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Agree Realty Corporation

ADC
62
REIT - Retail · Real Estate
Price
$81.12
+0.37 (+0.46%)
Market Cap
$9.74B
Exchange
New York Stock Exchange
Winston Score
62
Winston is curious
A decent business — some strong pillars, some weaker.

Share count rising — dilution

+65.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 67.1M (2021) → 111.2M (2025)

Agree Realty Corporation functions as a publicly traded Real Estate Investment Trust (REIT), concentrating its efforts on the acquisition and development of commercial properties. These assets are primarily net-leased to leading companies within the retail sector. As of September 30, 2020, the firm oversaw a substantial portfolio of 1,027 properties, which were distributed across 45 U.S. states and encompassed a total gross leasable area of approximately 21.0 million square feet. Shares of Agree Realty's common stock are available for trade on the New York Stock Exchange, identified by the ticker symbol ADC.

Winston Score History

Politician Trades

4 trades / 12mo

1 Congressional buy and 3 sells on ADC in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+18.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+19.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Cash Runway

~0 months

$25M cash & investments

Short runway — potential dilution ahead through share issuance

Cash watch

Agree Realty Corporation has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
87.6%
Premium pricing power — 87.6% gross margin
Operating Margin
49.1%
Excellent — 49.1% operating margin
ROCE
1.0%
Weak — 1.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+17.8%
Fast-growing sales (17.8% YoY)
EPS YoY
+3.9%
Modest earnings growth (3.9% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion
238%
Turns 238% of profit into real cash
FCF Margin
14.7%
Converts sales into free cash efficiently (14.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity
0.52
Conservative — low debt load (0.52)
Interest Cover
2.58x
Tight — interest eats into profit (2.6x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
43.6x
Pricey — P/E 43.6

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+4.3
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (43.6 → 39.3)

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Dividends

Dividend Yield
3.87%
Moderate income — 3.87% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth
+1.9%
Dividend flat

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