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AGREE REALTY CORP ADC

NYSE · reit · Real Estate Investment Trusts · website · IPO 1994-04-15 · LEI

AGREE REALTY CORP statistics & valuation

Market cap$9.2B
P / E45.2×
P / S12.9×
P / B1.5×
Dividend yield3.69%
Net margin28.4%
Return on equity3.3%
Graham number -39.3%$45.62

Market cap as of 2026-06-30. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($45.62); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
49.30% 52.10% 42.40% 42.70% 36.80% 36.00% 35.50% 31.60% 30.70% 28.40% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
56.40% 56.50% 53.20% 61.00% 53.60% 56.10% 50.70% 47.30% 49.00% 47.40% 2016201720182019202020212022202320242025
Return on equity (%)
6.60% 6.40% 4.70% 4.70% 3.60% 3.60% 3.30% 3.30% 3.40% 3.30% 2016201720182019202020212022202320242025
Shares outstanding
26.2M 31.0M 37.5M 45.6M 60.0M 71.3M 90.2M 100.5M 107.2M 120.0M 2016201720182019202020212022202320242025
Net debt ($)
$370.7M $471.6M $670.1M $1.22B $1.65B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
4.00% 3.90% 2.90% 3.00% 2.40% 2.30% 2.30% 2.20% 2.20% 2.10% 2016201720182019202020212022202320242025
Free cash flow margin (%)
-375.60% -307.30% -469.50% -337.00% -288.00% -150.40% -71.70% 2016201720182019202020212022202320242025
Debt / equity (×)
0.59× 0.57× 0.58× 0.48× 0.50× 2016201720182019202020212022202320242025
EPS ($)
$1.97 $2.08 $1.78 $1.93 $1.74 $1.78 $1.83 $1.70 $1.78 $1.77 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

AGREE REALTY CORP trades at about 42.4× earnings — above its 10-year norm (10-year range 23.1×–40.8×, median 37.1×).

23.1× 42.4×

Shaded band = 10-year range (23.1×–40.8×); dot = today's 42.4×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin47.4%49.0%47.3%50.7%56.1%53.6%61.0%53.2%56.5%56.4%
Net margin28.4%30.7%31.6%35.5%36.0%36.8%42.7%42.4%52.1%49.3%
FCF margin—-71.7%-150.4%-288.0%-337.0%-469.5%-307.3%-375.6%——
Return on assets2.1%2.2%2.2%2.3%2.3%2.4%3.0%2.9%3.9%4.0%
Return on equity3.3%3.4%3.3%3.3%3.6%3.6%4.7%4.7%6.4%6.6%
Debt / equity————0.50×0.48×—0.58×0.57×0.59×

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.