Agree Realty Corporation (ADC)
Real Estate · NYQ · US
Fundamentals
Valuation and ratings
Agree Realty Corporation trades at USD80.75, which is 16% above the USD67.71 our discounted cash flow model puts on the business. On that measure it screens as expensive, which is not the same as saying it will fall.
Our moat model scores it 74 out of 100, which is a wide moat. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 42.6 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About Agree Realty Corporation
Agree Realty Corporation is a publicly traded real estate investment trust. The Firm is Rethinking Retail through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2025, the Company owned and operated a portfolio of 2,674 properties, located in all 50 states and containing approximately 55.5 million square feet of gross leasable area. The Company's common stock is listed on the New York Stock Exchange. Agree Realty Corporation was incorporated in 1971 and is based in Royal Oak, United States.
ADC passes 4 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Smart money ownership
10 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Two Sigma, TWO SIGMA INVESTMENTS, LP$304.66M · 0.3% of book
- Israel Englander, MILLENNIUM MANAGEMENT LLC$82.80M · 0.0% of book
- Ken Griffin, CITADEL ADVISORS LLC$59.64M · 0.0% of book
- Joel Greenblatt, Gotham Asset Management, LLC$28.59M · 0.1% of book
- D. E. Shaw, D. E. Shaw & Co., Inc.$25.74M · 0.0% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is Agree Realty Corporation (ADC) undervalued?
Against our discounted cash flow estimate of USD67.71, ADC at USD80.75 is 16% above fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own ADC?
10 of the institutions we track reported a position in ADC in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is ADC's P/E ratio?
ADC trades at 42.6 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
The full research page for ADC, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.