Agree Realty Corp (ADC) is slightly overvalued and Realty Income Corp (O) is undervalued.
Against our estimates of intrinsic value, O trades at the wider discount: a margin of safety of +54%, against -16% for ADC.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.1% (average of 3 methods) values the shares at $58.10; the price of $67.32 is 16% above that value, and 84% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
Discounting its cash flows at 8.8% (average of 3 methods) values the shares at $123.83; the price of $56.53 is 54% below that value, and 78% of that value comes from beyond year five.
Leak Score 60/100 on 7 of 12 signals
| Metric | ADC | O |
|---|---|---|
| Verdict | Slightly overvalued | Undervalued |
| Price | $67.32 | $56.53 |
| Intrinsic value | $58.10 | $123.83 |
| Margin of safety | -16% | +54% |
| Leak Score | 0/100 (2/12) | 60/100 (7/12) |
| Market cap | $8.4B | $53.5B |
| Revenue growth, 5 years | 23.6% | 27.8% |
| Operating margin | 48.4% | 45.6% |
| Net margin | 27.8% | 20.9% |
| Return on equity | 3.7% | 3.2% |
| Debt to equity | 0.60 | 0.83 |
| P/E | 36.3x | 41.4x |
| Forward P/E | 34.2x | 33.5x |
| P/B | 1.3x | 1.4x |
| Dividend yield | 4.8% | 5.8% |