Last 47 quarters of trend data · Real Estate · REIT - Retail
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Agree Realty Corporation's quarterly P/E stands at 39.5x, down 12.0% year-over-year — suggesting improving earnings relative to price.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 45.47 | 39.47 | 41.51 | 45.95 | 42.96 | 44.84 | 29.78 | 33.21 | 35.77 | 33.68 | 38.92 | 38.98 | 40.30 |
| — | -12.0% | +39.4% | +38.4% | +20.1% | +33.1% | -23.5% | -14.8% | -11.3% | -2.3% | -2.9% | +12.8% | -0.6% | |
| P/S Ratio | 0.33 | 10.81 | 11.19 | 12.27 | 11.47 | 12.41 | 10.20 | 9.59 | 10.96 | 9.83 | 11.72 | 12.27 | 13.51 |
| — | -12.9% | +9.8% | +28.0% | +4.7% | +26.3% | -13.0% | -21.8% | -18.9% | -20.6% | -9.8% | +1.9% | -1.9% | |
| P/B Ratio | 1.43 | 1.35 | 1.39 | 1.47 | 1.34 | 1.45 | 1.21 | 1.11 | 1.22 | 1.03 | 1.22 | 1.29 | 1.36 |
| — | -6.8% | +15.3% | +32.9% | +10.1% | +41.2% | -1.5% | -14.5% | -10.7% | -14.4% | -10.8% | +0.5% | -7.7% | |
| P/FCF | 0.47 | 13.52 | 16.42 | 16.39 | 20.18 | 13.64 | 15.41 | 14.45 | 16.13 | 12.24 | 17.00 | 16.49 | 16.90 |
| — | -0.9% | +6.6% | +13.4% | +25.1% | +11.4% | -9.4% | -12.4% | -4.6% | +6.8% | +10.6% | -14.3% | -19.0% | |
| EV / EBITDA | 5.46 | 19.08 | 18.60 | 19.74 | 18.18 | 19.31 | 15.84 | 16.26 | 17.67 | 16.25 | 18.18 | 18.76 | 19.82 |
| — | -1.2% | +17.4% | +21.4% | +2.9% | +18.9% | -12.9% | -13.3% | -10.9% | -7.5% | -8.5% | +0.3% | -5.9% | |
| EV / EBIT | 9.30 | 33.13 | 33.88 | 35.85 | 33.76 | 34.78 | 27.08 | 29.30 | 31.64 | 30.09 | 33.35 | 34.01 | 35.13 |
| — | -4.7% | +25.1% | +22.4% | +6.7% | +15.6% | -18.8% | -13.8% | -9.9% | -2.4% | -5.2% | +5.7% | -0.7% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Agree Realty Corporation's operating margin was 47.6% in Q3 2025, up 0.9 pp QoQ and down 0.6 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. Gross margin expanded 5.4% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 92.7% | 92.8% | 87.6% | 88.0% | 87.3% | 88.1% | 88.4% | 87.6% | 87.6% | 88.3% | 87.6% | 86.9% | 88.5% |
| — | +5.4% | -1.0% | +0.4% | -0.3% | -0.2% | +1.0% | +0.9% | -1.1% | +0.6% | -0.1% | -0.5% | +0.8% | |
| Operating Margin | 47.4% | 47.6% | 46.7% | 46.5% | 46.9% | 48.2% | 53.7% | 47.2% | 48.0% | 46.1% | 47.4% | 47.8% | 49.3% |
| — | -1.3% | -13.0% | -1.4% | -2.3% | +4.6% | +13.2% | -1.3% | -2.7% | -11.5% | -4.9% | -7.7% | -4.1% | |
| Net Margin | 27.4% | 27.4% | 28.0% | 26.7% | 28.1% | 28.8% | 35.9% | 30.0% | 31.9% | 30.3% | 31.5% | 32.9% | 35.1% |
| — | -4.6% | -21.9% | -11.1% | -11.7% | -5.3% | +14.0% | -8.7% | -9.2% | -15.3% | -8.3% | -10.5% | -3.2% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.3% | 0.9% | 0.9% | 0.8% | 0.8% | 0.8% | 1.1% | 0.9% | 0.9% | 0.8% | 0.8% | 0.9% | 0.9% |
| — | +2.7% | -17.7% | -6.4% | -4.8% | +4.5% | +26.6% | -2.1% | -1.3% | -12.2% | -11.1% | -13.3% | -9.1% | |
| ROA | 2.2% | 0.5% | 0.6% | 0.5% | 0.5% | 0.5% | 0.7% | 0.6% | 0.6% | 0.6% | 0.6% | 0.6% | 0.6% |
| — | -1.3% | -20.2% | -8.9% | -8.9% | -1.5% | +20.3% | -5.6% | -3.4% | -11.1% | -7.0% | -8.6% | -4.9% | |
| ROIC | 2.9% | 0.7% | 0.7% | 0.7% | 0.7% | 0.7% | 0.8% | 0.7% | 0.7% | 0.6% | 0.7% | 0.7% | 0.7% |
| — | +2.2% | -11.2% | +1.0% | +0.7% | +8.5% | +19.0% | +1.5% | +1.6% | -8.9% | -3.8% | -4.9% | -4.1% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Agree Realty Corporation's Debt/EBITDA ratio is 23.0x, up from 21.9x last quarter — elevated, raising questions about debt serviceability. Debt/Equity has risen for 4 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.47 | 0.58 | 0.58 | 0.53 | 0.51 | 0.51 | 0.52 | 0.49 | 0.47 | 0.43 | 0.43 | 0.42 | 0.42 |
| — | +13.3% | +10.3% | +7.8% | +9.2% | +20.7% | +21.7% | +16.0% | +11.0% | +2.6% | -11.7% | -15.6% | -21.5% | |
| Debt / EBITDA | 5.08 | 23.03 | 21.87 | 20.96 | 20.19 | 20.27 | 19.23 | 20.05 | 19.75 | 19.08 | 18.96 | 18.55 | 18.90 |
| — | +13.6% | +13.7% | +4.6% | +2.2% | +6.2% | +1.4% | +8.1% | +4.5% | +2.0% | -9.4% | -12.0% | -16.9% | |
| Current Ratio | 0.05 | 0.71 | 0.30 | 0.75 | 0.78 | 0.74 | 0.90 | 0.81 | 0.80 | 0.66 | 0.74 | 0.73 | 1.37 |
| — | -4.8% | -67.3% | -8.3% | -1.7% | +11.9% | +21.3% | +12.0% | -42.0% | -86.2% | -24.6% | -30.8% | +14.3% | |
| Quick Ratio | 0.05 | 0.71 | 0.30 | 0.75 | 0.78 | 0.74 | 0.90 | 0.81 | 0.80 | 0.66 | 0.74 | 0.73 | 1.37 |
| — | -4.8% | -67.3% | -8.3% | -1.7% | +11.9% | +21.3% | +12.0% | -42.0% | -86.2% | -24.6% | -30.8% | +14.3% | |
| Interest Coverage | — | 2.48 | 2.54 | 2.56 | 2.59 | 2.57 | 3.10 | 2.88 | 3.09 | 3.03 | 3.09 | 3.36 | 3.41 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Start ComparisonAgree Realty Corporation's current P/E is 45.5x. The average P/E over the last 4 quarters is 42.5x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Agree Realty Corporation's current operating margin is 47.4%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Agree Realty Corporation's business trajectory between earnings reports.