Agree Realty Corporation (ADC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+152.5%

$171.10

vs $67.77 price

Levered DCF

$137.02

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.34

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	40.69×	39.36×	37.03×	38.55×	39.87×	37.83×	35.8×	32.66×
P/B	1.27×	1.29×	1.15×	1.21×	1.39×	1.37×	1.69×	1.53×
P/S	11.1×	11.54×	11.15×	12.98×	14.05×	13.89×	15.19×	13.83×
EV / EBITDA	18.34×	18.31×	18.17×	19.49×	22.34×	22.04×	23.43×	21.53×
Gross margin	87.7%	87.9%	87.6%	87.8%	87.9%	87.2%	87.5%	87.6%
Operating margin	47.4%	49.0%	47.3%	50.7%	56.1%	53.6%	61.0%	53.2%
Net margin	28.4%	30.7%	31.6%	35.5%	36.0%	36.8%	42.7%	42.4%
Current ratio	0.83×	0.78×	0.8×	0.89×	1.2×	0.44×	0.98×	2.12×
Debt / equity	0.53×	0.51×	0.47×	0.43×	0.55×	0.52×	0.57×	0.58×
Interest coverage	2.53×	2.78×	3.14×	3.44×	3.78×	3.32×	3.46×	2.94×
Dividend yield	4.4%	4.4%	4.8%	4.1%	4.1%	3.4%	3.2%	3.6%
Payout ratio	170.3%	164.4%	167.8%	149.4%	160.2%	127.1%	112.7%	116.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.3%	3.4%	3.3%	3.3%	3.6%	3.6%	4.7%	4.7%
Return on invested capital	3.5%	3.5%	3.3%	3.2%	3.5%	3.4%	4.2%	3.6%
Return on assets	2.1%	2.2%	2.2%	2.3%	2.3%	2.4%	3.0%	2.9%
Free cash flow yield	6.3%	6.1%	6.5%	6.5%	5.2%	4.1%	4.5%	4.9%
Earnings yield	2.6%	2.7%	2.8%	2.7%	2.6%	2.6%	2.8%	3.1%
Enterprise value	$11.3B	$9.9B	$8.4B	$7.5B	$6.6B	$4.8B	$3.8B	$2.6B
Net debt / EBITDA	5.41×	5.2×	5.25×	5.05×	6.21×	6.04×	5.84×	5.6×
Cash conversion cycle (days)	-515	-504	-498	-529	-565	-765	-650	-394