Agree Realty Corporation (ADC) Stock Analysis
Real Estate · REIT - Retail · NYSE
Agree Realty Corporation (ADC) posted $718.40M in revenue for fiscal 2025 (up 16.4% year over year), at a 27.4% net margin, and has compounded revenue about 23.6%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Agree Realty Corporation
Agree Realty Corporation has grown revenue from $91.53M to $718.40M over the last 10 fiscal years, compounding about 23.6% a year. The most recent year was up 16.4%, so growth has cooled from its longer-run pace.
Net margin sits at 27.4%, down 2.1 points year over year.
The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from Agree Realty Corporation's SEC filings — descriptive, not advice. Ask the analyst your own question →
Agree Realty Corporation revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $91.53M | $111.52M | $137.12M | $187.48M | $248.57M | $339.32M | $429.81M | $537.50M | $617.10M | $718.40M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $45.12M | $58.11M | $58.17M | $80.08M | $91.38M | $122.27M | $145.00M | $162.52M | $181.76M | $196.91M |
| Net margin | 49.3% | 52.1% | 42.4% | 42.7% | 36.8% | 36.0% | 33.7% | 30.2% | 29.5% | 27.4% |
Source: Agree Realty Corporation SEC filings (10-K). 17 years of history available in the interactive view.
Agree Realty Corporation: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 68.4% over 4 years (71.3M → 120M) — existing holders' stakes are being diluted.
- Net margin shrinkingNet margin fell from 33.7% to 27.4% over ~3 years — profitability is compressing.
Explore 17 years of Agree Realty Corporation financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Agree Realty Corporation financial history by metric
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About Agree Realty Corporation
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 December 31, 2025, the Company owned and operated a portfolio of 2,674 properties, located in all 50 states and containing approximately 55.5 million square feet of gross leasable area. The Company's common stock is listed on the New York Stock Exchange. Agree Realty Corporation was incorporated in 1971 and is based in Royal Oak, United States.
Agree Realty Corporation — frequently asked questions
What is Agree Realty Corporation's revenue?
Agree Realty Corporation (ADC) reported revenue of $718.40M for fiscal year 2025, up 16.4% from the prior year, according to its SEC filings.
Is Agree Realty Corporation profitable?
Yes. ADC earned net income of $196.91M in fiscal 2025, a net margin of 27.4%.
What is ADC's P/E ratio?
Agree Realty Corporation trades at a price-to-earnings ratio of about 40.7 based on the latest data in our nightly-refreshed cache.
How fast is Agree Realty Corporation growing?
ADC's revenue grew at roughly 23.6% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Agree Realty Corporation have?
As of fiscal year 2025, ADC carried roughly $0 in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Agree Realty Corporation's market cap?
Agree Realty Corporation (ADC) has a market capitalization of about $9.07B, based on the latest data in our nightly-refreshed cache.
When does Agree Realty Corporation's fiscal year end?
ADC's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
Where does this data come from?
All figures are computed from Agree Realty Corporation's official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.