Agree Realty Corporation(ADC)Earnings, Financials & Key Ratios

ADC•NYSE•REIT / Real Estate

$76.50

$9.19B mkt cap·43.2× P/E·Price updated May 6, 2026

SectorReal Estate IndustryRetail REITs Sub-IndustryNet Lease Retail REITs

AboutAgree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area. The Company's common stock is listed on the New York Stock Exchange under the symbol ADC.Show more

Revenue$718M+16.4%
FFO$480M+11.8%
FFO/Share4.32+2.4%
FFO Payout70.96%+0.4%
FFO per Share4.32+2.4%
NOI Margin87.73%-0.2%
FFO Margin66.83%-4.0%
ROE3.47%-1.8%
ROA2.24%-3.9%
Debt/Assets34.24%+2.6%
Net Debt/EBITDA5.42+4.0%
Book Value/Share56.39+4.3%

Technical→

ADC Key Insights

Agree Realty Corporation (ADC) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Strong 5Y profit CAGR of 17.5%
✓FFO growing 13.3% TTM
✓Sustainable FFO payout ratio of 71.0%
✓High NOI margin of 87.7%
✓Healthy dividend yield of 4.0%
✓Trading at only 1.4x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.5%
✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

ADC Price & Volume

Agree Realty Corporation (ADC) stock price & volume — 10-year historical chart

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ADC Growth Metrics

Agree Realty Corporation (ADC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years26.23%

5 Years23.65%

3 Years18.68%

TTM17.78%

Profit CAGR

10 Years18.01%

5 Years17.46%

3 Years10.26%

TTM14.76%

EPS CAGR

10 Years-1.97%

5 Years0.34%

3 Years-1.11%

TTM5.08%

Return on Capital

10 Years4.3%

5 Years3.82%

3 Years3.71%

Last Year3.79%

ADC Recent Earnings

Agree Realty Corporation (ADC) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 7/12 qtrs (58%)●Beat Revenue 9/12 qtrs (75%)

Q2 2026Latest

Apr 21, 2026

EPS

$1.14

Est $0.48

+138.0%

Revenue

$201M

Est $196M

+2.5%

Q1 2026

Feb 10, 2026

EPS

$0.47

Est $0.47

-0.1%

Revenue

$190M

Est $186M

+2.6%

Q4 2025

Oct 21, 2025

EPS

$1.10

Est $1.08

+1.9%

Revenue

$183M

Est $190M

-3.5%

Q3 2025

Jul 31, 2025

EPS

$1.06

Est $1.06

+0.0%

Revenue

$176M

Est $178M

-1.7%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Apr 21, 2026	$1.14vs $0.48+138.0%	$201Mvs $196M+2.5%
Q1 2026	Feb 10, 2026	$0.47vs $0.47-0.1%	$190Mvs $186M+2.6%
Q4 2025	Oct 21, 2025	$1.10vs $1.08+1.9%	$183Mvs $190M-3.5%
Q3 2025	Jul 31, 2025	$1.06vs $1.06+0.0%	$176Mvs $178M-1.7%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
NNNNNN REIT, Inc.Direct Competitor	8.51B	44.71	21.60	6.55%	41.38%	8.81%	1.09
ORealty Income CorporationDirect Competitor	59.69B	64.01	54.71	9.07%	13.51%	2%	0.82
EPRTEssential Properties Realty Trust, Inc.Direct Competitor	6.79B	31.40	24.53	24.97%	43.28%	6.3%	0.60
NTSTNETSTREIT Corp.Direct Competitor	1.72B	20.57	257.13	30%	0.1%	0.01%
WPCW. P. Carey Inc.Product Competitor	16.19B	73.85	35	8.89%	26.02%	6.29%	1.07
GTYGetty Realty Corp.Product Competitor	2B	33.08	24.50	9.02%	40.06%	8.76%	0.98
FCPTFour Corners Property Trust, Inc.Product Competitor	2.79B	25.41	23.31	9.72%	38.74%	7.38%	0.74
PINEAlpine Income Property Trust, Inc.Product Competitor	279.09M	19.48	-88.55	15.9%	-0.64%	-0.14%	1.31

Compare ADC vs Peers

Agree Realty Corporation (ADC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs NNN

Most directly comparable listed peer for ADC.

Scale Benchmark

vs WMT

Larger-name benchmark to compare ADC against a more recognizable public peer.

Peer Set

Compare Top 5

vs NNN, O, EPRT, NTST

ADC Income Statement

Agree Realty Corporation (ADC) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Revenue	111.52M	137.12M	187.48M	248.57M	339.32M	429.81M	537.5M	617.1M	718.4M	750.04M
Revenue Growth %	21.84%	22.96%	36.72%	32.59%	36.51%	26.67%	25.05%	14.81%	16.42%	17.78%
Property Operating Expenses	12.47M	17.01M	23.51M	31.75M	41.06M	52.28M	66.72M	74.85M	88.15M	92.67M
Net Operating Income (NOI)	99.05M▲ 0%	120.11M▲ 21.3%	163.97M▲ 36.5%	216.82M▲ 32.2%	298.26M▲ 37.6%	377.53M▲ 26.6%	470.78M▲ 24.7%	542.25M▲ 15.2%	630.25M▲ 16.2%	657.38M▲ 0%
NOI Margin %	88.82%	87.59%	87.46%	87.23%	87.9%	87.84%	87.59%	87.87%	87.73%	87.64%
Operating Expenses	36.09M	47.1M	49.57M	83.68M	107.99M	159.45M	216.39M	240M	289.86M	297.12M
G&A Expenses	9.95M	12.16M	15.57M	20.79M	25.46M	30.12M	34.79M	37.23M	44.06M	44.77M
EBITDA	94.71M	116.7M	173.6M	215.78M	310.28M	384.99M	463.76M	542.47M	616.12M	638.37M
EBITDA Margin %	84.93%	85.11%	92.6%	86.81%	91.44%	89.57%	86.28%	87.91%	85.76%	85.11%
Depreciation & Amortization	31.75M	43.7M	59.2M	82.64M	120.01M	166.91M	209.37M	240.22M	275.72M	278.12M
D&A / Revenue %	28.47%	31.87%	31.58%	33.25%	35.37%	38.83%	38.95%	38.93%	38.38%	37.08%
Operating Income	62.96M▲ 0%	73.01M▲ 16.0%	114.39M▲ 56.7%	133.13M▲ 16.4%	190.27M▲ 42.9%	218.09M▲ 14.6%	254.39M▲ 16.6%	302.24M▲ 18.8%	340.39M▲ 12.6%	360.25M▲ 0%
Operating Margin %	56.46%	53.24%	61.02%	53.56%	56.07%	50.74%	47.33%	48.98%	47.38%	48.03%
Interest Expense	18.14M	24.87M	33.09M	40.1M	50.38M	63.44M	81.12M	108.9M	134.61M	4M
Interest Coverage	3.47x	3.03x	3.10x	3.32x	3.49x	3.46x	3.14x	2.78x	2.54x	-
Non-Operating Income	0	-2.32M	11.7M	-23K	14.61M	-1.25M	-189K	-799K	-941K	25.08M
Pretax Income	59.02M▲ 0%	59.31M▲ 0.5%	81.3M▲ 37.1%	93.06M▲ 14.5%	125.28M▲ 34.6%	155.9M▲ 24.4%	173.46M▲ 11.3%	194.14M▲ 11.9%	206.72M▲ 6.5%	257.3M▲ 0%
Pretax Margin %	52.92%	43.26%	43.37%	37.44%	36.92%	36.27%	32.27%	31.46%	28.78%	34.31%
Income Tax	0	516K	538K	1.09M	2.4M	2.86M	2.91M	4.31M	1.74M	410K
Effective Tax Rate %	0%	0.87%	0.66%	1.17%	1.92%	1.83%	1.68%	2.22%	0.84%	0.16%
Net Income	58.11M▲ 0%	58.17M▲ 0.1%	80.08M▲ 37.7%	91.38M▲ 14.1%	122.27M▲ 33.8%	152.44M▲ 24.7%	169.96M▲ 11.5%	189.2M▲ 11.3%	204.35M▲ 8.0%	219.58M▲ 0%
Net Margin %	52.11%	42.42%	42.71%	36.76%	36.03%	35.47%	31.62%	30.66%	28.45%	29.28%
Net Income Growth %	28.8%	0.1%	37.66%	14.11%	33.81%	24.67%	11.49%	11.32%	8.01%	14.76%
Funds From Operations (FFO)	89.86M▲ 0%	101.87M▲ 13.4%	139.28M▲ 36.7%	174.02M▲ 24.9%	242.29M▲ 39.2%	319.34M▲ 31.8%	379.33M▲ 18.8%	429.42M▲ 13.2%	480.07M▲ 11.8%	497.7M▲ 0%
FFO Margin %	80.58%	74.29%	74.29%	70.01%	71.4%	74.3%	70.57%	69.59%	66.83%	66.36%
FFO Growth %	31.14%	13.36%	36.73%	24.94%	39.23%	31.8%	18.78%	13.2%	11.8%	53.91%
FFO per Share	3.24	3.14	3.38	3.32	3.61	4.03	3.97	4.22	4.32	4.13
FFO Payout Ratio %	61.37%	66.4%	64.8%	66.72%	80.19%	68.99%	73.2%	70.7%	70.96%	71.07%
EPS (Diluted)	2.08▲ 0%	1.80▼ 13.5%	1.93▲ 7.2%	1.74▼ 9.8%	1.78▲ 2.3%	1.83▲ 2.8%	1.70▼ 7.1%	1.78▲ 4.7%	1.77▼ 0.6%	1.82▲ 0%
EPS Growth %	5.58%	-13.46%	7.22%	-9.84%	2.3%	2.81%	-7.1%	4.71%	-0.56%	5.08%
EPS (Basic)	2.09	1.81	1.96	1.76	1.79	1.84	1.70	1.79	1.77	-
Diluted Shares Outstanding	27.7M	32.4M	41.22M	52.4M	67.14M	79.16M	95.44M	101.88M	111.2M	120.38M

ADC Balance Sheet

Agree Realty Corporation (ADC) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Assets	1.49B	2.03B	2.66B	3.89B	5.23B	6.71B	7.77B	8.49B	9.8B	10.18B
Asset Growth %	34.42%	35.7%	31.37%	45.85%	34.5%	28.44%	15.81%	9.15%	15.45%	60.56%
Real Estate & Other Assets	1.22B	1.67B	2.25B	3.37B	4.45B	5.82B	6.82B	7.51B	8.65B	96.86M
PP&E (Net)	1.21B	1.66B	0	0	0	0	0	0	0	8.89B
Investment Securities	-1000K	-1000K	0	0	0	0	0	0	0	0
Total Current Assets	76.68M	75.52M	72.72M	46.96M	104.37M	94.75M	101.12M	112.81M	143.1M	154.69M
Cash & Equivalents	50.81M	53.95M	15.6M	6.14M	43.25M	27.76M	10.91M	6.4M	16.3M	25.08M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	10.39M	20K	26.55M	3.02M	7.67M	1.15M	7.26M	0	4.33M	0
Intangible Assets	195.16M	280.15M	343.51M	473.59M	672.02M	799.45M	854.09M	864.94M	1B	1.03B
Total Liabilities	583.44M	789.7M	972.97M	1.36B	1.81B	2.08B	2.57B	2.98B	3.53B	3.95B
Total Debt	519.56M	720.41M	961.3M	1.31B	1.88B	1.98B	2.45B	2.83B	3.35B	3.29B
Net Debt	468.76M	666.45M	945.7M	1.3B	1.84B	1.95B	2.44B	2.83B	3.34B	3.26B
Long-Term Debt	491.23M	720.41M	872.3M	1.22B	1.69B	1.94B	2.41B	2.79B	3.29B	3.23B
Short-Term Borrowings	14M	19M	89M	92M	160M	0	0	0	0	0
Capital Lease Obligations	28.34M	-413.91M	0	0	33.08M	36.71M	36.83M	46.25M	60.19M	228.4M
Total Current Liabilities	30.88M	35.71M	74M	105.94M	86.89M	106.07M	126.94M	144.12M	171.54M	186.23M
Accounts Payable	11.16M	21.05M	48.99M	71.39M	70M	83.72M	101.4M	116.27M	139.38M	154.05M
Deferred Revenue	1.84M	4.63M	0	0	0	0	0	0	0	0
Other Liabilities	59.03M	-385.43M	26.67M	35.7M	0	0	0	0	0	0
Total Equity	911.19M▲ 0%	1.24B▲ 35.9%	1.69B▲ 36.6%	2.53B▲ 49.3%	3.42B▲ 35.4%	4.63B▲ 35.4%	5.2B▲ 12.3%	5.51B▲ 6.0%	6.27B▲ 13.8%	6.24B▲ 0%
Equity Growth %	32.92%	35.92%	36.58%	49.34%	35.35%	35.42%	12.3%	5.97%	13.8%	44.77%
Shareholders Equity	908.66M	1.24B	1.69B	2.52B	3.42B	4.63B	5.2B	5.51B	6.27B	6.24B
Minority Interest	2.53M	2.41M	2.23M	1.76M	1.63M	1.39M	942K	615K	168K	90K
Common Stock	3K	4K	5K	6K	7K	9K	10K	10K	12K	12K
Additional Paid-in Capital	936.05M	1.28B	1.75B	2.65B	3.4B	4.66B	5.35B	5.77B	6.68B	6.68B
Retained Earnings	-28.76M	-42.95M	-57.09M	-91.34M	-147.37M	-228.13M	-346.47M	-470.62M	-618.67M	-653.43M
Preferred Stock	0	0	0	0	175M	175M	175M	175M	175M	175M
Return on Assets (ROA)	4.46%	3.3%	3.41%	2.79%	2.68%	2.55%	2.35%	2.33%	2.24%	2.28%
Return on Equity (ROE)	7.28%	5.41%	5.47%	4.33%	4.11%	3.79%	3.46%	3.53%	3.47%	3.65%
Debt / Assets	34.76%	35.52%	36.08%	33.72%	35.98%	29.45%	31.48%	33.37%	34.24%	32.32%
Debt / Equity	0.57x	0.58x	0.57x	0.52x	0.55x	0.43x	0.47x	0.51x	0.53x	0.53x
Net Debt / EBITDA	4.95x	5.71x	5.45x	6.04x	5.92x	5.06x	5.25x	5.21x	5.42x	5.42x
Book Value per Share	32.89	38.22	41.03	48.21	50.93	58.49	54.49	54.09	56.39	51.83

ADC Cash Flow Statement

Agree Realty Corporation (ADC) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	82.2M	93.25M	126.71M	142.96M	246.31M	362.12M	391.6M	431.97M	504.14M	504.14M
Operating CF Growth %	33.15%	13.44%	35.88%	12.82%	72.3%	47.02%	8.14%	10.31%	16.71%	56.38%
Operating CF / Revenue %	73.71%	68%	67.58%	57.51%	72.59%	84.25%	72.86%	70%	70.18%	67.21%
Net Income	58.79M	58.8M	80.76M	91.97M	122.88M	153.03M	170.55M	189.83M	204.99M	219.58M
Depreciation & Amortization	31.75M	43.7M	59.2M	82.64M	120.01M	166.91M	209.37M	240.22M	275.72M	278.12M
Stock-Based Compensation	2.39M	2.95M	4.11M	5M	5.47M	6.46M	8.34M	10.8M	12.99M	13.4M
Other Non-Cash Items	-12.98M	1.05M	1.28M	1.44M	3.61M	14.98M	-2.08M	-6.25M	10.09M	16.52M
Working Capital Changes	2.48M	-4.39M	-7.62M	-11.27M	-8.71M	20.74M	5.42M	-2.64M	344K	-5.47M
Cash from Investing	-319.1M	-568.12M	-667.52M	-1.3B	-1.39B	-1.62B	-1.27B	-885.41M	-1.54B	-1.59B
Acquisitions (Net)	0	0	0	0	0	0	0	0	0	0
Purchase of Investments	0	0	-732.57M	-1.35B	-1.44B	-1.66B	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	10.06M
Other Investing	-319.1M	-568.12M	65.05M	46.47M	55.53M	44.41M	-1.27B	-885.41M	-1.54B	-1.19B
Cash from Financing	262.28M	470.06M	528.99M	1.12B	1.18B	1.24B	869.01M	445.31M	1.05B	1.09B
Dividends Paid	-55.15M	-67.64M	-90.26M	-116.11M	-195.82M	-227.74M	-285.11M	-311.04M	-348.09M	-361.15M
Common Dividends	-55.15M	-67.64M	-90.26M	-116.11M	-194.3M	-220.3M	-277.68M	-303.6M	-340.65M	-353.71M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	2M
Share Repurchases	-1.11M	-1.15M	-1.41M	-1.64M	-1.81M	-1.91M	-2.68M	-2.28M	-3.74M	-6.15M
Other Financing	-1M	-2.56M	-4.14M	-4.74M	-7.75M	-3.68M	-4.56M	-12.99M	-7.92M	350.63M
Net Change in Cash	25.39M▲ 0%	-4.81M▼ 118.9%	-11.82M▼ 145.8%	-34.2M▼ 189.4%	37.3M▲ 209.0%	-16.34M▼ 143.8%	-14.38M▲ 12.0%	-8.13M▲ 43.5%	14.22M▲ 275.1%	20.04M▲ 0%
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	33.4M	58.78M	53.98M	42.16M	7.96M	45.25M	28.91M	14.52M	6.4M	20.62M
Cash at End	58.78M	53.98M	42.16M	7.96M	45.25M	28.91M	14.52M	6.4M	20.62M	31.2M
Free Cash Flow	82.2M▲ 0%	93.25M▲ 13.4%	126.71M▲ 35.9%	142.96M▲ 12.8%	246.31M▲ 72.3%	362.12M▲ 47.0%	391.6M▲ 8.1%	431.97M▲ 10.3%	504.14M▲ 16.7%	110.3M▲ 0%
FCF Growth %	33.15%	13.44%	35.88%	12.82%	72.3%	47.02%	8.14%	10.31%	16.71%	-75.99%
FCF / Revenue %	73.71%	68%	67.58%	57.51%	72.59%	84.25%	72.86%	70%	70.18%	14.71%

ADC Key Ratios

Agree Realty Corporation (ADC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
FFO per Share	3.24	3.14	3.38	3.32	3.61	4.03	3.97	4.22	4.32	4.13
FFO Payout Ratio	61.37%	66.4%	64.8%	66.72%	80.19%	68.99%	73.2%	70.7%	70.96%	71.07%
NOI Margin	88.82%	87.59%	87.46%	87.23%	87.9%	87.84%	87.59%	87.87%	87.73%	87.64%
Net Debt / EBITDA	4.95x	5.71x	5.45x	6.04x	5.92x	5.06x	5.25x	5.21x	5.42x	5.42x
Debt / Assets	34.76%	35.52%	36.08%	33.72%	35.98%	29.45%	31.48%	33.37%	34.24%	32.32%
Interest Coverage	3.47x	3.03x	3.10x	3.32x	3.49x	3.46x	3.14x	2.78x	2.54x	-
Book Value / Share	32.89	38.22	41.03	48.21	50.93	58.49	54.49	54.09	56.39	51.83
Revenue Growth	21.84%	22.96%	36.72%	32.59%	36.51%	26.67%	25.05%	14.81%	16.42%	17.78%

ADC SEC Filings & Documents

Agree Realty Corporation (ADC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 21, 2026·SEC

Material company update

Apr 2, 2026·SEC

Material company update

Feb 26, 2026·SEC

10-K Annual Reports

FY 2026

Feb 10, 2026·SEC

FY 2025

Feb 11, 2025·SEC

FY 2024

Feb 13, 2024·SEC

10-Q Quarterly Reports

FY 2026

Apr 21, 2026·SEC

FY 2025

Oct 21, 2025·SEC

FY 2025

Jul 31, 2025·SEC

ADC Frequently Asked Questions

Agree Realty Corporation (ADC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Agree Realty Corporation (ADC) reported $750.0M in revenue for fiscal year 2025. This represents a 4504% increase from $16.3M in 1996.

Agree Realty Corporation (ADC) grew revenue by 16.4% over the past year. This is strong growth.

Yes, Agree Realty Corporation (ADC) is profitable, generating $219.6M in net income for fiscal year 2025 (28.4% net margin).

Dividend & Returns

Yes, Agree Realty Corporation (ADC) pays a dividend with a yield of 4.00%. This makes it attractive for income-focused investors.

Agree Realty Corporation (ADC) has a return on equity (ROE) of 3.5%. This is below average, suggesting room for improvement.

Industry Metrics

Agree Realty Corporation (ADC) generated Funds From Operations (FFO) of $497.7M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Agree Realty Corporation (ADC) offers a 4.00% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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Agree Realty Corporation (ADC) financial analysis — history, returns, DCA and operating performance tools

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Agree Realty Corporation(ADC)Earnings, Financials & Key Ratios

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