InvenTrust Properties Corp. (IVT) vs Tanger Inc. (SKT)

InvenTrust Properties Corp. and Tanger Inc. are both Reit Retail companies. Tanger Inc. is the larger, with a market value of $4.0B against $2.4B — 1.7× the size. Tanger Inc. trades at the lower P/E: 31.3× against 153×. Tanger Inc. grew revenue faster over the last twelve months: 11.4% against 10.5%. Tanger Inc. has the higher net margin (20.7% vs 4.80%) and the higher return on invested capital (4.95% vs 1.17%). Both pay a dividend; Tanger Inc. yields more (3.66% vs 3.38%). Across the 21 metrics below, Tanger Inc. leads on 15 and InvenTrust Properties Corp. on 6.

Valuation

Metric IVT SKT Reit Retail median
P/E 152.65 31.29 24.82
P/S 7.50 6.49 6.69
P/B 1.35 5.67 1.75
Price to free cash flow n/m 34.62 13.29
EV/EBITDA 17.77 16.26 15.42
EV/Sales 10.72 9.16 10.60
Earnings yield 0.66% 3.20% 3.91%
Free cash flow yield (18.21%) 2.89% 2.98%

Profitability

Metric IVT SKT Reit Retail median
Gross margin 72.56% 69.54% 71.78%
Operating margin 16.42% 30.20% 34.62%
Net margin 4.80% 20.74% 27.14%
Free cash flow margin (136.60%) 18.75% 18.82%
Return on equity 0.85% 18.64% 7.05%
Return on assets 0.53% 4.78% 3.40%
Return on invested capital 1.17% 4.95% 3.18%

Growth

Metric IVT SKT Reit Retail median
Revenue growth (TTM) 10.51% 11.37% 8.49%
EPS growth (last fiscal year) 647.37% 12.50% —
Revenue growth, 5-year CAGR 8.62% 8.32% 8.62%
Net income growth, 5-year CAGR 0.00% 0.00% 1.85%

Health

Metric IVT SKT Reit Retail median
Debt to equity 0.62 2.65 0.94
Current ratio 1.73 2.12 1.62
Net debt to EBITDA 4.40 4.74 5.40

Dividend

Metric IVT SKT Reit Retail median
Dividend yield 3.38% 3.66% 4.57%
Payout ratio 14.02 1.05 1.21

Size

Metric IVT SKT Reit Retail median
Market cap 2.38b 4.02b 3.65b

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