Agree Realty Corp. (ADC) intrinsic value & 10-year financials
Agree Realty Corp. (ADC) has a Graham intrinsic value of $9.38 per share. At $67.04 on Oct 17, 2026, the stock trades 615% above that value. Over the last 10 fiscal years revenue grew 25.7% a year to $718.2M, with an average return on invested capital of 4.8%.
- Graham intrinsic value
- $9.38
- Share price (Oct 17, 2026)
- $67.04
- Price vs Graham value
- 615% above
- Market cap
- $7.5B
- Revenue (FY2025)
- $718.2M
- Revenue growth (10-yr CAGR)
- 25.7%
- ROIC (10-yr avg)
- 4.8%
- Free cash flow (FY2025)
- —
ADC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $718.2M | $204.3M | $1.77 | — | 47.4% | 5.7% |
| FY2024 | $616.8M | $189.2M | $1.78 | -$442.5M | 49.0% | 5.5% |
| FY2023 | $537.4M | $170.0M | $1.70 | -$808.4M | 47.3% | 5.1% |
| FY2022 | $429.6M | $152.4M | $1.83 | -$1.2B | 50.8% | 4.2% |
| FY2021 | $339.1M | $122.3M | $1.78 | -$1.1B | 56.1% | 4.2% |
| FY2020 | $248.3M | $91.4M | $1.74 | -$1.2B | 50.4% | 3.3% |
| FY2019 | $187.3M | $80.1M | $1.93 | -$576.2M | 54.0% | 5.3% |
| FY2018 | $136.9M | $58.2M | $1.78 | -$515.1M | 53.3% | 4.4% |
| FY2017 | $110.7M | $58.1M | $2.08 | — | 56.4% | 5.1% |
| FY2016 | $91.5M | $45.1M | $1.97 | — | 56.3% | 4.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AGREE REALTY CORP is a consistent compounder, expanding top-line revenue at 25.7% annually over the past decade.
AGREE REALTY CORP has historically struggled to out-earn its cost of capital, averaging just 4.5% ROIC.
AGREE REALTY CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AGREE REALTY CORP is modeled at -1.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $9.38 per share.