Pulling SEC filings + quote and writing the call…
Pulling SEC filings + quote and writing the call…

AGREE REALTY CORP
Next earnings Jul 29, 2026 (after close) · consensus $0.48 EPS, $203M rev
Last earnings -0.9% on 2026-04-21
Best-in-class net-lease REIT with a fortress balance sheet and growing monthly dividend, but a premium multiple caps near-term upside.
Sources: SEC EDGAR (CIK 0000917251, latest 10-Q filed 2026-04-21) · EODHD · analysis by claude-code · as of 6/21/2026, 8:53:00 PM.
Research and education only — not financial advice. Calls are generated from SEC filings and a delayed/third-party price feed, may be wrong or out of date, and are not a recommendation to buy or sell any security. Do your own research.
Middling fundamentals and a rich price (~39% above fair value) leave little margin of safety — a wait-and-see.
Agree Realty is a high-quality net-lease retail REIT focused on creditworthy, e-commerce-resistant tenants. The growth record is impressive and consistent: revenue has more than doubled from $339M in FY2021 to $718M in FY2025 (+16.4% YoY), with operating income up 12.6% to $340M and a 47.4% operating margin. Operating cash flow grew 16.7% to $504M, funding a dividend of $341M (up 12.2%) — Agree is known for its growing monthly dividend. This is a steady, externally-growing compounder.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $339M | $430M | $537M | $617M | $718M |
| Gross profit | — | — | — | — | — |
| Operating income | $190M | $218M | $254M | $302M | $340M |
| Net income | $122M | $152M | $170M | $189M | $204M |
| Diluted EPS | $1.78 | $1.83 | $1.70 | $1.78 | $1.77 |
| Net margin | 36.0% | 35.5% | 31.6% | 30.7% | 28.4% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
1482 tracked peers · median
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
1 sell · 1 member · last 180d
Self-reported periodic transaction reports (STOCK Act). Amounts are disclosed ranges; a trade may be a spouse's. Disclosures lag the trade by up to ~45 days. Source: House Clerk + Senate eFD.
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Last 90 days: 2 open-market buys · 0 sales
| 2026-06-04 | AGREE RICHARD EXECUTIVE CHAIRMAN OF BOARD | Buy | 5.00K @ $71.41 | $357K |
| 2026-05-15 | RAKOLTA JOHN JR Director | Buy | 20.0K @ $74.57 | $1.49M |
| 2026-05-14 | Frankel Merrie S. Director | Award | 432.00 | |
| 2026-05-14 | Dearing Karen Director | Award | 2.16K | |
| 2026-05-14 | He Linglong Director | Award | 2.16K | |
| 2026-05-14 | He Linglong Director | Award | 1.33K @ $75.28 | $100.0K |
| 2026-05-14 | Hollman Michael Director | Award | 2.16K | |
| 2026-05-14 | Judlowe Michael Director | Award | 2.16K | |
| 2026-05-14 | Judlowe Michael Director | Award | 1.33K @ $75.28 | $100.0K |
| 2026-05-14 | RAKOLTA JOHN JR Director | Award | 2.16K | |
| 2026-05-14 | RAKOLTA JOHN JR Director | Award | 1.33K @ $75.28 | $100.0K |