Agree Realty Corporation (ADC) vs Terreno Realty Corporation (TRNO)
A side-by-side comparison of Agree Realty Corporation and Terreno Realty Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 13, 2026. Differences are shown without an overall score or investment verdict.
Total return — ADC vs TRNO
growth of $100 · dividends reinvested · last 10yADC vs TRNO: by the numbers
- •ADC is the larger company ($8.50B vs $6.92B market cap).
- •TRNO converts more revenue to profit (77.27% vs 28.87% net margin).
- •ADC grew revenue faster over the past five years (21.41% vs 20.25% CAGR).
- •ADC pays the higher dividend yield (4.44% vs 3.19%).
Metrics side by side
Valuation
| Metric | ADC | TRNO |
|---|---|---|
| P/E ratio | 38.05 | 17.51 |
| Forward P/E | 37.27 | 30.87 |
| P/S ratio | 10.90 | 13.77 |
| P/B ratio | 1.30 | 1.56 |
| EV / EBITDA | 18.87 | 23.77 |
| FCF yield | N/A | 2.68% |
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 Terreno 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 | TRNO |
|---|---|---|
| Gross margin | 87.73% | 75.84% |
| Operating margin | 48.35% | 41.42% |
| Net margin | 28.87% | 77.27% |
| ROE | 3.45% | 8.77% |
| ROIC | 3.56% | 3.65% |
Dividends
| Metric | ADC | TRNO |
|---|---|---|
| Dividend yield | 4.44% | 3.19% |
| Payout ratio | 170.05% | 55.91% |
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.
Terreno 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 | TRNO |
|---|---|---|
| Revenue CAGR (5Y) | 21.41% | 20.25% |
| EPS CAGR (5Y) | 0.11% | 35.52% |
| FCF CAGR (5Y) | 22.56% | 18.95% |
| Total return CAGR (5Y) | 4.69% | 2.24% |
Frequently asked
- Which has grown faster, ADC or TRNO?
- Over the past five years, ADC grew revenue faster — ADC at a 21.41% CAGR versus TRNO at 20.25%.
- Does ADC or TRNO pay a bigger dividend?
- ADC yields 4.44% and TRNO yields 3.19% based on trailing dividends and the latest price.
- Is ADC or TRNO more profitable?
- TRNO runs the higher net margin — ADC at 28.87% versus TRNO at 77.27%.
- How have ADC and TRNO total returns compared?
- Over the past 10 years, ADC delivered 8.61% and TRNO delivered 12.30% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Agree Realty & Terreno Realty 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 13, 2026.