Detailed financial statements for Agree Realty Corporation (ADC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
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.
Analysis Summary
Agree Realty Corporation reported revenue of $718.4M in the most recent fiscal year, growing at a 5-year CAGR of 23.6%. Net income reached $204.3M, with a 17.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 70.5%, operating margin 49.3%, net margin 29.8%. Free cash flow grew at 28.7% CAGR over 5 years.
At $67.61 (closing price, October 29, 2026), ADC trades at a P/E of 34.85 and an ROE of 3.72%. Market capitalisation stands at $8.4B.
Balance sheet quality for ADC: current ratio of 0.8, net debt of $3.34B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $504.1M represents 247% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $91.5M | $111.5M | $137.1M | $187.5M | $248.6M | $339.3M | $429.8M | $537.5M | $617.1M | $718.4M |
| Cost of Revenue | $8.6M | $12.5M | $17.0M | $23.5M | $31.8M | $41.1M | $52.3M | $66.7M | $74.8M | $88.1M |
| Gross Profit | $82.9M | $99.0M | $120.1M | $164.0M | $216.8M | $298.3M | $377.5M | $470.8M | $542.2M | $630.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $8.0M | $9.9M | $12.2M | $15.6M | $20.8M | $25.5M | $30.1M | $34.8M | $37.2M | $44.1M |
| Operating Expenses | $31.3M | $36.1M | $47.1M | $49.6M | $83.7M | $108.0M | $159.4M | $216.4M | $240.0M | $289.9M |
| Operating Income | $51.7M | $63.0M | $73.0M | $114.4M | $133.1M | $190.3M | $218.1M | $254.4M | $302.2M | $340.4M |
| EBITDA | $75.1M | $94.7M | $119.0M | $161.9M | $215.8M | $295.7M | $386.2M | $463.9M | $543.3M | $617.1M |
| Interest Expense | $15.3M | $18.1M | $24.9M | $33.1M | $40.1M | $50.4M | $63.4M | $81.1M | $108.9M | $134.6M |
| Pre-tax Income | $46.0M | $59.0M | $59.3M | $81.3M | $93.1M | $125.3M | $155.9M | $173.5M | $194.1M | $206.7M |
| Income Tax | 0 | 0 | $516,000 | $538,000 | $1.1M | $2.4M | $2.9M | $2.9M | $4.3M | $1.7M |
| Net Income | $45.1M | $58.1M | $58.2M | $80.1M | $91.4M | $122.3M | $152.4M | $170.0M | $189.2M | $204.3M |
| EPS | $1.97 | $2.09 | $1.81 | $1.96 | $1.76 | $1.79 | $1.84 | $1.70 | $1.79 | $1.77 |
| EPS (Diluted) | $1.97 | $2.08 | $1.80 | $1.93 | $1.74 | $1.78 | $1.83 | $1.70 | $1.78 | $1.77 |
| Shares Outstanding (Diluted) | 23.0 M | 27.7 M | 32.4 M | 41.2 M | 52.4 M | 67.1 M | 79.2 M | 95.4 M | 101.9 M | 111.2 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $190.5M | $200.8M | $205.1M | $213.9M |
| Gross Profit | $166.5M | $175.9M | $41.0M | $187.6M |
| Operating Income | $92.4M | $98.6M | $98.7M | $109.6M |
| EBITDA | $166.3M | $139.3M | $163.2M | $181.8M |
| Net Income | $56.0M | $62.2M | $54.7M | $68.4M |
| EPS | $0.47 | $0.50 | $0.44 | $0.53 |
| EPS (Diluted) | $0.47 | $0.50 | $0.44 | $0.53 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $33.4M | $50.8M | $54.0M | $15.6M | $6.1M | $43.3M | $27.8M | $10.9M | $6.4M | $16.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $11.5M | $15.5M | $21.5M | $26.8M | $37.8M | $53.4M | $65.8M | $83.0M | $106.4M | $122.5M |
| Inventory | -$1.4M | $2.4M | 0 | $3.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $44.9M | $76.7M | $75.5M | $72.7M | $47.0M | $104.4M | $94.8M | $101.1M | $112.8M | $143.1M |
| Property, Plant & Equipment | $950.3M | $1.21B | $1.66B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $109.8M | $195.2M | $280.2M | $343.5M | $473.6M | $672.0M | $799.4M | $854.1M | $864.9M | $1.00B |
| Total Assets | $1.11B | $1.49B | $2.03B | $2.66B | $3.89B | $5.23B | $6.71B | $7.77B | $8.49B | $9.80B |
| Accounts Payable | $5.5M | $11.2M | $21.0M | $49.0M | $71.4M | $70.0M | $83.7M | $101.4M | $116.3M | $139.4M |
| Short-term Debt | $14.0M | $14.0M | $19.0M | $89.0M | $92.0M | $160.0M | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $20.9M | $30.9M | $35.7M | $74.0M | $105.9M | $86.9M | $106.1M | $126.9M | $144.1M | $171.5M |
| Long-term Debt | $400.9M | $491.2M | $720.4M | $872.3M | $1.22B | $1.69B | $1.94B | $2.41B | $2.79B | $3.29B |
| Total Liabilities | $426.4M | $583.4M | $789.7M | $973.0M | $1.36B | $1.81B | $2.08B | $2.57B | $2.98B | $3.53B |
| Retained Earnings | -$28.6M | -$28.8M | -$42.9M | -$57.1M | -$91.3M | -$147.4M | -$228.1M | -$346.5M | -$470.6M | -$618.7M |
| Total Equity | $683.0M | $908.7M | $1.24B | $1.69B | $2.52B | $3.42B | $4.63B | $5.20B | $5.51B | $6.27B |
| Total Debt | $400.9M | $519.6M | $720.4M | $961.3M | $1.31B | $1.88B | $1.98B | $2.45B | $2.83B | $3.35B |
| Net Debt | $367.5M | $468.8M | $666.5M | $945.7M | $1.30B | $1.84B | $1.95B | $2.44B | $2.83B | $3.34B |
| Working Capital | $24.1M | $45.8M | $39.8M | -$1.3M | -$59.0M | $17.5M | -$11.3M | -$25.8M | -$31.3M | -$28.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $13.7M | $16.3M | $25.1M | $12.5M |
| Total Assets | $9.48B | $9.80B | $10.18B | $10.59B |
| Total Liabilities | $3.61B | $3.53B | $3.95B | $4.07B |
| Total Equity | $5.87B | $6.27B | $6.24B | $6.52B |
| Total Debt | $3.42B | $3.35B | $3.29B | $3.92B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $45.8M | $58.8M | $58.8M | $80.8M | $92.0M | $122.9M | $153.0M | $170.5M | $189.8M | $205.0M |
| Depreciation & Amortization | $23.4M | $31.8M | $43.7M | $59.2M | $82.6M | $120.0M | $166.9M | $209.4M | $240.2M | $275.7M |
| Stock-based Compensation | $2.3M | $2.4M | $2.9M | $4.1M | $5.0M | $5.5M | $6.5M | $8.3M | $10.8M | $13.0M |
| Change in Working Capital | -$815,000 | $2.5M | -$4.4M | -$7.6M | -$11.3M | -$8.7M | $20.7M | $5.4M | -$2.6M | $344,000 |
| Operating Cash Flow | $61.7M | $82.2M | $93.2M | $126.7M | $143.0M | $246.3M | $362.1M | $391.6M | $432.0M | $504.1M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$712,000 | -$1.1M | -$1.1M | -$1.4M | -$1.6M | -$1.8M | -$1.9M | -$2.7M | -$2.3M | -$3.7M |
| Dividends Paid | -$42.1M | -$55.1M | -$67.6M | -$90.3M | -$116.1M | -$195.8M | -$227.7M | -$285.1M | -$311.0M | -$348.1M |
| Free Cash Flow | $61.7M | $82.2M | $93.2M | $126.7M | $143.0M | $246.3M | $362.1M | $391.6M | $432.0M | $504.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $146.5M | $111.3M | $145.2M | $131.0M |
| Capital Expenditure | 0 | 0 | -$412.3M | $412.3M |
| Free Cash Flow | $146.5M | $111.3M | -$267.2M | $543.3M |
| Dividends Paid | -$87.0M | -$91.3M | -$96.8M | -$97.5M |
| Stock-based Compensation | $3.3M | $3.3M | $3.5M | $3.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +21.8% | +23.0% | +36.7% | +32.6% | +36.5% | +26.7% | +25.1% | +14.8% | +16.4% | |
| Net Income Growth (YoY) | +28.8% | +0.1% | +37.7% | +14.1% | +33.8% | +24.7% | +11.5% | +11.3% | +8.0% | |
| EPS Growth (YoY) | +6.1% | -13.4% | +8.3% | -10.2% | +1.7% | +2.8% | -7.6% | +5.3% | -1.1% | |
| Shares Change (YoY) | +20.6% | +17.0% | +27.2% | +27.1% | +28.1% | +17.9% | +20.6% | +6.7% | +9.2% | |
| FCF Growth (YoY) | +33.2% | +13.4% | +35.9% | +12.8% | +72.3% | +47.0% | +8.1% | +10.3% | +16.7% | |
| Gross Margin | 90.6% | 88.8% | 87.6% | 87.5% | 87.2% | 87.9% | 87.8% | 87.6% | 87.9% | 87.7% |
| Operating Margin | 56.4% | 56.5% | 53.2% | 61.0% | 53.6% | 56.1% | 50.7% | 47.3% | 49.0% | 47.4% |
| EBITDA Margin | 82.0% | 84.9% | 86.8% | 86.4% | 86.8% | 87.1% | 89.9% | 86.3% | 88.0% | 85.9% |
| Net Margin | 49.3% | 52.1% | 42.4% | 42.7% | 36.8% | 36.0% | 35.5% | 31.6% | 30.7% | 28.4% |
| FCF Margin | 67.5% | 73.7% | 68.0% | 67.6% | 57.5% | 72.6% | 84.3% | 72.9% | 70.0% | 70.2% |
| Effective Tax Rate | 0.0% | 0.0% | 0.9% | 0.7% | 1.2% | 1.9% | 1.8% | 1.7% | 2.2% | 0.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.69 | $2.97 | $2.88 | $3.07 | $2.73 | $3.67 | $4.57 | $4.10 | $4.24 | $4.53 |
| Dividends Per Share | $1.83 | $1.99 | $2.09 | $2.19 | $2.22 | $2.92 | $2.88 | $2.99 | $3.05 | $3.13 |
| Shares Outstanding (Basic) | 22.9 M | 27.6 M | 32.1 M | 40.6 M | 51.8 M | 66.8 M | 78.7 M | 95.2 M | 101.1 M | 110.7 M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 3.72% |
| Return on Invested Capital | 3.70% |
| Return on Assets | 2.20% |
| Gross Margin | 70.46% |
| Operating Margin | 49.27% |
| Net Margin | 29.78% |
Financial Health
| Debt / Equity | 0.54 |
| Current Ratio | 1.21 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.45 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 23.38 | 24.61 | 32.66 | 35.80 | 37.83 | 39.87 | 38.55 | 37.03 | 39.36 | 40.69 |
| P/B | 1.54 | 1.56 | 1.53 | 1.69 | 1.37 | 1.39 | 1.21 | 1.15 | 1.29 | 1.27 |
| P/S | 11.51 | 12.74 | 13.83 | 15.19 | 13.89 | 14.05 | 12.98 | 11.15 | 11.54 | 11.10 |
| Gross Margin | 90.6% | 88.8% | 87.6% | 87.5% | 87.2% | 87.9% | 87.8% | 87.6% | 87.9% | 87.7% |
| Operating Margin | 56.4% | 56.5% | 53.2% | 61.0% | 53.6% | 56.1% | 50.7% | 47.3% | 49.0% | 47.4% |
| Net Margin | 49.3% | 52.1% | 42.4% | 42.7% | 36.8% | 36.0% | 35.5% | 31.6% | 30.7% | 28.4% |
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Explore sector: Real Estate · REIT - Retail
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