Agree Realty Corporation (ADC) vs FirstService Corporation (FSV)
A side-by-side comparison of Agree Realty Corporation and FirstService Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of October 5, 2026. Differences are shown without an overall score or investment verdict.
Total return — ADC vs FSV
growth of $100 · dividends reinvested · last 10yADC vs FSV: by the numbers
- •ADC is the larger company ($7.89B vs $5.94B market cap).
- •ADC converts more revenue to profit (28.87% vs 2.88% net margin).
- •ADC grew revenue faster over the past five years (21.41% vs 12.78% CAGR).
- •ADC pays the higher dividend yield (4.84% vs 0.90%).
Metrics side by side
Valuation
| Metric | ADC | FSV |
|---|---|---|
| P/E ratio | 35.34 | 37.00 |
| Forward P/E | 34.64 | 21.35 |
| PEG ratio | 103.94 | 3.95 |
| P/S ratio | 10.13 | 1.06 |
| P/B ratio | 1.24 | 4.88 |
| EV / EBITDA | 17.95 | 13.52 |
| FCF yield | N/A | 5.69% |
For REITs like Agree Realty Corporation, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | ADC | FSV |
|---|---|---|
| Gross margin | 87.73% | 29.84% |
| Operating margin | 48.35% | 6.24% |
| Net margin | 28.87% | 2.88% |
| ROE | 3.45% | 13.21% |
| ROIC | 3.56% | 7.32% |
Dividends
| Metric | ADC | FSV |
|---|---|---|
| Dividend yield | 4.84% | 0.90% |
| Payout ratio | 170.65% | 33.24% |
Agree Realty Corporation's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | ADC | FSV |
|---|---|---|
| Revenue CAGR (5Y) | 21.41% | 12.78% |
| EPS CAGR (5Y) | 0.11% | 9.22% |
| FCF CAGR (5Y) | N/A | 12.06% |
| Total return CAGR (5Y) | 4.12% | -5.96% |
Frequently asked
- Which has grown faster, ADC or FSV?
- Over the past five years, ADC grew revenue faster — ADC at a 21.41% CAGR versus FSV at 12.78%.
- Does ADC or FSV pay a bigger dividend?
- ADC yields 4.84% and FSV yields 0.90% based on trailing dividends and the latest price.
- Is ADC or FSV more profitable?
- ADC runs the higher net margin — ADC at 28.87% versus FSV at 2.88%.
- How have ADC and FSV total returns compared?
- Over the past 10 years, ADC delivered 8.04% and FSV delivered 11.71% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Agree Realty & FirstService appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified October 5, 2026.