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Agree Realty Corporation

ADC Real Estate Reit Retail

Agree Realty Corporation’s revenue for fiscal 2025 (year ended December 2025) was $718.4 million, up 16.4% from fiscal 2024.

Revenue
+16.7%
EPS
+17.8%
Free cash flow
+50.0%
Total debt
+10.5%

Quarter to September 2026, against a year earlier

70.43 0.47 +0.67%
Market cap
$9.2B
P/E
36.3×
Fwd P/E
34.2×
Dividend yield
4.52%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Bought, $m 9.87
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 2 — — 1 3 1 — 2 3 — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 9,170.00
Revenue ttm 810.28
Net income ttm 241.79
Free cash flow ttm (1,047.61)
Net debt Q 3,634.75
Valuation
P/E 36.30 (above 35: high)
Forward P/E 34.20
Price / sales 10.81 (above 10: high)
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.29
Financial health
Current ratio Q 1.01
Debt / equity Q 0.54
Interest coverage Q 2.67
Growth
Revenue growth Q +16.73% (above 0%: growing)
Operating income growth Q +25.58% (above 0%: growing)
EPS, this year +8.55%
EPS, next year A +3.10%
Revenue, next year A +16.90% (at or above 10%: strong)
EPS, past 5 yrs +0.34%
EPS, next 5 yrs A +5.44%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 15.3×, against a ten-year median of 17.5×; over the ten years it ranged from 14.0× in 2016 to 24.4× in 2019.
P/E against its own 10 years 49.80%
10-year low 10-year high
P/S against its own 10 years 8.69%
10-year low 10-year high
P/B against its own 10 years 16.02%
10-year low 10-year high
EV/Sales against its own 10 years 8.58%
10-year low 10-year high

Dividends raised every year since 2017

Yield
4.52%
Annual rate
3.18
Payout ratio
164.1%
Growth, 2017–25
+5.39%/yr
  1. 2.03 ’17
  2. 2.16 ’18 +6
  3. 2.28 ’19 +6
  4. 2.41 ’20 +5
  5. 2.60 ’21 +8
  6. 2.81 ’22 +8
  7. 2.92 ’23 +4
  8. 3.00 ’24 +3
  9. 3.08 ’25 +3
  10. 3.20 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 11 6 16 81
Receivables 83 106 122 141
Inventory — — — —
Other — — — —
94 113 139 221
2023 2024 2025 Q'26
Payables 101 116 139 184
ST’ Debt — — — —
Other — — — —
127 144 172 219

Compound Annual Growth %

10y 5y 3y
Sales 26.23% 23.65% 18.68%
Cash Flow 27.42% 28.67% 11.66%
Earnings 17.57% 16.60% 10.74%
Book Value 30.04% 19.94% 10.64%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.14 Actual 1.15

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.10 1.11 Beat by 0.01
Q1 FY26 1.12 1.14 Beat by 0.02
Q2 FY26 1.13 1.14 Beat by 0.01
Q3 FY26 1.14 1.15 Beat by 0.01
Q4 FY26 1.16 — Reports 9 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.50 0.44 0.53 — —
’25 0.42 0.43 0.45 0.47 1.77
’24 0.43 0.52 0.42 0.41 1.78
’23 0.44 0.42 0.41 0.44 1.70
’22 0.48 0.45 0.46 0.44 1.83
’21 0.48 0.34 0.52 0.44 1.78
’20 0.46 0.47 0.39 0.42 1.74
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 201 205 214 — —
’25 169 176 183 190 718
’24 149 153 154 161 617
’23 127 130 137 144 537
’22 98 105 110 117 430
’21 78 83 88 91 339
’20 56 58 64 71 249
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 145 131 185 — —
’25 127 120 147 111 504
’24 99 113 129 91 432
’23 94 90 110 98 392
’22 61 89 119 93 362
’21 46 72 68 60 246
’20 29 39 23 52 143
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (286) (352) (148) — —
’25 (254) (225) (297) (261) (1,037)
’24 (23) (67) (106) (256) (451)
’23 (237) (243) (310) (93) (883)
’22 (377) (294) (243) (339) (1,253)
’21 (341) (276) (266) (257) (1,140)
’20 (178) (223) (442) (313) (1,156)
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 3.4% a year for ten years. It grew 2.7% a year over the last ten.

Implied
3.4%
10 years, reported
2.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 92 112 137 187 249 339 430 537 617 718 810 +25.7% 840 942 1,014 +12.2%
Gross margin, % 90.61 88.82 87.59 87.46 87.23 87.90 87.84 87.59 87.87 87.73 87.59 (2.9) pt
EBT 46 59 59 81 92 123 153 171 190 205 242 +18.1%
EBT margin, % 50.04 52.72 42.88 43.08 37.00 36.21 35.60 31.73 30.76 28.53 29.84 (21.5) pt
Net income 46 59 59 81 92 123 153 171 190 205 242 +18.1%
Per share, $
Per share, $ Revenue 4.00 4.04 4.28 4.62 4.80 5.08 5.46 5.65 6.10 6.49 6.52 +5.5%
Earnings 1.97 2.09 1.80 1.96 1.76 1.79 1.84 1.70 1.80 1.78 1.94 (1.1%)
Cash flow 2.70 2.98 2.91 3.12 2.76 3.69 4.60 4.11 4.27 4.55 4.60 +6.0%
Capex (12.98) (11.53) (17.67) (16.44) (25.05) (20.75) (20.54) (13.39) (8.73) (13.92) (13.02) +0.8%
Free cash flow (10.28) (8.55) (14.77) (13.32) (22.29) (17.06) (15.93) (9.28) (4.46) (9.37) (8.42) (1.0%)
Book value 29.98 32.98 38.62 41.69 48.73 51.19 58.87 54.63 54.51 56.64 55.83 +7.3%
Shares, m 23 28 32 41 52 67 79 95 101 111 119 +19.2%
Valuation, ×
Valuation, × P/E 23.58 24.61 32.48 35.80 37.83 40.09 38.36 37.14 39.14 40.69 36.30 35.0
P/S 11.55 12.74 13.83 15.19 13.89 14.05 12.92 11.25 11.54 11.10 10.81 12.8
P/B 1.54 1.56 1.53 1.68 1.37 1.47 1.25 1.20 1.33 1.31 1.29 1.4
EV/Sales 15.56 16.94 18.69 19.76 18.76 18.89 17.37 15.71 16.05 15.67 15.30 17.3
EV/FCF (6.06) (8.00) (5.41) (6.85) (4.04) (5.62) (5.96) (9.57) (21.95) (10.85) (11.83) (8.4)
Cash, $m
Cash, $m Operating cash flow 62 82 93 127 143 246 362 392 432 504 572 +26.3%
Capex (297) (319) (567) (667) (1,299) (1,386) (1,615) (1,275) (883) (1,541) (1,620) +20.1%
Free cash flow (235) (236) (474) (540) (1,156) (1,140) (1,253) (883) (451) (1,037) (1,048) +17.9%
Balance, $m
Balance, $m Working capital 24 35 33 (32) (62) 10 (12) (33) (31) (33) 2 n/m
Net debt 368 469 666 857 1,212 1,644 1,912 2,400 2,779 3,278 3,635 +27.5%
Shareholders’ equity 686 911 1,238 1,692 2,526 3,419 4,630 5,200 5,511 6,271 6,943 +27.9%
Returns, %
Returns, % ROA 4.67 4.41 3.30 3.41 2.79 2.64 2.43 2.24 2.24 2.15 2.29 (2.5) pt
ROIC 3.07 2.85 2.40 2.81 2.23 2.35 2.08 2.09 2.28 2.23 2.34 (0.8) pt
ROE 7.92 7.28 5.41 5.47 4.33 4.16 3.77 3.43 3.51 3.44 3.75 (4.5) pt
People
People Employees 24 32 36 41 49 57 76 72 75 90 — +15.8%
Revenue/emp, $m 3.81 3.48 3.81 4.57 5.07 5.95 5.66 7.47 8.23 7.98 — +8.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Agree Realty is a real estate investment trust, or REIT, that owns, buys, develops and manages retail properties. Its customers are retailers that rent space from it, principally under net leases. These agreements generally require tenants to pay rent as well as property taxes, insurance and maintenance costs. Agree Realty focuses on properties leased to national or large regional retailers.

The company was founded in 1971 by Richard Agree, its executive chairman, and is headquartered in Royal Oak, Michigan. Its chief executive is Joey. Agree Realty holds its assets and conducts its operations through an operating partnership that it manages as sole general partner.

Agree Realty Corporation vs peers in Reit Retail (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
REG Regency Centers Corporation $14.0B 25.8× 29.9× +8.58% (above 0%: growing) +8.93% (above 0%: growing) +15.87% (above 0%: growing) 70.75% 37.28% Compare
FRT Federal Realty Investment Trust $9.8B 22.3× 25.9× +5.20% (above 0%: growing) +15.51% (above 0%: growing) +14.04% (above 0%: growing) 67.81% 34.47% Compare
BRX Brixmor Property Group Inc. $9.2B 21.4× 25.2× +5.50% (above 0%: growing) −7.48% (below 0%: shrinking) +294.25% (above 0%: growing) 75.75% 38.37% Compare
ADC Agree Realty Corporation $9.2B 36.3× 34.2× +16.73% (above 0%: growing) +17.78% (above 0%: growing) +50.00% (above 0%: growing) 87.70% 51.23%
NNN NNN REIT, Inc. $8.0B 19.6× 19.9× +8.48% (above 0%: growing) +12.98% (above 0%: growing) +232.63% (above 0%: growing) 96.70% 66.07% Compare
MAC Macerich Company (The) $7.4B — (loss-making) — (loss-making) +2.69% (above 0%: growing) n/m −3.56% (below 0%: shrinking) 0.00% 0.00% Compare
EPRT Essential Properties Realty Trust, Inc. $6.3B 22.8× 21.0× +16.38% (above 0%: growing) −15.15% (below 0%: shrinking) +12.90% (above 0%: growing) 98.73% 56.03% Compare
PECO Phillips Edison & Company, Inc. $5.8B 27.5× 44.5× +5.70% (above 0%: growing) +166.50% (above 0%: growing) +95.58% (above 0%: growing) 71.76% 29.93% Compare
KRG Kite Realty Group Trust $5.1B 15.7× 25.3× −7.17% (below 0%: shrinking) n/m −65.52% (below 0%: shrinking) 73.03% 7.13% Compare
Median of peers $7.7B 22.3× 25.3× +5.60% +10.96% +14.96% 72.40% 35.88%

All 26 Reit Retail stocks →

From the latest earnings call

Updated

  • CEO Joey Agree said the company reduced its 2026 investment plan and repriced its pipeline after its current cost of capital increased.
  • CFO Peter said Agree Realty raised its 2026 AFFO-per-share guidance, citing portfolio performance and lower assumed dilution, partly offset by lower investment activity.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 113.96%
Held by the ten largest 62.91%
Holder Shares Stake Change
BlackRock 19.11m 15.37% +1.22m
Vanguard 17.04m 13.70% +410.94k
COHEN & STEERS, INC. 16.40m 13.19% −1.46m
State Street 5.86m 4.71% −107.44k
Principal Financial 4.66m 3.75% +136.29k
CENTERSQUARE INVESTMENT MANAGEMENT LLC 3.73m 3.00% +301.34k
Two Sigma 3.54m 2.84% −506.63k
Daiwa Securities Group Inc. 2.92m 2.35% −39.88k
Geode Capital Management 2.78m 2.24% +82.46k
Charles Schwab 2.20m 1.77% +86.68k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.96m 13.53m 133.62
2024 8.35m 13.53m 125.35
2023 8.23m 5.89m 106.97
2022 7.66m 9.78m 115.13
2021 7.34m 8.47m 111.26

Ownership

Directors and executive officers, together 1.80%
Cohen & Steers, Inc. 10.40%
BlackRock, Inc. 9.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Agree Realty Corporation (ADC) Latest News

22 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

21 Oct

Impact 5 · · MarketBeat
Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript

20 Oct

Impact 4 · · Business Wire earnings
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · 24/7 Wall St.

19 Oct

Impact 4 · · 24/7 Wall St.

13 Oct

Impact 3 · · Business Wire

8 Oct

Impact 3 · · 24/7 Wall St.
Impact 3 · · 24/7 Wall St.

7 Oct

Impact 3 · · 24/7 Wall St.

22 Sep

Impact 3 · · 24/7 Wall St.

15 Sep

Impact 3 ·

2 Sep

Impact 3 · · 24/7 Wall St.

31 Jul

Impact 4 · transcript
Impact 3 · · MarketBeat transcript

30 Jul

Impact 3 ·
Impact 3 ·

15 May

Impact 3 ·

27 Apr

Impact 4 · · Simply Wall St.

23 Apr

Impact 4 · · GuruFocus.com
Impact 3 · · MarketBeat

22 Apr

Impact 4 · · Simply Wall St.
Impact 3 · · Moby

21 Apr

Impact 4 · · Zacks

ADC metrics, ten years each

stockrow.com/ADC · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com