Saturday 17 October 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. In the quarter to June 2026, revenue grew 16.9%, EPS grew 2.33%, free cash flow fell 56.3% and total debt rose 18.7%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for ten, operating cash flow growth for ten; insiders bought in the last twelve months.
66.97
0.41
+0.62%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
23.58 | 24.61 | 32.48 | 35.80 | 37.83 | 40.09 | 38.36 | 37.14 | 39.14 | 40.69 |
Piotroski F-Score |
5 | 4 | 3 | 6 | 3 | 6 | 4 | 4 | 6 | 5 |
P/S ratio |
11.55 | 12.74 | 13.83 | 15.19 | 13.89 | 14.05 | 12.92 | 11.25 | 11.54 | 11.10 |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
P/Operating CF |
66.46 | 52.59 | 65.39 | 74.61 | 66.24 | 78.99 | 59.58 | 61.68 | 77.93 | 71.65 |
P/B ratio |
1.54 | 1.56 | 1.53 | 1.68 | 1.37 | 1.47 | 1.25 | 1.20 | 1.33 | 1.31 |
Price to Tangible BV |
1.94 | 1.98 | 1.98 | 2.11 | 1.68 | 1.85 | 1.52 | 1.45 | 1.59 | 1.57 |
EV/Sales |
15.56 | 16.94 | 18.69 | 19.76 | 18.76 | 18.89 | 17.37 | 15.71 | 16.05 | 15.67 |
EV/EBITDA |
18.79 | 19.75 | 21.76 | 21.18 | 21.47 | 20.51 | 19.18 | 18.03 | 18.04 | 18.05 |
EV/Operating CF |
23.07 | 22.99 | 27.48 | 29.23 | 32.62 | 26.03 | 20.61 | 21.57 | 22.92 | 22.32 |
EV/FCF |
(6.06) | (8.00) | (5.41) | (6.85) | (4.04) | (5.62) | (5.96) | (9.57) | (21.95) | (10.85) |
Quick Ratio |
2.15 | 2.15 | 1.79 | 0.57 | 0.41 | 1.11 | 0.88 | 0.74 | 0.78 | 0.81 |
Current Ratio |
2.15 | 2.15 | 1.79 | 0.57 | 0.41 | 1.11 | 0.88 | 0.74 | 0.78 | 0.81 |
Net Debt/EBITDA |
4.85 | 4.90 | 5.66 | 4.90 | 5.58 | 5.26 | 4.92 | 5.12 | 5.06 | 5.26 |
Debt/Assets |
35.11% | 34.76% | 35.52% | 32.74% | 31.35% | 32.29% | 28.90% | 31.01% | 32.82% | 33.63% |
Debt/Equity |
0.58 | 0.57 | 0.58 | 0.52 | 0.48 | 0.49 | 0.42 | 0.46 | 0.51 | 0.53 |
Asset Turnover |
0.09 | 0.08 | 0.08 | 0.08 | 0.08 | 0.07 | 0.07 | 0.07 | 0.08 | 0.08 |
Operating CF/Net income |
1.37 | 1.41 | 1.60 | 1.58 | 1.56 | 2.05 | 2.50 | 2.41 | 2.38 | 2.56 |
Capex/Depreciation |
(12.30) | (9.73) | (12.66) | (11.03) | (15.44) | (11.33) | (9.45) | (5.95) | (3.58) | (5.44) |
Interest Coverage |
3.37 | 3.47 | 2.94 | 3.46 | 3.32 | 3.78 | 3.44 | 3.14 | 2.78 | 2.53 |
| 7.92% | 7.28% | 5.41% | 5.47% | 4.33% | 4.16% | 3.77% | 3.43% | 3.51% | 3.44% | |
| 4.67% | 4.41% | 3.30% | 3.41% | 2.79% | 2.64% | 2.43% | 2.24% | 2.24% | 2.15% | |
ROIC |
3.07% | 2.85% | 2.40% | 2.81% | 2.23% | 2.35% | 2.08% | 2.09% | 2.28% | 2.23% |
Return on Tangible Assets |
4.63% | 4.65% | 3.43% | 3.66% | 2.82% | 2.74% | 2.53% | 2.42% | 2.46% | 2.31% |
Average Days of Receivables |
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 |
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 |
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 |
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 |
2.47% | 2.15% | 2.15% | 2.12% | 1.89% | 1.41% | 1.50% | 1.55% | 1.75% | 1.81% |
Graham Net Nets |
(0.39) | (0.36) | (0.38) | (0.33) | (0.38) | (0.36) | (0.36) | (0.41) | (0.40) | (0.42) |
Graham Number |
36.36 | 39.38 | 39.77 | 42.88 | 43.93 | 44.10 | 48.42 | 45.07 | 46.23 | 46.83 |
Earnings Yield |
4.24% | 4.06% | 3.08% | 2.79% | 2.64% | 2.49% | 2.61% | 2.69% | 2.56% | 2.46% |
Free Cash Flow Yield |
(22.25%) | (16.63%) | (24.98%) | (18.98%) | (33.48%) | (23.91%) | (22.58%) | (14.60%) | (6.33%) | (13.01%) |
Revenue per Share |
4.00 | 4.04 | 4.28 | 4.62 | 4.80 | 5.08 | 5.46 | 5.65 | 6.10 | 6.49 |
Operating CF per Share |
2.70 | 2.98 | 2.91 | 3.12 | 2.76 | 3.69 | 4.60 | 4.11 | 4.27 | 4.55 |
Capex per Share |
(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 |
(10.28) | (8.55) | (14.77) | (13.32) | (22.29) | (17.06) | (15.93) | (9.28) | (4.46) | (9.37) |
Cash per Share |
1.46 | 1.84 | 1.68 | 0.38 | 0.12 | 0.65 | 0.35 | 0.11 | 0.06 | 0.15 |
Shareholders Equity per Share |
29.98 | 32.98 | 38.62 | 41.69 | 48.73 | 51.19 | 58.87 | 54.63 | 54.51 | 56.64 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
29.98 | 32.98 | 38.62 | 41.69 | 48.73 | 51.19 | 58.87 | 54.63 | 54.51 | 56.64 |
Free Cash Flow |
(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 |
24.05 | 35.40 | 33.43 | (31.59) | (61.99) | 9.81 | (12.46) | (33.07) | (31.30) | (32.77) |
Capital Expenditures |
(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 |
(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 |
27.57 | 30.01 | 35.10 | 32.38 | 35.03 | 33.70 | 34.23 | 33.20 | 32.76 | 33.06 |
Capex to Sales |
3.24 | 2.86 | 4.13 | 3.56 | 5.22 | 4.09 | 3.76 | 2.37 | 1.43 | 2.15 |
Price to Operating Income |
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 |
0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
Cash ROIC |
(21.00%) | (15.95%) | (23.53%) | (20.95%) | (30.81%) | (22.13%) | (19.00%) | (11.58%) | (5.43%) | (10.83%) |
Accounts Receivable Turnover |
9.66 | 8.26 | 7.41 | 7.75 | 7.69 | 7.44 | 7.21 | 7.22 | 6.52 | 6.28 |
Accounts Payable Turnover |
2.04 | 1.49 | 1.06 | 0.67 | 0.53 | 0.58 | 0.68 | 0.72 | 0.69 | 0.69 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
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 |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
9.48 | 13.51 | 18.51 | 24.18 | 32.31 | 45.63 | 59.64 | 74.40 | 94.69 | 114.45 |
Average Payables |
4.21 | 8.35 | 16.11 | 35.02 | 60.19 | 70.70 | 76.86 | 92.56 | 108.84 | 127.83 |
Average Assets |
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 |
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 |
Columns are period end dates