Spirit Realty Capital Inc's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Spirit Realty Capital Inc (SRC) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Spirit Realty Capital Inc vs Its Competitors
- TTM: Trailing 12-month revenue of 754M vs 13,057M combined for its competitors (5.5% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+2.5% annualized vs trailing 12 months), vs decelerating (-24.5%) for its tracked peer group.
- Growth: Spirit Realty Capital Inc generated 5.7% revenue growth year over year in Q3 2023, vs 16.5% for its competitors combined.
- Profitability: Its 19.9% net margin compares with 26.8% for the peer group.
- Peer revenue share: Spirit Realty Capital Inc accounted for 7.3% of combined revenue among its tracked peer group, down from 8.0% a year earlier.
- Peer differentiation: Revenue per employee of $10.48M compares with $11.08M for the peer group (0.9x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
SRC Sales vs. its Competitors, Q3 2023
Spirit Realty Capital Inc reported revenue growth of 5.72 % year on year in Q3 2023, below its competitors' combined revenue growth of 16.45 %.
With a net margin of 19.89 %, Spirit Realty Capital Inc reported lower profitability than its competitors (26.80 %).
Spirit Realty Capital Inc generated 7.27 % of the combined sales of its peer group, down from 7.95 % a year earlier.
API endpoints for this dataset
Spirit Realty Capital Inc vs. its Competitors, Q3 2023
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in Spirit Realty Capital Inc reports; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Spirit Realty Capital Inc and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Spirit Realty Capital Inc | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (2) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (5) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Spirit Realty Capital Inc's competitor groups requires a Commercial License.
For context: the Professional Services industry grew revenue 7.1% year over year, combined, vs 5.7% for Spirit Realty Capital Inc. Spirit Realty Capital Inc's share of combined industry revenue moved from 0.03% to 0.03%, a gain of 0.00 percentage points.
Spirit Realty Capital Inc's Competitor Quality Breadth
Group definitions: see Methodology: Performance Group Definitions.
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Spirit Realty Capital Inc | Yes | Yes | Yes | No |
| Competitors combined (13) | ||||
| High-Confidence Competitors (3) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
SRC Stock Performance relative to its Competitors
SRC Stock Performance relative to High-Confidence Competitors
SRC Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Omega Healthcare Investors Inc | 282.9% | Outperformed |
| 2 | Alpine Income Property Trust Inc | 282.9% | Outperformed |
| 3 | Getty Realty Corp | 282.9% | Outperformed |
| 4 | Realty Income Corporation | 282.9% | Outperformed |
| 5 | Nnn Reit Inc | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Spirit Realty Capital Inc's best-performing competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Publicly Traded Peers of Spirit Realty Capital Inc
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
 Spirit Realty Capital Inc |
5,972.05 | 754.36 |
 Realty Income Corporation |
56,105.57 | 6,205.96 |
 Omega Healthcare Investors Inc |
15,297.01 | 1,282.01 |
 W P Carey Inc |
15,217.44 | 1,828.42 |
 Nnn Reit Inc |
7,867.33 | 953.25 |
 Essential Properties Realty Trust Inc |
6,174.84 | 639.23 |
| SUBTOTAL | 112,350.60 | 13,810.94 |
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Sources: see Methodology: Peer & Competitor Identification, Sourcing.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Spirit Realty Capital Inc versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Spirit Realty Capital Inc's Competitors Named by the Company
Competitive relationships identified from Spirit Realty Capital Inc reports and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Controladora Vuela Compania De Aviacion S a b De C v | Company report | 85% |
| Copa Holdings S a | Company report | 85% |
| Rada Electronic Industries Ltd | Company report | 85% |
| Getty Realty Corp | Company report | 85% |
| Seritage Growth Properties | Company report | 85% |
| Medalist Diversified inc | Company report | 85% |
| Store Capital Llc | Company report | 85% |
| Nnn Reit Inc | Company report | 85% |
| Vereit Inc | Company report | 85% |
| Generation Income Properties Inc | Company report | 85% |
| Essential Properties Realty Trust Inc | Company report | 85% |
| Alpine Income Property Trust Inc | Company report | 85% |
| Realty Income Corporation | Company report | 85% |
| W P Carey Inc | Company report | 85% |
| Epr Properties | Company report | 85% |
| Omega Healthcare Investors Inc | Company report | 85% |
| Presidential Realty Corp | Company report | 85% |
| American Realty Capital Properties, Inc. | Company report | 85% |
| Broadstone Net Lease Inc | Company report | 85% |
| Divall Insured Income Properties 2 Limited Partnership | Company report | 85% |
Company report basis, confidence, active dates and source counts for Spirit Realty Capital Inc's named competitors require a Commercial License.
Methodology: see Methodology: Peer & Competitor Identification, Sourcing.
Spirit Realty Capital Inc's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Omega Healthcare Investors Inc | Triple Net Investments 90.95 % |
| Alpine Income Property Trust Inc | Income Properties Segment 62.62 % |
| Medalist Diversified inc | Investment Properties 100.00 % |
Source: operating segment revenue as reported in each company's reports (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
Spirit Realty Capital Inc's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Spirit Realty Capital Inc | 5,972 | 10,477,208 | 3,595,861 |
| Realty Income Corporation | 56,106 | 11,408,018 | 2,619,897 |
| Omega Healthcare Investors Inc | 15,297 | 18,579,841 | 12,973,507 |
| W P Carey Inc | 15,217 | 9,188,045 | 3,304,859 |
| Nnn Reit Inc | 7,867 | 11,214,671 | 4,525,471 |
| Essential Properties Realty Trust Inc | 6,175 | 11,414,750 | 4,690,607 |
| PEERS TOTAL | 106,379 | 11,083,688 | 3,537,129 |
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Spirit Realty Capital Inc's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Professional Services industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (292 companies). See the full Professional Services industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 95.85 % | 33.63 % (avg) | +62.2 pp |
| Operating Margin | 22.47 % | industry median | +19.3 pp |
| EBITDA Margin | - | 6.18 % (avg) | - |
| Capital Intensity (Capex / Revenue) | 245.03 % | 4.36 % (avg) | +240.7 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Spirit Realty Capital Inc's Valuation vs Competitive Position
Valuation multiples vs the Professional Services industry average (292 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Professional Services industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 21.8x | 26.6x | -4.9x |
| EV / EBITDA | 11.5x | 14.1x | -2.6x |
| P/B | 1.2x | 3.5x | -2.3x |
| Return on Equity | 5.71 % | industry aggregate | -5.80 % |
| Return on Invested Capital | 1.29 % | 1.09 % (avg) | 0.20 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Spirit Realty Capital Inc's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in company reports.| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | 10.69 % | 2.79 % | -2.48 % | -33.46 % | 16.02 % | -6.35 % | 25.80 % | 16.64 % |
| Operating Margin | 4.18 % | 6.68 % | 2.10 % | 42.02 % | 33.63 % | 18.62 % | 36.42 % | 24.90 % |
| Return on Invested Capital | 0.20 % | 0.36 % | 0.10 % | 1.58 % | 1.46 % | 0.68 % | 2.10 % | 1.41 % |
| P/E | 47.9x | 51.4x | 25.4x | 58.2x | 26.2x | 240.3x | 34.7x | 19.0x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Spirit Realty Capital Inc's Strategic Group Map
Spirit Realty Capital Inc is shown in red; its closest peers by combined growth, margin and ROIC are labeled. See Methodology: Strategic Group Map for how this chart is built.
Spirit Realty Capital Inc's trailing-12-month revenue growth of 10.6% and operating margin of 22.5% compares with an average of 9.9% growth and 19.5% margin across its 8 closest peers by combined growth, margin and ROIC -- Spirit Realty Capital Inc sits above that peer average on growth and above it on margin.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Spirit Realty Capital Inc's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 245.03 % vs industry average 4.36 % (see Profitability & Cost Structure above) |
Note: see Methodology: Porter's Five Forces. Supplier power and buyer power are covered on Spirit Realty Capital Inc's dedicated Suppliers and Customers pages, not here.
Spirit Realty Capital Inc's Industry Attractiveness & Competitive Strength
See Methodology: GE/McKinsey Matrix for how the two axes are built.
Spirit Realty Capital Inc falls in the Low attractiveness / High strength cell: Selective.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Spirit Realty Capital Inc's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 19.3 points above the industry median.
- Latest-quarter revenue run-rate is accelerating (+2.5% annualized vs trailing 12 months).
Weaknesses
- Return on equity 5.8 points below the industry aggregate.
Opportunities
- Trades at a lower P/E than the industry average (21.8x vs 26.6x) despite a higher return on invested capital -- a possible re-rating opportunity.
Threats
- Tracked peer group's revenue run-rate is broadly decelerating (-24.5% annualized).
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: see Methodology: SWOT Analysis.
Spirit Realty Capital Inc's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Spirit Realty Capital Inc | 0.39 | 0.44 | 0.82 |
| Realty Income Corporation | 0.22 | 0.96 | 0.08 |
| Omega Healthcare Investors Inc | 0.59 | 1.92 | 0.05 |
| W P Carey Inc | 0.28 | 1.24 | 1.03 |
| Nnn Reit Inc | 0.25 | 0.27 | 0.35 |
| Essential Properties Realty Trust Inc | 0.51 | 15.86 | 0.77 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Spirit Realty Capital Inc's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Spirit Realty Capital Inc | Q3 2023 | +5.7 % | -49.8 % |
| Realty Income Corporation | Q3 2026 | +10.3 % | +36.0 % |
| Omega Healthcare Investors Inc | Q2 2026 | +16.2 % | +170.3 % |
| W P Carey Inc | Q3 2026 | +8.6 % | -0.2 % |
| Nnn Reit Inc | Q2 2026 | +7.7 % | -2.6 % |
| Essential Properties Realty Trust Inc | Q3 2026 | +16.4 % | -8.6 % |
| PEERS TOTAL | +11.0 % | +42.8 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Spirit Realty Capital Inc's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Spirit Realty Capital Inc | Q3 2023 | +220.7 % | - |
| Realty Income Corporation | Q3 2026 | +28.1 % | +129.0 % |
| Omega Healthcare Investors Inc | Q2 2026 | - | -78.7 % |
| W P Carey Inc | Q3 2026 | - | -67.7 % |
| Nnn Reit Inc | Q2 2026 | - | - |
| Essential Properties Realty Trust Inc | Q3 2026 | +15.7 % | - |
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Spirit Realty Capital Inc's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Spirit Realty Capital Inc | 3.02% | 3.02% | 5.71% |
| Realty Income Corporation | 1.89% | 1.89% | 3.44% |
| Omega Healthcare Investors Inc | 8.76% | 8.79% | 16.44% |
| W P Carey Inc | 3.58% | 3.59% | 7.75% |
| Nnn Reit Inc | 4.06% | 4.66% | 8.70% |
| Essential Properties Realty Trust Inc | 3.60% | 3.26% | 5.96% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Spirit Realty Capital Inc's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Spirit Realty Capital Inc | 23.90 | 7.92 |
| Realty Income Corporation | 40.62 | 9.04 |
| Omega Healthcare Investors Inc | 17.21 | 11.93 |
| W P Carey Inc | 22.67 | 8.32 |
| Nnn Reit Inc | 20.34 | 8.25 |
| Essential Properties Realty Trust Inc | 22.91 | 9.66 |
| PEERS AVERAGE | 25.39 | 8.13 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.