Agree Rlty Corp Financials
This page shows Agree Rlty Corp (ADC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Agree Rlty Corp has an operating margin of 47.4%, meaning the company retains $47 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 49.0% the prior year.
Agree Rlty Corp's revenue surged 16.4% year-over-year to $718.4M, reflecting rapid business expansion. This strong growth earns a score of 61/100.
Agree Rlty Corp carries a low D/E ratio of 0.56, meaning only $0.56 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.
Agree Rlty Corp generates a 3.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 18/100. This is down from 3.4% the prior year.
Agree Rlty Corp passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Agree Rlty Corp generates $2.47 in operating cash flow ($504.1M OCF vs $204.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Agree Rlty Corp earns $2.5 in operating income for every $1 of interest expense ($340.4M vs $134.6M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Agree Rlty Corp generated $718.4M in revenue in fiscal year 2025. This represents an increase of 16.4% from the prior year.
Agree Rlty Corp's EBITDA was $579.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.8% from the prior year.
Agree Rlty Corp reported $204.3M in net income in fiscal year 2025. This represents an increase of 8.0% from the prior year.
Agree Rlty Corp earned $1.77 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 0.6% from the prior year.
Cash & Balance Sheet
Agree Rlty Corp held $16.3M in cash against $0 in long-term debt as of fiscal year 2025.
Agree Rlty Corp paid $3.08 per share in dividends in fiscal year 2025. This represents an increase of 2.7% from the prior year.
Agree Rlty Corp had 120M shares outstanding in fiscal year 2025. This represents an increase of 11.9% from the prior year.
Margins & Returns
Agree Rlty Corp's operating margin was 47.4% in fiscal year 2025, reflecting core business profitability. This is down 1.6 percentage points from the prior year.
Agree Rlty Corp's net profit margin was 28.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 2.2 percentage points from the prior year.
Agree Rlty Corp's ROE was 3.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.2 percentage points from the prior year.
Capital Allocation
Agree Rlty Corp spent $3.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 64.0% from the prior year.
ADC Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $190.5M+4.0% | $183.2M+4.4% | $175.5M+3.8% | $169.2M+5.2% | $160.7M+4.1% | $154.3M+1.2% | $152.6M+2.1% | $149.5M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $11.1M+1.7% | $10.9M-3.9% | $11.3M+5.2% | $10.8M+21.1% | $8.9M-2.4% | $9.1M-6.1% | $9.7M+2.0% | $9.5M |
| Operating Income | $92.4M+5.9% | $87.3M+6.4% | $82.0M+4.2% | $78.7M+4.5% | $75.3M+1.2% | $74.4M-9.2% | $82.0M+16.3% | $70.5M |
| Interest Expense | $36.4M+3.3% | $35.2M+9.1% | $32.3M+4.9% | $30.8M+5.7% | $29.1M+0.5% | $28.9M+9.6% | $26.4M+8.0% | $24.5M |
| Income Tax | $260K+15.6% | $225K-47.1% | $425K-48.5% | $825K-23.3% | $1.1M-0.1% | $1.1M+7.3% | $1.0M-12.6% | $1.1M |
| Net Income | $56.0M+7.5% | $52.1M+5.9% | $49.2M+4.7% | $47.0M+3.9% | $45.2M+1.9% | $44.4M-18.9% | $54.7M+22.0% | $44.9M |
| EPS (Diluted) | N/A | $0.45+4.7% | $0.43+2.4% | $0.42 | N/A | $0.42-19.2% | $0.52+20.9% | $0.43 |
ADC Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.8B+3.3% | $9.5B+4.4% | $9.1B+3.2% | $8.8B+3.7% | $8.5B+3.7% | $8.2B+2.3% | $8.0B+1.7% | $7.9B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $16.3M+19.0% | $13.7M+135.2% | $5.8M-26.4% | $7.9M+23.7% | $6.4M-51.7% | $13.2M+37.3% | $9.6M+52.7% | $6.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $122.5M+4.1% | $117.6M+8.8% | $108.1M+2.5% | $105.5M-0.9% | $106.4M+8.4% | $98.2M+3.5% | $94.9M+3.9% | $91.3M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $3.5B-2.3% | $3.6B+5.3% | $3.4B+8.7% | $3.2B+6.0% | $3.0B+3.0% | $2.9B+1.8% | $2.8B+5.5% | $2.7B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $6.3B+6.8% | $5.9B+3.9% | $5.7B+0.2% | $5.6B+2.4% | $5.5B+4.1% | $5.3B+2.6% | $5.2B-0.3% | $5.2B |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ADC Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $111.3M-24.0% | $146.5M+22.5% | $119.6M-5.5% | $126.7M+38.6% | $91.4M-28.9% | $128.6M+14.0% | $112.8M+13.8% | $99.2M |
| Capital Expenditures | N/A | N/A | N/A | N/A | $343.1M+58.8% | $216.0M+15.1% | $187.6M+46.2% | $128.3M |
| Free Cash Flow | N/A | N/A | N/A | N/A | -$251.7M-188.0% | -$87.4M-16.8% | -$74.8M-156.6% | -$29.1M |
| Investing Cash Flow | -$373.0M+16.0% | -$444.3M-28.8% | -$345.0M+9.4% | -$380.9M-9.3% | -$348.3M-48.2% | -$235.0M-30.5% | -$180.1M-47.7% | -$122.0M |
| Financing Cash Flow | $265.4M-13.2% | $305.8M+37.1% | $223.1M-13.9% | $259.0M+3.5% | $250.1M+162.3% | $95.4M+25.3% | $76.1M+220.7% | $23.7M |
| Dividends Paid | $89.5M+5.1% | $85.2M+1.2% | $84.2M+2.8% | $81.9M+4.6% | $78.3M+3.7% | $75.5M+0.4% | $75.2M+0.6% | $74.7M |
| Share Buybacks | $25K-59.0% | $61K+577.8% | $9K-99.8% | $3.6M+19084.2% | $19K-73.6% | $72K+928.6% | $7K-99.7% | $2.2M |
ADC Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 48.5%+0.9pp | 47.6%+0.9pp | 46.7%+0.2pp | 46.5%-0.4pp | 46.9%-1.4pp | 48.2%-5.5pp | 53.7%+6.6pp | 47.2% |
| Net Margin | 29.4%+1.0pp | 28.4%+0.4pp | 28.0%+0.3pp | 27.8%-0.4pp | 28.1%-0.6pp | 28.7%-7.1pp | 35.9%+5.8pp | 30.0% |
| Return on Equity | 0.9%0.0pp | 0.9%+0.0pp | 0.9%+0.0pp | 0.8%0.0pp | 0.8%-0.0pp | 0.8%-0.2pp | 1.1%+0.2pp | 0.9% |
| Return on Assets | 0.6%+0.0pp | 0.5%0.0pp | 0.5%+0.0pp | 0.5%0.0pp | 0.5%-0.0pp | 0.5%-0.1pp | 0.7%+0.1pp | 0.6% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 0.56-0.1 | 0.610.0 | 0.61+0.0 | 0.56+0.0 | 0.540.0 | 0.550.0 | 0.55+0.0 | 0.52 |
| FCF Margin | N/A | N/A | N/A | N/A | -156.6%-100.0pp | -56.6%-7.6pp | -49.0%-29.5pp | -19.5% |
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Frequently Asked Questions
What is Agree Rlty Corp's annual revenue?
Agree Rlty Corp (ADC) reported $718.4M in total revenue for fiscal year 2025. This represents a 16.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Agree Rlty Corp's revenue growing?
Agree Rlty Corp (ADC) revenue grew by 16.4% year-over-year, from $617.1M to $718.4M in fiscal year 2025.
Is Agree Rlty Corp profitable?
Yes, Agree Rlty Corp (ADC) reported a net income of $204.3M in fiscal year 2025, with a net profit margin of 28.4%.
What is Agree Rlty Corp's EBITDA?
Agree Rlty Corp (ADC) had EBITDA of $579.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Agree Rlty Corp's operating margin?
Agree Rlty Corp (ADC) had an operating margin of 47.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Agree Rlty Corp's net profit margin?
Agree Rlty Corp (ADC) had a net profit margin of 28.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Agree Rlty Corp pay dividends?
Yes, Agree Rlty Corp (ADC) paid $3.08 per share in dividends during fiscal year 2025.
What is Agree Rlty Corp's return on equity (ROE)?
Agree Rlty Corp (ADC) has a return on equity of 3.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Agree Rlty Corp's operating cash flow?
Agree Rlty Corp (ADC) generated $504.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Agree Rlty Corp's total assets?
Agree Rlty Corp (ADC) had $9.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Agree Rlty Corp's debt-to-equity ratio?
Agree Rlty Corp (ADC) had a debt-to-equity ratio of 0.56 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Agree Rlty Corp's return on assets (ROA)?
Agree Rlty Corp (ADC) had a return on assets of 2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Agree Rlty Corp's Piotroski F-Score?
Agree Rlty Corp (ADC) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Agree Rlty Corp's earnings high quality?
Agree Rlty Corp (ADC) has an earnings quality ratio of 2.47x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Agree Rlty Corp cover its interest payments?
Agree Rlty Corp (ADC) has an interest coverage ratio of 2.5x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Agree Rlty Corp?
Agree Rlty Corp (ADC) scores 67 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.