ADC Financials Agree Realty Corp

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 29 h ago Overview →

Growth & profitability

Revenue has grown 23.6% per year over the past 5 years.
Net income has grown slower than revenue (17.5% vs 23.6% per year).
Operating margin has contracted, at 47.4% in the latest year.

Financial health

Total debt has grown faster than revenue (33.2% vs 23.6% per year).
Operating income covered interest expense 2.5× in the latest year.

Shareholder returns

Dividends have been paid for 13 consecutive years, consuming 166.7% of earnings.
The dividend has grown 24.0% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$718M	$204M	0.0%	47.4%	—	—	$16M
2024	$617M	$189M	0.0%	49.0%	-$443M	—	$6M
2023	$537M	$170M	0.0%	47.3%	-$808M	—	$11M
2022	$430M	$152M	0.0%	50.7%	-$1.2B	—	$28M
2021	$339M	$122M	0.0%	56.1%	-$1.1B	$1.7B	$43M
2020	$249M	$91M	0.0%	53.6%	-$1.2B	$1.2B	$6M
2019	$187M	$80M	0.0%	61.0%	-$576M	—	$16M
2018	$137M	$58M	0.0%	53.2%	-$515M	$724M	$54M
2017	$112M	$58M	0.0%	56.5%	—	$522M	$51M
2016	$92M	$45M	0.0%	56.4%	—	$404M	$33M
2015	$70M	$39M	0.0%	57.3%	—	$320M	$3M
2014	$54M	$18M	0.0%	52.1%	—	$222M	$5M
2013	$44M	$20M	0.0%	58.4%	—	$158M	$15M
2012	$35M	$18M	0.0%	56.0%	—	$117M	$1M
2011	$30M	$10M	0.0%	50.7%	—	—	$2M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$201M	$62M	0.0%	49.1%	—	—	$25M
Dec '25	$190M	$56M	0.0%	48.5%	—	—	$16M
Sep '25	$183M	$52M	0.0%	47.6%	—	—	$14M
Jun '25	$176M	$49M	0.0%	46.7%	—	—	$6M
Mar '25	$169M	$47M	0.0%	46.5%	—	—	$8M
Dec '24	$161M	$45M	0.0%	46.9%	-$252M	—	$6M
Sep '24	$154M	$44M	0.0%	48.2%	-$87M	—	$13M
Jun '24	$153M	$55M	0.0%	53.7%	-$75M	—	$10M
Mar '24	$149M	$45M	0.0%	47.2%	-$29M	—	$6M
Dec '23	$144M	$46M	0.0%	48.0%	-$92M	—	$11M
Sep '23	$137M	$42M	0.0%	46.1%	-$290M	—	$6M
Jun '23	$130M	$41M	0.0%	47.4%	-$217M	—	$8M
Mar '23	$127M	$42M	0.0%	47.8%	-$210M	—	$12M
Dec '22	$117M	$41M	0.0%	49.3%	-$307M	—	$28M
Sep '22	$110M	$39M	0.0%	52.1%	-$243M	—	$250M
Jun '22	$105M	$36M	0.0%	49.9%	-$335M	—	$26M
Mar '22	$98M	$36M	0.0%	51.8%	-$348M	$1.9B	$25M
Dec '21	$91M	$33M	0.0%	51.3%	-$255M	$1.7B	$43M
Sep '21	$88M	$37M	0.0%	57.4%	-$273M	$1.5B	$92M
Jun '21	$83M	$22M	0.0%	60.7%	-$275M	$1.5B	$177M

Valuation over time

How the market has priced ADC against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 54.1× (Mar '23) to 44.6× (Jun '26).
The price-to-sales ratio has fallen from 19.2× (Mar '23) to 12.7× (Jun '26).
The dividend yield has risen from 2.7% (Mar '23) to 3.7% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is ADC growing its revenue and profit?

Over the past 5 years, Agree Realty Corp's revenue has grown 23.6% per year, and net income grown 17.5% per year. These are computed facts, not advice.

How much debt does ADC have?

As of FY2025, Agree Realty Corp reported — of total debt against $16M of cash; operating income covered interest expense 2.5×.

What is ADC's profit margin?

In FY2025, gross margin was —, operating margin 47.4%, and net margin 28.4%.

What is ADC's P/E ratio?

As of Jun '26, Agree Realty Corp traded at a price-to-earnings ratio of about 44.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.