# Agree Realty Corporation (ADC) fundamentals

Data as of 2026-09-08. NYSE, United States. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price $72.62, market value $9.1 billion.

## Valuation
- **P/E (trailing): 39.0×** (5-yr avg 35.3×, 3-yr avg 36.7×). Agree Realty Corporation trades at 39.0× trailing earnings, close to its own five-year average of 35.3×. The Real Estate median in the September 2026 study was 25.2×. Forward P/E is 37.7×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 11.6×**. Each dollar of revenue is priced at 11.6×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 1.4×**. The shares trade at 1.4× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 16.9×**. Enterprise value is 16.9× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Earnings yield: 2.6%**. The inverse of the P/E: 2.6% of the price is earned each year.

## Profitability
- **Operating margin: 47.9%**. 47.9% of revenue is left after running the business, an exceptional level.
- **Net margin: 28.4%**. 28.4% of each dollar of sales reaches the bottom line.
- **Return on equity: 3.3%**. 3.3% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 3.7%**. Return on all capital, debt included, is 3.7%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 2.3%**. Each dollar of assets produces 2.3% of profit.

## Growth
- **Revenue growth (1 yr): 16.4%** (3-yr 18.7%/yr, 5-yr 23.6%/yr). Revenue grew 16.4% over the last year, against 23.6% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -0.6%** (3-yr -1.1%/yr, 5-yr 0.3%/yr). Earnings per share fell 0.6%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.27**. Debt is 0.27 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 2.6×**. It would take 2.6 years of operating earnings to repay net borrowings, within the comfortable range.
- **Altman Z-score: 2.63**. A Z-score of 2.63 is in the grey zone; not distressed, not clearly safe.
- **Piotroski F-score: 5/9**. 5 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 4.41%** ($3.14 per share, trailing). Agree Realty Corporation yields 4.41%, an income-level yield.
- **Payout ratio: 167%**. The dividend exceeds earnings (167% payout), which is rarely sustainable outside REITs and one-off years.
- **Consecutive years of increases: 14**. 14 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 5.1%/yr** (1-yr 2.7%). The dividend has grown 5.1% a year over five years.

## Analyst view
- **Analyst consensus: buy** (18 analysts). 18 analysts cover Agree Realty Corporation; the consensus is buy, with an average price target of $84.86 (+17% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): 4.5%** (YTD 3.0%, 3-mo -0.7%). The shares are up 4.5% over twelve months including dividends.
- **From 52-week high: -11.5%** (4.4% above the low). Trading 12% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 34**. An RSI of 34 is neutral.
- **Beta (1 yr): -0.22** (volatility 16%). Beta of -0.22 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=ADC · Page: https://foliofundamentals.com/stocks/adc

Not investment advice.