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Stocks · Real estate · Real Estate Investment Trusts

AGREE REALTY CORP

ADC Clue Score60
United States Fiscal year ends December CIK 0000917251
$66.17 +0.33% Close, 12 Oct 2026
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Price $66.17 −3.42% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue91.5Operating income51.7Net income45.1EPS, diluted1.97Fiscal year 2017Revenue111.5 +21.8%Operating income63.0Net income58.1 +28.8%EPS, diluted2.08 +5.6%Fiscal year 2018Revenue137.1 +23.0%Operating income73.0Net income58.2 +0.1%EPS, diluted1.78 −14.4%Fiscal year 2019Revenue187.5 +36.7%Operating income114.4Net income80.1 +37.7%EPS, diluted1.93 +8.4%Fiscal year 2020Revenue248.6 +32.6%Operating income133.1Net income91.4 +14.1%EPS, diluted1.74 −9.8%Fiscal year 2021Revenue339.3 +36.5%Operating income190.3Net income122.3 +33.8%EPS, diluted1.78 +2.3%Fiscal year 2022Revenue429.8 +26.7%Operating income218.1Net income152.4 +24.7%EPS, diluted1.83 +2.8%Fiscal year 2023Revenue537.5 +25.1%Operating income254.4Net income170.0 +11.5%EPS, diluted1.70 −7.1%Fiscal year 2024Revenue617.1 +14.8%Operating income302.2Net income189.2 +11.3%EPS, diluted1.78 +4.7%Fiscal year 2025Revenue718.4 +16.4%Operating income340.4Net income204.3 +8.0%EPS, diluted1.77 −0.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 91.5 111.5 137.1 187.5 248.6 339.3 429.8 537.5 617.1 718.4
Growth +21.8% +23.0% +36.7% +32.6% +36.5% +26.7% +25.1% +14.8% +16.4%
Operating income 51.7 63.0 73.0 114.4 133.1 190.3 218.1 254.4 302.2 340.4
Net income 45.1 58.1 58.2 80.1 91.4 122.3 152.4 170.0 189.2 204.3
Growth +28.8% +0.1% +37.7% +14.1% +33.8% +24.7% +11.5% +11.3% +8.0%
EPS, diluted 1.97 2.08 1.78 1.93 1.74 1.78 1.83 1.70 1.78 1.77
Growth +5.6% −14.4% +8.4% −9.8% +2.3% +2.8% −7.1% +4.7% −0.6%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin56.4%Net margin49.3%Fiscal year 2017Operating margin56.5%Net margin52.1%Fiscal year 2018Operating margin53.2%Net margin42.4%Free cash flow margin−375.6%Fiscal year 2019Operating margin61.0%Net margin42.7%Free cash flow margin−307.3%Fiscal year 2020Operating margin53.6%Net margin36.8%Free cash flow margin−469.5%Fiscal year 2021Operating margin56.1%Net margin36.0%Free cash flow margin−337.0%Fiscal year 2022Operating margin50.7%Net margin35.5%Free cash flow margin−288.0%Fiscal year 2023Operating margin47.3%Net margin31.6%Free cash flow margin−150.4%Fiscal year 2024Operating margin49.0%Net margin30.7%Free cash flow margin−71.7%Fiscal year 2025Operating margin47.4%Net margin28.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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%
Free cash flow margin n/a n/a −375.6% −307.3% −469.5% −337.0% −288.0% −150.4% −71.7% n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow61.7Buybacks−0.7Dividends paid−42.1Fiscal year 2017Operating cash flow82.2Buybacks−1.1Dividends paid−55.1Fiscal year 2018Operating cash flow93.2Capital expenditure−608.3Free cash flow−515.1Buybacks−1.1Dividends paid−67.6Fiscal year 2019Operating cash flow126.7Capital expenditure−702.9Free cash flow−576.2Buybacks−1.4Dividends paid−90.3Fiscal year 2020Operating cash flow143.0Capital expenditure−1,310.0Free cash flow−1,167.0Buybacks−1.6Dividends paid−116.1Fiscal year 2021Operating cash flow246.3Capital expenditure−1,390.0Free cash flow−1,143.7Buybacks−1.8Dividends paid−194.3Fiscal year 2022Operating cash flow362.1Capital expenditure−1,600.0Free cash flow−1,237.9Buybacks−1.9Dividends paid−220.3Fiscal year 2023Operating cash flow391.6Capital expenditure−1,200.0Free cash flow−808.4Buybacks−2.7Dividends paid−277.7Fiscal year 2024Operating cash flow432.0Capital expenditure−874.5Free cash flow−442.5Buybacks−2.3Dividends paid−303.6Fiscal year 2025Operating cash flow504.1Buybacks−3.7Dividends paid−340.7
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 61.7 82.2 93.2 126.7 143.0 246.3 362.1 391.6 432.0 504.1
Capital expenditure n/a n/a −608.3 −702.9 −1,310.0 −1,390.0 −1,600.0 −1,200.0 −874.5 n/a
Free cash flow n/a n/a −515.1 −576.2 −1,167.0 −1,143.7 −1,237.9 −808.4 −442.5 n/a
Growth
Buybacks −0.7 −1.1 −1.1 −1.4 −1.6 −1.8 −1.9 −2.7 −2.3 −3.7
Dividends paid −42.1 −55.1 −67.6 −90.3 −116.1 −194.3 −220.3 −277.7 −303.6 −340.7

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash33.4Total debt404.1Net cash (debt)−370.7Shareholders’ equity683.0Debt to equity0.59Fiscal year 2017Cash50.8Total debt522.4Net cash (debt)−471.6Shareholders’ equity908.7Debt to equity0.57Fiscal year 2018Cash54.0Total debt724.1Net cash (debt)−670.1Shareholders’ equity1,236.1Debt to equity0.59Fiscal year 2019Cash15.6Shareholders’ equity1,689.3Fiscal year 2020Cash6.1Total debt1,225.2Net cash (debt)−1,219.1Shareholders’ equity2,524.5Debt to equity0.49Fiscal year 2021Cash43.3Total debt1,693.7Net cash (debt)−1,650.5Shareholders’ equity3,417.7Debt to equity0.50Fiscal year 2022Cash27.8Shareholders’ equity4,629.0Fiscal year 2023Cash10.9Shareholders’ equity5,199.2Fiscal year 2024Cash6.4Shareholders’ equity5,510.0Fiscal year 2025Cash16.3Shareholders’ equity6,271.0
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 33.4 50.8 54.0 15.6 6.1 43.3 27.8 10.9 6.4 16.3
Total debt 404.1 522.4 724.1 n/a 1,225.2 1,693.7 n/a n/a n/a n/a
Net cash (debt) −370.7 −471.6 −670.1 n/a −1,219.1 −1,650.5 n/a n/a n/a n/a
Shareholders’ equity 683.0 908.7 1,236.1 1,689.3 2,524.5 3,417.7 4,629.0 5,199.2 5,510.0 6,271.0
Debt to equity 0.59 0.57 0.59 n/a 0.49 0.50 n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
56.4% 56.5% 53.2% 61.0% 53.6% 56.1% 50.7% 47.3% 49.0% 47.4%
49.3% 52.1% 42.4% 42.7% 36.8% 36.0% 35.5% 31.6% 30.7% 28.4%
n/a n/a −375.6% −307.3% −469.5% −337.0% −288.0% −150.4% −71.7% n/a
Spending
8.6% 8.5% 8.6% 8.3% 8.4% 7.5% 7.0% 6.5% 6.0% 6.1%
n/a n/a 443.6% 374.9% 527.0% 409.6% 372.3% 223.3% 141.7% n/a
Returns
6.6% 6.4% 4.7% 4.7% 3.6% 3.6% 3.3% 3.3% 3.4% 3.3%
4.0% 3.9% 2.9% 3.0% 2.4% 2.3% 2.3% 2.2% 2.2% 2.1%
Balance and payout
0.59 0.57 0.59 n/a 0.49 0.50 n/a n/a n/a n/a
40.0% 39.0% 38.9% 36.5% 35.0% 34.6% 31.0% 33.1% 35.1% 36.0%
93.2% 94.9% 116.3% 112.7% 127.1% 158.9% 144.5% 163.4% 160.5% 166.7%