Symbols / ADC Stock $74.55 +1.79% Agree Realty Corporation

Real Estate • REIT - Retail • United States • NYQ
ADC (Stock) Chart
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Stock Fundamentals
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Index EQUITY
Sector Real Estate
Industry REIT - Retail
CEO Mr. Joel N. Agree J.D.
Exch · Country NYQ · United States
Market Cap 8.98B
Enterprise Value 12.80B
Income 211.53M
Sales 750.04M
FCF (ttm) 444.88M
Book/sh 50.57
Cash/sh 0.29
Employees 90
Insider 10d —
IPO Apr 15, 1994
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 168.00%
P/E 40.30
Forward P/E 38.16
PEG 0.13
P/S 11.97
P/B 1.47
P/C —
EV/EBITDA 19.74
EV/Sales 17.06
Quick Ratio 0.27
Current Ratio 0.29
Debt/Eq 59.61
LT Debt/Eq —
EPS (ttm) 1.85
EPS next Y 1.95
EPS Growth 19.00%
Revenue Growth 18.70%
EPS Gr Q/Q 32.00%
Rev Gr Q/Q —
Earnings (next) 2026-04-21
Earnings (prior) 2026-04-21
ROA 2.39%
ROE 3.70%
ROIC —
Gross Margin 87.64%
Oper. Margin 48.67%
Profit Margin 29.25%
Shs Outstand 120.10M
Shs Float 117.64M
Insider Own 1.81%
Instit Own 120.59%
Short Float 0.01%
Short Ratio 0.01
Short Interest 11.87K
52W High 82.08
vs 52W High -9.17%
52W Low 69.56
vs 52W Low 7.17%
Beta 0.48
Impl. Vol. 0.78%
Rel Volume 0.81
Avg Volume 1.15M
Volume 936.88K
Target (mean) $84.56
Tgt Median $84.00
Tgt Low $80.00
Tgt High $92.00
# Analysts 18
Recom Buy
Prev Close $73.24
Price $74.55
Change 1.79%
About

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 December 31, 2025, the Company owned and operated a portfolio of 2,674 properties, located in all 50 states and containing approximately 55.5 million square feet of gross leasable area. The Company's common stock is listed on the New York Stock Exchange. Agree Realty Corporation was incorporated in 1971 and is based in Royal Oak, United States.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$84.56
Mean price target
2. Current target
$74.55
Latest analyst target
3. DCF / Fair value
$66.68
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$74.55
Low
$80.00
High
$92.00
Mean
$84.56

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-05-19 main Barclays Equal-Weight → Equal-Weight $84
2026-05-13 main Mizuho Neutral → Neutral $80
2026-04-24 main Citigroup Neutral → Neutral $83
2026-04-23 main RBC Capital Outperform → Outperform $82
2026-04-22 main Baird Outperform → Outperform $82
2026-04-21 main Barclays Equal-Weight → Equal-Weight $86
2026-04-17 down BMO Capital Outperform → Market Perform $86
2026-03-23 main Truist Securities Buy → Buy $82
2026-03-17 main Evercore ISI Group Outperform → Outperform $87
2026-03-17 main Raymond James Strong Buy → Strong Buy $90
2026-03-13 main Barclays Equal-Weight → Equal-Weight $81
2026-03-11 main Mizuho Neutral → Neutral $86
2026-03-09 main UBS Buy → Buy $91
2026-02-12 main RBC Capital Outperform → Outperform $81
2026-02-11 main Stifel Buy → Buy $85
2026-01-06 main RBC Capital Outperform → Outperform $79
2025-12-17 main Mizuho Neutral → Neutral $75
2025-12-15 main Evercore ISI Group Outperform → Outperform $83
2025-12-03 main Barclays Equal-Weight → Equal-Weight $78
2025-11-25 main Wells Fargo Overweight → Overweight $83
News
RSS: Latest ADC news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-06-04 AGREE RICHARD Officer and Director — 5,000 $71.41 $357,050
2026-05-14 FRANKEL MERRIE S. Director — 432 $0.00 $0
2026-05-14 LEHMKUHL GREG Director — 4,318 $0.00 $162,530
2026-05-14 HOLLMAN MICHAEL Director — 2,159 $0.00 $0
2026-05-14 JUDLOWE MICHAEL L Director — 3,487 $0.00 $99,972
2026-05-14 HE LINGLONG Director — 3,487 $0.00 $99,972
2026-05-14 RAKOLTA JOHNJR Director — 3,487 $0.00 $99,972
2026-05-14 ROSSI JEROME R Director — 2,159 $0.00 $0
2026-05-14 DEARING KAREN J Director — 2,159 $0.00 $0
2026-05-14 AGREE JOEL N Chief Executive Officer — 13,295 $75.41 $1,002,576
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
718.40
+16.42%
617.10
+14.81%
537.50
+25.05%
429.81
Operating Revenue
718.16
+16.43%
616.82
+14.78%
537.40
+25.08%
429.63
Cost Of Revenue
88.15
+17.77%
74.85
+12.19%
66.72
+27.61%
52.28
Reconciled Cost Of Revenue
51.73
+24.32%
41.61
+23.77%
33.62
+77.48%
18.94
Gross Profit
630.25
+16.23%
542.25
+15.18%
470.78
+24.70%
377.53
Operating Expense
283.37
+16.03%
244.22
+15.71%
211.06
+28.94%
163.69
Selling General And Administration
44.06
+18.34%
37.23
+7.03%
34.79
+15.49%
30.12
General And Administrative Expense
44.06
+18.34%
37.23
+7.03%
34.79
+15.49%
30.12
Other Gand A
44.06
+18.34%
37.23
+7.03%
34.79
+15.49%
30.12
Total Expenses
371.52
+16.44%
319.07
+14.86%
277.78
+28.62%
215.97
Operating Income
346.88
+16.39%
298.03
+14.75%
259.71
+21.45%
213.84
Total Operating Income As Reported
340.39
+12.62%
302.24
+18.81%
254.39
+16.65%
218.09
EBITDA
617.06
+13.58%
543.26
+17.10%
463.95
+20.12%
386.24
Normalized EBITDA
623.51
+15.68%
538.98
+14.85%
469.27
+22.88%
381.91
Reconciled Depreciation
275.72
+14.78%
240.22
+14.73%
209.37
+25.44%
166.91
EBIT
341.34
+12.64%
303.04
+19.04%
254.58
+16.07%
219.33
Total Unusual Items
-6.46
-250.70%
4.28
+180.44%
-5.33
-223.12%
4.33
Total Unusual Items Excluding Goodwill
-6.46
-250.70%
4.28
+180.44%
-5.33
-223.12%
4.33
Special Income Charges
-6.46
-250.70%
4.28
+180.44%
-5.33
-223.12%
4.33
Other Special Charges
—
—
—
—
Write Off
11.87
+64.34%
7.22
+0.68%
7.17
+606.90%
1.01
Net Income
204.35
+8.01%
189.20
+11.32%
169.96
+11.49%
152.44
Pretax Income
206.72
+6.48%
194.14
+11.92%
173.46
+11.27%
155.90
Net Non Operating Interest Income Expense
-134.61
-23.61%
-108.90
-34.25%
-81.12
-27.88%
-63.44
Interest Expense Non Operating
134.61
+23.61%
108.90
+34.25%
81.12
+27.88%
63.44
Net Interest Income
-134.61
-23.61%
-108.90
-34.25%
-81.12
-27.88%
-63.44
Interest Expense
134.61
+23.61%
108.90
+34.25%
81.12
+27.88%
63.44
Other Income Expense
-5.54
-210.55%
5.02
+197.64%
-5.14
-193.60%
5.49
Other Non Operating Income Expenses
0.91
+24.45%
0.73
+287.30%
0.19
-83.73%
1.16
Tax Provision
1.74
-59.71%
4.31
+47.97%
2.91
+1.75%
2.86
Tax Rate For Calcs
0.00
-62.16%
0.00
+32.21%
0.00
-8.56%
0.00
Tax Effect Of Unusual Items
-0.05
-157.02%
0.10
+206.34%
-0.09
-212.59%
0.08
Net Income Including Noncontrolling Interests
204.99
+7.98%
189.83
+11.31%
170.55
+11.44%
153.03
Net Income From Continuing Operation Net Minority Interest
204.35
+8.01%
189.20
+11.32%
169.96
+11.49%
152.44
Net Income From Continuing And Discontinued Operation
204.35
+8.01%
189.20
+11.32%
169.96
+11.49%
152.44
Net Income Continuous Operations
204.99
+7.98%
189.83
+11.31%
170.55
+11.44%
153.03
Minority Interests
-0.64
-0.79%
-0.64
-7.99%
-0.59
+1.67%
-0.60
Normalized Income
210.75
+13.91%
185.01
+5.60%
175.20
+18.22%
148.19
Net Income Common Stockholders
196.47
+8.38%
181.28
+11.82%
162.12
+12.10%
144.62
Otherunder Preferred Stock Dividend
0.45
-7.84%
0.48
+19.75%
0.41
+7.71%
0.38
Diluted EPS
1.77
-0.56%
1.78
+4.71%
1.70
-7.10%
1.83
Basic EPS
1.77
-1.12%
1.79
+5.29%
1.70
-7.61%
1.84
Basic Average Shares
110.72
+9.52%
101.10
+6.21%
95.19
+21.02%
78.66
Diluted Average Shares
111.20
+9.15%
101.88
+6.75%
95.44
+20.56%
79.16
Diluted NI Availto Com Stockholders
196.47
+8.38%
181.28
+11.82%
162.12
+12.10%
144.62
Depreciation Amortization Depletion Income Statement
239.31
+15.61%
206.99
+17.42%
176.28
+31.97%
133.57
Depreciation And Amortization In Income Statement
239.31
+15.61%
206.99
+17.42%
176.28
+31.97%
133.57
Gain On Sale Of PPE
5.42
-52.94%
11.51
+522.39%
1.85
-65.38%
5.34
Preferred Stock Dividends
7.44
+0.00%
7.44
+0.00%
7.44
+0.00%
7.44
Rent Expense Supplemental
2.14
+32.45%
1.62
-2.76%
1.66
+2.91%
1.62
Total Other Finance Cost
—
—
—
63.44
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
9,797.61
+15.45%
8,486.45
+9.15%
7,774.84
+15.81%
6,713.19
Current Assets
143.10
+26.84%
112.81
+15.73%
97.48
+2.88%
94.75
Cash Cash Equivalents And Short Term Investments
16.30
+154.65%
6.40
-41.33%
10.91
-60.71%
27.76
Cash And Cash Equivalents
16.30
+154.65%
6.40
-41.33%
10.91
-60.71%
27.76
Receivables
122.48
+15.09%
106.42
+28.28%
82.95
+25.99%
65.84
Accounts Receivable
122.48
+15.09%
106.42
+28.28%
82.95
+25.99%
65.84
Restricted Cash
4.33
0.00
-100.00%
3.62
+215.62%
1.15
Assets Held For Sale Current
—
0.00
-100.00%
3.64
0.00
Total Non Current Assets
9,654.51
+15.30%
8,373.63
+9.07%
7,677.36
+16.00%
6,618.44
Goodwill And Other Intangible Assets
1,000.97
+15.73%
864.94
+1.27%
854.09
+6.83%
799.45
Other Intangible Assets
1,000.97
+15.73%
864.94
+1.27%
854.09
+6.83%
799.45
Other Non Current Assets
80.84
-10.75%
90.59
+18.71%
76.31
-2.07%
77.92
Total Liabilities Net Minority Interest
3,526.46
+18.51%
2,975.78
+15.58%
2,574.68
+23.62%
2,082.80
Current Liabilities
171.54
+19.03%
144.12
+13.53%
126.94
+19.67%
106.07
Payables And Accrued Expenses
171.54
+19.03%
144.12
+13.53%
126.94
+19.67%
106.07
Payables
171.54
+19.03%
144.12
+13.53%
126.94
+19.67%
106.07
Accounts Payable
139.38
+19.88%
116.27
+14.67%
101.40
+21.12%
83.72
Dividends Payable
32.16
+15.50%
27.84
+9.04%
25.53
+14.27%
22.34
Current Debt And Capital Lease Obligation
—
—
—
—
Current Debt
—
—
—
—
Total Non Current Liabilities Net Minority Interest
3,354.92
+18.48%
2,831.67
+15.68%
2,447.75
+23.83%
1,976.73
Long Term Debt And Capital Lease Obligation
3,354.92
+18.48%
2,831.67
+15.68%
2,447.75
+23.83%
1,976.73
Long Term Debt
3,294.73
+18.28%
2,785.42
+15.53%
2,410.92
+24.27%
1,940.02
Long Term Capital Lease Obligation
60.19
+30.14%
46.25
+25.58%
36.83
+0.31%
36.71
Other Non Current Liabilities
—
—
36.83
+0.31%
36.71
Stockholders Equity
6,270.98
+13.81%
5,510.05
+5.98%
5,199.21
+12.32%
4,629.00
Common Stock Equity
6,095.98
+14.26%
5,335.05
+6.19%
5,024.21
+12.80%
4,454.00
Capital Stock
175.01
+0.00%
175.01
+0.00%
175.01
+0.00%
175.01
Common Stock
0.01
+20.00%
0.01
+0.00%
0.01
+11.11%
0.01
Preferred Stock
175.00
+0.00%
175.00
+0.00%
175.00
+0.00%
175.00
Share Issued
120.03
+11.92%
107.25
+6.69%
100.52
+11.47%
90.17
Ordinary Shares Number
120.03
+11.92%
107.25
+6.69%
100.52
+11.47%
90.17
Additional Paid In Capital
6,679.14
+15.85%
5,765.58
+7.68%
5,354.12
+14.93%
4,658.57
Retained Earnings
-618.67
-31.46%
-470.62
-35.83%
-346.47
-51.87%
-228.13
Gains Losses Not Affecting Retained Earnings
35.51
-11.40%
40.08
+142.09%
16.55
-29.71%
23.55
Minority Interest
0.17
-72.68%
0.61
-34.71%
0.94
-32.33%
1.39
Other Equity Adjustments
35.51
-11.40%
40.08
+142.09%
16.55
-29.71%
23.55
Total Equity Gross Minority Interest
6,271.15
+13.80%
5,510.66
+5.97%
5,200.15
+12.30%
4,630.39
Total Capitalization
9,565.71
+15.31%
8,295.47
+9.01%
7,610.13
+15.85%
6,569.02
Working Capital
-28.44
+9.13%
-31.30
-6.26%
-29.46
-160.29%
-11.32
Invested Capital
9,390.71
+15.64%
8,120.47
+9.22%
7,435.13
+16.28%
6,394.02
Total Debt
3,354.92
+18.48%
2,831.67
+15.68%
2,447.75
+23.83%
1,976.73
Net Debt
3,278.43
+17.97%
2,779.02
+15.79%
2,400.01
+25.51%
1,912.26
Capital Lease Obligations
60.19
+30.14%
46.25
+25.58%
36.83
+0.31%
36.71
Net Tangible Assets
5,270.02
+13.45%
4,645.11
+6.90%
4,345.12
+13.46%
3,829.55
Tangible Book Value
5,095.02
+13.98%
4,470.11
+7.19%
4,170.12
+14.11%
3,654.55
Investment Properties
8,572.70
+15.56%
7,418.11
+9.95%
6,746.96
+17.52%
5,741.07
Line Of Credit
—
—
—
—
Preferred Shares Number
7.00
+0.00%
7.00
+0.00%
7.00
+0.00%
7.00
Preferred Stock Equity
175.00
+0.00%
175.00
+0.00%
175.00
+0.00%
175.00
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
504.14
+16.71%
431.97
+10.31%
391.60
+8.14%
362.12
Cash Flow From Continuing Operating Activities
504.14
+16.71%
431.97
+10.31%
391.60
+8.14%
362.12
Net Income From Continuing Operations
204.99
+7.98%
189.83
+11.31%
170.55
+11.44%
153.03
Depreciation Amortization Depletion
275.72
+14.78%
240.22
+14.73%
209.37
+25.44%
166.91
Depreciation
239.31
+15.61%
206.99
+17.42%
176.28
+31.97%
133.57
Amortization Cash Flow
36.41
+9.56%
33.24
+0.42%
33.10
-0.72%
33.34
Depreciation And Amortization
275.72
+14.78%
240.22
+14.73%
209.37
+25.44%
166.91
Amortization Of Intangibles
36.41
+9.56%
33.24
+0.42%
33.10
-0.72%
33.34
Other Non Cash Items
-9.95
-55.71%
-6.39
+13.73%
-7.41
+18.72%
-9.11
Stock Based Compensation
12.99
+20.23%
10.80
+29.59%
8.34
+28.99%
6.46
Asset Impairment Charge
11.87
+64.34%
7.22
+0.68%
7.17
+606.90%
1.01
Operating Gains Losses
8.16
+215.23%
-7.09
-283.23%
-1.85
-108.01%
23.07
Gain Loss On Investment Securities
13.55
+211.16%
4.36
—
28.41
Change In Working Capital
0.34
+113.04%
-2.64
-148.68%
5.42
-73.87%
20.74
Change In Receivables
1.18
+109.79%
-12.09
-137.69%
-5.09
-736.55%
0.80
Changes In Account Receivables
1.18
+109.79%
-12.09
-137.69%
-5.09
-736.55%
0.80
Change In Payables And Accrued Expense
5.74
-59.70%
14.25
+37.24%
10.38
-30.99%
15.05
Change In Payable
5.74
-59.70%
14.25
+37.24%
10.38
-30.99%
15.05
Change In Account Payable
5.74
-59.70%
14.25
+37.24%
10.38
-30.99%
15.05
Change In Other Current Assets
-6.58
-37.13%
-4.80
-4066.94%
0.12
-97.53%
4.89
Investing Cash Flow
-1,543.13
-74.29%
-885.41
+30.56%
-1,275.00
+21.10%
-1,615.97
Cash Flow From Continuing Investing Activities
-1,543.13
-74.29%
-885.41
+30.56%
-1,275.00
+21.10%
-1,615.97
Net Other Investing Changes
40.40
-56.06%
91.93
+586.23%
13.40
-69.84%
44.41
Financing Cash Flow
1,053.22
+136.51%
445.31
-48.76%
869.01
-29.78%
1,237.51
Cash Flow From Continuing Financing Activities
1,053.22
+136.51%
445.31
-48.76%
869.01
-29.78%
1,237.51
Net Issuance Payments Of Debt
508.66
+37.97%
368.68
-21.80%
471.47
+121.32%
213.02
Issuance Of Debt
29,355.28
+1835.44%
1,516.72
-4.07%
1,581.00
+18.65%
1,332.51
Repayment Of Debt
-28,846.62
-2412.69%
-1,148.04
-3.47%
-1,109.53
+0.89%
-1,119.49
Long Term Debt Issuance
29,355.28
+1835.44%
1,516.72
-4.07%
1,581.00
+18.65%
1,332.51
Long Term Debt Payments
-28,846.62
-2412.69%
-1,148.04
-3.47%
-1,109.53
+0.89%
-1,119.49
Net Long Term Debt Issuance
508.66
+37.97%
368.68
-21.80%
471.47
+121.32%
213.02
Short Term Debt Issuance
—
—
1,231.00
+18.94%
1,035.00
Short Term Debt Payments
—
—
-1,104.00
-0.82%
-1,095.00
Net Short Term Debt Issuance
—
—
127.00
+311.67%
-60.00
Net Common Stock Issuance
900.57
+124.77%
400.66
-41.70%
687.21
-45.28%
1,255.91
Common Stock Payments
-3.74
-63.96%
-2.28
+15.01%
-2.68
-40.38%
-1.91
Common Stock Dividend Paid
-340.65
-12.20%
-303.60
-9.34%
-277.68
-26.04%
-220.30
Cash Dividends Paid
-348.09
-11.91%
-311.04
-9.09%
-285.11
-25.19%
-227.74
Repurchase Of Capital Stock
-3.74
-63.96%
-2.28
+15.01%
-2.68
-40.38%
-1.91
Net Other Financing Charges
-7.92
+38.99%
-12.99
-184.97%
-4.56
-23.89%
-3.68
Changes In Cash
14.22
+275.05%
-8.12
+43.52%
-14.38
+11.97%
-16.34
Beginning Cash Position
6.40
-55.94%
14.52
-49.76%
28.91
-36.11%
45.25
End Cash Position
20.62
+222.27%
6.40
-55.94%
14.52
-49.76%
28.91
Free Cash Flow
504.14
+16.71%
431.97
+10.31%
391.60
+8.14%
362.12
Interest Paid Supplemental Data
129.15
+26.86%
101.81
+43.82%
70.79
+20.42%
58.78
Income Tax Paid Supplemental Data
1.61
-56.48%
3.71
+21.01%
3.06
+27.97%
2.40
Common Stock Issuance
904.31
+124.43%
402.94
-41.59%
689.90
-45.15%
1,257.82
Issuance Of Capital Stock
904.31
+124.43%
402.94
-41.59%
689.90
-45.15%
1,257.82
Net Investment Properties Purchase And Sale
-1,583.53
-62.03%
-977.33
+24.14%
-1,288.39
+22.40%
-1,660.39
Net Preferred Stock Issuance
—
—
0.00
0.00
Preferred Stock Dividend Paid
-7.44
+0.00%
-7.44
+0.00%
-7.44
+0.01%
-7.44
Preferred Stock Issuance
—
—
0.00
0.00
Purchase Of Investment Properties
-1,583.53
-62.03%
-977.33
+24.14%
-1,288.39
+22.40%
-1,660.39
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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