest quarter vs prior year | +7.1% | +39.1% |
Valuation Metrics
At 45.5x trailing earnings, ADC trades at a 21% valuation discount to O's 57.3x P/E. Adjusting for growth (PEG ratio), O offers better value at 80.25x vs ADC's 120.54x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | ADCAgree Realty Corp… | ORealty Income Cor… |
|---|---|---|
| Market CapShares × price | $236M | $62.6B |
| Enterprise ValueMkt cap + debt − cash | $3.2B | $62.1B |
| Trailing P/EPrice ÷ TTM EPS | 45.47x | 57.27x |
| Forward P/EPrice ÷ next-FY EPS est. | 41.29x | 41.80x |
| PEG RatioP/E ÷ EPS growth rate | 120.54x | 80.25x |
| EV / EBITDAEnterprise value multiple | 5.46x | 15.16x |
| Price / SalesMarket cap ÷ Revenue | 0.33x | 10.88x |
| Price / BookPrice ÷ Book value/share | 1.43x | 1.51x |
| Price / FCFMarket cap ÷ FCF | 0.47x | 15.66x |
Profitability & Efficiency
ADC delivers a 3.2% return on equity — every $100 of shareholder capital generates $3 in annual profit, vs $3 for O. On the Piotroski fundamental quality scale (0–9), ADC scores 6/9 vs O's 5/9, reflecting solid financial health.
| Metric | ADCAgree Realty Corp… | ORealty Income Cor… |
|---|---|---|
| ROE (TTM)Return on equity | +3.2% | +2.6% |
| ROA (TTM)Return on assets | +2.0% | +1.5% |
| ROICReturn on invested capital | +2.9% | +2.3% |
| ROCEReturn on capital employed | +4.5% | +2.3% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 5 |
| Debt / EquityFinancial leverage | 0.47x | — |
| Net DebtTotal debt minus cash | $2.9B | -$435M |
| Cash & Equiv.Liquid assets | $16M | $435M |
| Total DebtShort + long-term debt | $2.9B | $0 |
| Interest CoverageEBIT ÷ Interest expense | — | — |
Total Returns (with DRIP)
A $10,000 investment in ADC five years ago would be worth $14,667 today (with dividends reinvested), compared to $14,035 for O. Over the past 12 months, O leads with a +23.6% total return vs ADC's +13.6%. The 3-year compound annual growth rate (CAGR) favors ADC at 8.1% vs O's 6.3% — a key indicator of consistent wealth creation.
| Metric | ADCAgree Realty Corp… | ORealty Income Cor… |
|---|---|---|
| YTD ReturnYear-to-date | +12.3% | +17.9% |
| 1-Year ReturnPast 12 months | +13.6% | +23.6% |
| 3-Year ReturnCumulative with dividends | +26.5% | +19.9% |
| 5-Year ReturnCumulative with dividends | +46.7% | +40.3% |
| 10-Year ReturnCumulative with dividends | +186.6% | +67.6% |
| CAGR (3Y)Annualised 3-year return | +8.1% | +6.3% |
Risk & Volatility
ADC is the less volatile stock with a 0.06 beta — it tends to amplify market swings less than O's 0.19 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | ADCAgree Realty Corp… | ORealty Income Cor… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.06x | 0.19x |
| 52-Week HighHighest price in past year | $81.17 | $67.94 |
| 52-Week LowLowest price in past year | $68.98 | $50.71 |
| % of 52W HighCurrent price vs 52-week peak | +99.1% | +98.6% |
| RSI (14)Momentum oscillator 0–100 | 70.6 | 70.7 |
| Avg Volume (50D)Average daily shares traded | 1.1M | 5.4M |
Analyst Outlook
Wall Street rates ADC as "Buy" and O as "Hold". Consensus price targets imply 0.7% upside for ADC (target: $81) vs -5.4% for O (target: $63).
| Metric | ADCAgree Realty Corp… | ORealty Income Cor… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $81.06 | $63.38 |
| # AnalystsCovering analysts | 32 | 33 |
| Dividend YieldAnnual dividend ÷ price | +0.1% | — |
| Dividend StreakConsecutive years of raises | 0 | 27 |
| Dividend / ShareAnnual DPS | $0.07 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +1.6% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Agree Realty Corpor… (ADC) | 100 | 95.54 | -4.5% |
| Realty Income Corpo… (O) | 100 | 83.35 | -16.6% |
Agree Realty Corpor… (ADC) returned +47% over 5 years vs Realty Income Corpo… (O)'s +40%. A $10,000 investment in ADC 5 years ago would be worth $14,667 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Agree Realty Corpor… (ADC) | $92M | $718M | +684.9% |
| Realty Income Corpo… (O) | $1.1B | $5.7B | +421.2% |
Agree Realty Corporation's revenue grew from $92M (2016) to $718M (2025) — a 25.7% CAGR. Realty Income Corporation's revenue grew from $1.1B (2016) to $5.7B (2025) — a 20.1% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Agree Realty Corpor… (ADC) | 49.3% | 27.4% | -44.4% |
| Realty Income Corpo… (O) | 28.6% | 18.4% | -35.6% |
Agree Realty Corporation's net margin went from 49% (2016) to 27% (2025). Realty Income Corporation's net margin went from 29% (2016) to 18% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Agree Realty Corpor… (ADC) | 24.7 | 40.7 | +64.8% |
| Realty Income Corpo… (O) | 50.2 | 48.2 | -4.0% |
Agree Realty Corporation has traded in a 25x–41x P/E range over 9 years; current trailing P/E is ~45x. Realty Income Corporation has traded in a 45x–82x P/E range over 9 years; current trailing P/E is ~57x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Agree Realty Corpor… (ADC) | 1.97 | 1.77 | -10.2% |
| Realty Income Corpo… (O) | 1.13 | 1.17 | +3.5% |
Agree Realty Corporation's EPS grew from $1.97 (2016) to $1.77 (2025) — a -1% CAGR. Realty Income Corporation's EPS grew from $1.13 (2016) to $1.17 (2025) — a 0% CAGR.
Chart 6Free Cash Flow — 5 Years
Agree Realty Corporation generated $504M FCF in 2025 (+105% vs 2021). Realty Income Corporation generated $4B FCF in 2025 (+207% vs 2021).
ADC vs O: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is ADC or O a better buy right now?
Agree Realty Corporation (ADC) offers the better valuation at 45.5x trailing P/E (41.3x forward), making it the more compelling value choice. Analysts rate Agree Realty Corporation (ADC) a "Buy" — based on 32 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — ADC or O?
On trailing P/E, Agree Realty Corporation (ADC) is the cheapest at 45.5x versus Realty Income Corporation at 57.3x. On forward P/E, Agree Realty Corporation is actually cheaper at 41.3x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Realty Income Corporation wins at 80.25x versus Agree Realty Corporation's 120.54x.
03Which is the better long-term investment — ADC or O?
Over the past 5 years, Agree Realty Corporation (ADC) delivered a total return of +46.7%, compared to +40.3% for Realty Income Corporation (O). A $10,000 investment in ADC five years ago would be worth approximately $15K today (assuming dividends reinvested). Over 10 years, the gap is even starker: ADC returned +186.6% versus O's +67.6%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — ADC or O?
By beta (market sensitivity over 5 years), Agree Realty Corporation (ADC) is the lower-risk stock at 0.06β versus Realty Income Corporation's 0.19β — meaning O is approximately 200% more volatile than ADC relative to the S&P 500.
05Which has better profit margins — ADC or O?
Agree Realty Corporation (ADC) is the more profitable company, earning 27.4% net margin versus 18.4% for Realty Income Corporation — meaning it keeps 27.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: ADC leads at 47.4% versus 28.3% for O. At the gross margin level — before operating expenses — ADC leads at 92.7%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is ADC or O more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Realty Income Corporation (O) is the more undervalued stock at a PEG of 80.25x versus Agree Realty Corporation's 120.54x. Both stocks trade at elevated growth-adjusted valuations, so expected growth needs to materialise. On forward earnings alone, Agree Realty Corporation (ADC) trades at 41.3x forward P/E versus 41.8x for Realty Income Corporation — 0.5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ADC: 0.7% to $81.06.
07Which pays a better dividend — ADC or O?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is ADC or O better for a retirement portfolio?
For long-horizon retirement investors, Agree Realty Corporation (ADC) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.06), +186.6% 10Y return). Both have compounded well over 10 years (ADC: +186.6%, O: +67.6%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between ADC and O?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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