Curbline Properties Corp. (CURB) vs Tanger Inc. (SKT)

Curbline Properties Corp. and Tanger Inc. are both Reit Retail companies. Tanger Inc. is the larger, with a market value of $4.0B against $3.3B — 1.2× the size. Tanger Inc. trades at the lower P/E: 31.3× against 105×. Curbline Properties Corp. grew revenue faster over the last twelve months: 54.8% against 11.4%. Tanger Inc. has the higher net margin (20.7% vs 13.1%) and the higher return on invested capital (4.95% vs 0.96%). Across the 19 metrics below, Tanger Inc. leads on 13 and Curbline Properties Corp. on 6.

Valuation

Metric CURB SKT Reit Retail median
P/E 105.41 31.29 24.82
P/S 13.52 6.49 6.69
P/B 1.45 5.67 1.75
Price to free cash flow n/m 34.62 13.29
EV/EBITDA 25.72 16.26 15.42
EV/Sales 15.48 9.16 10.60
Earnings yield 0.95% 3.20% 3.91%
Free cash flow yield (30.00%) 2.89% 2.98%

Profitability

Metric CURB SKT Reit Retail median
Gross margin 86.66% 69.54% 71.78%
Operating margin 17.28% 30.20% 34.62%
Net margin 13.10% 20.74% 27.14%
Free cash flow margin (405.51%) 18.75% 18.82%
Return on equity 1.46% 18.64% 7.05%
Return on assets 1.18% 4.78% 3.40%
Return on invested capital 0.96% 4.95% 3.18%

Growth

Metric CURB SKT Reit Retail median
Revenue growth (TTM) 54.77% 11.37% 8.49%
EPS growth (last fiscal year) 311.11% 12.50% —
Revenue growth, 5-year CAGR — 8.32% 8.62%
Net income growth, 5-year CAGR — 0.00% 1.85%

Health

Metric CURB SKT Reit Retail median
Debt to equity 0.28 2.65 0.94
Current ratio 0.63 2.12 1.62
Net debt to EBITDA 1.28 4.74 5.40

Dividend

Metric CURB SKT Reit Retail median
Dividend yield — 3.66% 4.57%
Payout ratio — 1.05 1.21

Size

Metric CURB SKT Reit Retail median
Market cap 3.27b 4.02b 3.65b

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