Agree Realty Corp (ADC)
Agree Realty Corporation is a publicly traded real estate investment trust. The Firm is Rethinking Retail through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of June 30, 2026, the Company owned and operated a portfolio of 2,825 properties, located in all 50 states and containing approximately 59.6 million square feet of gross leasable area. Agree Realty Corporation was incorporated in 1971 and is based in Royal Oak, United States.
- Symbol
- ADC
- Exchange
- NYSE
- Sector
- Real Estate
- Industry
- REIT - Retail
- Market cap
- $8.35B
- 52 week range
- 66.5 - 82.08
Valuation
- Share price
- $67.12 (close of 2026-09-23)
- P/E (TTM)
- 36.09x
- Price to book
- 1.28x
- Price to free cash flow
- 15.64x
- Enterprise value
- $12.23B
- Book value per share
- $52.42
Price performance
| Period | Change |
|---|
| 1 day | -0.74% |
| 5 days | -4.21% |
| 1 month | -9.15% |
| 3 months | -9.75% |
| 6 months | -11.36% |
| Year to date | -6.82% |
| 1 year | -6.05% |
| 3 years | +17.88% |
| 5 years | -1.91% |
| 10 years | +35.21% |
| All time | +244.21% |
Profitability and growth
- Return on equity
- 3.26%
- Return on invested capital
- 3.52%
- Return on assets
- 2.09%
- Gross margin
- 53.52%
- Net margin
- 28.45%
- EBITDA margin
- 80.69%
- Revenue growth
- 16.42%
- Net income growth
- 8.01%
- Free cash flow growth
- 213.92%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 6.40%
- Net debt to EBITDA
- 5.74x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $718.40M
- Cost of revenue
- $333.94M
- Gross profit
- $384.46M
- EBITDA
- $579.70M
- Net income
- $204.35M
- Earnings per share
- $1.77
- Shares outstanding
- 110.72M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $718.40M | $384.46M | $204.35M | $1.77 |
| 2024-12-31 | $617.10M | $339.48M | $189.20M | $1.79 |
| 2023-12-31 | $537.50M | $289.18M | $169.96M | $1.70 |
| 2022-12-31 | $429.81M | $248.21M | $152.44M | $1.84 |
| 2021-12-31 | $339.32M | $215.72M | $122.27M | $1.79 |
| 2020-12-31 | $248.57M | $153.93M | $91.38M | $1.76 |
| 2019-12-31 | $187.48M | $129.96M | $80.08M | $1.96 |
| 2018-12-31 | $137.12M | $84.76M | $58.17M | $1.80 |
| 2017-12-31 | $111.52M | $72.39M | $58.11M | $2.09 |
| 2016-12-31 | $91.53M | $59.52M | $45.12M | $1.97 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 53.52% | 28.45% | 3.26% | 3.52% |
| 2024-12-31 | 55.01% | 30.66% | 3.43% | 3.57% |
| 2023-12-31 | 53.80% | 31.62% | 3.27% | 3.29% |
| 2022-12-31 | 57.75% | 35.47% | 3.29% | 3.27% |
| 2021-12-31 | 63.58% | 36.03% | 3.58% | 3.69% |
| 2020-12-31 | 61.92% | 36.76% | 3.62% | 3.51% |
| 2019-12-31 | 69.32% | 42.71% | 4.73% | 6.39% |
| 2018-12-31 | 61.82% | 42.42% | 4.70% | 3.80% |
| 2017-12-31 | 64.91% | 52.11% | 6.38% | 4.54% |
| 2016-12-31 | 65.03% | 49.29% | 6.58% | 4.88% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $16.30M | - |
| 2024-12-31 | $6.40M | $158.00M |
| 2023-12-31 | $10.91M | $227.00M |
| 2022-12-31 | $27.76M | $100.00M |
| 2021-12-31 | $43.25M | $1.69B |
| 2020-12-31 | $6.14M | $1.23B |
| 2019-12-31 | $15.60M | $89.00M |
| 2018-12-31 | $53.95M | $724.06M |
| 2017-12-31 | $50.81M | $522.40M |
| 2016-12-31 | $33.40M | $404.05M |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $504.14M | $12.99M |
| 2024-12-31 | $-442.53M | $10.80M |
| 2023-12-31 | $-808.40M | $8.34M |
| 2022-12-31 | $-1.24B | $6.46M |
| 2021-12-31 | $-1.14B | $4.80M |
| 2020-12-31 | $-1.17B | $4.70M |
| 2019-12-31 | $-576.19M | $3.98M |
| 2018-12-31 | $-515.05M | $2.95M |
| 2017-12-31 | $82.20M | $2.39M |
| 2016-12-31 | $61.73M | $2.26M |
Dividend history
- Most recent payment
- 2026-08-31
- Paid in the last twelve months
- $3.16
| Payment date | Dividend per share |
|---|
| 2026-08-31 | $0.27 |
| 2026-07-31 | $0.27 |
| 2026-06-30 | $0.27 |
| 2026-05-29 | $0.27 |
| 2026-04-30 | $0.27 |
| 2026-03-31 | $0.26 |
| 2026-02-27 | $0.26 |
| 2026-01-30 | $0.26 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-10-20
- Consensus EPS estimate
- $1.11
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-30 | Jun/2026 | $1.11 |
| 2026-04-21 | - | - |
| 2026-02-10 | - | - |
| 2025-10-21 | - | - |
| 2025-07-31 | - | - |
| 2025-07-21 | - | - |
| 2025-04-22 | - | - |
| 2025-04-21 | - | - |
Filings and sources
- Company website
- agreerealty.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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