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Agree Realty

ADC NYSE Retail REITs Financials FY2016–FY2025

Agree Realty's revenue rose 16.4% to $718 million in fiscal 2025. Its operating margin was 47.4%, down from 49.0% a year earlier. Free cash flow was $504 million. It paid out $344 million in dividends and buybacks, 68% of free cash flow. The diluted share count rose 9.2%.

Last close · Oct 23, 2026

$66.70

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$718M
16.4% vs prior year
Operating margin Operating income as a share of revenue.
47.4%
1.6 pts
Net income Profit after all expenses, interest and tax.
$204M
8.0%
Free cash flow Cash from operations minus capital spending.
$504M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$8.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
34.4x
On $1.94 EPS (TTM)

About these figures. Agree Realty's notes, credit line and mortgages are tagged under different labels from year to year with no total, so debt is left blank.

What Agree Realty does

No business description yet.

Legal name
AGREE REALTY CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000917251-26-000013
0000917251

Revenue and margins

Agree Realty had $718M of revenue in fiscal 2025, up 16.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew −1.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $504M in fiscal 2025, 70.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Agree Realty returned $344M to shareholders in fiscal 2025, 68% of free cash flow. The diluted share count rose 9.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Agree Realty yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 111.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 34.4x · peers 19.5x · sector 27.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Agree Realty can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $43.3M$27.8M$10.9M$6.4M$16.3M
Interest coverage 3.8x3.4x3.1x2.8x2.5x
Total assets $5.2B$6.7B$7.8B$8.5B$9.8B
Total liabilities $1.8B$2.1B$2.6B$3.0B$3.5B
Shareholders' equity $3.4B$4.6B$5.2B$5.5B$6.3B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$8.8M

5 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 21, 2026 Craig ErlichChief Growth Officer Bought 1,000 $67.55 $0.1M Form 4
Sep 16, 2026 Joey AgreePresident & CEO, Director Bought 7,360 $68.06 $0.5M Form 4
Sep 16, 2026 John Rakolta JrDirector Bought 20,000 $68.78 $1.4M Form 4
Aug 31, 2026 John Rakolta JrDirector Bought 10,000 $72.42 $0.7M Form 4
Aug 28, 2026 John Rakolta JrDirector Bought 136 $73.52 $0.0M Form 4
Aug 27, 2026 John Rakolta JrDirector Bought 20,000 $73.23 $1.5M Form 4
Jun 4, 2026 Richard AgreeExecutive Chairman of Board, Director Bought 5,000 $71.41 $0.4M Form 4
May 15, 2026 John Rakolta JrDirector Bought 20,000 $74.57 $1.5M Form 4
May 14, 2026 Greg LehmkuhlDirector Bought 750 $75.09 $0.1M Form 4
May 14, 2026 Joey AgreePresident & CEO, Director Bought 13,295 $75.41 $1.0M Form 4
Apr 1, 2026 John Rakolta JrDirector Bought 146 $75.69 $0.0M Form 4
Jan 9, 2026 Richard AgreeExecutive Chairman of Board, Director Bought 24,000 $70.67 $1.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score — / 9— / 9— / 9
Accruals ratio −3.1%−3.0%−3.3%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Agree Realty ADC $8.3B 16.4% 47.4% 70.2% — 34.4x —
Kite Realty Group Trust KRG $5.0B 0.8% — 32.9% 7.1% 15.3x — Compare →
NNN Reit NNN $7.8B 6.6% 63.6% — — 20.2x — Compare →
Federal Realty Investment Trust FRT $9.4B 6.4% 47.1% — 6.0% 18.9x — Compare →
Brixmor Property Group BRX $8.7B 6.7% — — — 20.1x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $91.5M $112M $137M $188M $249M $339M $430M $538M $617M $718M
Operating income $51.7M $63.0M $73.0M $114M $133M $190M $218M $254M $302M $340M
Interest expense $15.3M $18.1M $24.9M $33.1M $40.1M $50.4M $63.4M $81.1M $109M $135M
Pretax income $45.3M $58.3M $58.7M $80.6M $92.5M $125M $155M $173M $194M $206M
Income tax $0.2M $0.2M $0.5M $0.5M $1.1M $2.4M $2.9M $2.9M $4.3M $1.7M
Net income $45.1M $58.1M $58.2M $80.1M $91.4M $122M $152M $170M $189M $204M
Diluted EPS $1.97 $2.08 $1.78 $1.93 $1.74 $1.78 $1.83 $1.70 $1.78 $1.77
Diluted shares 0.02B 0.03B 0.03B 0.04B 0.05B 0.07B 0.08B 0.10B 0.10B 0.11B
Cash flow
Cash from operations $61.7M $82.2M $93.2M $127M $143M $246M $362M $392M $432M $504M
Capital expenditure — — $608M $703M $1.3B $1.4B $1.6B $1.2B $875M $0.0M
Free cash flow — — −$515M −$576M −$1.2B −$1.1B −$1.2B −$808M −$443M $504M
Depreciation and amortization $23.4M $26.7M $33.0M $45.7M $66.8M $95.7M $134M $176M $207M $239M
Stock-based compensation $2.3M $2.4M $2.9M $4.0M $4.7M $4.8M $6.5M $8.3M $10.8M $13.0M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.7M $1.1M $1.1M $1.4M $1.6M $1.8M $1.9M $2.7M $2.3M $3.7M
Dividends paid $42.1M $55.1M $67.6M $90.3M $116M $194M $220M $278M $304M $341M
Dividends and buybacks $42.8M $56.3M $68.8M $91.7M $118M $196M $222M $280M $306M $344M
Balance sheet
Cash and short-term investments $33.4M $50.8M $54.0M $15.6M $6.1M $43.3M $27.8M $10.9M $6.4M $16.3M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $6.2M $6.1M $6.0M $3.2M $3.2M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $944M $1.2B $1.6B — — — — — — —
Total assets $1.1B $1.5B $2.0B $2.7B $3.9B $5.2B $6.7B $7.8B $8.5B $9.8B
Total liabilities $457M $583M $790M $973M $1.4B $1.8B $2.1B $2.6B $3.0B $3.5B
Shareholders' equity $683M $909M $1.2B $1.7B $2.5B $3.4B $4.6B $5.2B $5.5B $6.3B
Margins
Operating margin 56.4% 56.5% 53.2% 61.0% 53.6% 56.1% 50.7% 47.3% 49.0% 47.4%
EBITDA margin 82.0% 80.4% 77.3% 85.4% 80.4% 84.3% 81.8% 80.1% 82.5% 80.7%
Net margin 49.3% 52.1% 42.4% 42.7% 36.8% 36.0% 35.5% 31.6% 30.7% 28.5%
FCF margin — — −375.6% −307.3% −469.5% −337.1% −288.0% −150.4% −71.7% 70.2%
Returns
Return on equity 8.0% 7.3% 5.4% 5.5% 4.3% 4.1% 3.8% 3.5% 3.5% 3.5%
Return on assets 4.7% 4.4% 3.3% 3.4% 2.8% 2.7% 2.6% 2.4% 2.3% 2.2%
Growth
Revenue growth 30.8% 21.8% 23.0% 36.7% 32.6% 36.5% 26.7% 25.1% 14.8% 16.4%
Net income growth 15.6% 28.8% 0.1% 37.7% 14.1% 33.8% 24.7% 11.5% 11.3% 8.0%
EPS growth −8.8% 5.6% −14.4% 8.4% −9.8% 2.3% 2.8% −7.1% 4.7% −0.6%
Share count change 27.1% 20.7% 17.0% 27.2% 27.1% 28.1% 17.9% 20.6% 6.8% 9.2%
Financial health
Interest coverage 3.4x 3.5x 2.9x 3.5x 3.3x 3.8x 3.4x 3.1x 2.8x 2.5x
Capital allocation
Capex / revenue — — 443.6% 374.9% 527.0% 409.6% 372.3% 223.3% 141.7% 0.0%
Stock comp / revenue 2.5% 2.2% 2.2% 2.1% 1.9% 1.4% 1.5% 1.6% 1.8% 1.8%
Payouts / FCF — — — — — — — — — 68.3%
Quality scores
Accruals ratio −1.7% −1.8% −2.0% −2.0% −1.6% −2.7% −3.5% −3.1% −3.0% −3.3%

Source: SEC EDGAR XBRL filings (CIK 0000917251). Data updated October 20, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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