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Agree Realty Corp key statistics and ratios

In fiscal 2025, Agree Realty Corp had return on equity of 3.5%, an operating margin of 47.4% and debt equal to 53.0% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Operating margin58.1%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 margin53.3%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 margin46.4%−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%
Return on equity—9.2%5.9%10.2%8.1%5.7%9.7%8.0%7.3%5.4%5.5%4.3%4.1%3.8%3.5%3.5%3.5%3.6%
Return on assets—5.3%3.3%5.4%4.7%3.5%5.6%4.7%4.4%3.3%3.4%2.8%2.7%2.6%2.3%2.3%2.2%2.3%
Asset turnover—0.100.100.100.100.100.100.090.080.080.080.080.070.070.070.080.080.08
Debt to equity—43.6%39.4%60.1%54.7%62.7%70.8%59.2%57.5%58.6%51.9%48.5%49.8%42.4%46.8%51.0%53.0%54.0%
Interest cover (operating income ÷ interest)4.6x2.5x3.9x3.8x3.9x3.2x3.3x3.4x3.5x2.9x3.5x3.3x3.8x3.4x3.1x2.8x2.5x2.6x
Capital spending as % of revenue27.4%171.5%117.8%185.3%174.5%————443.6%374.9%527.0%409.6%372.3%223.3%141.7%0.0%0.0%
Free cash flow ÷ net income87.0%−138.8%−106.4%−238.0%−235.5%————−885.4%−719.5%<−999%−935.4%−812.1%−475.6%−233.9%246.7%237.3%
Dividends ÷ net income—121.8%175.9%97.9%106.0%137.4%84.6%93.2%94.9%116.3%112.7%127.1%158.9%144.5%163.4%160.5%166.7%157.5%
Dividends and buybacks ÷ free cash flow————————————————68.3%67.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

Compare with peers

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More: Retail REITs stocks compared, Real Estate sector, rankings of US companies

Figures from Agree Realty Corp's SEC filings (10-K and 10-Q), retrieved October 21, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Agree Realty Corp.