# AGREE REALTY CORPORATION (ADC) · Edgar & Edgarette company card

> Agree Realty (ADC) grew revenue 16.4% in FY2025 to $718 million, operating margin 47.4% against a 24.7% median for real estate investment trusts, equity 64.0% of assets, and dividend per share up 6 years running. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 917251 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/ADC) · [JSON](https://www.pops4.com/boards/company/ADC.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $718M |
| Revenue growth, 1 year | 16.4% |
| Revenue growth per year | 20.6% |
| Operating margin | 47.4% (prior year 49.0%) |
| Net margin | 28.5% |
| Operating cash flow | $504M |
| Capital spending | — |
| Free cash flow | — |
| Cash | $16M |
| Long-term debt | — |
| Total assets | $9.8B |
| Total equity | $6.3B |
| Equity ÷ assets | 64.0% |
| Return on equity | 3.3% |
| Dividend per share | $3.081 |
| Dividend years rising | 6 |

## Readings, computed from those figures

- Piotroski F: 5 of 9 (middling)
- Health Harbor boat: New ship · no warning signs
- Cash Compass: Cash cow now · steady, with strong cash arriving today

## Edgarette's reading

Exposure: revenue $718.4M (FY2025). Experience: revenue up 16.4% on the year, up 20.6% a year over 4 years; operating margin 47.4%, down from 49.0%. Soundness: equity 64.0% of assets, return on equity 3.3%, payout 166.2% of profit, dividend per share up 6 years running. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $725.3M and $943.9M next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $678.5M to $1.0B. A statistical range, not company guidance. Against peers (79 filers, $50M+ revenue, real estate investment trusts): operating margin 47.4% against a 24.7% median; growth 16.4% against 3.7%.

Range logged 2026-09-25, receipt 731e4bbcd855c893, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

No warning filings in the window.

## Recent filings

- 10-Q · filed 2026-10-20 · [filing](https://www.sec.gov/Archives/edgar/data/917251/000091725126000076/0000917251-26-000076-index.htm)
- 8-K · filed 2026-10-20 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/917251/000091725126000075/0000917251-26-000075-index.htm)
- 8-K · filed 2026-10-02 · 8.01 Other Events · [filing](https://www.sec.gov/Archives/edgar/data/917251/000091725126000066/0000917251-26-000066-index.htm)
- 8-K · filed 2026-09-22 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/917251/000162828026063023/0001628280-26-063023-index.htm)
- 10-Q · filed 2026-07-30 · [filing](https://www.sec.gov/Archives/edgar/data/917251/000091725126000063/0000917251-26-000063-index.htm)
- 8-K · filed 2026-07-30 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/917251/000091725126000061/0000917251-26-000061-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0000917251.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=917251

## Cite

POPS4, Edgar & Edgarette: AGREE REALTY CORPORATION (ADC) company card, from the company's own SEC filings, accessed 2026-11-07, https://www.pops4.com/boards/company/ADC. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.