AGREE REALTY CORP · REIT (real estate trust)

ADC

Moderate riskNext report: Around Feb 9, 2027 (est.)

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The short version

A profitable company with growing sales. Institutions are adding.

Going well

Sales up 17% in the latest quarter vs a year ago
Raised its dividend (4.6% yield)
Profitable every year for 10 years

Watch out for

Share count growing 12% a year (dilution)
2 offering filings in 6 months (may sell new shares)

Money moves

No insider buying or selling in the last 30 days
Institutions added 2.2% to their holdings in the quarter ending June 2026 (241 bought, 204 sold)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$67.40+1.0% that day

Company value: $8.8B; Share price times all shares
Price vs profit (P/E): 34.7x; You pay about $35 for each $1 of yearly profit
Price vs sales: 10.8x; Company value is 10.8 times a year of sales
Dividend yield: 4.6%; Yearly dividend as a share of today's price
Cash vs value: 1%; Cash as a share of company value
Debt vs value: 29%; Debt as a share of company value

From ADC's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Sep '26

$213.9M+17% vs a year earlier

Dec '23Tap a barSep '26

Last 12 months: $810.3M, up 18% from the 12 months before. Over 5 years, sales grew about 24% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of ADC. Starting points are the company's recent numbers.

Sales growth+18% a yearRecently: +18% a yearProfit margin30%Last 12 months: 29.8%P/E at the end35xToday: 34.7x. Many steady companies trade at 12x to 25xShare count change+10% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$1.9B

Profit in 5 years$556M

Price these guesses point to$92.89+38% vs $67.40 todayAbout +6.6% a year, before dividends

What today's price needs: with a 30% margin and a 35x P/E, sales would have to grow about 11% a year for 5 years just to match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

4/6Mixed

MissReturn on equity 15%+Earns a lot on the money owners have in the business.3.5%
PassDebt under half of equityNot relying on borrowed money.0.41x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.28.4%
PassProfitable every yearSteady profits, not one good year.10 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$504.1M
MissShare count not growingNot diluting owners. Falling means buybacks.+40.5% in 3 years

Revenue: $718.4M; +16.4% vs prior year
5-year growth: +23.6%/yr; revenue, per year
Total debt: $2.6B; 0.41x equity
Free cash flow: $504.1M; 70.2% of revenue

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.