WallStSmart

Agree Realty Corporation (ADC)vsCurbline Properties Corp. (CURB)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Agree Realty Corporation generates 293% more annual revenue ($718.40M vs $182.89M). ADC leads profitability with a 28.4% profit margin vs 21.8%. ADC trades at a lower P/E of 42.5x. ADC earns a higher WallStSmart Score of 68/100 (B-).

ADC

Strong Buy

68

out of 100

Grade: B-

Growth: 7.3Profit: 7.0Value: 7.3Quality: 3.8
Piotroski: 2/9Altman Z: 1.25

CURB

Buy

52

out of 100

Grade: C-

Growth: 7.3Profit: 6.0Value: 3.0Quality: 7.3
Piotroski: 3/9Altman Z: 13.41
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

ADCSignificantly Overvalued (-48.5%)

Margin of Safety

-48.5%

Fair Value

$51.68

Current Price

$74.22

$22.54 premium

UndervaluedFair: $51.68Overvalued
CURBSignificantly Overvalued (-914.3%)

Margin of Safety

-914.3%

Fair Value

$2.52

Current Price

$25.62

$23.10 premium

UndervaluedFair: $2.52Overvalued

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
1.5x10/10

Reasonable price relative to book value

Operating MarginProfitability
48.3%10/10

Strong operational efficiency at 48.3%

Profit MarginProfitability
28.4%9/10

Keeps 28 of every $100 in revenue as profit

Revenue GrowthGrowth
18.5%8/10

18.5% revenue growth

CURB4 strengths · Avg: 9.8/10
Price/BookValuation
1.4x10/10

Reasonable price relative to book value

Revenue GrowthGrowth
55.1%10/10

Revenue surging 55.1% year-over-year

Altman Z-ScoreHealth
13.4110/10

Safe zone — low bankruptcy risk

Profit MarginProfitability
21.8%9/10

Keeps 22 of every $100 in revenue as profit

Areas to Watch

ADC4 concerns · Avg: 2.5/10
Return on EquityProfitability
3.5%3/10

ROE of 3.5% — below average capital efficiency

Piotroski F-ScoreQuality
2/93/10

Weak financial health signals

P/E RatioValuation
42.5x2/10

Premium valuation, high expectations priced in

Free Cash FlowQuality
$-1.47B2/10

Negative free cash flow — burning cash

CURB4 concerns · Avg: 2.5/10
Return on EquityProfitability
2.1%3/10

ROE of 2.1% — below average capital efficiency

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

P/E RatioValuation
68.9x2/10

Premium valuation, high expectations priced in

EPS GrowthGrowth
-10.2%2/10

Earnings declined 10.2%

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 28.4% and operating margin at 48.3%. Revenue growth of 18.5% demonstrates continued momentum.

Bull Case : CURB

The strongest argument for CURB centers on Price/Book, Revenue Growth, Altman Z-Score. Profitability is solid with margins at 21.8% and operating margin at 18.5%. Revenue growth of 55.1% demonstrates continued momentum.

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 : CURB

The primary concerns for CURB are Return on Equity, Piotroski F-Score, P/E Ratio. A P/E of 68.9x leaves little room for execution misses.

Key Dynamics to Monitor

CURB is growing revenue faster at 55.1% — sustainability is the question.

CURB generates stronger free cash flow (18M), providing more financial flexibility.

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

Bottom Line

ADC scores higher overall (68/100 vs 52/100), 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.

Curbline Properties Corp.

REAL ESTATE · REIT - RETAIL · USA

Curbline Properties Corp. is an innovative real estate investment and development firm focused on redefining urban spaces through sustainable and community-oriented property solutions. With a diverse portfolio encompassing both residential and commercial assets, the company employs rigorous market research and industry expertise to strategically acquire, reposition, and manage properties. Curbline's commitment to transformative development aligns with contemporary urban needs, positioning it for continuous growth and value enhancement in an increasingly competitive marketplace, thereby presenting a promising opportunity for institutional investors.

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