Comprehensive Stock Comparison
Compare Agree Realty Corporation (ADC) vs Four Corners Property Trust, Inc. (FCPT) 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 FCPT's 9.7% |
| Value | FCPT | Lower P/E (21.7x vs 41.3x), PEG 117.82 vs 120.54 |
| Quality / Margins | FCPT | 38.2% net margin vs ADC's 27.6% |
| Stability / Safety | ADC | Beta 0.06 vs FCPT's 0.22, lower leverage |
| Dividends | ADC | 0.1% yield; FCPT pays no meaningful dividend |
| Momentum (1Y) | ADC | +13.6% vs FCPT's -6.3% |
| Efficiency (ROA) | FCPT | 3.8% ROA vs ADC's 2.0%, ROIC 4.5% vs 2.9% |
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.
Four Corners Property Trust is a real estate investment trust that acquires and leases single-tenant restaurant properties to established operators. It generates revenue primarily through long-term net leases — with over 90% of its portfolio in restaurant properties — collecting predictable rental income from tenants who cover most property expenses. The company's competitive advantage lies in its specialized focus on restaurant real estate and its portfolio of properties leased to creditworthy national brands with strong unit economics.
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 3 of 6 categories (Valuation Metrics, Total Returns). FCPT leads in 2 (Profitability & Efficiency, Analyst Outlook). 1 tied.
Financial Metrics (TTM)
ADC is the larger business by revenue, generating $689M annually — 2.3x FCPT's $294M. FCPT is the more profitable business, keeping 38.2% of every revenue dollar as net income compared to ADC's 27.6%. On growth, ADC holds the edge at +18.7% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | ADCAgree Realty Corp… | FCPTFour Corners Prop… |
|---|---|---|
| RevenueTrailing 12 months | $689M | $294M |
| EBITDAEarnings before interest/tax | $581M | $224M |
| Net IncomeAfter-tax profit | $190M | $112M |
| Free Cash FlowCash after capex | $484M | $144M |
| Gross MarginGross profit ÷ Revenue | +89.0% | +95.4% |
| Operating MarginEBIT ÷ Revenue | +46.9% | +55.7% |
| Net MarginNet income ÷ Revenue | +27.6% | +38.2% |
| FCF MarginFCF ÷ Revenue | +70.3% | +49.0% |
| Rev. Growth (YoY)Latest quarter vs prior year | +18.7% | +10.7% |
| EPS Growth (YoY)Latest quarter vs prior year | +7.1% | +3.7% |
Valuation Metrics
At 23.4x trailing earnings, FCPT trades at a 49% valuation discount to ADC's 45.5x P/E. Adjusting for growth (PEG ratio), FCPT offers better value at 117.82x vs ADC's 120.54x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | ADCAgree Realty Corp… | FCPTFour Corners Prop… |
|---|---|---|
| Market CapShares × price | $236M | $2.8B |
| Enterprise ValueMkt cap + debt − cash | $3.2B | $4.0B |
| Trailing P/EPrice ÷ TTM EPS | 45.47x | 23.41x |
| Forward P/EPrice ÷ next-FY EPS est. | 41.29x | 21.74x |
| PEG RatioP/E ÷ EPS growth rate | 120.54x | 117.82x |
| EV / EBITDAEnterprise value multiple | 5.46x | 17.62x |
| Price / SalesMarket cap ÷ Revenue | 0.33x | 9.39x |
| Price / BookPrice ÷ Book value/share | 1.43x | 1.61x |
| Price / FCFMarket cap ÷ FCF | 0.47x | 14.36x |
Profitability & Efficiency
FCPT delivers a 6.9% return on equity — every $100 of shareholder capital generates $7 in annual profit, vs $3 for ADC. ADC carries lower financial leverage with a 0.47x debt-to-equity ratio, signaling a more conservative balance sheet compared to FCPT's 0.74x.
| Metric | ADCAgree Realty Corp… | FCPTFour Corners Prop… |
|---|---|---|
| ROE (TTM)Return on equity | +3.2% | +6.9% |
| ROA (TTM)Return on assets | +2.0% | +3.8% |
| ROICReturn on invested capital | +2.9% | +4.5% |
| ROCEReturn on capital employed | +4.5% | +5.9% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 6 |
| Debt / EquityFinancial leverage | 0.47x | 0.74x |
| Net DebtTotal debt minus cash | $2.9B | $1.2B |
| Cash & Equiv.Liquid assets | $16M | $12M |
| Total DebtShort + long-term debt | $2.9B | $1.2B |
| Interest CoverageEBIT ÷ Interest expense | — | 3.16x |
Total Returns (with DRIP)
A $10,000 investment in ADC five years ago would be worth $14,667 today (with dividends reinvested), compared to $11,868 for FCPT. Over the past 12 months, ADC leads with a +13.6% total return vs FCPT's -6.3%. The 3-year compound annual growth rate (CAGR) favors ADC at 8.1% vs FCPT's 3.0% — a key indicator of consistent wealth creation.
| Metric | ADCAgree Realty Corp… | FCPTFour Corners Prop… |
|---|---|---|
| YTD ReturnYear-to-date | +12.3% | +9.8% |
| 1-Year ReturnPast 12 months | +13.6% | -6.3% |
| 3-Year ReturnCumulative with dividends | +26.5% | +9.4% |
| 5-Year ReturnCumulative with dividends | +46.7% | +18.7% |
| 10-Year ReturnCumulative with dividends | +186.6% | +130.4% |
| CAGR (3Y)Annualised 3-year return | +8.1% | +3.0% |
Risk & Volatility
ADC is the less volatile stock with a 0.06 beta — it tends to amplify market swings less than FCPT's 0.22 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. ADC currently trades 99.1% from its 52-week high vs FCPT's 85.6% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | ADCAgree Realty Corp… | FCPTFour Corners Prop… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.06x | 0.22x |
| 52-Week HighHighest price in past year | $81.17 | $29.81 |
| 52-Week LowLowest price in past year | $68.98 | $22.78 |
| % of 52W HighCurrent price vs 52-week peak | +99.1% | +85.6% |
| RSI (14)Momentum oscillator 0–100 | 70.6 | 64.8 |
| Avg Volume (50D)Average daily shares traded | 1.1M | 791K |
Analyst Outlook
Wall Street rates ADC as "Buy" and FCPT as "Hold". Consensus price targets imply 5.8% upside for FCPT (target: $27) vs 0.7% for ADC (target: $81).
| Metric | ADCAgree Realty Corp… | FCPTFour Corners Prop… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $81.06 | $27.00 |
| # AnalystsCovering analysts | 32 | 14 |
| Dividend YieldAnnual dividend ÷ price | +0.1% | — |
| Dividend StreakConsecutive years of raises | 0 | 7 |
| 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% |
| Four Corners Proper… (FCPT) | 100 | 82.97 | -17.0% |
Agree Realty Corpor… (ADC) returned +47% over 5 years vs Four Corners Proper… (FCPT)'s +19%. 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% |
| Four Corners Proper… (FCPT) | $124M | $294M | +137.2% |
Agree Realty Corporation's revenue grew from $92M (2016) to $718M (2025) — a 25.7% CAGR. Four Corners Property Trust, Inc.'s revenue grew from $124M (2016) to $294M (2025) — a 10.1% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Agree Realty Corpor… (ADC) | 49.3% | 27.4% | -44.4% |
| Four Corners Proper… (FCPT) | 126.4% | 38.2% | -69.8% |
Agree Realty Corporation's net margin went from 49% (2016) to 27% (2025). Four Corners Property Trust, Inc.'s net margin went from 126% (2016) to 38% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Agree Realty Corpor… (ADC) | 24.7 | 40.7 | +64.8% |
| Four Corners Proper… (FCPT) | 21.8 | 21.2 | -2.8% |
Agree Realty Corporation has traded in a 25x–41x P/E range over 9 years; current trailing P/E is ~45x. Four Corners Property Trust, Inc. has traded in a 21x–28x P/E range over 9 years; current trailing P/E is ~23x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Agree Realty Corpor… (ADC) | 1.97 | 1.77 | -10.2% |
| Four Corners Proper… (FCPT) | 2.63 | 1.09 | -58.6% |
Agree Realty Corporation's EPS grew from $1.97 (2016) to $1.77 (2025) — a -1% CAGR. Four Corners Property Trust, Inc.'s EPS grew from $2.63 (2016) to $1.09 (2025) — a -9% CAGR.
Chart 6Free Cash Flow — 5 Years
Agree Realty Corporation generated $504M FCF in 2025 (+105% vs 2021). Four Corners Property Trust, Inc. generated $192M FCF in 2025 (+57% vs 2021).
ADC vs FCPT: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is ADC or FCPT a better buy right now?
Four Corners Property Trust, Inc. (FCPT) offers the better valuation at 23.4x trailing P/E (21.7x 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 FCPT?
On trailing P/E, Four Corners Property Trust, Inc. (FCPT) is the cheapest at 23.4x versus Agree Realty Corporation at 45.5x. On forward P/E, Four Corners Property Trust, Inc. is actually cheaper at 21.7x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Four Corners Property Trust, Inc. wins at 117.82x versus Agree Realty Corporation's 120.54x.
03Which is the better long-term investment — ADC or FCPT?
Over the past 5 years, Agree Realty Corporation (ADC) delivered a total return of +46.7%, compared to +18.7% for Four Corners Property Trust, Inc. (FCPT). 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 FCPT's +130.4%. 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 FCPT?
By beta (market sensitivity over 5 years), Agree Realty Corporation (ADC) is the lower-risk stock at 0.06β versus Four Corners Property Trust, Inc.'s 0.22β — meaning FCPT is approximately 241% more volatile than ADC relative to the S&P 500. On balance sheet safety, Agree Realty Corporation (ADC) carries a lower debt/equity ratio of 47% versus 74% for Four Corners Property Trust, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — ADC or FCPT?
Four Corners Property Trust, Inc. (FCPT) is the more profitable company, earning 38.2% net margin versus 27.4% for Agree Realty Corporation — meaning it keeps 38.2% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: FCPT leads at 55.7% versus 47.4% for ADC. At the gross margin level — before operating expenses — FCPT leads at 95.4%, 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 FCPT 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, Four Corners Property Trust, Inc. (FCPT) is the more undervalued stock at a PEG of 117.82x 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, Four Corners Property Trust, Inc. (FCPT) trades at 21.7x forward P/E versus 41.3x for Agree Realty Corporation — 19.5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for FCPT: 5.8% to $27.00.
07Which pays a better dividend — ADC or FCPT?
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 FCPT 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%, FCPT: +130.4%), 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 FCPT?
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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