Pricing Log in Create free account
Friday 6 November 2026 Export ADC’s income statement to Excel — free account

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

69.80 0.66 −0.94%
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

Agree Realty Corporation (ADC) valuation and DCF model

What the price implies · reverse DCF

At $69.80 the price implies FFO a share growing 3.3% a year for ten years.

FFO a share grew 2.7% a year over the last ten years, 6.2% over the last five. The price asks for close to its ten-year rate. The industry’s median company is priced for 1.5%.

In December 2017 the price assumed 2.8% a year; Agree Realty Corporation went on to grow FFO a share 1.8% a year to FY2025.

Q3 2026’s FFO a share is the $1.05 Agree Realty Corporation reported, in its results release. Ours, from its filings, came out 5.8% higher. It reported AFFO of $1.15 a share for Q3 2026.

Price implies
3.3%
Last 5 years, reported
6.2%
Last 10 years, reported
2.7%
Industry median implies
1.5%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
3.3% a year for ten years
$69.80
today’s price
Its base case
2.7% a year for five years, then 1.6%
$64.75
7.2% below today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Agree Realty Corporation’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 3.3% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Agree Realty Corporation’s own cost of capital: risk-free 4.3% + beta 0.39 × equity premium 4.5% = 6.1% cost of equity; weighted, 6.1%.

Use 6.1%
Base case value per share $64.75 ten years discounted, and what follows
Current price $69.80 market price per share
Below today’s price 7.2% downside at the base case’s assumptions

How we got there$30.20 10 years of FFO+$34.54 terminal value=$64.75 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Retail).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 36.30× 38.33× 36.24× 0% above 24.06× 51% above
P/B 1.29× 1.28× 1.40× 8% below 1.77× 27% below
EV/EBITDA 17.23× 18.11× 19.52× 12% below 15.96× 8% above
EV/Sales 15.30× 16.02× 17.31× 12% below 10.99× 39% above
P/FFO 16.71× 18.27× 19.42× 14% below — —
P/E P/B EV/EBITDA EV/Sales P/FFO
14.91×16.57×18.24×19.91×10Y avg 17.31×2017201820192020202120222023202420252026

ADC trades at 15.30× EV/Sales, against a 10-year average of 17.31× (range 15.30×–19.76×). That is cheaper than 100% of the last 9 year-end readings; re-rating to the average implies $83.03 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.