COMP <GO>

ADC vs HSBC // 10Y YIELD & FRED MACRO BETA

Agree Realty Corporation (NYSE) VS. HSBC Holdings plc. (NYSE) • 15-METRIC TALLY: ADC 6 — HSBC 7

▲ 10Y YIELD & FRED MACRO BETA LEADER: HSBC

LAST: $67.07 (-0.80%) • MKT CAP: $8.80B

macro-sensitivity

0.90

LAST: $85.42 (-1.36%) • MKT CAP: $297.33B

macro-sensitivity

0.92

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (ADC VS. HSBC) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	ADC	HSBC	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	41.00%	41.00%	0.00	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	3.50%	9.90%	-6.40	HSBC	/roic <GO>
EV/EBITDA & P/E Valuation	27.9x	21.0x	+6.90	HSBC	/valuation <GO>
Free Cash Flow Yield	5.36%	2.21%	+3.15	ADC	/fcf-yield <GO>
Operating Margin	47.40%	13.90%	+33.50	ADC	/operating-margins <GO>
Net Profit Margin	28.40%	10.90%	+17.50	ADC	/net-margins <GO>
Revenue Growth (YoY)	16.40%	23.10%	-6.70	HSBC	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	3.87%	0.00%	+3.87	ADC	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	2.35	3.74	-1.39	HSBC	/balance-sheet <GO>
Piotroski F-Score Quality	9/9	8/9	+1.00	ADC	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	6.60%	6.60%	0.00	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	49.6	25.0	+24.58	ADC	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta ACTIVE	0.90	0.92	-0.02	HSBC	/macro-sensitivity <GO>
Forward P/E Multiple	36.1x	27.6x	+8.50	HSBC	/forward-pe <GO>
Enterprise Scale & Market Cap	$8.80B	$297.33B	-$288.53B	HSBC	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	ADC REV	HSBC REV	ADC GROSS %	HSBC GROSS %	ADC FCF	HSBC FCF
FY 2025	$718.4M	—	44.0%	—	$471.8M	—
FY 2024	$617.1M	—	44.0%	—	-$442.5M	—
FY 2023	$537.5M	—	44.0%	—	$367.4M	—

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

ADC // BETA 0.90

HSBC // BETA 0.92