WallStSmart

Agree Realty Corporation (ADC)vsNetstreit Corp (NTST)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Agree Realty Corporation generates 256% more annual revenue ($779.62M vs $219.16M). ADC leads profitability with a 28.8% profit margin vs 6.3%. ADC trades at a lower P/E of 39.1x. ADC earns a higher WallStSmart Score of 64/100 (C+).

ADC

Buy

64

out of 100

Grade: C+

Growth: 6.7Profit: 7.0Value: 8.0Quality: 4.0
Piotroski: 3/9Altman Z: 1.16

NTST

Buy

58

out of 100

Grade: C

Growth: 9.3Profit: 5.5Value: 5.7Quality: 4.0
Piotroski: 5/9Altman Z: 0.86
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

ADCUndervalued (+79.3%)

Margin of Safety

+79.3%

Fair Value

$370.90

Current Price

$71.23

$299.67 discount

UndervaluedFair: $370.90Overvalued
NTSTUndervalued (+48.8%)

Margin of Safety

+48.8%

Fair Value

$37.60

Current Price

$19.64

$17.96 discount

UndervaluedFair: $37.60Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

ADC5 strengths · Avg: 9.4/10
PEG RatioValuation
0.1310/10

Growing faster than its price suggests

Price/BookValuation
1.4x10/10

Reasonable price relative to book value

Operating MarginProfitability
48.1%10/10

Strong operational efficiency at 48.1%

Profit MarginProfitability
28.8%9/10

Keeps 29 of every $100 in revenue as profit

Revenue GrowthGrowth
16.8%8/10

16.8% revenue growth

NTST4 strengths · Avg: 9.5/10
Price/BookValuation
1.3x10/10

Reasonable price relative to book value

Operating MarginProfitability
39.0%10/10

Strong operational efficiency at 39.0%

EPS GrowthGrowth
52.7%10/10

Earnings expanding 52.7% YoY

Revenue GrowthGrowth
26.9%8/10

Revenue surging 26.9% year-over-year

Areas to Watch

ADC4 concerns · Avg: 3.5/10
P/E RatioValuation
39.1x4/10

Premium valuation, high expectations priced in

EPS GrowthGrowth
2.1%4/10

2.1% earnings growth

Return on EquityProfitability
3.5%3/10

ROE of 3.5% — below average capital efficiency

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

NTST4 concerns · Avg: 2.5/10
Return on EquityProfitability
0.7%3/10

ROE of 0.7% — below average capital efficiency

Profit MarginProfitability
6.3%3/10

6.3% margin — thin

P/E RatioValuation
143.1x2/10

Premium valuation, high expectations priced in

Free Cash FlowQuality
$-205.36M2/10

Negative free cash flow — burning cash

Comparative Analysis Report

WallStSmart Research

Bull Case : ADC

The strongest argument for ADC centers on PEG Ratio, Price/Book, Operating Margin. Profitability is solid with margins at 28.8% and operating margin at 48.1%. Revenue growth of 16.8% demonstrates continued momentum.

Bull Case : NTST

The strongest argument for NTST centers on Price/Book, Operating Margin, EPS Growth. Revenue growth of 26.9% demonstrates continued momentum.

Bear Case : ADC

The primary concerns for ADC are P/E Ratio, EPS Growth, Return on Equity.

Bear Case : NTST

The primary concerns for NTST are Return on Equity, Profit Margin, P/E Ratio. A P/E of 143.1x leaves little room for execution misses.

Key Dynamics to Monitor

NTST carries more volatility with a beta of 0.80 — expect wider price swings.

NTST is growing revenue faster at 26.9% — sustainability is the question.

NTST generates stronger free cash flow (-205M), providing more financial flexibility.

Monitor REIT - RETAIL industry trends, competitive dynamics, and regulatory changes.

Bottom Line

ADC scores higher overall (64/100 vs 58/100), backed by strong 28.8% margins and 16.8% revenue growth. NTST offers better value entry with a 48.8% margin of safety. Both earn "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.

Netstreit Corp

REAL ESTATE · REIT - RETAIL · USA

NETSTREIT is an internally managed Real Estate Investment Trust (REIT) based in Dallas, Texas that specializes in acquiring single tenant net lease retail properties nationwide.

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