Agree Realty (ADC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Agree Realty

NYSE•Real Estate•REIT - Retail

$68.25-0.25(<0.01%)Market open

Market Cap

$8.17B

P/E

36.2x

P/S

10.5x

P/B

1.3x

Agree Realty Corporation is a publicly traded real estate investment trust. The Firm is Rethinking Retail through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of June 30, 2026, the Company owned and operated a portfolio of 2,825 properties, located in all 50 states and containing approximately 59.6 million square feet of gross leasable area. Agree Realty Corporation was incorporated in 1971 and is based in Royal Oak, United States.

How this company scores

AverageMetricSide Score: 57/100

Strongest: Growth (22/25); weakest: Cash & Earnings Quality (5/25).

Profitability16/25

Growth22/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality5/25

Strengths

Growing revenueStrong marginsRising earningsProfit converts from growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 36.2x5y range 32.5x – 43.0x

Currently near its 20-quarter median.

P/S · 10.5x5y range 10.2x – 14.8x

Currently near its 20-quarter median.

P/B · 1.3x5y range 1.0x – 1.5x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.

Cash Burn

Red Flag

The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Price & Volume

Market Cap $8.17B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $779.62M
Q. Revenue: $205.10M
TTM EBITDA: $633.97M
TTM Op. Income: $373.56M
Q. Op. Income: $95.31M
TTM Net Income: $225.53M
Q. Net Income: $54.81M
EPS: $0.44
Shares Out.: $120.00M

$779.62M in TTM revenue grew 18.2% YoY, reaching $205.10M last quarter. TTM EBITDA of $633.97M and TTM operating income of $373.56M show growth is flowing through to the bottom line. TTM net income of $225.53M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 80.2%
Op. Margin: 46.5%
Net Margin: 26.7%

Op. margin of 46.5% is down 0.2% YoY — costs are rising relative to revenue. Net margin at 26.7% Over the past year, operating margin is down 1% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 36.2x
P/S Ratio: 10.5x
P/B Ratio: 1.3x

At 36.2x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 10.5x and P/B of 1.3x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 16% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $10.59B
Cash: $12.52M
Long-Term Debt: $3.85B
Book Value: $6.52B
D/E Ratio: 0.6
Debt/EBITDA: 23.4

With $10.59B in assets and $3.85B in long-term debt, D/E is 0.6and book value is $6.52B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 3% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $130.97M
TTM Free Cash Flow: $-226.74M
FCF Margin: -29.1%
FCF / Net Income: -1.0

TTM FCF of $-226.74M on $130.97M in operating cash flow. The FCF / Net Income ratio of -1.0x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.