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 Oct 23, 2026, 11:09 UTC 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2025	$718M	$204M	0.0%	47.4%	3.3%	2.1%	—	—	$16M
2024	$617M	$189M	0.0%	49.0%	3.4%	2.2%	-$443M	—	$6M
2023	$537M	$170M	0.0%	47.3%	3.3%	2.2%	-$808M	—	$11M
2022	$430M	$152M	0.0%	50.7%	3.3%	2.3%	-$1.2B	—	$28M
2021	$339M	$122M	0.0%	56.1%	3.6%	2.3%	-$1.1B	$1.7B	$43M
2020	$249M	$91M	0.0%	53.6%	3.6%	2.4%	-$1.2B	$1.2B	$6M
2019	$187M	$80M	0.0%	61.0%	4.7%	3.0%	-$576M	—	$16M
2018	$137M	$58M	0.0%	53.2%	4.7%	2.9%	-$515M	$724M	$54M
2017	$112M	$58M	0.0%	56.5%	6.4%	3.9%	—	$522M	$51M
2016	$92M	$45M	0.0%	56.4%	6.6%	4.0%	—	$404M	$33M
2015	$70M	$39M	0.0%	57.3%	8.6%	4.9%	—	$320M	$3M
2014	$54M	$18M	0.0%	52.1%	5.2%	3.1%	—	$222M	$5M
2013	$44M	$20M	0.0%	58.4%	6.8%	4.3%	—	$158M	$15M
2012	$35M	$18M	0.0%	56.0%	9.2%	4.9%	—	$117M	$1M
2011	$30M	$10M	0.0%	50.7%	6.0%	3.2%	—	—	$2M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
Sep '26	$214M	$68M	0.0%	51.2%	1.0%	0.6%	—	—	$81M
Jun '26	$205M	$55M	0.0%	46.5%	0.8%	0.5%	—	—	$13M
Mar '26	$201M	$62M	0.0%	49.1%	1.0%	0.6%	—	—	$25M
Dec '25	$190M	$56M	0.0%	48.5%	0.9%	0.6%	—	—	$16M
Sep '25	$183M	$52M	0.0%	47.6%	0.9%	0.5%	—	—	$14M
Jun '25	$176M	$49M	0.0%	46.7%	0.9%	0.5%	—	—	$6M
Mar '25	$169M	$47M	0.0%	46.5%	0.8%	0.5%	—	—	$8M
Dec '24	$161M	$45M	0.0%	46.9%	0.8%	0.5%	-$252M	—	$6M
Sep '24	$154M	$44M	0.0%	48.2%	0.8%	0.5%	-$87M	—	$13M
Jun '24	$153M	$55M	0.0%	53.7%	1.1%	0.7%	-$75M	—	$10M
Mar '24	$149M	$45M	0.0%	47.2%	0.9%	0.6%	-$29M	—	$6M
Dec '23	$144M	$46M	0.0%	48.0%	0.9%	0.6%	-$92M	—	$11M
Sep '23	$137M	$42M	0.0%	46.1%	0.8%	0.5%	-$290M	—	$6M
Jun '23	$130M	$41M	0.0%	47.4%	0.8%	0.6%	-$217M	—	$8M
Mar '23	$127M	$42M	0.0%	47.8%	0.9%	0.6%	-$210M	—	$12M
Dec '22	$117M	$41M	0.0%	49.3%	0.9%	0.6%	-$307M	—	$28M
Sep '22	$110M	$39M	0.0%	52.1%	0.9%	0.6%	-$243M	—	$250M
Jun '22	$105M	$36M	0.0%	49.9%	0.9%	0.6%	-$335M	—	$26M
Mar '22	$98M	$36M	0.0%	51.8%	1.0%	0.6%	-$348M	$1.9B	$25M
Dec '21	$91M	$33M	0.0%	51.3%	1.0%	0.6%	-$255M	$1.7B	$43M

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 58.6× (Mar '23) to 43.8× (Nov '26).
The price-to-sales ratio has fallen from 20.8× (Mar '23) to 12.5× (Nov '26).
The dividend yield has risen from 2.5% (Mar '23) to 3.8% (Nov '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?

Agree Realty Corp's P/E (TTM) is 37.16 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the ADC stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 43.8× as of Nov '26) can differ. 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), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.