Agree Realty CorporationADC
NYSE•Real Estate•REIT - Retail
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.
Agree Realty Corporation (ADC) reported trailing twelve months revenue of $750.04M as of March 2026, a 17.8% increase year-over-year. Quarterly revenue reached $200.81M, reflecting continued top-line momentum.
Agree Realty Corporation generated $220.07M in TTM net income, with quarterly EBITDA of $165.25M. The operating margin expanded from 46.5% to 49.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (49.1%) and net margin (31.0%) indicates significant non-operating expenses or interest burden. Net margin has improved from 27.9% a year ago, signaling stronger bottom-line efficiency.
ADC trades at a P/E of 40.6x (a premium multiple) and a P/S of 11.9x. The price-to-book ratio of 1.4x reflects a moderate premium to book value.
The company generated $145.16M in free cash flow over the trailing twelve months, a 162.7% increase year-over-year, indicating cash generation ability. The balance sheet shows $10.18B in total assets with $3.72B in long-term debt against $6.24B in stockholders equity for a debt-to-equity ratio of 0.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~48.4%, suggesting durable pricing power and cost discipline.
ROE is positive at ~3.4% on average, adequate but below the threshold typically associated with wide moats.
Only 2 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~28.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~48.0% — no sign of cost or pricing stress.
Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.6 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 19.4% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation