Real Estate · REIT - Retail
Price
$77.03
Market Cap
$9.3B
Employees
75
Beta
0.48
Avg Volume
1,126,354
CEO
Joel N. Agree
Business Description
Agree Realty Corporation functions as a publicly traded Real Estate Investment Trust (REIT), concentrating its efforts on the acquisition and development of commercial properties. These assets are primarily net-leased to leading companies within the retail sector. As of September 30, 2020, the firm oversaw a substantial portfolio of 1,027 properties, which were distributed across 45 U.S. states and encompassed a total gross leasable area of approximately 21.0 million square feet. Shares of Agree Realty's common stock are available for trade on the New York Stock Exchange, identified by the ticker symbol ADC.
Business History
Price Overview
Last updated: Jun 27, 2026 10:02am (just now)$77.03
+1.05 (+1.38%)
Day Range
$76.38 – $77.17
52-Week Range
$69.56 – $82.08
50-Day MA
$75.50
200-Day MA
$74.60
Volume
739,336.00
Analyst Price Targets
Low
$80.00
Consensus
$84.06
High
$91.00
(38 analysts)
Share Structure
Outstanding
120,102,859.00
Float
117,636,082.00
Free Float
97.9%
High free float
— 97.9% of shares trade freely, ~2.1% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
42.05
Stock Price: $77.03
EPS (Diluted): 1.77
EPS (Diluted): 1.77
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
1.27
Stock Price: $77.03
Total Equity: $6.27B
Shares: 111,200,645
Total Equity: $6.27B
Shares: 111,200,645
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
20.41
Market Cap: $9.25B
Total Debt: $3.29B
Cash: $16.30M
EBITDA: $617.06M
Total Debt: $3.29B
Cash: $16.30M
EBITDA: $617.06M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$11.3B
Market Cap: $9.25B
Total Debt: $3.29B
Cash: $16.30M
Total Debt: $3.29B
Cash: $16.30M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
87.7%
Gross Profit: $630.25M
Revenue: $718.40M
Revenue: $718.40M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
47.4%
Operating Income: $340.40M
Revenue: $718.40M
Revenue: $718.40M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
28.4%
Net Income: $204.35M
Revenue: $718.40M
Revenue: $718.40M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
3.7%
Net Income: $204.35M
Total Equity: $6.27B
Total Equity: $6.27B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
3.6%
Operating Income: $340.40M
Tax Rate: 0.8%
Equity: $6.27B
Total Debt: $3.29B
Cash: $16.30M
Tax Rate: 0.8%
Equity: $6.27B
Total Debt: $3.29B
Cash: $16.30M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.83
Current Assets: $143.10M
Current Liabilities: $171.54M
Current Liabilities: $171.54M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.53
Short-Term Debt: $0.00
Long-Term Debt: $3.29B
Total Debt: $3.29B
Total Equity: $6.27B
Long-Term Debt: $3.29B
Total Debt: $3.29B
Total Equity: $6.27B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$6.46
Revenue: $718.40M
Shares: 111,200,645
Shares: 111,200,645
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$56.39
Total Equity: $6.27B
Shares: 111,200,645
Shares: 111,200,645
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$4.53
Operating CF: $504.14M
CapEx: $0.00
Shares: 111,200,645
CapEx: $0.00
Shares: 111,200,645
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
4.4%
Last Dividend: N/A
Stock Price: $77.03
Stock Price: $77.03
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $204.35M
Net Income: $204.35M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares ADC against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 6:50pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $339.3M | $429.8M | $537.5M | $617.1M | $718.4M |
| Cost of Revenue | $41.1M | $52.3M | $66.7M | $74.8M | $88.1M |
| Gross Profit | $298.3M | $377.5M | $470.8M | $542.2M | $630.3M |
| Operating Expenses | $108.0M | $159.4M | $216.4M | $240.0M | $289.9M |
| Operating Income | $190.3M | $218.1M | $254.4M | $302.2M | $340.4M |
| Net Income | $122.3M | $152.4M | $170.0M | $189.2M | $204.3M |
| EBITDA | $295.7M | $386.2M | $463.9M | $543.3M | $617.1M |
| EPS | $1.79 | $1.84 | $1.70 | $1.79 | $1.77 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 6:50pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $43.3M | $27.8M | $10.9M | $6.4M | $16.3M |
| Total Current Assets | $104.4M | $94.8M | $101.1M | $112.8M | $143.1M |
| Total Assets | $5.2B | $6.7B | $7.8B | $8.5B | $9.8B |
| Current Liabilities | $86.9M | $106.1M | $126.9M | $144.1M | $171.5M |
| Long-Term Debt | $1.7B | $1.9B | $2.4B | $2.8B | $3.3B |
| Total Liabilities | $1.8B | $2.1B | $2.6B | $3.0B | $3.5B |
| Total Equity | $3.4B | $4.6B | $5.2B | $5.5B | $6.3B |
| Retained Earnings | -$147.4M | -$228.1M | -$346.5M | -$470.6M | -$618.7M |
Cash Flow (Annual)
Last updated: Jun 21, 2026 6:50pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $246.3M | $362.1M | $391.6M | $432.0M | $504.1M |
| Capital Expenditure | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | $246.3M | $362.1M | $391.6M | $432.0M | $504.1M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$1.8M | -$1.9M | -$2.7M | -$2.3M | -$3.7M |
| Net Change in Cash | $37.3M | -$16.3M | -$14.4M | -$8.1M | $14.2M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 6:35am (3h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$908.2M $808.6M – $1.0B
|
$1.0B $968.2M – $1.0B
|
$1.1B $1.0B – $1.2B
|
$1.2B $1.0B – $1.2B
|
| EBITDA |
$794.2M $707.1M – $875.9M
|
$879.6M $846.7M – $912.4M
|
$961.5M $876.6M – $1.0B
|
$1.0B $917.3M – $1.1B
|
| Net Income |
$229.3M $226.7M – $232.0M
|
$222.4M $184.9M – $260.0M
|
$239.1M $211.6M – $255.0M
|
$248.0M $219.5M – $264.5M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 6:50pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +26.7% | +25.1% | +14.8% | +16.4% |
| Gross Profit Growth | +26.6% | +24.7% | +15.2% | +16.2% |
| Operating Income Growth | +14.6% | +16.6% | +18.8% | +12.6% |
| Net Income Growth | +24.7% | +11.5% | +11.3% | +8.0% |
| EBITDA Growth | +30.6% | +20.1% | +17.1% | +13.6% |
Insider Trading (Recent)
Last updated: Jun 27, 2026 6:35am (3h ago)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-04 | AGREE RICHARD | P-Purchase | 5,000.00 | $71.41 | $357,050 |
| 2026-05-15 | RAKOLTA JOHN JR | P-Purchase | 20,000.00 | $74.57 | $1.5M |
| 2026-05-14 | Frankel Merrie S. | A-Award | 432.00 | $0.00 | $0 |
| 2026-05-14 | Dearing Karen | A-Award | 2,159.00 | $0.00 | $0 |
| 2026-05-14 | He Linglong | A-Award | 1,328.00 | $75.28 | $99,972 |
| 2026-05-14 | He Linglong | A-Award | 2,159.00 | $0.00 | $0 |
| 2026-05-14 | Hollman Michael | A-Award | 2,159.00 | $0.00 | $0 |
| 2026-05-14 | Judlowe Michael | A-Award | 1,328.00 | $75.28 | $99,972 |
| 2026-05-14 | Judlowe Michael | A-Award | 2,159.00 | $0.00 | $0 |
| 2026-05-14 | RAKOLTA JOHN JR | A-Award | 1,328.00 | $75.28 | $99,972 |
| 2026-05-14 | RAKOLTA JOHN JR | A-Award | 2,159.00 | $0.00 | $0 |
| 2026-05-14 | Rossi Jerome R | A-Award | 2,159.00 | $0.00 | $0 |
| 2026-05-14 | Lehmkuhl Greg | P-Purchase | 750.00 | $75.09 | $56,318 |
| 2026-05-14 | Lehmkuhl Greg | A-Award | 2,159.00 | $75.28 | $162,530 |
| 2026-05-14 | Lehmkuhl Greg | A-Award | 2,159.00 | $0.00 | $0 |
| 2026-05-14 | Agree Joey | P-Purchase | 13,295.00 | $75.41 | $1.0M |
| 2026-05-06 | Erlich Craig | G-Gift | 500.00 | $0.00 | $0 |
| 2026-04-01 | RAKOLTA JOHN JR | P-Purchase | 146.00 | $75.69 | $11,051 |
| 2026-02-23 | Breslin Stephen | A-Award | 2,521.00 | $0.00 | $0 |
| 2026-02-23 | Breslin Stephen | F-InKind | 1,475.00 | $79.32 | $116,997 |
Dividend History (Last 20)
Last updated: Jun 21, 2026 6:50pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-06-30 | $0.27 | 2026-06-08 | 2026-06-30 | 2026-07-15 |
| 2026-05-29 | $0.27 | 2026-05-12 | 2026-05-29 | 2026-06-12 |
| 2026-04-30 | $0.27 | 2026-04-09 | 2026-04-30 | 2026-05-14 |
| 2026-03-31 | $0.26 | 2026-03-10 | 2026-03-31 | 2026-04-15 |
| 2026-02-27 | $0.26 | 2026-02-05 | 2026-02-27 | 2026-03-13 |
| 2026-01-30 | $0.26 | 2026-01-13 | 2026-01-30 | 2026-02-13 |
| 2025-12-31 | $0.26 | 2025-12-11 | 2025-12-31 | 2026-01-15 |
| 2025-11-28 | $0.26 | 2025-11-11 | 2025-11-28 | 2025-12-12 |
| 2025-10-31 | $0.26 | 2025-10-14 | 2025-10-31 | 2025-11-14 |
| 2025-09-30 | $0.26 | 2025-09-09 | 2025-09-30 | 2025-10-14 |
| 2025-08-29 | $0.26 | 2025-08-12 | 2025-08-29 | 2025-09-15 |
| 2025-07-31 | $0.26 | 2025-07-10 | 2025-07-31 | 2025-08-14 |
| 2025-06-30 | $0.26 | 2025-06-10 | 2025-06-30 | 2025-07-15 |
| 2025-05-30 | $0.26 | 2025-05-13 | 2025-05-30 | 2025-06-13 |
| 2025-04-30 | $0.26 | 2025-04-10 | 2025-04-30 | 2025-05-14 |
| 2025-03-31 | $0.25 | 2025-03-11 | 2025-03-31 | 2025-04-14 |
| 2025-02-28 | $0.25 | 2025-02-06 | 2025-02-28 | 2025-03-14 |
| 2025-01-31 | $0.25 | 2025-01-14 | 2025-01-31 | 2025-02-14 |
| 2024-12-31 | $0.25 | 2024-12-12 | 2024-12-31 | 2025-01-15 |
| 2024-11-29 | $0.25 | 2024-11-12 | 2024-11-29 | 2024-12-13 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for ADC — it's generated by the pipeline (
market-narrative step).
No community reviews yet for ADC.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30