Tearsheet

Agree Realty (ADC)

Market Price (12/29/2025): $73.01 | Market Cap: $8.1 Bil
Sector: Real Estate | Industry: Retail REITs

Agree Realty (ADC)

Market Price (12/29/2025): $73.01
Market Cap: $8.1 Bil
Sector: Real Estate
Industry: Retail REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, Dividend Yield is 4.1%, FCF Yield is 6.0%	Weak multi-year price returns 2Y Excs Rtn is -18%, 3Y Excs Rtn is -61%	Expensive valuation multiples P/SPrice/Sales ratio is 12x
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15%		Key risks ADC key risks include [1] intense competition for acquisitions, Show more.
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 70%
3	Low stock price volatility Vol 12M is 17%
4	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and E-commerce & DTC Adoption. Themes include Experiential Retail, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5%, Dividend Yield is 4.1%, FCF Yield is 6.0%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 15%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 70%
3	Low stock price volatility Vol 12M is 17%
4	Megatrend and thematic drivers Megatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and E-commerce & DTC Adoption. Themes include Experiential Retail, Show more.
5	Weak multi-year price returns 2Y Excs Rtn is -18%, 3Y Excs Rtn is -61%
6	Expensive valuation multiples P/SPrice/Sales ratio is 12x
7	Key risks ADC key risks include [1] intense competition for acquisitions, Show more.

Valuation, Metrics & Events

	12/29/25	2024	2023	2022	2021
Share Price CYE	$73.01	$67.80	$57.85	$62.26	$60.15
Market Cap CYE ($ Bil)	8.1	7.0	5.8	5.5	4.2
Total Debt ($ Bil)	3.4	2.8	2.4	2.0	1.7
Total Cash ($ Bil)	0.0	0.0	0.0	0.0	0.0
Enterprise Value ($ Bil)	11.5	9.8	8.2	7.5	5.9
Valuation Ratios
P/S TTM	11.8	11.5	11.1	13.0	14.0
P/EBIT TTM	25.1	23.5	23.5	25.4	27.1
P/E TTM	42.0	37.6	35.3	36.6	39.0
P/FCF TTM	16.8	16.5	15.3	15.4	19.4
Sector Ratios
P/S TTM (Sector)	4.0	4.1	4.2	4.3	6.8
P/EBIT TTM (Sector)	12.1	13.1	13.2	13.6	16.3
P/E TTM (Sector)	19.2	21.5	20.0	18.5	24.4
P/FCF TTM (Sector)	12.0	13.0	12.1	11.0	16.9

	12/29/25	2024	2023
Share Price CYE	$73.01	$67.80	$57.85
Market Cap CYE ($ Bil)	8.1	7.0	5.8
Total Debt ($ Bil)	3.4	2.8	2.4
Total Cash ($ Bil)	0.0	0.0	0.0
Enterprise Value ($ Bil)	11.5	9.8	8.2
Valuation Ratios
P/S TTM	11.8	11.5	11.1
P/EBIT TTM	25.1	23.5	23.5
P/E TTM	42.0	37.6	35.3
P/FCF TTM	16.8	16.5	15.3
Sector Ratios
P/S TTM (Sector)	4.0	4.1	4.2
P/EBIT TTM (Sector)	12.1	13.1	13.2
P/E TTM (Sector)	19.2	21.5	20.0
P/FCF TTM (Sector)	12.0	13.0	12.1

	ADC	S&P 500
REVENUE GROWTH	GOOD
Rev LTM ($ Bil)	0.7
Rev Chg Q	18.7%	7.3%
Rev Chg LTM	14.7%	6.1%
Rev Chg 3Y Avg	19.5%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.5
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	47.9%	18.8%
CFO/Rev LTM	70.3%	20.4%
Net Inc Mgn	28.1%	13.1%
VALUATION	VERY HIGH
P/S	11.8	3.3
P/CFO	16.8	15.8
P/FCF	16.8	20.7
P/E	42.0	23.7

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Metric	Value	Date	Source
Number of Properties	2262	9302025	Link
Portfolio Occupancy	99.7%	9302025	Link
Investment Grade Tenants Percentage	67.7%	9302025	Link
Weighted-Average Remaining Lease Term	8.5 years	9302025	Link
Development and DFP Projects Completed or Under Construction (YTD)	30	9302025	Link
Total Capital Committed for Development and DFP Projects (YTD)	over $190 million	9302025	Link
Ground Leases as a Percentage of Annualized Base Rent	13.6%	9302025	Link
Number of States	49	9302025	Link

Upcoming
12/31/2025	Dividend	Amount: $0.26 Payment On: 1/15/2026
2/10/2026	Earnings Release	Rev: - EPS: -
4/20/2026	Earnings Release	Rev: - EPS: -

ADC Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. Agree Realty reported strong third-quarter 2025 financial results.

The company's Core Funds from Operations (FFO) per share increased by 8.4% to $1.09, and Adjusted Funds from Operations (AFFO) per share grew by 7.2% to $1.10 for the three months ended September 30, 2025.

2. The company raised its 2025 investment and AFFO per share guidance.

Agree Realty increased its 2025 investment guidance to a range of $1.50 billion to $1.65 billion and adjusted its 2025 AFFO per share guidance to $4.31 to $4.33.

Show more

Stock Movement Drivers

Fundamental Drivers

The 4.6% change in ADC stock from 9/29/2025 to 12/29/2025 was primarily driven by a 4.4% change in the company's Total Revenues ($ Mil).

	9292025	12292025	Change
Stock Price ($)	69.78	73.01	4.63%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	659.75	688.64	4.38%
Net Income Margin (%)	28.16%	28.11%	-0.20%
P/E Multiple	41.22	41.98	1.84%
Shares Outstanding (Mil)	109.76	111.28	-1.38%
Cumulative Contribution			4.61%

LTM = Last Twelve Months as of date shown

Market Drivers

9/29/2025 to 12/29/2025

	Return	Correlation
ADC	4.0%
Market (SPY)	3.6%	-9.9%
Sector (XLRE)	-3.2%	51.2%

Fundamental Drivers

The 1.7% change in ADC stock from 6/30/2025 to 12/29/2025 was primarily driven by a 8.1% change in the company's Total Revenues ($ Mil).

	6302025	12292025	Change
Stock Price ($)	71.77	73.01	1.72%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	636.80	688.64	8.14%
Net Income Margin (%)	30.05%	28.11%	-6.46%
P/E Multiple	40.16	41.98	4.53%
Shares Outstanding (Mil)	107.05	111.28	-3.95%
Cumulative Contribution			1.57%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 12/29/2025

	Return	Correlation
ADC	1.1%
Market (SPY)	11.6%	-10.8%
Sector (XLRE)	-1.2%	58.5%

Fundamental Drivers

The 8.3% change in ADC stock from 12/29/2024 to 12/29/2025 was primarily driven by a 17.8% change in the company's P/E Multiple.

	12292024	12292025	Change
Stock Price ($)	67.41	73.01	8.30%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	600.52	688.64	14.67%
Net Income Margin (%)	31.62%	28.11%	-11.13%
P/E Multiple	35.63	41.98	17.80%
Shares Outstanding (Mil)	100.38	111.28	-10.85%
Cumulative Contribution			7.03%

LTM = Last Twelve Months as of date shown

Market Drivers

12/29/2024 to 12/29/2025

	Return	Correlation
ADC	7.6%
Market (SPY)	16.6%	9.9%
Sector (XLRE)	2.6%	62.2%

Fundamental Drivers

The 17.3% change in ADC stock from 12/30/2022 to 12/29/2025 was primarily driven by a 70.2% change in the company's Total Revenues ($ Mil).

	12302022	12292025	Change
Stock Price ($)	62.26	73.01	17.27%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	404.69	688.64	70.16%
Net Income Margin (%)	35.75%	28.11%	-21.37%
P/E Multiple	34.30	41.98	22.38%
Shares Outstanding (Mil)	79.70	111.28	-39.62%
Cumulative Contribution			-1.13%

LTM = Last Twelve Months as of date shown

Market Drivers

12/30/2023 to 12/29/2025

	Return	Correlation
ADC	25.4%
Market (SPY)	47.9%	10.2%
Sector (XLRE)	7.4%	65.0%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ADC Return	-1%	11%	4%	-7%	17%	7%	32%
Peers Return	16%	38%	-12%	21%	26%	16%	151%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	114%
Monthly Win Rates [3]
ADC Win Rate	50%	67%	67%	42%	67%	58%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
ADC Max Drawdown	-31%	-6%	-12%	-21%	-12%	-3%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See ADC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/29/2025 (YTD)

How Low Can It Go

Unique Key	Event	ADC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-33.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	49.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-39.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	63.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	880 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-16.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	19.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	110 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-73.6%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	279.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	2,626 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Agree Realty's stock fell -33.0% during the 2022 Inflation Shock from a high on 8/15/2022. A -33.0% loss requires a 49.2% gain to breakeven.

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About Agree Realty (ADC)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area. The Company's common stock is listed on the New York Stock Exchange under the symbol "ADC".

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1. American Tower for retail properties.

2. Like a railroad company, but instead of tracks for trains, it owns the buildings for major retail stores.

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Service Category: Real Estate Leasing

Net Lease Retail Properties: Agree Realty acquires, develops, and leases freestanding retail properties to creditworthy tenants, primarily under long-term net lease agreements.

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Agree Realty (symbol: ADC) sells primarily to other companies. Its major customers are its tenants, which are typically large retail companies.

The top five customer companies by annualized base rent (as of Q1 2024) are:

Walmart Inc. (WMT)
The Home Depot Inc. (HD)
Tractor Supply Company (TSCO)
T.J. Maxx / Marshalls (TJX Companies Inc., TJX)
The Kroger Co. (KR)

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Joey Agree, President & Chief Executive Officer
Joey Agree was appointed President & Chief Executive Officer of Agree Realty in 2013, having previously served as President and Chief Operating Officer from 2009 to 2013. He has been instrumental in transforming the company from a $300 million micro-cap development REIT to a $10+ billion diversified retail net lease market leader. Prior to joining Agree Realty in March 2005, Mr. Agree was employed as a director of land acquisitions for a large private developer in the Midwest. He is the son of Richard Agree, who founded Agree Development Company, the predecessor to Agree Realty Corporation, in 1971. He was named EY's 2018 Entrepreneur of the Year in the Michigan and Northwest Ohio Region.

Peter Coughenour, Chief Financial Officer
Peter Coughenour joined Agree Realty in December 2015 and has held numerous financial, capital markets, and analysis roles within the company. He was appointed Chief Financial Officer and Secretary in 2021, after serving as Interim Chief Financial Officer and Vice President of Corporate Finance. His responsibilities include capital markets, investor relations, and financial planning and analysis.

Richard Agree, Executive Chairman of the Board
Richard Agree founded Agree Development Company in 1971, which was the predecessor to Agree Realty Corporation. He served as the company's Chief Executive Officer and Chairman of the Board of Directors from 1993 to 2013. Throughout his career, he has overseen the development of over 8 million square feet of retail space across the country.

Nicole Witteveen, Chief Operating Officer
Nicole Witteveen joined Agree Realty in 2019 and has served in several capacities, including Chief of Staff and Executive Vice President, People & Culture. As Chief Operating Officer, she is responsible for leading all aspects of the company’s Asset Management, People & Culture, Information Technology, and Strategic Initiatives. Before joining Agree Realty, she led the human resources function at a growing startup in Metro Detroit and worked in learning and organization development, workforce planning, and performance management for companies such as Dish Network, Lockheed Martin, and Enova International.

Craig Erlich, Chief Growth Officer
Craig Erlich joined Agree Realty in 2020, having previously served as Chief Investment Officer and Chief Operating Officer. In his current role as Chief Growth Officer, he oversees the company's three external growth platforms and manages tenant relations. Prior to his tenure at Agree Realty, Mr. Erlich was the owner, President, and Chief Executive Officer of pulse220, a boutique marketing firm, which he successfully sold to GPJ in 2015. He also served as President of QMS, a direct marketing and fulfillment firm. He has been nominated twice for the Ernst & Young Entrepreneur of the Year award.

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The key risks to Agree Realty's business include:

Interest Rate Sensitivity and Cost of Capital: Agree Realty faces risks from rising interest rates, which can increase future capital costs, impact property valuations, and affect tenant finances. The ability to obtain debt or equity financing on favorable terms is crucial for its growth strategy, and fluctuating interest rates can hinder this.
Evolving Retail Landscape and Tenant Credit Quality: Although Agree Realty mitigates this by focusing on essential, investment-grade, and omni-channel retail tenants, the ongoing transformation of the retail sector due to e-commerce growth and changing consumer habits presents a continuous challenge. Economic downturns or financial difficulties experienced by its tenants could lead to reduced rental income or potential tenant bankruptcies.
Competition for Acquisitions: The net-lease REIT sector is highly competitive. Agree Realty faces significant competition when acquiring prime properties and securing tenants, which can lead to increased acquisition costs and potentially lower yields on investments. An aggressive acquisition growth strategy in a rising interest rate environment could also expose the company to a rise in capitalization rates.

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Agree Realty (ADC) operates primarily in the U.S. net lease retail real estate market. The company's main products and services involve the ownership, acquisition, development, and management of net-leased retail properties, focusing on essential retail sectors such as grocery stores, home improvement, automotive services, and pharmacies.

The addressable market for Agree Realty's main products and services, within the United States, can be characterized by the following:

The total U.S. net lease market reached an investment volume of approximately $43.7 billion in 2024. This market encompasses all net lease property types, including retail, industrial, and office.
More specifically, the U.S. single-tenant net-lease retail sector recorded $5.7 billion in sales volume during the first half of 2025. During the second quarter of 2025, the overall single-tenant net lease market, which includes retail, saw sales volume of $9.6 billion.

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Agree Realty (ADC) is expected to drive future revenue growth over the next two to three years through a combination of strategic acquisitions, development activities, strong leasing performance, a focus on resilient tenants, and a robust capital structure.

Strategic Acquisitions of High-Quality Retail Net Lease Properties: Agree Realty consistently emphasizes its investment in acquiring high-quality retail net lease properties. The company targets leading operators in sectors such as general merchandise, warehouse clubs, home improvement, auto parts, and grocery stores. For 2025, Agree Realty has increased its investment guidance to a range of $1.4 billion to $1.6 billion, focusing on these high-quality assets.
Expansion through Development and Redevelopment Initiatives: The company is actively pursuing development and redevelopment projects. Agree Realty plans to initiate over $100 million in development projects by the end of 2025 and aims for approximately $250 million in ground development annually. This organic growth through new construction and site improvements contributes to an expanding revenue base.
Robust Leasing Activity and High Occupancy Rates: Agree Realty maintains impressive occupancy rates across its portfolio, reaching 99.6% in the second quarter of 2025. Coupled with robust leasing activity and strong recapture rates, the company ensures a stable and growing stream of rental income from its existing properties.
Focus on E-commerce Resistant and Omni-channel Retail Tenants: The company strategically focuses its portfolio on tenants that are less susceptible to e-commerce disruption and those that employ omni-channel retail strategies. This deliberate approach to tenant selection, which includes avoiding troubled retail sectors, helps secure durable and growing rental income streams.
Flexible Capital Structure and Significant Liquidity: Agree Realty maintains a "fortress balance sheet" with substantial liquidity, including approximately $2.3 billion in total liquidity as of Q2 2025. This strong financial position, supported by access to both debt and equity capital markets (including forward equity programs), enables the company to fund its aggressive acquisition and development pipeline, thereby fueling future revenue growth.

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Share Repurchases

  Agree Realty has shown quarterly share buybacks, with approximately $41.10 million in repurchases for the quarter ended June 30, 2025.
  The company's 3-year average share buyback ratio indicates an ongoing pattern of repurchases, with a ratio of -14.6%.

Share Issuance

  In October 2024, Agree Realty established a new At-The-Market (ATM) equity program with potential sales of common stock up to $1.25 billion to provide flexible financing for growth strategies.
  The company settled 3.5 million shares of outstanding forward equity for net proceeds of approximately $252 million in the third quarter of 2025.
  During the first half of 2025, Agree Realty raised over $1 billion in capital markets activity, including approximately $603 million of forward equity through its ATM program and an overnight offering, and settled 3.3 million shares of outstanding forward equity for approximately $225 million in net proceeds.

Outbound Investments

  Agree Realty significantly increased its investment guidance for full-year 2025 to a range of $1.50 billion to $1.65 billion, primarily dedicated to acquisitions of high-quality retail net lease assets.
  In the first nine months of 2025, the company invested approximately $1.1 billion in 227 retail net lease properties across 40 states, with a weighted-average capitalization rate of 7.2%.
  For the full year 2024, total real estate investment volume, including acquisitions, development, and Developer Funding Platform (DFP) projects, amounted to approximately $951 million, with acquisitions totaling about $867 million for 242 properties.

Capital Expenditures

  In the third quarter of 2025, Agree Realty commenced five development or DFP projects with a total committed capital of approximately $51 million, and completed eight projects with total costs of approximately $61.2 million.
  For the nine months ended September 30, 2025, a total of 30 development or DFP projects were completed or under construction, with anticipated total costs of approximately $190.4 million.
  The company anticipates its development spend to increase by at least 50% year-over-year in 2025, with a primary focus on the acquisition and development of retail net lease properties.

Better Bets than Agree Realty (ADC)

INDUSTRY: Retail REITs

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Regency Centers

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Kite Realty Trust

SECTOR: Real Estate

Higher Rev Chg 3Y Avg | Lower P/S (Values for ADC: 19.5% | 11.7x)

O (21.5% | 9.3x)

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VICI (23.5% | 7.6x)

VICI Properties

EXR (22.9% | 8.3x)

Extra Space Storage

REXR (19.8% | 9.2x)

Rexford Industrial Realty

HR (24.9% | 5.0x)

Healthcare Realty Trust

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ADC: 19.5% | 24.5x)

O (21.5% | 20.3x)

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VICI (23.5% | 8.2x)

VICI Properties

EXR (22.9% | 19.1x)

Extra Space Storage

REXR (19.8% | 24.0x)

Rexford Industrial Realty

EPRT (24.2% | 17.5x)

Essential Properties Realty Trust

Higher Rev Chg LTM (Value for ADC: 14.7%)

CTRE (47.6%)

CareTrust REIT

WELL (32.6%)

Welltower

SUI (31.4%)

Sun Communities

CCI (28.0%)

Crown Castle

VTR (15.7%)

Ventas

Higher Rev Chg 3Y Avg (Value for ADC: 19.5%)

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WELL (20.9%)

Welltower

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Rexford Industrial Realty

Higher Op Mgn LTM (Value for ADC: 47.9%)

VICI (92.6%)

VICI Properties

OHI (62.4%)

Omega Healthcare Investors

SBAC (56.4%)

SBA Communications

SPG (50.7%)

Simon Property

WPC (50.5%)

W.P. Carey

Higher CFO/Rev LTM (Value for ADC: 70.3%)

CTRE (107.4%)

CareTrust REIT

OHI (76.2%)

Omega Healthcare Investors

WPC (75.9%)

W.P. Carey

NNN (72.7%)

NNN REIT

VNO (72.7%)

Vornado Realty Trust

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NNN (72.7%)

NNN REIT

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VICI (15.3%)

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Equity Residential

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American Tower

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Higher Rev Chg 3Y Avg | Lower P/S (Values for ADC: 19.5% | 11.7x)

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Micron Technology

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Newmont

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Apollo Asset Management

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Agnico Eagle Mines

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NVDA (65.2%)

NVIDIA

LLY (36.8%)

Eli Lilly

AVGO (23.9%)

Broadcom

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

Higher Rev Chg 3Y Avg (Value for ADC: 19.5%)

NVDA (91.6%)

NVIDIA

PLTR (29.3%)

Palantir Technologies

AVGO (25.2%)

Broadcom

LLY (23.4%)

Eli Lilly

BRK-B (19.8%)

Berkshire Hathaway

Higher Op Mgn LTM (Value for ADC: 47.9%)

V (66.4%)

Visa

NVDA (58.8%)

NVIDIA

MA (58.3%)

Mastercard

APP (52.5%)

AppLovin

SCCO (50.3%)

Southern Copper

Higher CFO/Rev LTM (Value for ADC: 70.3%)

IBKR (162.0%)

Interactive Brokers

ARES (85.1%)

Ares Management

FNV (84.7%)

Franco-Nevada

RY (83.0%)

Royal Bank of Canada

BAM (75.6%)

Brookfield Asset Management

Higher FCF/Rev LTM (Value for ADC: 70.3%)

IBKR (161.3%)

Interactive Brokers

RPRX (102.4%)

Royalty Pharma

ARES (83.9%)

Ares Management

RY (79.6%)

Royal Bank of Canada

BAM (75.6%)

Brookfield Asset Management

Higher Total Yield (Value for ADC: 6.5%)

XOM (9.1%)

Exxon Mobil

JNJ (7.5%)

Johnson & Johnson

BAC (7.2%)

Bank of America

HD (6.9%)

Home Depot

JPM (6.5%)

JPMorgan Chase

		Best Bets In Real Estate Sector
	ADC	CTRE	WPC	NNN	ADC	OHI	O	EPRT	GLPI	EPR	FCPT
What You Pay
P/E	41.7	30.0	39.1	19.0	41.7	24.5	54.0	24.6	16.3	19.2	22.4
P/EBIT	24.9	26.1	20.6	12.6	24.9	16.7	24.2	17.2	10.7	11.7	15.2
What You Get
Rev Chg Q	18.7%	82.4%	8.5%	5.3%	18.7%	12.9%	9.1%	23.7%	3.2%	4.3%	11.0%
Rev Chg LTM	14.7%	47.6%	5.6%	4.5%	14.7%	13.7%	14.7%	24.2%	4.4%	4.2%	8.3%
Rev Chg 3Y Avg	19.5%	21.2%	5.6%	6.0%	19.5%	6.3%	21.5%	24.2%	7.4%	3.9%	9.5%
FCF/Rev 3Y Avg	73.1%	88.9%	84.4%	73.6%	73.1%	71.6%	69.5%	69.3%	65.4%	63.9%	61.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.6%, alpha of 3.1%, and sharpe of 0.44

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Agree Realty Earnings Notes
2	Agree Realty Earnings Notes
3	Agree Realty Earnings Notes
4	Better Bet Than ADC Stock: Pay Less Than Agree Realty To Get More From O, IBKR
5	Better Bet Than ADC Stock: Pay Less Than Agree Realty To Get More From O, REXR
6	Better Bet Than ADC Stock: Pay Less Than Agree Realty To Get More From O
7	ADC Dip Buy Analysis
8	Agree Realty Total Shareholder Return (TSR): 21.2% in 2024 and 8.5% 3-yr compounded annual returns (above peer average)
9	Agree Realty (ADC) Operating Cash Flow Comparison	Financials
10	Agree Realty (ADC) Net Income Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to ADC. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-0.1%	-0.1%	-5.8%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PRAX	Praxis Precision Medicines	6.7	13.2%	295.8%
HPK	HighPeak Energy	0.6	9.8%	-67.5%
DBRG	DigitalBridge	2.7	9.6%	35.7%
METCB	Ramaco Resources	0.7	8.8%	49.5%
AQST	Aquestive Therapeutics	0.7	8.0%	81.7%
PGEN	Precigen	1.3	7.0%	297.3%
BW	Babcock & Wilcox Enterprises	0.5	5.5%	237.8%
OMER	Omeros	1.0	5.5%	67.7%
SCHL	Scholastic	0.8	4.8%	49.7%
EVMN	Evommune	0.5	4.6%	-11.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RARE	Ultragenyx Pharmaceutical	2.0	-42.3%	-53.1%
USAS	Americas Gold And Silver	1.4	-12.5%	475.7%
UAMY	United States Antimony	0.7	-10.1%	216.9%
UP	Wheels Up Experience	0.4	-9.8%	-63.3%
ITRG	Integra Resources	0.7	-9.6%	366.7%
BRBR	BellRing Brands	3.5	-9.4%	-63.7%
RZLT	Rezolute	0.3	-9.0%	-50.4%
SGML	Sigma Lithium	1.5	-8.8%	17.9%
IMSR	Terrestrial Energy	0.6	-8.5%	-59.4%
ZBIO	Zenas BioPharma	1.6	-8.1%	376.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	1.0	72.6%	67.7%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
RZLT	Rezolute	0.3	37.3%	-50.4%
ADEA	Adeia	1.9	35.6%	25.7%
METC	Ramaco Resources	1.1	25.1%	80.3%
AAOI	Applied Optoelectronics	2.3	17.3%	-0.3%
BNTC	Benitec Biopharma	0.6	17.3%	6.8%
UAMY	United States Antimony	0.7	16.4%	216.9%
DBRG	DigitalBridge	2.7	15.7%	35.7%
METCB	Ramaco Resources	0.7	15.5%	49.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.8	-67.2%	-19.6%
RARE	Ultragenyx Pharmaceutical	2.0	-41.1%	-53.1%
LAB	Standard BioTools	0.5	-21.5%	-26.9%
NNE	Nano Nuclear Energy	1.0	-20.0%	6.1%
TMC	TMC The Metals	2.3	-19.9%	464.3%
IMSR	Terrestrial Energy	0.6	-18.9%	-59.4%
DJT	Trump Media & Technology	3.7	-18.2%	-61.4%
TLRY	Tilray Brands	9.8	-17.0%	-30.4%
EVEX	Eve	1.3	-16.5%	-26.3%
TDUP	ThredUp	0.8	-16.2%	351.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	9.8	799.0%	-30.4%
HPP	Hudson Pacific Properties	4.7	428.6%	-51.2%
WVE	WAVE Life Sciences	2.9	132.9%	44.4%
OMER	Omeros	1.0	72.1%	67.7%
PL	Planet Labs PBC	6.0	69.5%	391.8%
LUNR	Intuitive Machines	1.8	69.0%	-13.5%
RKLB	Rocket Lab	36.1	67.2%	175.3%
TE	T1 Energy	1.0	67.2%	372.1%
PRAX	Praxis Precision Medicines	6.7	61.5%	295.8%
DBRG	DigitalBridge	2.7	60.3%	35.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-74.6%	-50.4%
JANX	Janux Therapeutics	0.9	-59.4%	-73.7%
FRMI	Fermi	5.3	-52.4%	-76.9%
LENZ	LENZ Therapeutics	0.5	-46.2%	-42.8%
RARE	Ultragenyx Pharmaceutical	2.0	-41.6%	-53.1%
NKTR	Nektar Therapeutics	0.6	-35.0%	206.3%
GOGO	Gogo	0.6	-33.9%	-42.2%
SYM	Symbotic	6.5	-31.5%	152.3%
IMSR	Terrestrial Energy	0.6	-30.9%	-59.4%
ORIC	ORIC Pharmaceuticals	0.6	-30.2%	2.2%

Peer Comparisons for Agree Realty

Peers to compare with:

Financials

	ADC	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Agree Re.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	73.01	22.72	24.36	305.78	78.05	273.60	75.53
Mkt Cap	8.1	21.4	32.5	285.6	308.8	4,077.4	159.0
Rev LTM	689	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	330	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	484	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	437	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	484	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	437	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	ADC	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Agree Re.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	14.7%	3.2%	13.8%	4.5%	8.9%	6.0%	7.4%
Rev Chg 3Y Avg	19.5%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	18.7%	4.2%	14.4%	9.1%	7.5%	9.6%	9.4%
QoQ Delta Rev Chg LTM	4.4%	1.1%	3.7%	2.1%	1.8%	2.1%	2.1%
Op Mgn LTM	47.9%	6.6%	4.8%	17.7%	22.5%	31.9%	20.1%
Op Mgn 3Y Avg	48.4%	7.4%	7.2%	16.4%	24.2%	30.8%	20.3%
QoQ Delta Op Mgn LTM	0.0%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.0%
CFO/Rev LTM	70.3%	6.7%	8.5%	20.6%	23.8%	26.6%	22.2%
CFO/Rev 3Y Avg	73.1%	6.8%	12.7%	21.4%	26.1%	28.4%	23.8%
FCF/Rev LTM	70.3%	5.1%	1.8%	18.1%	22.1%	23.5%	20.1%
FCF/Rev 3Y Avg	73.1%	5.5%	4.6%	18.6%	24.6%	25.6%	21.6%

Valuation

	ADC	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Agree Re.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	8.1	21.4	32.5	285.6	308.8	4,077.4	159.0
P/S	11.8	0.4	0.9	4.4	5.4	10.0	4.9
P/EBIT	25.1	6.6	19.8	25.1	22.5	31.3	23.8
P/E	42.0	8.4	569.7	36.1	29.9	41.1	38.6
P/CFO	16.8	5.8	11.1	21.2	22.5	37.6	19.0
Total Yield	6.5%	14.4%	2.3%	5.0%	5.5%	2.8%	5.2%
Dividend Yield	4.1%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	6.4%	10.6%	5.5%	6.4%	6.0%	3.1%	6.2%
D/E	0.4	0.5	0.7	0.2	0.1	0.0	0.3
Net D/E	0.4	0.3	0.6	0.2	0.0	0.0	0.3

Returns

	ADC	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Agree Re.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	-2.9%	-5.9%	12.1%	-0.9%	1.4%	-1.9%	-1.4%
3M Rtn	4.6%	-14.5%	1.5%	9.9%	15.9%	7.6%	6.1%
6M Rtn	1.7%	-5.1%	20.5%	5.0%	13.9%	33.6%	9.4%
12M Rtn	8.3%	-28.7%	15.5%	40.8%	34.3%	7.5%	11.9%
3Y Rtn	17.3%	-5.4%	66.0%	142.1%	78.8%	113.8%	72.4%
1M Excs Rtn	-3.9%	-5.5%	12.5%	-0.5%	1.2%	-2.8%	-1.7%
3M Excs Rtn	0.9%	-18.2%	-2.2%	6.2%	12.3%	4.0%	2.5%
6M Excs Rtn	-9.6%	-16.4%	9.2%	-6.3%	2.5%	22.3%	-1.9%
12M Excs Rtn	-7.1%	-43.4%	-0.1%	25.4%	19.4%	-7.9%	-3.6%
3Y Excs Rtn	-61.0%	-82.8%	-10.2%	62.0%	0.5%	27.0%	-4.9%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/21/2025	2/11/2025	2/13/2024	2/14/2023	2/22/2022	2/18/2021	2/20/2020
Key Financials
Total Revenue	689	617	537	430	339	249	187
Net Income	194	189	170	152	122	91	80
EPS	1.72	1.79	1.70	1.84	1.79	1.76	1.96
Growth Rates
Total Revenue Growth	14.7%	14.8%	25.1%	26.7%	36.5%	32.6%	36.7%
Net Income Growth	1.9%	11.3%	11.5%	24.7%	33.8%	14.1%	37.7%
Margins
Net Income Margin	28.1%	30.7%	31.6%	35.5%	36.0%	36.8%	42.7%
Cash & Debt
Total Cash	14	6	11	28	43	6	16
Total Debt	3,419	2,832	2,448	1,977	1,721	1,254	899
Net Debt / (Cash)	3,405	2,825	2,437	1,949	1,677	1,248	883
Cash Flows
Net Cash from Operations	484	432	392	362	246	143	127
Free Cash from Operations	484	432	392	362	246	143	127
Returns to Shareholders
Dividends	329	311	285	228	196	116	90
Share Repurchases	4	2	3	2	2	2	1

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/21/2025	7/31/2025	4/22/2025	2/11/2025	10/22/2024	7/23/2024	4/23/2024	2/13/2024	10/24/2023	8/1/2023	5/4/2023	2/14/2023
Key Financials Quarterly
Total Revenue	183	176	169	161	154	153	149	144	137	130	127	117
Net Income	52	49	47	45	44	55	45	46	42	41	42	41
EPS	0.45	0.43	0.42	0.42	0.42	0.53	0.43	0.44	0.41	0.42	0.44	0.44
Key Financials TTM
Total Revenue TTM	689	660	637	617	601	583	560	537	510	483	458	430
Net Income TTM	194	186	191	189	190	187	173	170	165	163	158	152
Growth Rates Quarterly
Total Revenue Growth	18.7%	15.0%	13.2%	11.5%	12.8%	17.5%	18.0%	23.7%	24.3%	23.9%	28.8%	27.5%
Net Income Growth	17.4%	-10.1%	4.8%	-1.6%	6.9%	33.9%	7.8%	12.3%	5.3%	13.6%	15.2%	23.5%
Margins Quarterly
Net Income Margin	28.4%	28.0%	27.8%	28.1%	28.8%	35.9%	30.0%	31.9%	30.3%	31.5%	32.9%	35.1%
Cash & Debt
Total Cash	14	6	8	6	13	10	6	11	6	8	12	28
Total Debt	3,419	3,269	2,997	2,832	2,721	2,706	2,551	2,448	2,270	2,182	2,073	1,977
Net Debt / (Cash)	3,405	3,263	2,990	2,825	2,708	2,696	2,545	2,437	2,263	2,174	2,061	1,949
Cash Flows Quarterly
FCF from Operations	147	120	127	91	129	113	99	98	110	90	94	93
Cash Flows TTM
FCF from Operations TTM	484	466	459	432	439	420	397	392	387	396	395	362
Returns to Shareholders Quarterly
Dividends	85	84	82	78	75	75	75	74	70	68	65	63
Share Repurchases	0	0	4	0	0	0	2	0	0	0	3	0
Return on Invested Capital (ROIC) Quarterly
ROIC	3.6%	3.5%	3.5%	3.3%	3.5%	3.6%	3.5%	3.5%	3.3%	3.3%	3.3%	3.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	3.3%	3.3%	3.3%	3.3%	3.4%	3.4%	3.3%	3.2%	3.1%	3.1%	3.1%	3.1%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Business of owning, acquiring, developing and managing retail real estate	537	430	339	249	187
Total	537	430	339	249	187

Price Behavior

Price Behavior

Market Price	$72.56
Market Cap ($ Bil)	8.1
First Trading Date	04/15/1994
Distance from 52W High	-5.7%
	50 Days	200 Days
DMA Price	$73.21	$72.60
DMA Trend	indeterminate	up
Distance from DMA	-0.9%	-0.1%
	3M	1YR
Volatility	12.4%	17.2%
Downside Capture	-3.80	2.24
Upside Capture	15.90	9.14
Correlation (SPY)	-10.0%	10.4%

ADC Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.04	-0.10	-0.04	-0.14	0.13	0.24
Up Beta	0.06	0.57	0.77	0.29	0.26	0.28
Down Beta	-0.19	-0.55	-0.61	-0.79	0.03	0.13
Up Capture	29%	13%	9%	1%	5%	8%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	14	27	33	57	123	380
Down Capture	-8%	-29%	-11%	-3%	12%	50%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	5	13	28	66	123	367

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of ADC With Other Asset Classes (Last 1Y)
	ADC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	7.6%	2.6%	16.7%	65.4%	7.5%	4.2%	-7.3%
Annualized Volatility	17.1%	16.8%	19.4%	19.8%	15.3%	17.0%	34.9%
Sharpe Ratio	0.27	-0.02	0.67	2.43	0.27	0.08	-0.05
Correlation With Other Assets		62.4%	10.6%	23.9%	1.7%	61.3%	-0.5%

ETFs used for asset classes: Sector ETF = XLRE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of ADC With Other Asset Classes (Last 5Y)
	ADC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	7.1%	5.7%	14.8%	17.7%	11.2%	5.1%	30.2%
Annualized Volatility	18.9%	19.1%	17.1%	15.6%	18.7%	18.9%	48.6%
Sharpe Ratio	0.28	0.21	0.70	0.91	0.48	0.18	0.57
Correlation With Other Assets		67.8%	32.2%	17.5%	4.7%	68.4%	11.5%

Based On 10-Year Data

		Comparison of ADC With Other Asset Classes (Last 10Y)
	ADC	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	12.7%	6.4%	15.0%	14.6%	6.9%	5.4%	69.0%
Annualized Volatility	23.8%	20.6%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.51	0.28	0.72	0.82	0.31	0.23	0.89
Correlation With Other Assets		71.6%	44.1%	14.7%	13.6%	75.2%	10.8%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	9,319,771
Short Interest: % Change Since 11302025	-8.7%
Average Daily Volume	1,006,275
Days-to-Cover Short Interest	9.26
Basic Shares Quantity	111,277,316
Short % of Basic Shares	8.4%

Returns Analyses

	Title
0	Agree Realty Stock Return Comparison
1	[10/16/2021] Agree Realty (ADC) Stock Price Forecast: AI Forecasts ADC Stock Price To Be Around $69.60 In A Month (Up 0.2%)
2	Agree Realty Total Shareholder Return (TSR): 3.1% in 2022 and 4.1% 3-yr returns (above peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/21/2025	0.2%	-1.3%	-2.0%
7/31/2025	2.8%	3.0%	1.8%
4/22/2025	-2.4%	-2.3%	-5.0%
2/11/2025	-1.7%	-1.7%	4.5%
10/22/2024	2.1%	-1.6%	2.9%
7/23/2024	1.7%	4.5%	9.5%
4/23/2024	1.4%	-0.2%	5.0%
2/13/2024	-1.9%	-0.3%	-3.2%
...
SUMMARY STATS
# Positive	12	8	13
# Negative	11	15	10
Median Positive	1.2%	1.6%	4.1%
Median Negative	-1.7%	-1.3%	-3.5%
Max Positive	2.9%	4.5%	9.5%
Max Negative	-3.0%	-8.8%	-33.4%

	Forward Returns
10/21/2025	0.2%	-1.3%	-2.0%
7/31/2025	2.8%	3.0%	1.8%
4/22/2025	-2.4%	-2.3%	-5.0%
2/11/2025	-1.7%	-1.7%	4.5%
10/22/2024	2.1%	-1.6%	2.9%
7/23/2024	1.7%	4.5%	9.5%
4/23/2024	1.4%	-0.2%	5.0%
2/13/2024	-1.9%	-0.3%	-3.2%
10/24/2023	-0.7%	3.1%	5.9%
8/1/2023	-2.5%	-1.3%	-3.8%
5/4/2023	1.0%	-1.6%	-3.0%
2/14/2023	2.9%	1.8%	-4.6%
11/1/2022	-3.0%	-0.6%	2.8%
8/2/2022	-2.1%	-0.1%	-3.0%
5/3/2022	2.3%	-2.5%	4.7%
2/22/2022	-1.1%	1.1%	1.7%
11/1/2021	0.3%	-1.1%	-6.5%
7/26/2021	0.9%	0.3%	-1.8%
5/3/2021	-0.0%	-1.0%	2.2%
2/18/2021	-1.4%	1.5%	4.1%
10/19/2020	0.1%	0.4%	2.6%
7/20/2020	-0.3%	-0.4%	5.9%
2/20/2020	0.6%	-8.8%	-33.4%
SUMMARY STATS
# Positive	12	8	13
# Negative	11	15	10
Median Positive	1.2%	1.6%	4.1%
Median Negative	-1.7%	-1.3%	-3.5%
Max Positive	2.9%	4.5%	9.5%
Max Negative	-3.0%	-8.8%	-33.4%

SEC Filings

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Report Date	Filing Date	Filing
09/30/2025	10/21/2025	10-Q (09/30/2025)
06/30/2025	07/31/2025	10-Q (06/30/2025)
03/31/2025	04/22/2025	10-Q (03/31/2025)
12/31/2024	02/11/2025	10-K (12/31/2024)
09/30/2024	10/22/2024	10-Q (09/30/2024)
06/30/2024	07/23/2024	10-Q (06/30/2024)
03/31/2024	04/23/2024	10-Q (03/31/2024)
12/31/2023	02/13/2024	10-K (12/31/2023)
09/30/2023	10/24/2023	10-Q (09/30/2023)
06/30/2023	08/01/2023	10-Q (06/30/2023)
03/31/2023	05/04/2023	10-Q (03/31/2023)
12/31/2022	02/14/2023	10-K (12/31/2022)
09/30/2022	11/01/2022	10-Q (09/30/2022)
06/30/2022	08/02/2022	10-Q (06/30/2022)
03/31/2022	05/03/2022	10-Q (03/31/2022)
12/31/2021	02/22/2022	10-K (12/31/2021)

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Agree Realty (ADC)

Market Price (12/29/2025): $73.01 | Market Cap: $8.1 BilSector: Real Estate | Industry: Retail REITs

Agree Realty (ADC)

Market Price (12/29/2025): $73.01Market Cap: $8.1 BilSector: Real EstateIndustry: Retail REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

ADC Stock

Why The Stock Moved

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About Agree Realty (ADC)

Service Category: Real Estate Leasing

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Better Bets than Agree Realty (ADC)

INDUSTRY: Retail REITs

Higher Rev Chg 3Y Avg | Lower P/S (Values for ADC: 19.5% | 11.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ADC: 19.5% | 24.5x)

Higher Rev Chg LTM (Value for ADC: 14.7%)

Higher Rev Chg 3Y Avg (Value for ADC: 19.5%)

Higher Op Mgn LTM (Value for ADC: 47.9%)

Higher CFO/Rev LTM (Value for ADC: 70.3%)

Higher FCF/Rev LTM (Value for ADC: 70.3%)

Higher Total Yield (Value for ADC: 6.5%)

SECTOR: Real Estate

Higher Rev Chg 3Y Avg | Lower P/S (Values for ADC: 19.5% | 11.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ADC: 19.5% | 24.5x)

Higher Rev Chg LTM (Value for ADC: 14.7%)

Higher Rev Chg 3Y Avg (Value for ADC: 19.5%)

Higher Op Mgn LTM (Value for ADC: 47.9%)

Higher CFO/Rev LTM (Value for ADC: 70.3%)

Higher FCF/Rev LTM (Value for ADC: 70.3%)

Higher Total Yield (Value for ADC: 6.5%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ADC: 19.5% | 11.7x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ADC: 19.5% | 24.5x)

Higher Rev Chg LTM (Value for ADC: 14.7%)

Higher Rev Chg 3Y Avg (Value for ADC: 19.5%)

Higher Op Mgn LTM (Value for ADC: 47.9%)

Higher CFO/Rev LTM (Value for ADC: 70.3%)

Higher FCF/Rev LTM (Value for ADC: 70.3%)

Higher Total Yield (Value for ADC: 6.5%)

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Market Price (12/29/2025): $73.01 | Market Cap: $8.1 Bil
Sector: Real Estate | Industry: Retail REITs

Market Price (12/29/2025): $73.01
Market Cap: $8.1 Bil
Sector: Real Estate
Industry: Retail REITs