I own several scopes made by both manufacturers. Like others have posted here, when you decide to cross into the upper echelon of precision rifle glass, it becomes a matter of preference rather than “the best.”
Between the S&B PMII 5-25 F1 and the NF ATACR 5-25 F1 I see it this way:
Optical clarity goes to S&B. Not by much but I find that Schmidt has a slight advantage over NF in the glass quality and usefulness across all levels of magnification.
Illumination hands down goes to NF. This is the only area where I feel S&B doesn’t doesn’t bring their “A” game and every NF I own has bright, usable illumination in both day and night applications. Although, I just picked up the S&B LRR-Mil reticle and the illumination is top notch. I think Schmidt is working on better ways to illuminate their reticles and we’ll see some innovation from them shortly.
Parallax goes to S&B. Especially at 0-200 and 800+ ranges, S&B is dead on with parallax adjustment. In between those ranges is a toss up.
Zero stop function goes to S&B. Again this is user preference but Schmidt scopes make it simpler to set zero. Simply loosen the 2 2mm hex screws on the windage and elevation turrets, dial back to zero, and retighten. NF zero stop isn’t difficult to set, again a purely subjective viewpoint.
Turret design and function, S&B. The MTC turrets are on a level above every other scope manufacturer on the market. Every click is crisp, sharp, and distinct. The thud every full mil is a genius design and allows the user to manipulate dope settings without actually looking at the turret.
My favorite reticle on the market on the NF Mil-C. I believe hands down it’s the most versatile reticle on the market for those who choose to dial every adjustment and it works in both long range and tactical shooting scenarios.
Lastly, for those that run scope caps, the fact that the entire ocular lens on NF scopes rotates when making a magnification adjustment can be a pain in the ass. I find it becomes one more thing that I have to worry about when I’m trying to take a well aimed shot. The cap always seems to get in the way of bolt manipulation, especially when trying to engage multiple targets at different distances when you’re going back and forth between higher and lower magnification settings.
Overall, my vote goes to S&B. I own both and if it came down to getting rid of the Schmidts or the NF’s, I’d keep the Schmidts. If you’re going to invest the $ in a tier 1 precision rifle scope, Schmidt doesn’t disappoint.