ADC
Agree Realty Corporation
ADC's fundamentals are strong: revenue grew 18% and its operating margin rose 2 points to 49%. At 36x earnings, it's trading in line with its usual 39x. Analysts expect earnings to hold roughly steady.
ADC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
ADC's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for real estate companies like ADC.
ADC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 35x | $67.46 | -2.4% |
| Forward | 35x | $69.10 | — |
| Current | 36x | $69.10 | — |
| Fair | 39x | $75.58 | +9.4% |
| Expensive | 42x | $82.17 | +19% |
Historical ranges are pointers, not guarantees.
ADC's PE is in its cheap range at 36x. On analysts' estimates for next year's earnings, today's price would be 35x.
ADC Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect ADC's revenue to grow, but its profitability to weaken.
ADC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.95 | +0.4% |
| Q3 2026 | $1.94 | +13% |
| Q2 2026 | $1.86 | +11% |
| Q1 2026 | $1.85 | +4.5% |
| Q4 2025 | $1.77 | -0.6% |
| Q3 2025 | $1.71 | -5% |
| Q2 2025 | $1.68 | -6.1% |
| Q1 2025 | $1.77 | +4.7% |
| Q4 2024 | $1.78 | +4.7% |
ADC earned $1.94 per share over the past year, up 13% from the year before.
ADC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $213.9M | +17% |
| Q2 2026 | $205.1M | +17% |
| Q1 2026 | $200.8M | +19% |
| Q4 2025 | $190.5M | +19% |
| Q3 2025 | $183.2M | +19% |
| Q2 2025 | $175.5M | +15% |
| Q1 2025 | $169.2M | +13% |
| Q4 2024 | $160.7M | +11% |
ADC's revenue has grown year over year every quarter since late 2020: $214M last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 51% | +3.6 points |
| Q2 2026 | 46% | -0.3 points |
| Q1 2026 | 49% | +2.6 points |
| Q4 2025 | 49% | +1.7 points |
| Q3 2025 | 48% | -0.6 points |
| Q2 2025 | 47% | -7 points |
| Q1 2025 | 47% | -0.6 points |
| Q4 2024 | 47% | -1.1 points |
ADC's operating margin was 51% last quarter, up 3.6 points from the same quarter a year ago.
ADC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $184.6M | +26% |
| Q2 2026 | $131M | +9.5% |
| Q1 2026 | $145.2M | +15% |
| Q4 2025 | $111.3M | +$363M |
| Q3 2025 | $146.5M | +$222.1M |
| Q2 2025 | $119.6M | +$210.3M |
| Q1 2025 | $126.7M | +$151.8M |
| Q4 2024 | -$251.7M | -$159.7M |
ADC's free cash flow was $572M over the past year, about four times what it generated the year before. Free cash flow isn't a meaningful measure for real estate companies like ADC.
ADC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +3.4% | +4.1M shares |
| 1 year | +12% | +13.1M shares |
| 3 years | +28% | +27.3M shares |
| 5 years | +79% | +55M shares |
| Available history | +202% | +83.4M shares |
ADC has 125M diluted shares, up 12% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $86,000 |
| Q2 2026 | $10,000 |
| Q1 2026 | $6.1M |
| Q4 2025 | $25,000 |
| Q3 2025 | $61,000 |
| Q2 2025 | $9,000 |
| Q1 2025 | $3.6M |
| Q4 2024 | $19,000 |
ADC has spent almost nothing on buybacks in the past year.
ADC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.5x | High |
| Q2 2026 | 5.2x | High |
| Q1 2026 | 5.2x | High |
| Q4 2025 | 5.1x | High |
| Q3 2025 | 5.3x | High |
| Q2 2025 | 5.6x | High |
| Q1 2025 | 5.6x | High |
| Q4 2024 | 5.5x | High |
ADC's net debt is about 5.5 years of its operating earnings (EBITDA), about the same as a year ago. Net leverage isn't a meaningful measure for real estate companies like ADC.
ADC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.6 | Neutral |
| Stochastic | 32.1 | Neutral |
ADC's weekly RSI is 43 (neutral) and its Stochastic is 32 (neutral).
ADC PE vs Real Estate Sector
| Metric | ADC | Sector median | Relative |
|---|---|---|---|
| PE | 36x | 24x | 49% above |
| PE % | 23 | 23 | Same percentile |
ADC is trading at 36x earnings, a 49% premium to the Real Estate sector's median of 24x.
ADC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $67.4 | 2.5% above |
| 20 week MA | $72.2 | 4.3% below |
| 50 week MA | $74.1 | 6.7% below |
| 100 week MA | $73.8 | 6.3% below |
| 200 week MA | $69.4 | 0.4% below |
ADC has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 0.4% below its 200-week average.
ADC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $69.7 | $64.7 | -7.2% |
| 2021 | $64.7 | $68.7 | +6.2% |
| 2022 | $68.7 | $71.5 | +4.1% |
| 2023 | $71.5 | $63.0 | -12% |
| 2024 | $63.0 | $70.3 | +12% |
| 2025 | $70.3 | $72.4 | +3% |
| 2026 YTD | $72.4 | $69.1 | -4.6% |
ADC has finished higher in four of the last six years. It's down 4.6% so far in 2026.