Friday 6 November 2026 Export ADC’s income statement to Excel — free account

Agree Realty Corporation

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

70.10 0.36 −0.51%

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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 Valuation Filings

	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	Dec '24	Dec '25
P/E ratio Full definition →	23.58	24.61	32.48	35.80	37.83	40.09	38.36	37.14	39.14	40.69
Piotroski F-Score Full definition →	5	4	3	6	3	6	4	4	6	5
P/S ratio Full definition →	11.55	12.74	13.83	15.19	13.89	14.05	12.92	11.25	11.54	11.10
P/FCF ratio Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
P/Operating CF Full definition →	66.46	52.59	65.39	74.61	66.24	78.99	59.58	61.68	77.93	71.65
P/B ratio Full definition →	1.54	1.56	1.53	1.68	1.37	1.47	1.25	1.20	1.33	1.31
Price to Tangible BV Full definition →	1.94	1.98	1.98	2.11	1.68	1.85	1.52	1.45	1.59	1.57
EV/Sales Full definition →	15.56	16.94	18.69	19.76	18.76	18.89	17.37	15.71	16.05	15.67
EV/EBITDA Full definition →	18.79	19.75	21.76	21.18	21.47	20.51	19.18	18.03	18.04	18.05
EV/Operating CF Full definition →	23.07	22.99	27.48	29.23	32.62	26.03	20.61	21.57	22.92	22.32
EV/FCF Full definition →	(6.06)	(8.00)	(5.41)	(6.85)	(4.04)	(5.62)	(5.96)	(9.57)	(21.95)	(10.85)
Quick Ratio Full definition →	2.15	2.15	1.79	0.57	0.41	1.11	0.88	0.74	0.78	0.81
Current Ratio Full definition →	2.15	2.15	1.79	0.57	0.41	1.11	0.88	0.74	0.78	0.81
Net Debt/EBITDA Full definition →	4.85	4.90	5.66	4.90	5.58	5.26	4.92	5.12	5.06	5.26
Debt/Assets Full definition →	35.11%	34.76%	35.52%	32.74%	31.35%	32.29%	28.90%	31.01%	32.82%	33.63%
Debt/Equity Full definition →	0.58	0.57	0.58	0.52	0.48	0.49	0.42	0.46	0.51	0.53
Asset Turnover Full definition →	0.09	0.08	0.08	0.08	0.08	0.07	0.07	0.07	0.08	0.08
Operating CF/Net income Full definition →	1.37	1.41	1.60	1.58	1.56	2.05	2.50	2.41	2.38	2.56
Capex/Depreciation Full definition →	(12.30)	(9.73)	(12.66)	(11.03)	(15.44)	(11.33)	(9.45)	(5.95)	(3.58)	(5.44)
Interest Coverage Full definition →	3.37	3.47	2.94	3.46	3.32	3.78	3.44	3.14	2.78	2.53
ROE Full definition →	7.92%	7.28%	5.41%	5.47%	4.33%	4.16%	3.77%	3.43%	3.51%	3.44%
ROA Full definition →	4.67%	4.41%	3.30%	3.41%	2.79%	2.64%	2.43%	2.24%	2.24%	2.15%
ROIC Full definition →	3.07%	2.85%	2.40%	2.81%	2.23%	2.35%	2.08%	2.09%	2.28%	2.23%
Return on Tangible Assets Full definition →	4.63%	4.65%	3.43%	3.66%	2.82%	2.74%	2.53%	2.42%	2.46%	2.31%
Average Days of Receivables Full definition →	46.00	50.66	57.36	52.19	55.52	57.49	55.91	56.33	62.94	62.23
Research and Development Expense of Revenue Full definition →	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Selling, General and Administrative Expense of Revenue Full definition →	8.59%	8.45%	8.57%	8.30%	8.37%	7.50%	7.01%	6.47%	6.03%	6.13%
Intangible Assets out of Total Assets Full definition →	0.12	0.13	0.14	0.13	0.12	0.13	0.12	0.11	0.10	0.10
Share Based Compensation of Revenue Full definition →	2.47%	2.15%	2.15%	2.12%	1.89%	1.41%	1.50%	1.55%	1.75%	1.81%
Graham Net Nets Full definition →	(0.39)	(0.36)	(0.38)	(0.33)	(0.38)	(0.36)	(0.36)	(0.41)	(0.40)	(0.42)
Graham Number Full definition →	36.36	39.38	39.77	42.88	43.93	44.10	48.42	45.07	46.23	46.83
Earnings Yield Full definition →	4.24%	4.06%	3.08%	2.79%	2.64%	2.49%	2.61%	2.69%	2.56%	2.46%
Free Cash Flow Yield Full definition →	(22.25%)	(16.63%)	(24.98%)	(18.98%)	(33.48%)	(23.91%)	(22.58%)	(14.60%)	(6.33%)	(13.01%)
Revenue per Share Full definition →	4.00	4.04	4.28	4.62	4.80	5.08	5.46	5.65	6.10	6.49
Operating CF per Share Full definition →	2.70	2.98	2.91	3.12	2.76	3.69	4.60	4.11	4.27	4.55
Capex per Share Full definition →	(12.98)	(11.53)	(17.67)	(16.44)	(25.05)	(20.75)	(20.54)	(13.39)	(8.73)	(13.92)
Free Cash Flow per Share Full definition →	(10.28)	(8.55)	(14.77)	(13.32)	(22.29)	(17.06)	(15.93)	(9.28)	(4.46)	(9.37)
Cash per Share Full definition →	1.46	1.84	1.68	0.38	0.12	0.65	0.35	0.11	0.06	0.15
Shareholders Equity per Share Full definition →	29.98	32.98	38.62	41.69	48.73	51.19	58.87	54.63	54.51	56.64
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	29.98	32.98	38.62	41.69	48.73	51.19	58.87	54.63	54.51	56.64
Free Cash Flow Full definition →	(235.13)	(236.33)	(473.53)	(540.40)	(1,155.66)	(1,139.83)	(1,253.35)	(882.95)	(451.03)	(1,037.33)
Working Capital Full definition →	24.05	35.40	33.43	(31.59)	(61.99)	9.81	(12.46)	(33.07)	(31.30)	(32.77)
Capital Expenditures Full definition →	(296.87)	(318.53)	(566.78)	(667.11)	(1,298.61)	(1,386.15)	(1,615.47)	(1,274.55)	(883.00)	(1,541.46)
Net Current Asset Value Full definition →	(411.53)	(517.16)	(714.20)	(930.56)	(1,315.99)	(1,710.90)	(1,989.19)	(2,480.82)	(2,862.97)	(3,387.69)
EV/EBIT Full definition →	27.57	30.01	35.10	32.38	35.03	33.70	34.23	33.20	32.76	33.06
Capex to Sales Full definition →	3.24	2.86	4.13	3.56	5.22	4.09	3.76	2.37	1.43	2.15
Price to Operating Income Full definition →	20.46	22.57	25.97	24.89	25.92	25.05	25.46	23.77	23.57	23.43
Other line items
Depreciation/Fixed assets Full definition →	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03
Cash ROIC Full definition →	(21.00%)	(15.95%)	(23.53%)	(20.95%)	(30.81%)	(22.13%)	(19.00%)	(11.58%)	(5.43%)	(10.83%)
Accounts Receivable Turnover Full definition →	9.66	8.26	7.41	7.75	7.69	7.44	7.21	7.22	6.52	6.28
Accounts Payable Turnover Full definition →	2.04	1.49	1.06	0.67	0.53	0.58	0.68	0.72	0.69	0.69
Inventory Turnover Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Average Days of Payables Full definition →	235.36	326.88	451.56	760.51	820.65	622.29	584.51	554.75	567.00	577.16
Days of Inventory on Hand Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Average Receivables Full definition →	9.48	13.51	18.51	24.18	32.31	45.63	59.64	74.40	94.69	114.45
Average Payables Full definition →	4.21	8.35	16.11	35.02	60.19	70.70	76.86	92.56	108.84	127.83
Average Assets Full definition →	965.94	1,318.30	1,761.41	2,346.36	3,275.36	4,556.54	5,970.05	7,244.01	8,130.64	9,142.03
Average Common Equity Full definition →	569.56	798.35	1,074.84	1,465.02	2,108.90	2,885.28	3,849.85	4,740.27	5,180.41	5,715.91

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Columns are period end dates · fundamentals updated 2 Nov 2026

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