Latest Ratios: P/E Ratio 44.3x · EV/EBITDA 20.7x · ROE 3.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.4B | $8.0B | $7.2B | $6.0B | $5.6B | $4.8B | $3.5B | $2.9B | $1.9B | $1.4B | $1.1B |
| Enterprise Value | $12.8B | $11.3B | $10.0B | $8.4B | $7.6B | $6.6B | $4.8B | $3.8B | $2.6B | $1.9B | $1.4B |
| P/E Ratio → | 44.29 | 40.69 | 39.58 | 37.03 | 38.76 | 40.09 | 38.26 | 36.36 | 32.84 | 24.73 | 23.38 |
| P/S Ratio | 13.11 | 11.15 | 11.63 | 11.18 | 13.06 | 14.12 | 14.03 | 15.43 | 13.97 | 12.78 | 11.55 |
| P/B Ratio | 1.39 | 1.28 | 1.30 | 1.16 | 1.21 | 1.40 | 1.38 | 1.71 | 1.55 | 1.56 | 1.54 |
| P/FCF | 18.68 | 15.89 | 16.61 | 15.34 | 15.51 | 19.45 | 24.40 | 22.83 | 20.54 | 17.33 | 17.13 |
| P/OCF | 18.68 | 15.89 | 16.61 | 15.34 | 15.51 | 19.45 | 24.40 | 22.83 | 20.54 | 17.33 | 17.13 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 15.80 | 16.21 | 15.71 | 17.60 | 19.53 | 19.28 | 20.47 | 18.83 | 16.98 | 15.57 |
| EV / EBITDA | 20.70 | 18.42 | 18.44 | 18.21 | 19.65 | 21.36 | 22.21 | 22.11 | 22.12 | 19.99 | 18.98 |
| EV / EBIT | 37.47 | 33.25 | 33.01 | 33.17 | 34.49 | 37.74 | 35.99 | 37.38 | 34.28 | 30.08 | 27.58 |
| EV / FCF | — | 22.51 | 23.16 | 21.56 | 20.89 | 26.91 | 33.53 | 30.29 | 27.69 | 23.04 | 23.08 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.7% | 87.7% | 87.9% | 87.6% | 87.8% | 87.9% | 87.2% | 87.5% | 87.6% | 88.8% | 90.6% |
| Operating Margin | 47.4% | 47.4% | 49.0% | 47.3% | 50.7% | 56.1% | 53.6% | 61.0% | 53.2% | 56.5% | 56.4% |
| Net Profit Margin | 28.4% | 28.4% | 30.7% | 31.6% | 35.5% | 36.0% | 36.8% | 42.7% | 42.4% | 52.1% | 49.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.5% | 3.5% | 3.5% | 3.5% | 3.8% | 4.1% | 4.3% | 5.5% | 5.4% | 7.3% | 7.9% |
| ROA | 2.2% | 2.2% | 2.3% | 2.3% | 2.6% | 2.7% | 2.8% | 3.4% | 3.3% | 4.5% | 4.7% |
| ROIC | 2.8% | 2.8% | 2.8% | 2.7% | 2.8% | 3.1% | 3.1% | 3.8% | 3.3% | 3.9% | 4.2% |
| ROCE | 3.8% | 3.8% | 3.8% | 3.6% | 3.7% | 4.3% | 4.2% | 5.0% | 4.2% | 4.9% | 5.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.53 | 0.53 | 0.51 | 0.47 | 0.43 | 0.55 | 0.52 | 0.57 | 0.58 | 0.57 | 0.58 |
| Debt / EBITDA | 5.45 | 5.45 | 5.22 | 5.28 | 5.13 | 6.06 | 6.07 | 5.54 | 6.17 | 5.49 | 5.34 |
| Net Debt / Equity | — | 0.53 | 0.51 | 0.47 | 0.42 | 0.54 | 0.52 | 0.56 | 0.54 | 0.51 | 0.54 |
| Net Debt / EBITDA | 5.42 | 5.42 | 5.21 | 5.25 | 5.06 | 5.92 | 6.04 | 5.45 | 5.71 | 4.95 | 4.90 |
| Debt / FCF | — | 6.62 | 6.54 | 6.22 | 5.38 | 7.46 | 9.12 | 7.46 | 7.15 | 5.70 | 5.95 |
| Interest Coverage | 2.54 | 2.54 | 2.78 | 3.14 | 3.46 | 3.49 | 3.32 | 3.10 | 3.03 | 3.47 | 3.37 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.83 | 0.83 | 0.78 | 0.80 | 0.89 | 1.20 | 0.44 | 0.98 | 2.12 | 2.48 | 2.15 |
| Quick Ratio | 0.83 | 0.83 | 0.78 | 0.80 | 0.89 | 1.20 | 0.44 | 0.93 | 2.12 | 2.40 | 2.22 |
| Cash Ratio | 0.09 | 0.09 | 0.04 | 0.09 | 0.26 | 0.50 | 0.06 | 0.21 | 1.51 | 1.65 | 1.60 |
| Asset Turnover | — | 0.07 | 0.07 | 0.07 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | 6.27 | — | 5.15 | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.9% | 4.3% | 4.2% | 4.6% | 3.9% | 4.1% | 3.3% | 3.1% | 3.5% | 3.9% | 4.0% |
| Payout Ratio | 166.7% | 166.7% | 160.5% | 163.4% | 144.5% | 158.9% | 127.1% | 112.7% | 116.3% | 94.9% | 93.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.3% | 2.5% | 2.5% | 2.7% | 2.6% | 2.5% | 2.6% | 2.8% | 3.0% | 4.0% | 4.3% |
| FCF Yield | 5.4% | 6.3% | 6.0% | 6.5% | 6.4% | 5.1% | 4.1% | 4.4% | 4.9% | 5.8% | 5.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.1% |
| Total Shareholder Yield | 3.9% | 4.3% | 4.3% | 4.7% | 4.0% | 4.1% | 3.4% | 3.2% | 3.6% | 3.9% | 4.0% |
| Shares Outstanding | — | $111M | $102M | $95M | $79M | $67M | $52M | $41M | $32M | $28M | $23M |
Rising Cost of Debt
Based on reported figures, ADC maintains a P/FFO multiple consistently exceeding 50x, which, according to recent market data, suggests investors are willing to pay a significant premium for the company's high-credit tenant concentration relative to the broader net-lease peer group's lower valuation multiples.
The elevated P/FFO multiple appears to be a direct reflection of the market's confidence in the durability of ADC's cash flows derived from investment-grade retail tenants. While this valuation may appear rich compared to peers like NNN, it warrants investigation into whether the market is correctly pricing the superior risk-adjusted returns provided by the company's ground lease portfolio.
As reported in financial statements, ADC's NOI margin has remained remarkably stable near 88% over the last ten quarters, indicating that the company's triple-net lease structure effectively shields its profitability from the inflationary pressures affecting property-level operating expenses and maintenance costs.
This high margin profile suggests that FFO growth is primarily driven by accretive acquisitions rather than operational cost-cutting. Investors should monitor whether the company can maintain these margins as it scales, particularly if the mix of ground leases versus fee-simple assets shifts significantly over time.
According to the company's reported figures, the FFO payout ratio has consistently hovered between 66% and 74% over the past ten quarters, providing a comfortable buffer that suggests the current dividend distribution is well-supported by recurring cash flows generated from the retail portfolio.
The stability of this payout ratio indicates that management is prioritizing a balanced approach between returning capital to shareholders and retaining sufficient cash for reinvestment. This disciplined dividend policy appears to be a cornerstone of the company's appeal to income-focused investors seeking long-term reliability.
Based on the provided quarterly data, ADC has maintained a debt-to-equity ratio consistently between 0.47 and 0.58, demonstrating a disciplined approach to balance sheet management even as the company aggressively scales its total asset base through strategic acquisitions.
The interest coverage ratio, which has remained above 2.0x, suggests that the company maintains adequate capacity to service its debt obligations despite the recent rise in interest rates. However, investors should monitor the maturity profile to ensure that future refinancing does not lead to a significant compression in the spread between acquisition cap rates and the cost of capital.
As evidenced by the divergence between GAAP net income and FFO, the standard P/E ratio is frequently misapplied to ADC, as it fails to account for the significant non-cash depreciation charges that artificially depress earnings and obscure the true cash-generating capacity of the retail assets.
Using P/E to value ADC ignores the reality that real estate assets often appreciate or hold value, making depreciation an accounting convention rather than a true economic expense. Analysts should instead utilize P/FFO or P/AFFO to better align valuation with the actual cash flow available for distribution to shareholders.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ADC stock.
Agree Realty Corporation's current P/E ratio is 44.3x. The historical average is 21.7x. This places it at the 100th percentile of its historical range.
Agree Realty Corporation's current EV/EBITDA is 20.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.1x.
Agree Realty Corporation's return on equity (ROE) is 3.5%. The historical average is 9.0%.
Based on historical data, Agree Realty Corporation is trading at a P/E of 44.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Agree Realty Corporation's current dividend yield is 3.91% with a payout ratio of 166.7%.
Agree Realty Corporation has 87.7% gross margin and 47.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Agree Realty Corporation's Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.