NETSTREIT Corp. (NTST) vs Tanger Inc. (SKT)

NETSTREIT Corp. and Tanger Inc. are both Reit Retail companies. Tanger Inc. is the larger, with a market value of $4.4B against $2.4B — 1.9× the size. Tanger Inc. trades at the lower P/E: 34.0× against 87.1×. NETSTREIT Corp. grew revenue faster over the last twelve months: 27.1% against 11.2%. Tanger Inc. has the higher net margin (20.6% vs 9.18%) and the higher return on invested capital (5.04% vs 1.52%). Both pay a dividend; NETSTREIT Corp. yields more (4.69% vs 3.18%). Across the 22 metrics below, NETSTREIT Corp. leads on 11 and Tanger Inc. on 11.

Valuation

Metric NTST SKT Reit Retail median
P/E 87.15 34.02 23.86
P/S 8.17 7.08 7.21
P/B 0.96 6.22 1.73
Price to free cash flow n/m 38.53 17.66
EV/EBITDA 16.67 17.52 15.88
EV/Sales 13.02 9.67 10.96
Earnings yield 1.15% 2.94% 4.19%
Free cash flow yield (37.57%) 2.60% 3.06%

Profitability

Metric NTST SKT Reit Retail median
Gross margin 90.43% 69.71% 70.74%
Operating margin 32.49% 30.08% 37.16%
Net margin 9.18% 20.58% 29.40%
Free cash flow margin (306.90%) 0.00% 22.60%
Return on equity 1.31% 17.82% 7.18%
Return on assets 0.76% 4.85% 3.65%
Return on invested capital 1.52% 5.04% 3.23%

Growth

Metric NTST SKT Reit Retail median
Revenue growth (TTM) 27.07% 11.18% 8.70%
EPS growth (last fiscal year) 150.00% 12.50% 16.00%
Revenue growth, 5-year CAGR 42.04% 8.32% 8.62%
Net income growth, 5-year CAGR 58.59% 0.00% 1.85%

Health

Metric NTST SKT Reit Retail median
Debt to equity 0.59 2.34 0.94
Current ratio 2.77 0.40 1.14
Net debt to EBITDA 7.56 4.74 5.40

Dividend

Metric NTST SKT Reit Retail median
Dividend yield 4.69% 3.18% 4.16%
Payout ratio 4.10 1.10 1.09

Size

Metric NTST SKT Reit Retail median
Market cap 2.37b 4.41b 4.00b

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