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