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

$67.39+0.69(0.01%)After hours

Market Cap

$8.52B

P/E

35.2x

P/S

10.5x

P/B

1.2x

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

GoodMetricSide Score: 65/100

Strongest: Growth (22/25); weakest: Cash & Earnings Quality (10/25).

Profitability19/25

Growth22/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality10/25

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 · 35.2x5y 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 · 1.2x5y 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 $8.52B

Metrics at a Glance

as of September 2026

Revenue & Profit

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

TTM Revenue: $810.28M
Q. Revenue: $213.88M
TTM EBITDA: $667.02M
TTM Op. Income: $395.88M
Q. Op. Income: $109.58M
TTM Net Income: $241.79M
Q. Net Income: $68.54M
EPS: $0.53
Shares Out.: $124.36M

$810.28M in TTM revenue grew 17.7% YoY, reaching $213.88M last quarter. TTM EBITDA of $667.02M and TTM operating income of $395.88M show growth is flowing through to the bottom line. TTM net income of $241.79M 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: 84.9%
Op. Margin: 51.2%
Net Margin: 32.0%

Op. margin of 51.2% is up 3.6% YoY — cost efficiency is improving. Net margin at 32.0% Over the past year, operating margin is up 8% — an improving trend.

Price Ratios

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

P/E Ratio: 35.2x
P/S Ratio: 10.5x
P/B Ratio: 1.2x

At 35.2x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 10.5x and P/B of 1.2x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 13% — an improving trend.

Assets & Liabilities

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

Total Assets: $10.95B
Cash: $80.56M
Long-Term Debt: $3.75B
Book Value: $6.94B
D/E Ratio: 0.5
Debt/EBITDA: 20.7

With $10.95B in assets and $3.75B in long-term debt, D/E is 0.5and book value is $6.94B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

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

Op. Cash Flow: $184.60M
TTM Free Cash Flow: $213.98M
FCF Margin: 26.4%
FCF / Net Income: 0.9

TTM FCF of $213.98M on $184.60M in operating cash flow. The FCF / Net Income ratio of 0.9x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.