Global Net Lease, Inc. (GNL) vs W.P. Carey Inc. (WPC)

Global Net Lease, Inc. and W.P. Carey Inc. are both Reit Diversified companies. W.P. Carey Inc. is the larger, with a market value of $15.2B against $2.0B — 7.6× the size. Global Net Lease, Inc. has negative trailing earnings, so its P/E is not meaningful; W.P. Carey Inc. trades at 22.6×. W.P. Carey Inc. grew revenue faster over the last twelve months: 8.96% against −13.9%. W.P. Carey Inc. has the higher net margin (36.3% vs −12.5%) and the lower return on invested capital (2.69% vs 4.14%). Both pay a dividend; Global Net Lease, Inc. yields more (19.0% vs 7.34%). Across the 21 metrics below, Global Net Lease, Inc. leads on 11 and W.P. Carey Inc. on 10.

Valuation

Metric GNL WPC Reit Diversified median
P/E n/m 22.56 23.72
P/S 3.93 8.34 3.28
P/B 1.20 1.72 0.87
Price to free cash flow 8.98 n/m 9.21
EV/EBITDA 7.52 18.22 11.57
EV/Sales 6.64 13.19 6.64
Earnings yield (3.27%) 4.43% 1.04%
Free cash flow yield 11.13% (0.70%) 0.16%

Profitability

Metric GNL WPC Reit Diversified median
Gross margin 88.78% 90.20% 77.09%
Operating margin 39.64% 41.78% 33.33%
Net margin (12.46%) 36.34% 2.62%
Free cash flow margin 43.76% (5.80%) 3.11%
Return on equity (3.43%) 7.70% 3.13%
Return on assets (1.27%) 3.55% 0.35%
Return on invested capital 4.14% 2.69% 2.80%

Growth

Metric GNL WPC Reit Diversified median
Revenue growth (TTM) (13.87%) 8.96% 5.49%
EPS growth (last fiscal year) (59.21%) 0.96% —
Revenue growth, 5-year CAGR 8.45% 7.26% 4.83%
Net income growth, 5-year CAGR 0.00% 0.48% 0.00%

Health

Metric GNL WPC Reit Diversified median
Debt to equity 0.94 1.02 1.13
Current ratio 0.16 0.22 1.47
Net debt to EBITDA 0.32 6.38 5.88

Dividend

Metric GNL WPC Reit Diversified median
Dividend yield 19.04% 7.34% 7.13%
Payout ratio — 1.19 1.37

Size

Metric GNL WPC Reit Diversified median
Market cap 2.00b 15.16b 729.58m

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