A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
AGREE REALTY CORP
ADC
$9.0B
Mkt Cap
$80.63
+1.03%
AGREE REALTY CORP (ADC) has a current P/E ratio of 45.6, compared to its historical median P/E of 31.7. The stock is currently considered Expensive based on its historical valuation range.
AGREE REALTY CORP (ADC) has a 5-year average return on invested capital (ROIC) of 4.0%. This is below average and may indicate limited pricing power.
AGREE REALTY CORP (ADC) has a market capitalization of $9.7B. It is classified as a mid-cap stock.
Yes, AGREE REALTY CORP (ADC) pays a dividend with a trailing twelve-month yield of 3.65%. The company also returns capital through share buybacks, with a buyback yield of 0.06%.
Based on historical P/E analysis, AGREE REALTY CORP (ADC) appears expensive. The current P/E of 45.6 is 44% above its historical median of 31.7. The estimated fair value CAGR (P/E method) is -0.9%.
AGREE REALTY CORP (ADC) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
AGREE REALTY CORP (ADC) reported annual revenue of $718 million in its most recent fiscal year, based on SEC EDGAR filings.
Agree Realty Corporation is a fully integrated REIT that owns, acquires, develops, and manages retail properties net leased to industry-leading tenants across all 50 states. As of December 31, 2025, the company's portfolio comprised 2,674 properties totaling approximately 55.5 million square feet of gross leasable area, leased at 99.7% occupancy with a weighted average remaining lease term of 7.8 years. The company operates through three external growth platforms—acquisitions, development, and developer funding partnerships—targeting the same high-quality national tenant base, with approximately 66.8% of annualized base rent derived from investment-grade-rated tenants or their parent entities. Substantially all tenants operate under net lease agreements, whereby tenants bear responsibility for minimum rent and property operating expenses including taxes, insurance, and maintenance, providing the company with predictable, low-maintenance cash flows. The company's competitive positioning is strengthened by its fortress balance sheet, deep relationships with leading retailers, and disciplined underwriting standards, enabling it to source and execute on a growing pipeline of opportunities while maintaining a defensive portfolio posture and a growing dividend.
【Strong earnings growth trajectory】 Management expects 2026 to deliver approximately 5.4% year-over-year AFFO per share growth at the midpoint, representing the highest earnings growth since 2022 and demonstrating consistent execution on the company's multi-year earnings algorithm. The company is well-positioned to execute on the high end of its 2026 investment guidance of $1.4–$1.6 billion without raising additional equity, supported by a fortress balance sheet with no material debt maturities until 2028, over $2 billion of total liquidity, and $1.6 billion of hedged capital. Development and developer funding platforms are expected to meaningfully ramp in the second and third quarters of 2026, with the company targeting $250 million in annual development commencements as a medium-term goal. The portfolio continues to perform well with minimal credit loss anticipated, and the company expects to generate over $140 million in free cash flow after the dividend in 2026, providing additional cost-efficient capital to fund growth while maintaining a healthy and growing dividend.
| Metric | Target | Period |
|---|---|---|
| AFFO per share | $4.54–$4.58 | FY2026 |
| Investment volume | $1.4–$1.6 billion | FY2026 |
| Free cash flow after dividend | Over $140 million | FY2026 |
AFFO per share (FY2026): “We are reiterating our full year 2026 AFFO per share guidance of $4.54-$4.58, which implies approximately 5.4% year-over-year growth at the midpoint.”
Investment volume (FY2026): “Our pipeline has expanded significantly over the past month and now represents over $0.5 billion and provides us confidence in increasing our 2026 investment guidance to a range of $1.4 billion-$1.6 billion.”
Free cash flow after dividend (FY2026): “We anticipate having over $140 million in free cash flow after the dividend this year, an increase of over 10% from last year.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 750M | 718M | 617M | 537M | 430M | 339M |
| Net Income | 212M | 197M | 182M | 163M | 145M | 120M |
| EPS | $1.82 | $1.77 | $1.78 | $1.70 | $1.83 | $1.78 |
| Free Cash Flow | -980M | -944M | -443M | -808M | -1.2B | -1.1B |
| ROIC | 4.1% | 4.5% | 4.1% | 3.7% | 3.7% | 4.1% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.41 | 0.25 | 0.33 | 0.37 | 0.40 | 0.54 |
| Dividends/Share | $2.95 | $3.08 | $3.00 | $2.92 | $2.81 | $2.41 |
| Operating Income | 360M | 340M | 302M | 254M | 218M | 190M |
| Operating Margin | 48.0% | 47.4% | 49.0% | 47.3% | 50.7% | 56.1% |
| ROE | 3.4% | 3.3% | 3.4% | 3.3% | 3.6% | 4.0% |
| Shares Outstanding | 120M | 111M | 102M | 96M | 79M | 67M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 54M | 70M | 92M | 112M | 137M | 187M | 249M | 339M | 430M | 537M | 617M | 718M | 750M |
| Gross Margin | 76.1% | 73.9% | 71.7% | 72.9% | 71.8% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 6.6M | 7.0M | 7.9M | 9.4M | 12M | 16M | 21M | 25M | 30M | 35M | 37M | 44M | 45M |
| EBIT | 28M | 40M | 52M | 63M | 73M | 114M | 133M | 190M | 218M | 254M | 302M | 340M | 360M |
| Op. Margin | 52.1% | 57.3% | 56.4% | 56.5% | 53.2% | 61.0% | 53.6% | 56.1% | 50.7% | 47.3% | 49.0% | 47.4% | 48.0% |
| Net Income | 18M | 39M | 45M | 58M | 58M | 80M | 91M | 120M | 145M | 163M | 182M | 197M | 212M |
| Net Margin | 34.5% | 55.8% | 48.8% | 51.7% | 42.2% | 42.7% | 36.8% | 35.4% | 33.7% | 30.2% | 29.5% | 27.4% | 28.3% |
| Non-Recurring | 2.6M | 12M | 10.0M | 14M | 13M | 15M | 12M | 17M | 6.4M | 9.0M | 19M | 17M | 17M |
| Returns on Capital | |||||||||||||
| ROIC | 5.4% | 5.9% | 5.6% | 5.1% | 4.4% | 6.0% | 4.6% | 4.1% | 3.7% | 3.7% | 4.1% | 4.5% | 4.1% |
| ROE | 5.7% | 9.7% | 7.9% | 7.2% | 5.4% | 5.5% | 4.3% | 4.0% | 3.6% | 3.3% | 3.4% | 3.3% | 3.4% |
| ROA | 3.5% | 5.6% | 4.6% | 4.4% | 3.3% | 3.4% | 2.8% | 2.6% | 2.4% | 2.2% | 2.2% | 2.2% | 2.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 35M | 45M | 62M | 82M | 93M | 127M | 143M | 246M | 362M | 392M | 432M | 504M | 523M |
| Free Cash Flow | -108M | -179M | -236M | -237M | -515M | -576M | -1.2B | -1.1B | -1.2B | -808M | -443M | -944M | -980M |
| Owner Earnings | 22M | 26M | 36M | 53M | 57M | 77M | 71M | 146M | 222M | 207M | 214M | 252M | 259M |
| CapEx | 143M | 224M | 298M | 320M | 608M | 703M | 1.3B | 1.4B | 1.6B | 1.2B | 875M | 1.4B | 1.5B |
| Maint. CapEx | 11M | 16M | 23M | 27M | 33M | 46M | 67M | 96M | 134M | 176M | 207M | 239M | 250M |
| Growth CapEx | 132M | 207M | 274M | 293M | 575M | 657M | 1.2B | 1.3B | 1.5B | 1.0B | 668M | 1.2B | 1.3B |
| D&A | 11M | 16M | 23M | 27M | 33M | 46M | 67M | 96M | 134M | 176M | 207M | 239M | 250M |
| CapEx/OCF | 409.9% | 501.1% | 482.5% | 388.8% | 655.4% | 558.9% | 928.0% | 568.7% | 435.9% | 308.0% | 203.1% | 285.3% | 287.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 25M | 33M | 42M | 55M | 68M | 90M | 116M | 194M | 220M | 278M | 304M | 341M | 354M |
| Dividend Yield | 9.5% | 9.1% | 6.4% | 5.9% | 5.4% | 4.2% | 4.2% | 5.1% | 4.7% | 5.1% | 4.8% | 4.3% | 3.7% |
| Share Buybacks | 0 | 0 | 712K | 1.1M | 1.1M | 1.4M | 1.6M | 1.8M | 1.9M | 2.7M | 2.3M | 3.7M | 6.2M |
| Buyback Yield | N/A | N/A | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% |
| Stock-Based Comp | 2.0M | 2.0M | 2.3M | 2.4M | 2.9M | 4.0M | 4.7M | 4.8M | 6.5M | 8.3M | 11M | 13M | 13M |
| Debt Repayment | 0 | 150K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 231M | 335M | 385M | 486M | 689M | 198M | 1.3B | 1.8B | 1.8B | 1.9B | 1.8B | 1.6B | 2.6B |
| Cash & Equiv. | 5.4M | 2.7M | 33M | 51M | 54M | 16M | 6.1M | 43M | 28M | 11M | 6.4M | 16M | 25M |
| Long-Term Debt | 222M | 320M | 404M | 522M | 724M | 125M | 1.2B | 1.7B | 1.8B | 1.7B | 1.6B | 1.6B | 50M |
| Debt/Equity | 0.67 | 0.75 | 0.61 | 0.59 | 0.60 | 0.13 | 0.52 | 0.54 | 0.40 | 0.37 | 0.33 | 0.25 | 0.41 |
| Interest Coverage | 3.2 | 3.3 | 3.4 | 3.5 | 2.9 | 3.5 | 3.3 | 3.8 | 3.4 | 3.1 | 2.8 | 2.5 | 66.6 |
| Equity | 354M | 451M | 683M | 909M | 1.2B | 1.7B | 2.5B | 3.4B | 4.6B | 5.2B | 5.5B | 6.3B | 6.2B |
| Total Assets | 594M | 790M | 1.1B | 1.5B | 2.0B | 2.7B | 3.9B | 5.2B | 6.7B | 7.8B | 8.5B | 9.8B | 10.2B |
| Total Liabilities | 238M | 336M | 456M | 583M | 790M | 973M | 1.4B | 1.8B | 2.1B | 2.6B | 3.0B | 3.5B | 3.9B |
| Intangibles | 47M | 80M | 113M | 168M | 257M | 317M | 438M | 639M | 763M | 817M | 819M | 941M | 972M |
| Retained Earnings | -33M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | 49M | 71M | N/A | N/A | N/A | N/A | N/A | 154M |
| Per Share Data | |||||||||||||
| EPS | 1.24 | 2.16 | 1.97 | 2.08 | 1.78 | 1.93 | 1.74 | 1.78 | 1.83 | 1.70 | 1.78 | 1.77 | 1.82 |
| Owner EPS | 1.48 | 1.45 | 1.59 | 1.92 | 1.76 | 1.86 | 1.36 | 2.16 | 2.80 | 2.17 | 2.10 | 2.26 | 2.16 |
| Book Value | 23.72 | 24.97 | 30.10 | 32.78 | 38.06 | 40.71 | 48.07 | 50.64 | 58.42 | 54.38 | 53.96 | 56.37 | 51.95 |
| Cash Flow/Share | 2.35 | 2.47 | 2.72 | 2.97 | 2.87 | 3.05 | 2.72 | 3.65 | 4.57 | 4.10 | 4.23 | 4.53 | 3.85 |
| Dividends/Share | 1.70 | 1.83 | 1.85 | 1.99 | 2.08 | 2.18 | 2.21 | 2.41 | 2.81 | 2.92 | 3.00 | 3.08 | 2.95 |
| Shares Out. | 14.9M | 18.1M | 22.7M | 27.7M | 32.5M | 41.5M | 52.5M | 67.5M | 79.2M | 95.6M | 102.1M | 111.2M | 120.1M |
| Valuation | |||||||||||||
| P/E Ratio | 15.8 | 10.4 | 15.4 | 17.8 | 25.0 | 28.0 | 30.3 | 33.0 | 33.4 | 34.1 | 37.6 | 40.6 | 44.3 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | 14.2 | 12.9 | 15.6 | 17.7 | 22.2 | 25.1 | 23.2 | 29.1 | 30.2 | 23.9 | 24.2 | 25.4 | 34.0 |
| Price/Book | 0.8 | 0.9 | 1.0 | 1.1 | 1.2 | 1.3 | 1.1 | 1.2 | 1.0 | 1.1 | 1.2 | 1.3 | 1.6 |
| Price/Sales | 5.0 | 5.2 | 7.3 | 8.1 | 9.2 | 11.6 | 11.1 | 11.3 | 10.9 | 10.2 | 10.2 | 11.1 | 12.9 |
| FCF Yield | -37.0% | -44.0% | -34.0% | -22.9% | -35.4% | -25.7% | -42.1% | -28.8% | -25.5% | -14.6% | -6.5% | -11.8% | -10.1% |
| Market Cap | 293M | 407M | 695M | 1.0B | 1.5B | 2.2B | 2.8B | 4.0B | 4.8B | 5.5B | 6.8B | 8.0B | 9.7B |
| Avg. Price | 17.98 | 20.17 | 29.09 | 33.92 | 38.55 | 52.29 | 52.40 | 56.89 | 59.39 | 57.36 | 61.49 | 71.57 | 80.63 |
| Year-End Price | 19.63 | 22.52 | 30.37 | 37.08 | 44.46 | 54.09 | 52.73 | 58.82 | 61.20 | 57.93 | 66.95 | 71.90 | 80.63 |
AGREE REALTY CORP passes 3 of 9 quality checks, indicating weak fundamentals.
AGREE REALTY CORP trades at 45.6x trailing earnings, compared to its 15-year median P/E of 31.7x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 4.0%. Total shareholder yield (dividends) is 3.7%. At current prices, the estimated annualized return to fair value is -0.9%.
AGREE REALTY CORP (ADC) has a net profit margin of 27.4%. This is a strong margin indicating high profitability.
AGREE REALTY CORP (ADC) generated $-944 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
AGREE REALTY CORP (ADC) has a debt-to-equity ratio of 0.25. This indicates a conservatively financed balance sheet.
AGREE REALTY CORP (ADC) reported earnings per share (EPS) of $1.77 in its most recent fiscal year.
AGREE REALTY CORP (ADC) has a return on equity (ROE) of 3.3%. This indicates moderate shareholder returns.
The Ledger Terminal provides 16 years of financial data for AGREE REALTY CORP (ADC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AGREE REALTY CORP (ADC) has a book value per share of $56.37, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to deliver approximately 5.4% year-over-year AFFO per share growth at the midpoint, representing the highest earnings growth since 2022 and demonstrating consistent execution on the company's multi-year earnings algorithm. The company is well-positioned to execute on the high end of its 2026 investment guidance of $1.4–$1.6 billion without raising additional equity, supported by a fortress balance sheet with no material debt maturities until 2028, over $2 billion of total liquidity, and $1.6 billion of hedged capital. Development and developer funding platforms are expected to meaningfully ramp in the second and third quarters of 2026, with the company targeting $250 million in annual development commencements as a medium-term goal. The portfolio continues to perform well with minimal credit loss anticipated, and the company expects to generate over $140 million in free cash flow after the dividend in 2026, providing additional cost-efficient capital to fund growth while maintaining a healthy and growing dividend.
Based on recent SEC filings and earnings calls, AGREE REALTY CORP (ADC) has provided the following forward guidance: AFFO per share: $4.54–$4.58 (FY2026); Investment volume: $1.4–$1.6 billion (FY2026); Free cash flow after dividend: Over $140 million (FY2026).
No recent press releases.