AGREE REALTY CORP (ADC) Fundamental Analysis & Valuation

NYSE:ADC • US0084921008

Current stock price

74.41 USD
+0.01 (+0.01%)
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This ADC fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

7

1. ADC Profitability Analysis

1.1 Basic Checks

  • In the past year ADC was profitable.
  • ADC had a positive operating cash flow in the past year.
  • ADC had positive earnings in each of the past 5 years.
  • In the past 5 years ADC always reported a positive cash flow from operatings.
ADC Yearly Net Income VS EBIT VS OCF VS FCFADC Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 500M -500M -1B

1.2 Ratios

  • ADC has a Return On Assets of 2.01%. This is in the better half of the industry: ADC outperforms 64.23% of its industry peers.
  • ADC's Return On Equity of 3.13% is in line compared to the rest of the industry. ADC outperforms 58.54% of its industry peers.
  • ADC has a Return On Invested Capital (2.85%) which is in line with its industry peers.
  • ADC had an Average Return On Invested Capital over the past 3 years of 2.78%. This is in line with the industry average of 3.13%.
  • The last Return On Invested Capital (2.85%) for ADC is above the 3 year average (2.78%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 2.01%
ROE 3.13%
ROIC 2.85%
ROA(3y)2.08%
ROA(5y)2.13%
ROE(3y)3.18%
ROE(5y)3.23%
ROIC(3y)2.78%
ROIC(5y)2.72%
ADC Yearly ROA, ROE, ROICADC Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2 4 6

1.3 Margins

  • The Profit Margin of ADC (27.35%) is better than 78.86% of its industry peers.
  • In the last couple of years the Profit Margin of ADC has declined.
  • ADC has a better Operating Margin (48.29%) than 90.24% of its industry peers.
  • ADC's Operating Margin has been stable in the last couple of years.
  • The Gross Margin of ADC (88.03%) is better than 87.80% of its industry peers.
  • In the last couple of years the Gross Margin of ADC has remained more or less at the same level.
Industry RankSector Rank
OM 48.29%
PM (TTM) 27.35%
GM 88.03%
OM growth 3Y-0.99%
OM growth 5Y-1.46%
PM growth 3Y-6.67%
PM growth 5Y-5.69%
GM growth 3Y-0.08%
GM growth 5Y0.07%
ADC Yearly Profit, Operating, Gross MarginsADC Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

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2

2. ADC Health Analysis

2.1 Basic Checks

  • ADC has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • Compared to 1 year ago, ADC has more shares outstanding
  • ADC has more shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, ADC has a worse debt to assets ratio.
ADC Yearly Shares OutstandingADC Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M
ADC Yearly Total Debt VS Total AssetsADC Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B

2.2 Solvency

  • Based on the Altman-Z score of 1.62, we must say that ADC is in the distress zone and has some risk of bankruptcy.
  • Looking at the Altman-Z score, with a value of 1.62, ADC belongs to the top of the industry, outperforming 91.87% of the companies in the same industry.
  • ADC has a Debt/Equity ratio of 0.53. This is a neutral value indicating ADC is somewhat dependend on debt financing.
  • The Debt to Equity ratio of ADC (0.53) is better than 86.18% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.53
Debt/FCF N/A
Altman-Z 1.62
ROIC/WACC0.37
WACC7.62%
ADC Yearly LT Debt VS Equity VS FCFADC Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2B 4B 6B

2.3 Liquidity

  • A Current Ratio of 0.82 indicates that ADC may have some problems paying its short term obligations.
  • The Current ratio of ADC (0.82) is comparable to the rest of the industry.
  • A Quick Ratio of 0.82 indicates that ADC may have some problems paying its short term obligations.
  • ADC has a Quick ratio of 0.82. This is comparable to the rest of the industry: ADC outperforms 47.97% of its industry peers.
Industry RankSector Rank
Current Ratio 0.82
Quick Ratio 0.82
ADC Yearly Current Assets VS Current LiabilitesADC Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. ADC Growth Analysis

3.1 Past

  • The earnings per share for ADC have decreased by -2.75% in the last year.
  • Measured over the past 5 years, ADC shows a small growth in Earnings Per Share. The EPS has been growing by 0.34% on average per year.
  • The Revenue has grown by 16.42% in the past year. This is quite good.
  • ADC shows a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 23.64% yearly.
EPS 1Y (TTM)-2.75%
EPS 3Y-1.11%
EPS 5Y0.34%
EPS Q2Q%14.63%
Revenue 1Y (TTM)16.42%
Revenue growth 3Y18.68%
Revenue growth 5Y23.64%
Sales Q2Q%18.51%

3.2 Future

  • The Earnings Per Share is expected to grow by 5.31% on average over the next years.
  • ADC is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 14.88% yearly.
EPS Next Y17.83%
EPS Next 2Y16.66%
EPS Next 3Y7.22%
EPS Next 5Y5.31%
Revenue Next Year10.72%
Revenue Next 2Y10.14%
Revenue Next 3Y9.83%
Revenue Next 5Y14.88%

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
  • The estimated forward Revenue growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
ADC Yearly Revenue VS EstimatesADC Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 500M 1B
ADC Yearly EPS VS EstimatesADC Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.5 1 1.5 2

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1

4. ADC Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 42.04, ADC can be considered very expensive at the moment.
  • Compared to the rest of the industry, the Price/Earnings ratio of ADC is on the same level as its industry peers.
  • ADC's Price/Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 24.88.
  • ADC is valuated quite expensively with a Price/Forward Earnings ratio of 35.68.
  • Based on the Price/Forward Earnings ratio, ADC is valued a bit cheaper than the industry average as 69.11% of the companies are valued more expensively.
  • When comparing the Price/Forward Earnings ratio of ADC to the average of the S&P500 Index (22.19), we can say ADC is valued expensively.
Industry RankSector Rank
PE 42.04
Fwd PE 35.68
ADC Price Earnings VS Forward Price EarningsADC Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, ADC is valued expensively inside the industry as 82.11% of the companies are valued cheaper.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 20.83
ADC Per share dataADC EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • ADC has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)2.36
PEG (5Y)122.75
EPS Next 2Y16.66%
EPS Next 3Y7.22%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

5. ADC Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 4.23%, ADC is a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 7.55, ADC is paying slightly less dividend.
  • Compared to an average S&P500 Dividend Yield of 1.89, ADC pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.23%

5.2 History

  • The dividend of ADC is nicely growing with an annual growth rate of 6.85%!
  • ADC has been paying a dividend for at least 10 years, so it has a reliable track record.
  • ADC has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)6.85%
Div Incr Years12
Div Non Decr Years13
ADC Yearly Dividends per shareADC Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 2 3

5.3 Sustainability

  • 177.18% of the earnings are spent on dividend by ADC. This is not a sustainable payout ratio.
  • The dividend of ADC is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP177.18%
EPS Next 2Y16.66%
EPS Next 3Y7.22%
ADC Yearly Income VS Free CF VS DividendADC Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 -500M -1B
ADC Dividend Payout.ADC Dividend Payout, showing the Payout Ratio.ADC Dividend Payout.PayoutRetained Earnings

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ADC Fundamentals: All Metrics, Ratios and Statistics

AGREE REALTY CORP

NYSE:ADC (3/27/2026, 8:04:00 PM)

After market: 74.41 0 (0%)

74.41

+0.01 (+0.01%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-10
Earnings (Next)04-20
Inst Owners110.82%
Inst Owner Change2.05%
Ins Owners1.27%
Ins Owner Change4.5%
Market Cap8.93B
Revenue(TTM)718.40M
Net Income(TTM)196.46M
Analysts78.33
Price Target85.05 (14.3%)
Short Float %11.45%
Short Ratio9.78
Dividend
Industry RankSector Rank
Dividend Yield 4.23%
Yearly Dividend3.06
Dividend Growth(5Y)6.85%
DP177.18%
Div Incr Years12
Div Non Decr Years13
Ex-Date02-27
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-1.61%
Min EPS beat(2)-1.81%
Max EPS beat(2)-1.41%
EPS beat(4)0
Avg EPS beat(4)-2.68%
Min EPS beat(4)-5.91%
Max EPS beat(4)-1.41%
EPS beat(8)2
Avg EPS beat(8)0.13%
EPS beat(12)2
Avg EPS beat(12)-2.6%
EPS beat(16)5
Avg EPS beat(16)-1.25%
Revenue beat(2)2
Avg Revenue beat(2)1.83%
Min Revenue beat(2)1.67%
Max Revenue beat(2)1.98%
Revenue beat(4)4
Avg Revenue beat(4)1.87%
Min Revenue beat(4)1.63%
Max Revenue beat(4)2.2%
Revenue beat(8)8
Avg Revenue beat(8)1.72%
Revenue beat(12)12
Avg Revenue beat(12)1.87%
Revenue beat(16)15
Avg Revenue beat(16)1.55%
PT rev (1m)0.51%
PT rev (3m)-0.78%
EPS NQ rev (1m)0.84%
EPS NQ rev (3m)0%
EPS NY rev (1m)4.19%
EPS NY rev (3m)5.42%
Revenue NQ rev (1m)-0.8%
Revenue NQ rev (3m)0.24%
Revenue NY rev (1m)-1.13%
Revenue NY rev (3m)0.56%
Valuation
Industry RankSector Rank
PE 42.04
Fwd PE 35.68
P/S 12.43
P/FCF N/A
P/OCF 17.72
P/B 1.42
P/tB 1.69
EV/EBITDA 20.83
EPS(TTM)1.77
EY2.38%
EPS(NY)2.09
Fwd EY2.8%
FCF(TTM)-8.99
FCFYN/A
OCF(TTM)4.2
OCFY5.64%
SpS5.99
BVpS52.25
TBVpS43.91
PEG (NY)2.36
PEG (5Y)122.75
Graham Number45.61
Profitability
Industry RankSector Rank
ROA 2.01%
ROE 3.13%
ROCE 3.6%
ROIC 2.85%
ROICexc 2.85%
ROICexgc 3.19%
OM 48.29%
PM (TTM) 27.35%
GM 88.03%
FCFM N/A
ROA(3y)2.08%
ROA(5y)2.13%
ROE(3y)3.18%
ROE(5y)3.23%
ROIC(3y)2.78%
ROIC(5y)2.72%
ROICexc(3y)2.79%
ROICexc(5y)2.73%
ROICexgc(3y)3.13%
ROICexgc(5y)3.1%
ROCE(3y)3.52%
ROCE(5y)3.45%
ROICexgc growth 3Y2.95%
ROICexgc growth 5Y0.55%
ROICexc growth 3Y3.59%
ROICexc growth 5Y1.06%
OM growth 3Y-0.99%
OM growth 5Y-1.46%
PM growth 3Y-6.67%
PM growth 5Y-5.69%
GM growth 3Y-0.08%
GM growth 5Y0.07%
F-Score5
Asset Turnover0.07
Health
Industry RankSector Rank
Debt/Equity 0.53
Debt/FCF N/A
Debt/EBITDA 5.63
Cap/Depr 661.71%
Cap/Sales 220.43%
Interest Coverage 2.69
Cash Conversion 86%
Profit Quality N/A
Current Ratio 0.82
Quick Ratio 0.82
Altman-Z 1.62
F-Score5
WACC7.62%
ROIC/WACC0.37
Cap/Depr(3y)621.59%
Cap/Depr(5y)922.9%
Cap/Sales(3y)206.17%
Cap/Sales(5y)285.97%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-2.75%
EPS 3Y-1.11%
EPS 5Y0.34%
EPS Q2Q%14.63%
EPS Next Y17.83%
EPS Next 2Y16.66%
EPS Next 3Y7.22%
EPS Next 5Y5.31%
Revenue 1Y (TTM)16.42%
Revenue growth 3Y18.68%
Revenue growth 5Y23.64%
Sales Q2Q%18.51%
Revenue Next Year10.72%
Revenue Next 2Y10.14%
Revenue Next 3Y9.83%
Revenue Next 5Y14.88%
EBIT growth 1Y16.39%
EBIT growth 3Y17.51%
EBIT growth 5Y21.84%
EBIT Next Year118.81%
EBIT Next 3Y43.41%
EBIT Next 5YN/A
FCF growth 1Y-97.92%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y16.71%
OCF growth 3Y11.66%
OCF growth 5Y28.66%

AGREE REALTY CORP / ADC Fundamental Analysis FAQ

Can you provide the ChartMill fundamental rating for AGREE REALTY CORP?

ChartMill assigns a fundamental rating of 4 / 10 to ADC.


What is the valuation status for ADC stock?

ChartMill assigns a valuation rating of 1 / 10 to AGREE REALTY CORP (ADC). This can be considered as Overvalued.


What is the profitability of ADC stock?

AGREE REALTY CORP (ADC) has a profitability rating of 7 / 10.


What is the valuation of AGREE REALTY CORP based on its PE and PB ratios?

The Price/Earnings (PE) ratio for AGREE REALTY CORP (ADC) is 42.04 and the Price/Book (PB) ratio is 1.42.


Can you provide the dividend sustainability for ADC stock?

The dividend rating of AGREE REALTY CORP (ADC) is 5 / 10 and the dividend payout ratio is 177.18%.