A Business at a Glance
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The Company is a fully integrated REIT primarily focused on the ownership, acquisition, development and management of retail properties net leased to industry leading tenants. The Company was founded in 1971 by its current Executive Chairman, Richard Agree, and its common stock was listed on the New York Stock Exchange (“NYSE”) in 1994. The Company’s assets are held by, and all of its operations are conducted through, directly or indirectly, the Operating Partnership of which the Company is the sole general partner and in which it held a 99.7% common interest as of December 31, 2025. Under the agreement of limited partnership of the Operating Partnership, the Company, as the sole general partner, has exclusive responsibility and discretion in the management and control of the Operating Partnership. As of December 31, 2025, the Company’s portfolio consisted of 2,674 properties located in all 50 states and totaling approximately 55.5 million square feet of Gross Leasable Area (“GLA”).
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 718M | 718M | 617M | 537M | 430M | 339M |
| Net Income | 197M | 197M | 182M | 163M | 145M | 120M |
| EPS | $1.77 | $1.77 | $1.78 | $1.70 | $1.83 | $1.78 |
| Free Cash Flow | -944M | -944M | -443M | -808M | -1.2B | -1.1B |
| ROIC | 4.3% | 4.5% | 4.1% | 3.7% | 3.7% | 4.1% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.25 | 0.25 | 0.33 | 0.37 | 0.40 | 0.54 |
| Dividends/Share | $3.06 | $3.08 | $3.00 | $2.92 | $2.81 | $2.41 |
| Operating Income | 340M | 340M | 302M | 254M | 218M | 190M |
| Operating Margin | 47.4% | 47.4% | 49.0% | 47.3% | 50.7% | 56.1% |
| ROE | 3.1% | 3.3% | 3.4% | 3.3% | 3.6% | 4.0% |
| Shares Outstanding | 111M | 111M | 102M | 96M | 79M | 67M |
AGREE REALTY CORP passes 3 of 9 quality checks, indicating weak fundamentals.
AGREE REALTY CORP trades at 44.0x 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 4.0%. At current prices, the estimated annualized return to fair value is -1.1%.
AGREE REALTY CORP (ADC) has a current P/E ratio of 44.0, 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 $8.7B. It is classified as a mid-cap stock.
Yes, AGREE REALTY CORP (ADC) pays a dividend with a trailing twelve-month yield of 3.94%. The company also returns capital through share buybacks, with a buyback yield of 0.04%.
Based on historical P/E analysis, AGREE REALTY CORP (ADC) appears expensive. The current P/E of 44.0 is 39% above its historical median of 31.7. The estimated fair value CAGR (P/E method) is -1.1%.
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 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.
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