Hudson Pacific Properties, Inc. (HPP) vs Net Lease Office Properties (NLOP)

Hudson Pacific Properties, Inc. and Net Lease Office Properties are both Reit Office companies. Hudson Pacific Properties, Inc. is the larger, with a market value of $649.7M against $147.1M — 4.4× the size. Hudson Pacific Properties, Inc. grew revenue faster over the last twelve months: 1.79% against −35.5%. Net Lease Office Properties has the higher net margin (−59.8% vs −70.4%) and the lower return on invested capital (−13.8% vs 0.00%). Both pay a dividend; Hudson Pacific Properties, Inc. yields more (4.93% vs 1.34%). Across the 19 metrics below, Net Lease Office Properties leads on 11 and Hudson Pacific Properties, Inc. on 8.

Valuation

Metric HPP NLOP Reit Office median
P/E n/m n/m 38.94
P/S 0.92 1.94 2.92
P/B 0.29 0.88 0.78
Price to free cash flow 5.62 0.44 14.22
EV/EBITDA 10.97 n/m 12.77
EV/Sales 5.00 1.91 7.03
Earnings yield (75.96%) (30.82%) (3.43%)
Free cash flow yield 17.81% 226.39% 5.85%

Profitability

Metric HPP NLOP Reit Office median
Gross margin 49.36% 89.38% 60.53%
Operating margin (0.01%) (48.17%) 16.84%
Net margin (70.39%) (59.82%) (8.23%)
Free cash flow margin 16.46% 438.71% 16.39%
Return on equity (19.84%) (13.52%) (2.66%)
Return on assets (7.48%) (10.44%) (0.95%)
Return on invested capital 0.00% (13.77%) 1.32%

Growth

Metric HPP NLOP Reit Office median
Revenue growth (TTM) 1.79% (35.45%) 1.08%
EPS growth (last fiscal year) 29.05% (58.74%) —
Revenue growth, 5-year CAGR 0.64% — 4.37%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric HPP NLOP Reit Office median
Debt to equity 1.14 0.13 1.20
Current ratio 1.11 2.37 2.43
Net debt to EBITDA 8.89 1.63 6.91

Dividend

Metric HPP NLOP Reit Office median
Dividend yield 4.93% 1.34% 6.16%
Payout ratio 25.00 — 1.38

Size

Metric HPP NLOP Reit Office median
Market cap 649.65m 147.10m 1.39b

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