Agree Realty (ADC)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
Fundamental grade
Five factors scored 1 to 9 from ADC's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Agree Realty's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $339M | $430M | $537M | $617M | $718M |
| Net income | $122M | $152M | $170M | $189M | $204M |
| Free cash flow | -$1.1B | -$1.2B | -$808M | -$443M | — |
| EPS (diluted) | $1.78 | $1.83 | $1.70 | $1.78 | $1.77 |
| Operating margin | 56.1% | 50.8% | 47.3% | 49.0% | 47.4% |
Superinvestors who own ADC
From each investor's latest 13F filing (what a 13F shows). 2 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Joel Greenblatt Gotham Asset Management |
Trimmed | $21M | 0.05% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Trimmed | $20M | 0.01% | Q2 2026 |
Insider buying
Open-market purchases by Agree Realty's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Sep 21, 2026 | Craig Erlich CHIEF GROWTH OFFICER |
1,000 | $67.55 | $67,550 |
| Sep 16, 2026 | John Rakolta Jr Director |
20,000 | $68.78 | $1M |
| Sep 16, 2026 | Joey Agree PRESIDENT & CEO |
7,360 | $68.06 | $500,922 |
| Aug 31, 2026 | John Rakolta Jr Director |
10,000 | $72.42 | $724,200 |
| Apr 1, 2026 | John Rakolta Jr Director |
146 | $75.69 | $11,051 |
| Jan 9, 2026 | Richard Agree |
24,000 | $70.67 | $2M |
| Jan 9, 2026 | Peter Coughenour |
500 | $69.80 | $34,900 |
| Dec 24, 2025 | John Rakolta Jr |
15,000 | $72.18 | $1M |
| Oct 7, 2025 | John Rakolta Jr |
25,154 | $70.41 | $2M |
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In the full deep dive
Questions
Are Agree Realty insiders buying the stock?
9 open-market insider purchases of ADC in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Agree Realty?
2 of the superinvestors Investingly tracks hold ADC in their latest 13F, including Joel Greenblatt, Cliff Asness.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.