30 years of historical data (1996–2025) · Real Estate · REIT - Retail
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Agree Realty Corporation trades at 45.5x earnings, 16% above its 5-year average of 39.2x, sitting at the 100th percentile of its historical range. Compared to the Real Estate sector median P/E of 23.4x, the stock trades at a premium of 95%. On a free-cash-flow basis, the stock trades at 0.5x P/FCF, 97% below the 5-year average of 16.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $236M | $8.0B | $7.2B | $6.0B | $5.6B | $4.8B | $3.5B | $2.9B | $1.9B | $1.4B | $1.1B |
| Enterprise Value | $3.2B | $10.9B | $10.0B | $8.4B | $7.6B | $6.6B | $4.8B | $3.8B | $2.6B | $1.9B | $1.4B |
| P/E Ratio → | 45.47 | 40.69 | 39.58 | 37.03 | 38.76 | 40.09 | 38.26 | 36.36 | 32.84 | 24.73 | 23.38 |
| P/S Ratio | 0.33 | 11.15 | 11.63 | 11.18 | 13.06 | 14.12 | 14.03 | 15.43 | 13.97 | 12.78 | 11.55 |
| P/B Ratio | 1.43 | 1.28 | 1.30 | 1.16 | 1.21 | 1.40 | 1.38 | 1.71 | 1.55 | 1.56 | 1.54 |
| P/FCF | 0.47 | 15.89 | 16.61 | 15.34 | 15.51 | 19.45 | 24.40 | 22.83 | 20.54 | 17.33 | 17.13 |
| P/OCF | 0.47 | 15.89 | 16.61 | 15.34 | 15.51 | 19.45 | 24.40 | 22.83 | 20.54 | 17.33 | 17.13 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Agree Realty Corporation's enterprise value stands at 5.5x EBITDA, 72% below its 5-year average of 19.3x. The Real Estate sector median is 13.6x, placing the stock at a 60% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 15.23 | 16.21 | 15.71 | 17.60 | 19.53 | 19.28 | 20.47 | 18.83 | 16.98 | 15.57 |
| EV / EBITDA | 5.46 | 18.87 | 18.44 | 18.21 | 19.65 | 21.36 | 22.21 | 22.11 | 22.12 | 19.99 | 18.98 |
| EV / EBIT | 9.30 | — | 33.01 | 33.17 | 34.49 | 37.74 | 35.99 | 37.38 | 34.28 | 30.08 | 27.58 |
| EV / FCF | — | 21.70 | 23.16 | 21.56 | 20.89 | 26.91 | 33.53 | 30.29 | 27.69 | 23.04 | 23.08 |
Margins and return-on-capital ratios measuring operating efficiency
Agree Realty Corporation earns an operating margin of 47.4%, significantly above the Real Estate sector average of 22.0%. ROE of 3.3% is modest. ROIC of 2.9% represents below-average returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 92.7% | 92.7% | 87.9% | 87.6% | 87.8% | 87.9% | 87.2% | 87.5% | 87.6% | 88.8% | 90.6% |
| Operating Margin | 47.4% | 47.4% | 49.0% | 47.3% | 50.7% | 56.1% | 53.6% | 61.0% | 53.2% | 56.5% | 56.4% |
| Net Profit Margin | 27.4% | 27.4% | 30.7% | 31.6% | 35.5% | 36.0% | 36.8% | 42.7% | 42.4% | 52.1% | 49.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.3% | 3.3% | 3.5% | 3.5% | 3.8% | 4.1% | 4.3% | 5.5% | 5.4% | 7.3% | 7.9% |
| ROA | 2.2% | 2.2% | 2.3% | 2.3% | 2.6% | 2.7% | 2.8% | 3.4% | 3.3% | 4.5% | 4.7% |
| ROIC | 2.9% | 2.9% | 2.8% | 2.7% | 2.8% | 3.1% | 3.1% | 3.8% | 3.3% | 3.9% | 4.2% |
| ROCE | 4.5% | 4.5% | 3.8% | 3.6% | 3.7% | 4.3% | 4.2% | 5.0% | 4.2% | 4.9% | 5.5% |
Solvency and debt-coverage ratios — lower is generally safer
Agree Realty Corporation carries a Debt/EBITDA ratio of 5.1x, which is highly leveraged (24% below the sector average of 6.7x). Net debt stands at $2.9B ($2.9B total debt minus $16M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.47 | 0.47 | 0.51 | 0.47 | 0.43 | 0.55 | 0.52 | 0.57 | 0.58 | 0.57 | 0.58 |
| Debt / EBITDA | 5.08 | 5.08 | 5.22 | 5.28 | 5.13 | 6.06 | 6.07 | 5.54 | 6.17 | 5.49 | 5.34 |
| Net Debt / Equity | — | 0.47 | 0.51 | 0.47 | 0.42 | 0.54 | 0.52 | 0.56 | 0.54 | 0.51 | 0.54 |
| Net Debt / EBITDA | 5.05 | 5.05 | 5.21 | 5.25 | 5.06 | 5.92 | 6.04 | 5.45 | 5.71 | 4.95 | 4.90 |
| Debt / FCF | — | 5.81 | 6.54 | 6.22 | 5.38 | 7.46 | 9.12 | 7.46 | 7.15 | 5.70 | 5.95 |
| Interest Coverage | — | — | 2.78 | 3.14 | 3.44 | 3.78 | 3.32 | 3.46 | 2.94 | 3.47 | 3.37 |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.05x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.80x to 0.05x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.05 | 0.05 | 0.78 | 0.80 | 0.89 | 1.20 | 0.44 | 0.98 | 2.12 | 2.48 | 2.15 |
| Quick Ratio | 0.05 | 0.05 | 0.78 | 0.80 | 0.89 | 1.20 | 0.44 | 0.93 | 2.12 | 2.40 | 2.22 |
| Cash Ratio | 0.01 | 0.01 | 0.04 | 0.09 | 0.26 | 0.50 | 0.06 | 0.21 | 1.51 | 1.65 | 1.60 |
| Asset Turnover | — | 0.07 | 0.07 | 0.07 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 |
| Inventory Turnover | 6.27 | — | — | — | — | — | — | 6.27 | — | 5.15 | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Agree Realty Corporation returns 1.7% to shareholders annually — split between a 0.1% dividend yield and 1.6% buyback yield. The earnings yield of 2.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.1% | 4.2% | 4.6% | 3.9% | 4.1% | 3.3% | 3.1% | 3.5% | 3.9% | 4.0% |
| Payout Ratio | — | — | 160.5% | 163.4% | 144.5% | 158.9% | 127.1% | 112.7% | 116.3% | 94.9% | 93.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 2.5% | 2.5% | 2.7% | 2.6% | 2.5% | 2.6% | 2.8% | 3.0% | 4.0% | 4.3% |
| FCF Yield | 100.0% | 6.3% | 6.0% | 6.5% | 6.4% | 5.1% | 4.1% | 4.4% | 4.9% | 5.8% | 5.8% |
| Buyback Yield | 1.6% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% |
| Total Shareholder Yield | 1.7% | 0.1% | 4.3% | 4.7% | 4.0% | 4.1% | 3.4% | 3.2% | 3.6% | 3.9% | 4.0% |
| Shares Outstanding | — | $111M | $102M | $95M | $79M | $67M | $52M | $41M | $32M | $28M | $23M |
Compare ADC with 6 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| ADCYou | $236M | 45.5 | 5.5 | 0.5 | 92.7% | 47.4% | 3.3% | 2.9% | 5.1 |
| O | $63B | 57.3 | 15.2 | 15.7 | 89.8% | 28.3% | 2.7% | 2.3% | — |
| NNN | $9B | 21.9 | 10.0 | 12.9 | 96.0% | 63.6% | 8.9% | 6.7% | — |
| FCPT | $3B | 23.4 | 17.6 | 14.4 | 95.4% | 55.7% | 7.3% | 4.5% | 5.4 |
| GTY | $2B | 23.4 | 15.8 | 14.9 | 40.2% | 54.9% | 7.8% | 4.6% | 5.6 |
| NTST | $2B | 259.6 | 12.6 | 15.8 | 99.9% | 25.7% | 0.5% | 2.1% | — |
| PINE | $292M | -89.6 | 7.1 | 11.3 | 86.9% | 21.7% | -1.1% | 2.2% | — |
| Real Estate Median | — | 23.4 | 13.6 | 13.7 | 60.4% | 22.0% | 3.3% | 2.6% | 6.7 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonAgree Realty Corporation's current P/E ratio is 45.5x. The historical average is 21.7x. This places it at the 100th percentile of its historical range.
Agree Realty Corporation's current EV/EBITDA is 5.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.1x.
Agree Realty Corporation's return on equity (ROE) is 3.3%. The historical average is 9.0%.
Based on historical data, Agree Realty Corporation is trading at a P/E of 45.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Agree Realty Corporation's current dividend yield is 0.08%.
Agree Realty Corporation has 92.7% gross margin and 47.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Agree Realty Corporation's Debt/EBITDA ratio is 5.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.