ADC · Agree Realty Corp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $718.40M | $617.10M | $537.50M | $429.81M | $339.32M | $248.57M |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | $44.06M | $37.23M | $34.79M | $30.12M | $25.46M | $20.79M |
| Total Operating Expenses | $383.39M | $326.29M | $284.96M | $216.99M | $164.16M | $123.44M |
| D&A | $239.31M | $206.99M | $176.28M | $133.57M | $95.73M | $66.76M |
| Operating Income | $340.39M | $302.24M | $254.39M | $218.09M | $190.27M | $125.13M |
| Interest Expense | $134.61M | $108.90M | $81.12M | $63.44M | $50.38M | $40.10M |
| Income Tax | $1.74M | $4.31M | $2.91M | $2.86M | $2.40M | $1.09M |
| Net Income | $204.35M | $189.20M | $169.96M | $152.44M | $122.27M | $91.38M |
| EPS - Basic | $1.77 | $1.79 | $1.70 | $1.84 | $1.79 | $1.76 |
| EPS - Diluted | $1.77 | $1.78 | $1.70 | $1.83 | $1.78 | $1.74 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $16.30M | $6.40M | $10.91M | $27.76M | $43.25M | $6.14M |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - |
| Total Assets | $9.80B | $8.49B | $7.77B | $6.71B | $5.23B | $3.89B |
| Current Liabilities | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | $1.69B | $1.23B |
| Total Liabilities | $3.53B | $2.98B | $2.57B | $2.08B | $1.81B | $1.36B |
| Stockholders' Equity | $6.27B | $5.51B | $5.20B | $4.63B | $3.42B | $2.52B |
| Retained Earnings | - | - | - | - | - | - |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $504.14M | $431.97M | $391.60M | $362.12M | $246.31M | $142.96M |
| Investing Cash Flow | ($1.54B) | ($885.41M) | ($1.27B) | ($1.62B) | ($1.39B) | ($1.30B) |
| Financing Cash Flow | $1.05B | $445.31M | $869.01M | $1.24B | $1.18B | $1.12B |
| CapEx | - | $874.50M | $1.20B | $1.60B | $1.39B | $1.31B |
| Free Cash Flow | - | ($442.53M) | ($808.40M) | ($1.24B) | ($1.14B) | ($1.17B) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 47.4% | 49.0% | 47.3% | 50.7% | 56.1% | 50.3% |
| EBITDA margin | 80.7% | 82.5% | 80.1% | 81.8% | 84.3% | 77.2% |
| Net margin | 28.4% | 30.7% | 31.6% | 35.5% | 36.0% | 36.8% |
| Free cash flow margin | - | -71.7% | -150.4% | -288.0% | -337.0% | -469.5% |
| FCF / Net income | - | -2.34 | -4.76 | -8.12 | -9.35 | -12.77 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 6.1% | 6.0% | 6.5% | 7.0% | 7.5% | 8.4% |
| Effective tax rate | 0.8% | 2.2% | 1.7% | 1.8% | 1.9% | 1.2% |
| Return on assets | 2.1% | 2.2% | 2.2% | 2.3% | 2.3% | 2.4% |
| Return on equity | 3.3% | 3.4% | 3.3% | 3.3% | 3.6% | 3.6% |
| Return on invested capital | - | - | - | - | 3.7% | 3.3% |
| Liquidity | ||||||
| Current ratio | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | 0.50 | 0.49 |
| Debt / Assets | - | - | - | - | 0.32 | 0.32 |
| Debt / EBITDA | - | - | - | - | 5.92 | 6.38 |
| Interest coverage | 2.5x | 2.8x | 3.1x | 3.4x | 3.8x | 3.1x |
| Equity multiplier | 1.56 | 1.54 | 1.50 | 1.45 | 1.53 | 1.54 |
| Liabilities / Assets | 0.36 | 0.35 | 0.33 | 0.31 | 0.35 | 0.35 |
| Efficiency | ||||||
| Asset turnover | 0.07 | 0.07 | 0.07 | 0.06 | 0.06 | 0.06 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 40.7x | 39.6x | 37.0x | 38.8x | 40.1x | 38.3x |
| P / B | 1.3x | 1.3x | 1.2x | 1.2x | 1.4x | 1.4x |
| P / S | 11.1x | 11.6x | 11.2x | 13.1x | 14.1x | 14.0x |
| EV / EBITDA | 13.8x | 14.1x | 13.9x | 15.9x | 22.5x | 24.5x |
| Growth | ||||||
| Revenue growth (YoY) | 16.4% | 14.8% | 25.1% | 26.7% | 36.5% | 32.6% |
| Revenue CAGR (3y) | 18.7% | 22.1% | 29.3% | 31.9% | 31.8% | 28.7% |
| Revenue CAGR (5y) | 23.6% | 26.9% | 29.4% | 29.8% | 30.0% | 28.9% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 12.6% | 18.8% | 16.6% | 14.6% | 52.1% | 23.8% |
| Net income growth (YoY) | 8.0% | 11.3% | 11.5% | 24.7% | 33.8% | 14.1% |
| EPS growth (YoY) | -0.6% | 4.7% | -7.1% | 2.8% | 2.3% | -9.8% |
| EPS CAGR (3y) | -1.1% | 0.0% | -0.8% | -1.8% | 0.0% | -5.8% |
| EPS CAGR (5y) | 0.3% | -1.6% | -0.9% | -2.5% | -2.0% | -4.2% |
| FCF growth (YoY) | - | 45.3% | 34.7% | -8.2% | 2.0% | -142.3% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 13.8% | 6.0% | 12.3% | 35.4% | 35.4% | 49.4% |
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- -Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Real Estate Investment Trusts
Comparing AGREE REALTY CORP against the 5 most active filers in the same SIC group.
Dividends
$3.13/share trailing 12 months · +3.3% YoY
| Ex-date | Per share |
|---|---|
| May 29, 2026 | $0.2670 |
| Apr 30, 2026 | $0.2670 |
| Mar 31, 2026 | $0.2620 |
| Feb 27, 2026 | $0.2620 |
| Jan 30, 2026 | $0.2620 |
| Dec 31, 2025 | $0.2620 |
| Nov 28, 2025 | $0.2620 |
| Oct 31, 2025 | $0.2620 |
| Sep 30, 2025 | $0.2560 |
| Aug 29, 2025 | $0.2560 |
| Jul 31, 2025 | $0.2560 |
| Jun 30, 2025 | $0.2560 |
| May 30, 2025 | $0.2560 |
| Apr 30, 2025 | $0.2560 |
| Mar 31, 2025 | $0.2530 |
| Feb 28, 2025 | $0.2530 |
| Jan 31, 2025 | $0.2530 |
| Dec 31, 2024 | $0.2530 |
| Nov 29, 2024 | $0.2530 |
| Oct 31, 2024 | $0.2530 |
| Sep 30, 2024 | $0.2500 |
| Aug 30, 2024 | $0.2500 |
| Jul 31, 2024 | $0.2500 |
| Jun 28, 2024 | $0.2500 |