EPR Properties (EPR) vs Fermi Inc. (FRMI)

EPR Properties and Fermi Inc. are both Reit Specialty companies. EPR Properties is the larger, with a market value of $4.4B against $3.0B — 1.5× the size. Fermi Inc. has negative trailing earnings, so its P/E is not meaningful; EPR Properties trades at 18.1×. EPR Properties has the higher net margin (32.2% vs 0.00%) and the higher return on invested capital (4.58% vs −24.3%). Across the 12 metrics below, EPR Properties leads on 9 and Fermi Inc. on 3.

Valuation

Metric EPR FRMI Reit Specialty median
P/E 18.10 n/m 26.27
P/S 5.86 n/m 5.86
P/B 1.88 2.79 2.19
Price to free cash flow n/m n/m 14.62
EV/EBITDA 12.74 n/m 16.22
EV/Sales 10.26 n/m 8.93
Earnings yield 5.53% (32.29%) 3.43%
Free cash flow yield (3.80%) (43.05%) 5.37%

Profitability

Metric EPR FRMI Reit Specialty median
Gross margin 91.91% — 67.43%
Operating margin 55.09% 0.00% 21.38%
Net margin 32.20% 0.00% 16.14%
Free cash flow margin (22.28%) 0.00% 31.07%
Return on equity 10.31% (134.87%) 4.76%
Return on assets 4.12% (74.99%) 3.29%
Return on invested capital 4.58% (24.28%) 4.19%

Growth

Metric EPR FRMI Reit Specialty median
Revenue growth (TTM) 4.47% — 5.36%
EPS growth (last fiscal year) 105.00% — —
Revenue growth, 5-year CAGR 11.62% — 6.70%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric EPR FRMI Reit Specialty median
Debt to equity 1.43 0.00 0.62
Current ratio 9.51 0.61 0.70
Net debt to EBITDA 4.78 2.30 4.47

Dividend

Metric EPR FRMI Reit Specialty median
Dividend yield 7.75% — 3.88%
Payout ratio 1.77 — 1.14

Size

Metric EPR FRMI Reit Specialty median
Market cap 4.35b 2.98b 8.48b

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