Agree Realty Corporation

NYSE:ADC Stock Report

Market Cap: US$9.3b

Agree Realty Past Earnings Performance

Past criteria checks 3/6

Agree Realty has been growing earnings at an average annual rate of 13.1%, while the Retail REITs industry saw earnings growing at 13.1% annually. Revenues have been growing at an average rate of 18.7% per year. Agree Realty's return on equity is 3.5%, and it has net margins of 28.2%.

Key information

13.10%

Earnings growth rate

-0.085%

EPS growth rate

Retail REITs Industry Growth8.45%
Revenue growth rate18.65%
Return on equity3.53%
Net Margin28.20%
Last Earnings Update31 Mar 2026

Recent past performance updates

Recent updates

Agree Realty: Bigger Investments, Stronger Growth Amid Uncertainty Puts Them In A Different League

May 01

ADC: Tenant Quality And Dividend Strength Will Support Expanded Acquisition Funding Capacity

Agree Realty's fair value estimate edges up to $85.39 from $84.25 as analysts lift price targets across the board, citing updated REIT models, steady acquisition activity, and what they view as solid tenant quality and funding capacity. Analyst Commentary Recent Street research on Agree Realty shows a cluster of price target increases alongside at least one downgrade, giving you a mixed but generally constructive read on how the company is executing and how its valuation is being framed.

ADC: Tenant Quality And Dividend Growth Offset Net Lease Sector Uncertainty

Analysts have lifted their average price targets for Agree Realty by several dollars, now clustering in an $81 to $91 range. They cite factors such as accelerating funds from operations per share growth, a low cost of capital, a solid tenant roster, and updated REIT models following recent quarterly results.

ADC: Tenant Quality And Capital Runway Will Support Future Upside

Agree Realty's analyst fair value estimate has been nudged higher to $84.25 from $82.81 as analysts factor in updated sector research highlighting funds from operations growth, a low cost of capital, resilient tenant quality, and an extended capital runway across recent price target increases from multiple firms. Analyst Commentary Recent Street research on Agree Realty has centered on updated models following Q4 results, sector level REIT work, and shifts in macro risks, feeding through to a series of price target revisions across the coverage universe.

ADC: Elevated Acquisitions And Spreads Will Shape Balanced Outlook

Analysts have lifted their average price target for Agree Realty from $82 to $91, citing steady acquisition activity, consistent investment spreads of about 100 to 150 basis points across triple net REITs, and what they see as potential upside to guidance if investment activity remains elevated. Analyst Commentary Recent Street research on Agree Realty has centered on price target revisions across several firms, with most updates clustering around the new US$91 level.

Agree Realty: Is This Retail REIT Still A Buy After Sustained Rally? (Rating Downgrade)

Mar 29

Agree Realty Vs. Realty Income: Accumulate Both REITs Offering Different Benefits

Feb 18

Q4 Earnings Update: Sell Agree Realty And Buy This REIT Instead

Feb 12

Agree Realty: Why I Bought More Of The Commons And Preferreds

Jan 17

Agree Realty: Still A Marginal Buy Case To Be Made Now

Jan 04

Agree Realty: Three Ways To Invest In A Net Lease Leader

Dec 23

Agree Realty: Unfortunately No Longer A 'Buy' At This Price (Rating Downgrade)

Dec 01

Why Buy Treasuries When You Can Buy Agree Realty

Nov 13

Agree Realty: A Strong Performance, But Preferreds Getting Less Attractive

Oct 30

Agree Realty Q3 Earnings: Buying What They Are Selling

Oct 24

Resolving Dilemma Between Realty Income And Agree Realty

Oct 15

Agree Realty: No Longer Undervalued, Still A Buy

Sep 23

Agree Realty: The Multiple Expansion Has Not Made The Case Unattractive

Sep 16
User avatar

Decisive Investments And Agile Capital Management Propel Company Toward Robust Growth Amidst Market Volatility

The company's strategic focus on high-quality investments and financial flexibility through expanded credit facilities aims to enhance its revenue growth and earnings.

Agree Realty: Common Or Preferred? One Is The Better Buy

Aug 15

Agree Realty Q2 Earnings: Still A Strong Buy In The Net Lease Sector

Jul 24

Agree Realty: Potential Addition To Dividend Growth Portfolios

Jun 26

Revenue & Expenses Breakdown

How Agree Realty makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NYSE:ADC Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 26750212450
31 Dec 25718196440
30 Sep 25689186420
30 Jun 25660178400
31 Mar 25637183380
31 Dec 24617181370
30 Sep 24601182370
30 Jun 24583179370
31 Mar 24560165350
31 Dec 23537162350
30 Sep 23510157340
30 Jun 23483155320
31 Mar 23458150310
31 Dec 22430145300
30 Sep 22405137290
30 Jun 22382136280
31 Mar 22360124260
31 Dec 21339120250
30 Sep 21319112260
30 Jun 2129697250
31 Mar 21271100230
31 Dec 2024991210
30 Sep 2022990180
30 Jun 2021489170
31 Mar 2020183160
31 Dec 1918780160
30 Sep 1917370140
30 Jun 1915966140
31 Mar 1914760130
31 Dec 1813758120
30 Sep 1813161120
30 Jun 1812758110
31 Mar 1812260100
31 Dec 171125890
30 Sep 171105490
30 Jun 171045690
31 Mar 17985290
31 Dec 16924580
30 Sep 16854080
30 Jun 16794180
31 Mar 16744070
31 Dec 15703970
30 Sep 15653770
30 Jun 15612770

Quality Earnings: ADC has high quality earnings.

Growing Profit Margin: ADC's current net profit margins (28.2%) are lower than last year (28.8%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: ADC's earnings have grown by 13.1% per year over the past 5 years.

Accelerating Growth: ADC's earnings growth over the past year (15.3%) exceeds its 5-year average (13.1% per year).

Earnings vs Industry: ADC earnings growth over the past year (15.3%) did not outperform the Retail REITs industry 36.8%.

Return on Equity

High ROE: ADC's Return on Equity (3.5%) is considered low.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/01 11:44
End of Day Share Price 2026/05/01 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Agree Realty Corporation is covered by 36 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Wesley GolladayBaird
Richard HightowerBarclays
Nathan CrossettBerenberg