Agree Realty Corporation (ADC)vsNational Retail Properties Inc (NNN)
ADC
Agree Realty Corporation
$74.22
-1.36%
REAL ESTATE · Cap: $9.06B
NNN
National Retail Properties Inc
$41.99
-0.87%
REAL ESTATE · Cap: $8.05B
Smart Verdict
WallStSmart Research — data-driven comparison
National Retail Properties Inc generates 29% more annual revenue ($926.21M vs $718.40M). NNN leads profitability with a 42.1% profit margin vs 28.4%. ADC appears more attractively valued with a PEG of 0.13. ADC earns a higher WallStSmart Score of 68/100 (B-).
ADC
Strong Buy68
out of 100
Grade: B-
NNN
Buy54
out of 100
Grade: C-
Intrinsic Value Comparison
Multi-model valuation · Graham Formula
Margin of Safety
-48.5%
Fair Value
$51.68
Current Price
$74.22
$22.54 premium
Margin of Safety
-206.0%
Fair Value
$14.08
Current Price
$41.99
$27.91 premium
Key Strengths & Concerns
Side-by-side fundamental analysis
Key Strengths
Growing faster than its price suggests
Reasonable price relative to book value
Strong operational efficiency at 48.3%
Keeps 28 of every $100 in revenue as profit
18.5% revenue growth
Keeps 42 of every $100 in revenue as profit
Strong operational efficiency at 62.2%
Reasonable price relative to book value
Areas to Watch
ROE of 3.5% — below average capital efficiency
Weak financial health signals
Premium valuation, high expectations priced in
Negative free cash flow — burning cash
Weak financial health signals
Expensive relative to growth rate
Earnings declined 2.2%
Negative free cash flow — burning cash
Comparative Analysis Report
WallStSmart ResearchBull Case : ADC
The strongest argument for ADC centers on PEG Ratio, Price/Book, Operating Margin. Profitability is solid with margins at 28.4% and operating margin at 48.3%. Revenue growth of 18.5% demonstrates continued momentum.
Bull Case : NNN
The strongest argument for NNN centers on Profit Margin, Operating Margin, Price/Book. Profitability is solid with margins at 42.1% and operating margin at 62.2%.
Bear Case : ADC
The primary concerns for ADC are Return on Equity, Piotroski F-Score, P/E Ratio. A P/E of 42.5x leaves little room for execution misses.
Bear Case : NNN
The primary concerns for NNN are Piotroski F-Score, PEG Ratio, EPS Growth.
Key Dynamics to Monitor
ADC profiles as a growth stock while NNN is a mature play — different risk/reward profiles.
NNN carries more volatility with a beta of 0.82 — expect wider price swings.
ADC is growing revenue faster at 18.5% — sustainability is the question.
NNN generates stronger free cash flow (-811M), providing more financial flexibility.
Bottom Line
ADC scores higher overall (68/100 vs 54/100), backed by strong 28.4% margins and 18.5% revenue growth. Both earn "Strong Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.
This analysis is generated from publicly available financial data. Not financial advice.
Agree Realty Corporation
REAL ESTATE · REIT - RETAIL · USA
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of net leased properties to industry leading retail tenants.
National Retail Properties Inc
REAL ESTATE · REIT - RETAIL · USA
National Retail Properties invests primarily in high-quality retail properties generally subject to long-term net leases.
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