Agree Realty Corporation (ADC) vs NNN REIT, Inc. (NNN)
A side-by-side comparison of Agree Realty Corporation and NNN REIT, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 10, 2026. Differences are shown without an overall score or investment verdict.
Total return — ADC vs NNN
growth of $100 · dividends reinvested · last 10yADC vs NNN: by the numbers
- •ADC is the larger company ($8.55B vs $8.35B market cap).
- •NNN converts more revenue to profit (40.35% vs 28.87% net margin).
- •ADC grew revenue faster over the past five years (21.41% vs 6.97% CAGR).
- •NNN pays the higher dividend yield (5.52% vs 4.42%).
Metrics side by side
Valuation
| Metric | ADC | NNN |
|---|---|---|
| P/E ratio | 38.30 | 21.50 |
| Forward P/E | 37.43 | 21.36 |
| P/S ratio | 10.97 | 8.76 |
| P/B ratio | 1.31 | 1.87 |
| EV / EBITDA | 18.96 | 15.36 |
| FCF yield | N/A | 2.92% |
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.
For REITs like NNN REIT, Inc., 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 | NNN |
|---|---|---|
| Gross margin | 87.73% | 38.00% |
| Operating margin | 48.35% | 62.03% |
| Net margin | 28.87% | 40.35% |
| ROE | 3.45% | 8.62% |
| ROIC | 3.56% | 6.18% |
Dividends
| Metric | ADC | NNN |
|---|---|---|
| Dividend yield | 4.42% | 5.52% |
| Payout ratio | 170.05% | 118.63% |
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.
NNN REIT, Inc.'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 | NNN |
|---|---|---|
| Revenue CAGR (5Y) | 21.41% | 6.97% |
| EPS CAGR (5Y) | 0.11% | 11.15% |
| FCF CAGR (5Y) | 22.56% | 8.18% |
| Total return CAGR (5Y) | 4.77% | 4.79% |
Frequently asked
- Which has grown faster, ADC or NNN?
- Over the past five years, ADC grew revenue faster — ADC at a 21.41% CAGR versus NNN at 6.97%.
- Does ADC or NNN pay a bigger dividend?
- ADC yields 4.42% and NNN yields 5.52% based on trailing dividends and the latest price.
- Is ADC or NNN more profitable?
- NNN runs the higher net margin — ADC at 28.87% versus NNN at 40.35%.
- How have ADC and NNN total returns compared?
- Over the past 10 years, ADC delivered 8.66% and NNN delivered 3.99% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Agree Realty & NNN REIT 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 September 10, 2026.