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Side-by-side financial comparison of AGREE REALTY CORP (ADC) and COPT DEFENSE PROPERTIES (CDP). Click either name above to swap in a different company.
AGREE REALTY CORP is the larger business by last-quarter revenue ($200.8M vs $197.4M, roughly 1.0× COPT DEFENSE PROPERTIES). AGREE REALTY CORP runs the higher net margin — 31.0% vs 20.0%, a 11.0% gap on every dollar of revenue. On growth, AGREE REALTY CORP posted the faster year-over-year revenue change (18.7% vs 7.6%). Over the past eight quarters, AGREE REALTY CORP's revenue compounded faster (14.7% CAGR vs 1.1%).
Duke Realty was a real estate investment trust (REIT) based in Indianapolis, Indiana, that invested in industrial properties. As of December 31, 2021, it owned or jointly controlled 548 primarily industrial properties containing 162.7 million rentable square feet. In October 2022, it was acquired by Prologis.
COPT Defense Properties is a real estate investment trust that invests in office buildings, mostly in the suburbs of the Washington, D.C. metropolitan area. It primarily leases to the U.S. government or companies in the arms industry. As of December 31, 2024, the company owned 164 office buildings comprising 16.5 million square feet and 31 single-tenant data centers comprising 5.9 million square feet.
ADC vs CDP — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $200.8M | $197.4M |
| Net Profit | $62.2M | $39.4M |
| Gross Margin | — | — |
| Operating Margin | 49.1% | 19.9% |
| Net Margin | 31.0% | 20.0% |
| Revenue YoY | 18.7% | 7.6% |
| Net Profit YoY | 32.0% | 8.0% |
| EPS (diluted) | $1.04 | $0.32 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $200.8M | — | ||
| Q4 25 | $190.5M | $197.4M | ||
| Q3 25 | $183.2M | $188.8M | ||
| Q2 25 | $175.5M | $189.9M | ||
| Q1 25 | $169.2M | $187.9M | ||
| Q4 24 | $160.7M | $183.4M | ||
| Q3 24 | $154.3M | $189.2M | ||
| Q2 24 | $152.6M | $187.3M |
| Q1 26 | $62.2M | — | ||
| Q4 25 | $56.0M | $39.4M | ||
| Q3 25 | $52.1M | $43.7M | ||
| Q2 25 | $49.2M | $40.2M | ||
| Q1 25 | $47.0M | $36.2M | ||
| Q4 24 | $45.2M | $36.5M | ||
| Q3 24 | $44.4M | $37.4M | ||
| Q2 24 | $54.7M | $36.4M |
| Q1 26 | 49.1% | — | ||
| Q4 25 | 48.5% | 19.9% | ||
| Q3 25 | 47.6% | 22.5% | ||
| Q2 25 | 46.7% | 21.0% | ||
| Q1 25 | 46.5% | 19.1% | ||
| Q4 24 | 46.9% | 19.7% | ||
| Q3 24 | 48.2% | 19.8% | ||
| Q2 24 | 53.7% | 19.4% |
| Q1 26 | 31.0% | — | ||
| Q4 25 | 29.4% | 20.0% | ||
| Q3 25 | 28.4% | 23.2% | ||
| Q2 25 | 28.0% | 21.1% | ||
| Q1 25 | 27.8% | 19.3% | ||
| Q4 24 | 28.1% | 19.9% | ||
| Q3 24 | 28.8% | 19.8% | ||
| Q2 24 | 35.9% | 19.4% |
| Q1 26 | $1.04 | — | ||
| Q4 25 | $0.47 | $0.32 | ||
| Q3 25 | $0.45 | $0.37 | ||
| Q2 25 | $0.43 | $0.34 | ||
| Q1 25 | $0.42 | $0.31 | ||
| Q4 24 | $0.41 | $0.31 | ||
| Q3 24 | $0.42 | $0.32 | ||
| Q2 24 | $0.52 | $0.31 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $25.1M | $275.0M |
| Total DebtLower is stronger | — | $2.8B |
| Stockholders' EquityBook value | $6.2B | $1.5B |
| Total Assets | $10.2B | $4.7B |
| Debt / EquityLower = less leverage | — | 1.83× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $25.1M | — | ||
| Q4 25 | $16.3M | $275.0M | ||
| Q3 25 | $13.7M | $23.7M | ||
| Q2 25 | $5.8M | $21.3M | ||
| Q1 25 | $7.9M | $24.3M | ||
| Q4 24 | $6.4M | $38.3M | ||
| Q3 24 | $13.2M | $34.5M | ||
| Q2 24 | $9.6M | $100.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.8B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.4B |
| Q1 26 | $6.2B | — | ||
| Q4 25 | $6.3B | $1.5B | ||
| Q3 25 | $5.9B | $1.5B | ||
| Q2 25 | $5.7B | $1.5B | ||
| Q1 25 | $5.6B | $1.5B | ||
| Q4 24 | $5.5B | $1.5B | ||
| Q3 24 | $5.3B | $1.5B | ||
| Q2 24 | $5.2B | $1.5B |
| Q1 26 | $10.2B | — | ||
| Q4 25 | $9.8B | $4.7B | ||
| Q3 25 | $9.5B | $4.4B | ||
| Q2 25 | $9.1B | $4.3B | ||
| Q1 25 | $8.8B | $4.3B | ||
| Q4 24 | $8.5B | $4.3B | ||
| Q3 24 | $8.2B | $4.2B | ||
| Q2 24 | $8.0B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.83× | ||
| Q3 25 | — | 1.62× | ||
| Q2 25 | — | 1.63× | ||
| Q1 25 | — | 1.62× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | — | 1.61× | ||
| Q2 24 | — | 1.61× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $309.9M |
| Free Cash FlowOCF − Capex | — | $288.9M |
| FCF MarginFCF / Revenue | — | 146.4% |
| Capex IntensityCapex / Revenue | — | 10.7% |
| Cash ConversionOCF / Net Profit | — | 7.87× |
| TTM Free Cash FlowTrailing 4 quarters | — | $501.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $504.1M | $309.9M | ||
| Q3 25 | $146.5M | $68.6M | ||
| Q2 25 | $119.6M | $87.9M | ||
| Q1 25 | $126.7M | $72.1M | ||
| Q4 24 | $432.0M | $331.0M | ||
| Q3 24 | $128.6M | $65.1M | ||
| Q2 24 | $112.8M | $93.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $288.9M | ||
| Q3 25 | — | $62.9M | ||
| Q2 25 | — | $84.5M | ||
| Q1 25 | — | $65.1M | ||
| Q4 24 | $89.4M | $299.6M | ||
| Q3 24 | $-87.4M | $61.0M | ||
| Q2 24 | $-74.8M | $88.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 146.4% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 44.5% | ||
| Q1 25 | — | 34.7% | ||
| Q4 24 | 55.6% | 163.3% | ||
| Q3 24 | -56.6% | 32.3% | ||
| Q2 24 | -49.0% | 47.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 10.7% | ||
| Q3 25 | — | 3.0% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 3.7% | ||
| Q4 24 | 213.1% | 17.1% | ||
| Q3 24 | 140.0% | 2.1% | ||
| Q2 24 | 123.0% | 2.9% |
| Q1 26 | — | — | ||
| Q4 25 | 9.00× | 7.87× | ||
| Q3 25 | 2.81× | 1.57× | ||
| Q2 25 | 2.43× | 2.19× | ||
| Q1 25 | 2.70× | 1.99× | ||
| Q4 24 | 9.55× | 9.08× | ||
| Q3 24 | 2.90× | 1.74× | ||
| Q2 24 | 2.06× | 2.58× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
