ES
MARKETS / NYSE / ADC
NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

Agree Realty Corporation ADC

17 fiscal years on record · USD · FY2025 reported
SEC FILINGS ONLY4 YEARS OF DIVIDEND GROWTH
Revenue · FY2025
$718.2M
▲ 16.4% vs FY2024
Dividend streak
4 yrs
Raised every year since 2022
EPS · FY25
—
Dividend / sh · FY25
$3.08
Payout · FY25
167%
ROE · FY25
3.5%
Net margin · FY25
28.5%
Dividend coverage
0.6×
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Result
USD 718.2M
Revenue, FY2025 · full 17-year series below
Revenue Net income
0.20.40.60.80.70.22009201220152018202120242025
0.20.40.60.80.70.22016201920222025

28 cents of every revenue dollar became profit this year.

Per share
—
Diluted EPS, FY2025
EPS Dividend
243.082009201220152018202120242025
243.082016201920222025

Earnings covered only a fraction of the dividend — the rest came from cash or borrowing.

Profitability
3.5%
Return on equity, FY2025
ROE
48123.5%2009201220152018202120242025
48123.5%2016201920222025
Operating margin47.4%
Net margin28.5%
Return on assets2.2%

Each USD of equity produced 3 cents of profit this year.

Returned to shareholders
USD 340.7M
returned in FY2025 · dividends + net buybacks
Dividends paidUSD 340.7M
Net buybacksUSD -900.6M
Share of profit166.7%
Consecutive raises4 years

USD 340.7M in dividends — 167% of the year's profit, so the payout drew on cash built up earlier.

Growth
+23.7% a year
revenue, compounded over five years
CAGR
3 yrs
5 yrs
10 yrs
15 yrs
Revenue
+18.7%
+23.7%
+26.2%
+24.3%
Net income
+10.3%
+17.5%
+18.0%
+19.0%
EPS, diluted
−1.1%
+0.3%
−2.0%
+0.5%
Dividend / share
+3.2%
+2.8%
Returned to shareholders
+15.6%
+24.0%
+26.3%
+21.5%

Compound annual rates per period — left blank where the series crosses a loss.

Share base
—
Shares outstanding, FY2025
Change, 5 years+100.0%
Change, 10 years+481.6%

The share count grew 100% in five years — the same company, cut into more, smaller slices.

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Balance sheet
USD 9.8B
total assets, end of FY2025
Total assetsUSD 9.8B
EquityUSD 6.3B
CashUSD 16.3M
Gross debtUSD 41.5M
Net debtUSD 25.3M

Net debt stands at 0% of equity.

History
17 fiscal years
Every figure from documents filed with the SEC · USD
Metric
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
2009
Revenue $B
0.7
0.6
0.5
0.4
0.3
0.2
0.2
0.1
0.1
0.1
0.1
0.1
0.0
0.0
0.0
0.0
0.0
Operating income $B
0.3
0.3
0.3
0.2
0.2
0.1
0.1
0.1
0.1
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
EBITDA $B
·
·
·
·
·
·
·
0.1
0.1
0.1
0.1
0.0
0.0
0.0
0.0
0.0
0.0
Income tax $B
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
·
·
·
·
·
·
·
Net income $B
0.2
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
EPS, diluted $
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
Dividend / sh $
3.08
3.00
2.92
2.81
2.41
·
·
·
·
·
·
·
1.64
1.60
1.60
2.04
·
Payout %
167
160
163
145
159
127
113
116
95
93
85
137
106
98
176
122
·
ROE %
3.5
3.5
3.5
3.8
4.1
4.3
5.5
5.4
7.3
8.0
9.7
5.7
8.1
10.2
5.9
9.2
·
Shares out B
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·

Slide the table for earlier years · "·" marks figures not disclosed in the filing for that year.

How we verifyAUDITED
32 of 32
checks passed before publication
EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidity

Every figure was compared against the original statement: 0 failures and 0 presentation gaps.

What we don’t show

We’d rather say what’s missing than fill the gap with an estimate.

P/E rationeeds a market quote — not yet licensed
Market capitalizationneeds a market quote — not yet licensed
Dividend yieldneeds a market quote — not yet licensed
Price-to-bookneeds a market quote — not yet licensed