Pricing Log in Create free account
Saturday 17 October 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. 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%
Market cap
$8.3B
P/E
36.0×
Fwd P/E
37.9×
Dividend yield
4.74%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 9.87
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — 1 2 — — 1 3 1 — 2 3 —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 8,280.00
Revenue 779.62
Net Income 225.53
Free Cash Flow (1,196.07)
Net Debt 3,808.51
Current Ratio 0.82
Debt/Equity 0.59
P/E ratio 36.01 (above 35: high)
Fwd P/E 37.90 (above 35: high)
P/S ratio 10.31 (above 10: high)
P/B ratio 1.27
Past 5Y EPS Growth 0.34%
This Y EPS Growth 7.31%
Next Y EPS Growth 5.39%
Next Y revenue growth 16.86% (at or above 10%: strong)
Next 5Y EPS Growth 4.42%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 15.2×, 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 46.77%
10-year low 10-year high
P/S against its own 10 years 4.83%
10-year low 10-year high
P/B against its own 10 years 12.05%
10-year low 10-year high
EV/Sales against its own 10 years 6.82%
10-year low 10-year high

Dividends

Payout Ratio 1.71
Annual Dividend Rate 3.17
Annual Dividend Yield 4.74%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 3.19
0.26
0.26
0.26
0.27
0.27
0.27
0.27
0.27
0.27
2025 3.08
0.25
0.25
0.25
0.26
0.26
0.26
0.26
0.26
0.26
0.26
0.26
0.26
2024 3.00
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
0.25
2023 2.92
0.24
0.24
0.24
0.24
0.24
0.24
0.24
0.24
0.24
0.25
0.25
0.25
2022 2.81
0.23
0.23
0.23
0.23
0.23
0.23
0.23
0.23
0.23
0.24
0.24
0.24
2021 2.60
0.21
0.21
0.21
0.22
0.22
0.22
0.22
0.22
0.22
0.23
0.23
0.23
2020 2.41
0.59
0.60
0.60
0.62
2019 2.28
0.56
0.57
0.57
0.59
2018 2.16
0.52
0.54
0.54
0.56
2017 2.03
0.50
0.51
0.51
0.52
2016 1.92
0.47
0.48
0.48
0.50
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 11 6 16 13
Receivables 83 106 122 131
Inventory — — — —
Other — — — —
94 113 139 144
2023 2024 2025 Q'26
Payables 101 116 139 141
ST’ Debt — — — —
Other — — — —
127 144 172 175

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%

Revenue $m

Mar Jun Sep Dec Year
’26 201 205 — — —
’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 — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.50 0.44 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 31.75 44.28 43.74 56.61 45.23 61.27 61.62 52.69 54.28 67.58

Analyst estimates 2026–2028

Powerpack
High 51.33 53.65 63.00 79.54 80.51 75.95 80.44 75.71 78.39 79.65
People
People Employees 24 32 36 41 49 57 76 72 75 90
Revenue/emp, $m 3.81 3.48 3.81 4.57 5.07 5.95 5.66 7.47 8.23 7.98
Income, $m
Income, $m Revenue 92 112 137 187 249 339 430 537 617 718
Gross margin, % 90.61 88.82 87.59 87.46 87.23 87.90 87.84 87.59 87.87 87.73
EBT 46 59 59 81 92 123 153 171 190 205
EBT margin, % 50.04 52.72 42.88 43.08 37.00 36.21 35.60 31.73 30.76 28.53
Net income 46 59 59 81 92 123 153 171 190 205
Depreciation 24 33 45 60 84 122 171 214 247 283
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
Earnings 1.97 2.09 1.80 1.96 1.76 1.79 1.84 1.70 1.80 1.78
Cash flow 2.70 2.98 2.91 3.12 2.76 3.69 4.60 4.11 4.27 4.55
Capex (12.98) (11.53) (17.67) (16.44) (25.05) (20.75) (20.54) (13.39) (8.73) (13.92)
Free cash flow (10.28) (8.55) (14.77) (13.32) (22.29) (17.06) (15.93) (9.28) (4.46) (9.37)
Book value 29.98 32.98 38.62 41.69 48.73 51.19 58.87 54.63 54.51 56.64
Shares, m 23 28 32 41 52 67 79 95 101 111
Valuation, ×
Valuation, × P/E 23.58 24.61 32.48 35.80 37.83 40.09 38.36 37.14 39.14 40.69
P/S 11.55 12.74 13.83 15.19 13.89 14.05 12.92 11.25 11.54 11.10
P/B 1.54 1.56 1.53 1.68 1.37 1.47 1.25 1.20 1.33 1.31
EV/Sales 15.56 16.94 18.69 19.76 18.76 18.89 17.37 15.71 16.05 15.67
EV/FCF (6.06) (8.00) (5.41) (6.85) (4.04) (5.62) (5.96) (9.57) (21.95) (10.85)
Cash, $m
Cash, $m Operating cash flow 62 82 93 127 143 246 362 392 432 504
Capex (297) (319) (567) (667) (1,299) (1,386) (1,615) (1,275) (883) (1,541)
Free cash flow (235) (236) (474) (540) (1,156) (1,140) (1,253) (883) (451) (1,037)
Balance, $m
Balance, $m Working capital 24 35 33 (32) (62) 10 (12) (33) (31) (33)
Total debt 401 520 720 872 1,218 1,688 1,940 2,411 2,785 3,295
Net debt 368 469 666 857 1,212 1,644 1,912 2,400 2,779 3,278
Shareholders’ equity 686 911 1,238 1,692 2,526 3,419 4,630 5,200 5,511 6,271
Returns, %
Returns, % ROA 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
ROE 7.92 7.28 5.41 5.47 4.33 4.16 3.77 3.43 3.51 3.44
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $13.4B 24.8× 31.7× +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 $9.2B 21.4× 31.8× +7.76% (above 0%: growing) −45.81% (below 0%: shrinking) −1.70% (below 0%: shrinking) 69.15% 41.30% Compare
BRX Brixmor Property Group Inc. $8.4B 19.5× 26.3× +4.33% (above 0%: growing) −14.29% (below 0%: shrinking) −41.05% (below 0%: shrinking) 75.01% 34.33% Compare
ADC Agree Realty Corporation $8.3B 36.0× 37.9× +16.85% (above 0%: growing) +2.33% (above 0%: growing) −56.33% (below 0%: shrinking) 87.63% 46.47%
NNN NNN REIT, Inc. $7.9B 20.4× 21.9× +7.70% (above 0%: growing) −3.70% (below 0%: shrinking) −108.69% (below 0%: shrinking) 96.62% 61.97% Compare
MAC Macerich Company (The) $6.8B — (loss-making) — (loss-making) −0.03% (below 0%: shrinking) n/m −57.87% (below 0%: shrinking) 53.67% 15.35% Compare
EPRT Essential Properties Realty Trust, Inc. $5.7B 20.2× 23.2× +18.11% (above 0%: growing) +6.25% (above 0%: growing) +28.34% (above 0%: growing) 99.33% 64.50% Compare
PECO Phillips Edison & Company, Inc. $5.4B 33.2× 51.7× +6.68% (above 0%: growing) +230.00% (above 0%: growing) +147.93% (above 0%: growing) 71.21% 28.80% Compare
KRG Kite Realty Group Trust $4.9B 15.1× 79.4× −8.03% (below 0%: shrinking) +60.00% (above 0%: growing) −21.08% (below 0%: shrinking) 73.01% 23.52% Compare
Median of peers $7.4B 20.4× 31.7× +7.19% +6.25% −11.39% 72.11% 35.81%

All 26 Reit Retail stocks →

Agree Realty Corporation (ADC) key facts

  • Strength: Agree Realty Corporation’s revenue for fiscal 2025 (year ended December 2025) was $718.4 million, up 16.4% from fiscal 2024.
  • Strength: Net income was $205.0 million, or $1.78 per share (basic), a net margin of 27.4%.
  • Agree Realty Corporation (ADC) is a Reit Retail company in the Real Estate sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, ADC traded at $66.97, a market capitalization of $8.3 billion.
  • At that price the stock trades at 36.0× trailing-twelve-month earnings and 10.3× sales; its P/E is higher than 47% of its own readings over the past ten years.
  • Agree Realty Corporation pays an annual dividend of $3.17 per share, a yield of 4.74%, with a payout ratio of 170.7%.
  • Return on equity was 3.44% and debt-to-equity 0.59.
  • Its Piotroski F-score is 5 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Agree Realty Corporation (ADC) Latest News

No news at this impact. Lower the threshold for more.
stockrow.com/ADC · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com