Essential Properties Realty Trust, Inc. (EPRT) vs Macerich Company (The) (MAC)

Essential Properties Realty Trust, Inc. and Macerich Company (The) are both Reit Retail companies. Macerich Company (The) is the larger, with a market value of $6.7B against $5.8B — 1.2× the size. Macerich Company (The) has negative trailing earnings, so its P/E is not meaningful; Essential Properties Realty Trust, Inc. trades at 20.6×. Essential Properties Realty Trust, Inc. grew revenue faster over the last twelve months: 22.3% against 1.34%. Essential Properties Realty Trust, Inc. has the higher net margin (43.5% vs −16.9%) and the higher return on invested capital (3.35% vs 1.38%). Both pay a dividend; Essential Properties Realty Trust, Inc. yields more (4.54% vs 4.07%). Across the 21 metrics below, Essential Properties Realty Trust, Inc. leads on 16 and Macerich Company (The) on 5.

Valuation

Metric EPRT MAC Reit Retail median
P/E 20.57 n/m 24.82
P/S 9.32 6.16 6.69
P/B 1.29 2.13 1.75
Price to free cash flow n/m n/m 13.29
EV/EBITDA 15.02 19.02 15.42
EV/Sales 13.82 10.67 10.60
Earnings yield 4.86% (2.87%) 3.91%
Free cash flow yield (13.58%) (1.63%) 2.98%

Profitability

Metric EPRT MAC Reit Retail median
Gross margin 98.96% 53.96% 71.78%
Operating margin 62.80% 16.30% 34.62%
Net margin 43.51% (16.85%) 27.14%
Free cash flow margin (126.59%) (10.04%) 18.82%
Return on equity 6.46% (6.09%) 7.05%
Return on assets 3.89% (1.97%) 3.40%
Return on invested capital 3.35% 1.38% 3.18%

Growth

Metric EPRT MAC Reit Retail median
Revenue growth (TTM) 22.30% 1.34% 8.49%
EPS growth (last fiscal year) 11.30% 11.36% —
Revenue growth, 5-year CAGR 27.89% 5.22% 8.62%
Net income growth, 5-year CAGR 43.03% 0.00% 1.85%

Health

Metric EPRT MAC Reit Retail median
Debt to equity 0.65 1.67 0.94
Current ratio 8.17 0.88 1.62
Net debt to EBITDA 4.67 8.03 5.40

Dividend

Metric EPRT MAC Reit Retail median
Dividend yield 4.54% 4.07% 4.57%
Payout ratio 0.96 2.50 1.21

Size

Metric EPRT MAC Reit Retail median
Market cap 5.77b 6.68b 3.65b

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