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Agree Realty Corp (ADC) stock

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NYSE: ADC NYSE Retail REITs Next results ~February 9, 2027

C Fundamentals grade

Agree Realty Corp is a US-listed company in the retail REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$70

Valuation models combined (2)

Base case. Range ~$63–$73. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Agree Realty Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Agree Realty files

10-Q filed October 20: Agree Realty

Model value +9.3%

Revenue for the twelve months to September 2026 was $810m, up 17.7% on a year earlier, slower than the 18.2% growth a quarter earlier. That growth ranks 5 of 23 among the retail reits companies we cover. The diluted share count is up 10.7% on a year earlier, which dilutes existing holders. Its fundamentals grade moves from B to C. Our model value rises from $66.55 to $72.76 a share, against a share price of $68.03.

Source: 10-Q filed October 20, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 30: Agree Realty

Trailing twelve-month revenue to June 2026 reached $810m, a gain of 17.7% on the prior year. That pace eased from the 18.2% posted a quarter earlier, yet it still ranks first of the 22 real estate investment trusts we cover. Working the other way, the diluted share count rose 10.7% over the year, thinning the stakes of existing holders. Our model value edges up from $65.59 to $66.55 a share, set against a market price of $67.08. The rating stays Hold.

10-Q on SEC EDGAR

Where Agree Realty stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $780m, up 18.2% on a year earlier, about the same pace as a quarter earlier. That growth ranks 1 of 22 among the real estate investment trusts companies we cover. The diluted share count is up 10.2% on a year earlier, which dilutes existing holders. Our valuation models combined value is $65.59 a share, against a share price of $66.74.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 9, 2027 (estimated)

Agree Realty Corp's trailing-twelve-month revenue grew 17.7% year on year, with a free-cash-flow margin of 37.1%. Where it stands out: revenue growth of 17.7% ranks 5 of 24 retail reits companies we cover. Where it lags: change in share count of 10.7% ranks 18 of 22 retail reits companies we cover.

Current signal Free-cash-flow margin near historical high: TTM FCF margin of 37.1% is in the 97th percentile of its own history.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 17.7% over the last 12 months, against a median of 8.7% for retail reits companies we cover.
  • High operating margin. 48.9% of revenue is left as operating profit, against a median of 47.7% for retail reits companies we cover.
  • Strong cash generation. 37.1% of revenue turned into free cash flow.

Things to watch

  • Share dilution. Diluted shares rose 10.7% in a year.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 20, 2026
Earnings per share
$0.48 against an average estimate of $0.47: beat by 2.7%
Revenue
$214m, up 16.7% on a year earlier
Share reaction
-2.0% in the first session after the results on October 20, 2026, against +0.9% for the S&P 500
Guidance given
AFFO per share $4.58 to $4.59 (2026); investment volume $1.6bn (2026)
Next report
October 20, 2026; average EPS estimate $0.48

Agree Realty's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.1%
  • 1 week+2.0%
  • 1 month+4.4%
  • This year-1.4%
  • 1 year-2.1%
  • 5 years+20.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$810M
Operating margin
48.9%
Net margin
29.8%
EPS (TTM, diluted)
$2.01

Growth

Revenue growth
+17.7%
Change in growth rate
−0.5 pts
Share count change
+10.7%

Earnings

Last results
October 20, 2026
Next results (est.)
February 9, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Dividend
  4. Announcement
  5. Agreement
  6. Financing
  7. Insider trade
  8. Announcement
  9. Announcement
  10. Insider trade
  11. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Agree Realty Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Agree Realty Corp as an equity reit, with every model that fits that kind of business. Cost of equity 7.2%: the 10-year Treasury yield (4.9%) plus a beta of 0.51 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$73 ~$62–$90 Primary model, counts double
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$1.4 ~$33–$67 Left out: out of range vs price (0.02x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$63 ~$52–$80 Included
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$70 ~$63–$73 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Agree Realty Corp with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

41 /100

Weak moat

How hard Agree Realty's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.3% of total assets over 10 years.

  • Durability 20 / 20

    Operating margin has been a median 52.4%; its worst year was 46.9%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -158.5% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 89.4% over five years; stock-based pay has been a median 1.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.92 +5% $840m +17%
Next $1.96 +2% $942m +12%

Next year's EPS estimate has moved +1.3% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −0.4% on 90 days ago. In the last 30 days, 1 analyst raised Agree Realty Corp's forecast and 0 cut it.

Consensus EPS forecast Agree Realty Corp, last 90 days
$1.88 $1.90 $1.92 $1.94 $1.96 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.93 Current fiscal year, 60 days ago: $1.92 Current fiscal year, 30 days ago: $1.92 Current fiscal year, 7 days ago: $1.92 Current fiscal year, Now: $1.92 $1.92 Next fiscal year, 90 days ago: $1.93 Next fiscal year, 60 days ago: $1.93 Next fiscal year, 30 days ago: $1.93 Next fiscal year, 7 days ago: $1.90 Next fiscal year, Now: $1.96 $1.96

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.93$1.93
60 days ago $1.92$1.93
30 days ago $1.92$1.93
7 days ago $1.92$1.90
Now $1.92$1.96

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.47 $0.48 +2.7%
Jun 2026 $0.47 $0.47 −1.5%
Mar 2026 $0.47 $0.49 +4.4%
Dec 2025 $0.47 $0.47 −0.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 20, 2026
  • AFFO per share 2026 $4.58 to $4.59 Non-GAAP Raised
    “"We are very pleased with our performance through the first nine months of the year, as we invested approximately $1.3 billion across all three of our external growth platforms and are raising our 2026 AFFO per share guidance to a range of $4.58 to $4.59," said Joey Agree, President and Chief Executive Officer.” source
  • Investment volume 2026 about $1.6bn Raised vs about 2m
    “Investment volume $1.6 to $1.8 billion Approximately $1.6 billion” source
  • Disposition volume 2026 $100m to $150m Raised vs about 2m
    “Disposition volume $50 to $100 million $100 to $150 million” source
  • General and administrative expenses (% of adjusted revenue) 2026 5.3% to 5.6% Raised vs 1 to 1.5
    “General and administrative expenses (% of adjusted revenue) (3)(4) 5.3% to 5.6% 5.3% to 5.6%” source
  • Non-reimbursable real estate expenses (% of adjusted revenue) 2026 1% to 1.5% Maintained vs 1 to 1.5
    “Non-reimbursable real estate expenses (% of adjusted revenue) (3) 1.0% to 1.5% 1.0% to 1.5%” source
  • Income and other tax expense 2026 about $2m Maintained vs about 2m
    “Income and other tax expense Approximately $2 million Approximately $2 million” source
Show 2 more items
  • Treasury stock method dilution 2026 $0.01 to $0.02 Lowered vs 0.02 to 0.04
    “Treasury stock method dilution (5) $0.02 to $0.04 $0.01 to $0.02” source
  • Cash G&A expense (% of adjusted revenue) 2026 3.7% to 4% Raised vs 1 to 1.5
    “Cash G&A expense is expected to be in a range of 3.7% to 4.0% of adjusted revenue.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

20 analysts, Oct 2026
Buy1260%
Hold840%
Sell00%

Monthly trend

  1. Oct 202611820
  2. Sep 202611820
  3. Aug 202611820
  4. Jul 202611820

Counts of recommendations published by analysts covering Agree Realty Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.0%
of tradable shares
Days to cover
0
at average volume
Short interest, 1 month
−100%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.7%
of shares
Employees
90
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −2.1%

$69.93 on October 31, 2025 to $68.48

ThenNowEffect
Revenue (last 12 months) $660m $780m +18.2%
Net margin 28.2% 28.8% +2.4%
P/E multiple 40.0x 35.6x −10.9%
Share count 106m 117m −9.2%

Biggest factor: revenue.

Last 3 years +32.5%

$51.67 on November 3, 2023 to $68.48

ThenNowEffect
Revenue (last 12 months) $483m $780m +61.4%
Net margin 33.7% 28.8% −14.4%
P/E multiple 28.0x 35.6x +27.0%
Share count 88m 117m −24.4%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ADC+11%+4%−7%+17%+7%−1%
Industry peers (median)+51%−14%+7%+15%−3%+11%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ADC67%67%42%67%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ADC−12%−21%−26%−13%−9%−20%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 39% from February 21, 2020 to March 18, 2020. Getting back needed a 64% gain, reached on July 27, 2021, 496 days after the low.

Price behaviour

52-week range
$64.23 – $79.91
From 52-week high
−14.3%
vs 50-day average
+0.5%
vs 200-day average
−6.3%
Volatility (1 year)
17%
Beta vs S&P 500
-0.24

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±2.3%
After a week
5 up, 7 down
typical move ±2.4%
After a month
6 up, 5 down
typical move ±5.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 20, 2026 −2.0% +0.9% +1.8% —
July 30, 2026 −2.9% +2.4% −4.7% −8.6%
April 21, 2026 −3.6% +0.4% −3.4% −4.7%
February 10, 2026 +1.9% −0.3% +1.8% +6.1%
October 21, 2025 −0.8% −0.5% −2.3% −3.0%
July 31, 2025 +1.5% −2.0% +1.7% +0.5%
April 22, 2025 −1.9% +4.2% −1.8% −4.5%
February 11, 2025 −1.9% −0.2% −2.0% +4.2%
October 22, 2024 +2.3% −1.0% −1.5% +3.1%
July 23, 2024 +2.3% −2.4% +5.1% +10.1%
April 23, 2024 +2.6% +1.1% +1.0% +6.2%
February 13, 2024 −3.4% −0.5% −1.8% −4.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Agree Realty Corp in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Agree Realty Corp
$500M $600M $700M $800M $900M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $537.5M Revenue (TTM), FY24 Q1: $560.3M Revenue (TTM), FY24 Q2: $583M Revenue (TTM), FY24 Q3: $600.5M Revenue (TTM), FY24 Q4: $617.1M Revenue (TTM), FY25 Q1: $636.8M Revenue (TTM), FY25 Q2: $659.8M Revenue (TTM), FY25 Q3: $688.6M Revenue (TTM), FY25 Q4: $718.4M Revenue (TTM), FY26 Q1: $750M Revenue (TTM), FY26 Q2: $779.6M Revenue (TTM), FY26 Q3: $810.3M $810.3M

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $537.5M
FY24 Q1 $560.3M
FY24 Q2 $583M
FY24 Q3 $600.5M
FY24 Q4 $617.1M
FY25 Q1 $636.8M
FY25 Q2 $659.8M
FY25 Q3 $688.6M
FY25 Q4 $718.4M
FY26 Q1 $750M
FY26 Q2 $779.6M
FY26 Q3 $810.3M
Revenue growth, TTM YoY Agree Realty Corp
10% 15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 25.1% Revenue growth, TTM YoY, FY24 Q1: 22.3% Revenue growth, TTM YoY, FY24 Q2: 20.7% Revenue growth, TTM YoY, FY24 Q3: 17.8% Revenue growth, TTM YoY, FY24 Q4: 14.8% Revenue growth, TTM YoY, FY25 Q1: 13.6% Revenue growth, TTM YoY, FY25 Q2: 13.2% Revenue growth, TTM YoY, FY25 Q3: 14.7% Revenue growth, TTM YoY, FY25 Q4: 16.4% Revenue growth, TTM YoY, FY26 Q1: 17.8% Revenue growth, TTM YoY, FY26 Q2: 18.2% Revenue growth, TTM YoY, FY26 Q3: 17.7% 17.7%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 25.1%
FY24 Q1 22.3%
FY24 Q2 20.7%
FY24 Q3 17.8%
FY24 Q4 14.8%
FY25 Q1 13.6%
FY25 Q2 13.2%
FY25 Q3 14.7%
FY25 Q4 16.4%
FY26 Q1 17.8%
FY26 Q2 18.2%
FY26 Q3 17.7%
Operating margin (TTM) Agree Realty Corp
46% 47% 48% 49% 50% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 47.3% Operating margin (TTM), FY24 Q1: 47.2% Operating margin (TTM), FY24 Q2: 48.8% Operating margin (TTM), FY24 Q3: 49.3% Operating margin (TTM), FY24 Q4: 49.0% Operating margin (TTM), FY25 Q1: 48.8% Operating margin (TTM), FY25 Q2: 47.1% Operating margin (TTM), FY25 Q3: 46.9% Operating margin (TTM), FY25 Q4: 47.4% Operating margin (TTM), FY26 Q1: 48.0% Operating margin (TTM), FY26 Q2: 47.9% Operating margin (TTM), FY26 Q3: 48.9% 48.9%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 47.3%
FY24 Q1 47.2%
FY24 Q2 48.8%
FY24 Q3 49.3%
FY24 Q4 49.0%
FY25 Q1 48.8%
FY25 Q2 47.1%
FY25 Q3 46.9%
FY25 Q4 47.4%
FY26 Q1 48.0%
FY26 Q2 47.9%
FY26 Q3 48.9%
FCF margin (TTM) Agree Realty Corp
-200% -150% -100% -50% 0% 50% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -150.5% FCF margin (TTM), FY24 Q1: -112.2% FCF margin (TTM), FY24 Q2: -83.3% FCF margin (TTM), FY24 Q3: -47.2% FCF margin (TTM), FY24 Q4: -71.8% FCF margin (TTM), FY25 Q1: 38.5% FCF margin (TTM), FY25 Q2: 36.9% FCF margin (TTM), FY25 Q3: 36.6% FCF margin (TTM), FY25 Q4: 36.9% FCF margin (TTM), FY26 Q1: 36.3% FCF margin (TTM), FY26 Q2: 35.1% FCF margin (TTM), FY26 Q3: 37.1% 37.1%

Source: SEC EDGAR filings. Retrieved October 21, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -150.5%
FY24 Q1 -112.2%
FY24 Q2 -83.3%
FY24 Q3 -47.2%
FY24 Q4 -71.8%
FY25 Q1 38.5%
FY25 Q2 36.9%
FY25 Q3 36.6%
FY25 Q4 36.9%
FY26 Q1 36.3%
FY26 Q2 35.1%
FY26 Q3 37.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 32 27 30 35 44 54 70 92 112 137 187 249 339 430 537 617 718 810
EBITDA 24 13 21 26 34 39 57 75 90 106 160 200 286 352 431 509 580 667
Operating income 19 9 15 19 25 28 40 52 63 73 114 133 190 218 254 302 340 396
Net income 17 15 10 18 20 18 39 45 58 58 80 91 122 152 170 189 204 241
Diluted EPS $2.14 $1.64 $0.99 $1.62 $1.50 $1.24 $2.16 $1.97 $2.08 $1.78 $1.93 $1.74 $1.78 $1.83 $1.70 $1.78 $1.77 $2.01
Growth (year on year)
Revenue — −14.2% +10.4% +14.4% +25.7% +23.1% +30.6% +30.8% +21.8% +23.0% +36.7% +32.6% +36.5% +26.7% +25.1% +14.8% +16.4% +17.7%
EBITDA — −44.1% +56.3% +24.8% +32.4% +15.0% +45.1% +32.6% +19.4% +18.3% +51.0% +24.9% +43.1% +23.0% +22.5% +18.2% +13.8% +20.0%
Operating income — −52.6% +74.1% +26.4% +31.2% +9.7% +43.8% +28.8% +21.9% +16.0% +56.7% +16.4% +42.9% +14.6% +16.6% +18.8% +12.6% +22.4%
Net income — −11.6% −36.6% +89.0% +9.0% −6.0% +111.0% +15.6% +28.8% +0.1% +37.7% +14.1% +33.8% +24.7% +11.5% +11.3% +8.0% +24.6%
Diluted EPS — −23.4% −39.6% +63.6% −7.4% −17.3% +74.2% −8.8% +5.6% −14.4% +8.4% −9.8% +2.3% +2.8% −7.1% +4.7% −0.6% +12.5%
Margins
EBITDA margin 73.6% 47.9% 67.8% 74.0% 77.9% 72.8% 80.9% 82.0% 80.4% 77.3% 85.4% 80.4% 84.3% 81.8% 80.1% 82.5% 80.7% 82.3%
Operating margin 58.1% 32.1% 50.7% 56.0% 58.4% 52.1% 57.3% 56.4% 56.5% 53.2% 61.0% 53.6% 56.1% 50.7% 47.3% 49.0% 47.4% 48.9%
Net margin 53.3% 54.9% 31.6% 52.1% 45.2% 34.5% 55.8% 49.3% 52.1% 42.4% 42.7% 36.8% 36.0% 35.5% 31.6% 30.7% 28.4% 29.8%
Free-cash-flow margin 46.4% −76.3% −33.6% −124.1% −106.5% — — — — −375.6% −307.3% −469.5% −337.0% −288.0% −150.4% −71.7% 70.2% 70.6%
Cash flow
Cash from operations 24 26 25 21 30 35 45 62 82 93 127 143 246 362 392 432 504 572
Capital spending 9 47 36 64 76 — — — — 608 703 1,310 1,390 1,600 1,200 875 0 0
Free cash flow 15 −21 −10 −43 −46 — — — — −515 −576 −1,167 −1,144 −1,238 −808 −443 504 572
Stock-based pay 1 1 1 2 2 2 2 2 2 3 4 5 5 6 8 11 13 14
Free cash flow after stock pay 14 −22 −12 −45 −48 — — — — −518 −580 −1,172 −1,148 −1,244 −817 −453 491 558
Balance sheet
Cash 1 1 2 1 15 5 3 33 51 54 16 6 43 28 11 6 16 81
Total debt 0 72 63 117 158 222 320 404 522 724 876 1,225 1,703 1,960 2,432 2,812 3,323 3,752
Net debt (negative = net cash) −1 71 61 116 144 216 317 371 472 670 860 1,219 1,659 1,933 2,421 2,806 3,307 3,672
Diluted shares — 9m 10m 11m 13m 15m 18m 23m 28m 32m 41m 52m 67m 79m 95m 102m 111m 120m
Returned to shareholders
Dividends — 18 17 18 21 25 33 42 55 68 90 116 194 220 278 304 341 380
Buybacks — — — — — 0 0 1 1 1 1 2 2 2 3 2 4 6
Total returned — 18 17 18 21 25 33 43 56 69 92 118 196 222 280 306 344 386

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$6.2M
Dividends (TTM)
$380M
Returned to shareholders
128%
of free cash flow
Buybacks, last 3 fiscal years
$8.7M
Diluted share count
+10.7%
year over year
Total shareholder yield
4.3%
dividends 4.3% + buybacks 0.1% of market value
Dividend payout ratio
158%
of net income paid out

Competitors: side by side with peers

Closest by revenue in retail reits
Last 12 months unless stated ADC KRG PECO MAC EPRT CBL Median
Revenue, last 12 months $810m $792m $761m $1.0bn $639m $588m $516m
Revenue growth, last 12 months 17.7% −7.0% 7.0% 1.3% 20.4% 9.0% 8.5%
Revenue growth, 3-year average 16.7% −1.4% 8.2% 5.1% 23.9% 2.1% 8.2%
Revenue growth, latest quarter 16.7% −7.2% 5.7% −0.0% 16.4% 4.0% 7.1%
Operating margin 48.9% 14.7% 6.5% — 60.6% 20.9% 44.2%
Operating margin, 3-year average 48.4% 16.1% −3.3% — 62.1% 20.9% 35.7%
Net margin 29.8% 42.9% 23.9% −16.8% 41.0% 37.0% 26.8%
Cash from operations / revenue 70.6% 48.8% 46.6% 30.5% 67.8% 48.1% 48.6%
Free-cash-flow margin 37.1% 29.8% 11.8% −4.4% 41.4% 21.9% 20.3%
Free-cash-flow margin, 3-year average 8.8% 22.0% 11.0% −2.4% 42.2% 20.5% 20.1%
Stock pay / revenue 1.8% 1.5% 1.6% 2.2% 2.3% 2.3% 1.7%
Change in share count 10.7% −6.3% 0.8% 8.5% 10.1% 0.8% 2.6%

Median of all 24 companies we cover in retail reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

24 retail reits companies
Measure Company Peer median Rank
Revenue growth Growth 17.7% 8.7% 5 of 24
Change in growth rate Growth -0.5pp -0.3pp 13 of 24
Operating margin Profitability 48.9% 47.7% 7 of 16
Net margin Profitability 29.8% 29.8% 12 of 24
Stock pay as % of revenue Cash generation 1.8% 1.8% 11 of 21
Change in share count Balance sheet 10.7% 4.1% 18 of 22

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$10.8B
Institutions reporting
494
Shares held vs prior quarter
▲ 2.2%
Positions opened / closed
43 / 48

Top buyers and sellers, Q2 2026: 241 institutions bought and 207 sold ; the biggest buyer was Blackrock, Inc (+1.2M shares) and the biggest seller Jpmorgan Chase & Co (−1.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.4B 19.1M 13.4% ▲ 6.8%
Cohen & Steers, Inc. $1.2B 16.4M 11.5% ▼ 8.2%
Vanguard Portfolio Management LLC $802M 10.6M 7.4% ▲ 3.2%
State Street Corp $445M 5.9M 4.1% ▼ 1.8%
Vanguard Capital Management LLC $409M 5.4M 3.8% ▲ 1.1%
Principal Financial Group Inc $353M 4.7M 3.3% ▲ 3.0%
Centersquare Investment Management LLC $283M 3.7M 2.6% ▲ 8.8%
Two Sigma Investments, LP $268M 3.5M 2.5% ▼ 12.5%
Daiwa Securities Group Inc. $221M 2.9M 2.0% ▼ 1.3%
Geode Capital Management, LLC $211M 2.8M 2.0% ▲ 3.1%
Charles Schwab Investment Management Inc $166M 2.2M 1.5% ▲ 4.1%
Zimmer Partners, LP $140M 1.8M 1.3% ▼ 44.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Agree Realty Corp's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $9.9M 14 trades by 6 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $9.9M net buying
Insider Date Trade Shares Price Value
Erlich Craig CHIEF GROWTH OFFICER September 21, 2026 Buy 1,000 $67.55 $67,550
Agree Joey PRESIDENT & CEO September 16, 2026 Buy 7,360 $68.06 $500,922
Rakolta John Jr Director September 16, 2026 Buy 20,000 $68.78 $1.4M
Rakolta John Jr Director August 31, 2026 Buy 10,000 $72.42 $724,200
Rakolta John Jr Director August 28, 2026 Buy 136 $73.52 $9,999
Rakolta John Jr Director August 27, 2026 Buy 20,000 $73.23 $1.5M
Agree Richard EXECUTIVE CHAIRMAN OF BOARD June 4, 2026 Buy 5,000 $71.41 $357,050
Rakolta John Jr Director May 15, 2026 Buy 20,000 $74.57 $1.5M
Agree Joey PRESIDENT & CEO May 14, 2026 Buy 13,295 $75.41 $1M
Lehmkuhl Greg Director May 14, 2026 Buy 750 $75.09 $56,318
Rakolta John Jr Director April 1, 2026 Buy 146 $75.69 $11,051
Agree Richard EXECUTIVE CHAIRMAN OF BOARD January 9, 2026 Buy 24,000 $70.67 $1.7M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 14 trades and filings

In the last 12 months, 2 members of Congress disclosed 0 purchases and 2 sales of Agree Realty Corp shares.

  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded June 1, 2026, filed July 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $15,001 - $50,000, traded January 15, 2026, filed February 13, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded September 25, 2025, filed October 22, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 9, 2027 estimated from the company's past filing pattern, not announced

  • October 20, 2026
  • July 30, 2026
  • April 21, 2026
  • February 10, 2026
  • October 21, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Agree Realty Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Agree Realty Corp in brief

What does Agree Realty Corp do?
Agree Realty Corp is a US-listed company in the retail REITs industry. Its financial year ends in December.
What is Agree Realty Corp's stock ticker?
Agree Realty Corp trades under the ticker ADC on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Agree Realty Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Agree Realty Corp reported revenue of $810M, 17.7% higher than a year earlier, according to its SEC filings.
What is Agree Realty Corp's free cash flow?
Agree Realty Corp's free-cash-flow margin is 37.1% of revenue over the trailing twelve months.
Who are Agree Realty Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Cohen & Steers, Inc. and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Agree Realty Corp buying back stock, and does it pay a dividend?
Agree Realty Corp spent $6.2M on share repurchases over the trailing twelve months, and its diluted share count still rose 10.7% over the year.
What is Agree Realty Corp's market cap?
On November 2, 2026, Agree Realty Corp's market capitalisation was about $8.2B, with a price-to-earnings ratio of 34.1 and net debt of $3.7B. Market figures come from third-party market data and may be delayed.
Does Agree Realty Corp pay a dividend?
Yes: Agree Realty Corp paid $380M in dividends over the trailing twelve months, a dividend yield of 4.26% and a payout ratio of 157.5%.
Who are Agree Realty Corp's competitors?
In our Retail REITs peer group, the companies closest to Agree Realty Corp are Kite Realty Group Trust, Phillips Edison & Company, Inc., Macerich Co, Essential Properties Realty Trust, Inc. and CBL & Associates Properties Inc. The side-by-side comparison below sets their revenue, margins and growth against Agree Realty Corp's.
Are insiders buying or selling Agree Realty Corp stock?
Over the last 12 months, Agree Realty Corp's directors and officers reported 14 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Agree Realty Corp's next earnings date?
Around February 9, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Agree Realty Corp announces its own schedule.