Agree Realty (ADC)
Market Price (3/7/2026): $81.33 | Market Cap: $9.3 BilSector: Real Estate | Industry: Retail REITs
Agree Realty (ADC)
Market Price (3/7/2026): $81.33Market Cap: $9.3 BilSector: Real EstateIndustry: Retail REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8%, Dividend Yield is 3.6%, FCF Yield is 5.4% | Trading close to highsDist 52W High is -0.7%, Dist 3Y High is -0.7% | Expensive valuation multiplesP/SPrice/Sales ratio is 13x |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 16% | Weak multi-year price returns3Y Excs Rtn is -38% | Key risksADC key risks include [1] intense competition for acquisitions, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48% | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 70% | ||
| Low stock price volatilityVol 12M is 17% | ||
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and E-commerce & DTC Adoption. Themes include Experiential Retail, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8%, Dividend Yield is 3.6%, FCF Yield is 5.4% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 16% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 48% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 70% |
| Low stock price volatilityVol 12M is 17% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, Sustainable & Green Buildings, and E-commerce & DTC Adoption. Themes include Experiential Retail, Show more. |
| Trading close to highsDist 52W High is -0.7%, Dist 3Y High is -0.7% |
| Weak multi-year price returns3Y Excs Rtn is -38% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 13x |
| Key risksADC key risks include [1] intense competition for acquisitions, Show more. |
Qualitative Assessment
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Agree Realty (ADC) stock has gained about 10% since 11/30/2025 because of the following key factors:
1. Agree Realty (ADC) significantly surpassed Q4 2025 earnings expectations and provided strong 2026 guidance. The company reported Q4 2025 earnings per share (EPS) of $1.11, exceeding analysts' estimates of $0.71 by 56.34%. Adjusted Funds From Operations (AFFO) per share increased 6.5% year-over-year to $1.11, comfortably beating the consensus estimate of $0.48. Furthermore, Agree Realty issued 2026 AFFO per share guidance of $4.54 to $4.58, representing approximately 5.4% year-over-year growth at the midpoint, its highest projected earnings growth since 2022. Management also raised its 2026 investment guidance to a range of $1.4 billion to $1.6 billion, up from a previous range of $1.25 billion to $1.5 billion, indicating robust acquisition plans.
2. The broader Real Estate Investment Trust (REIT) sector experienced a rebound at the start of 2026. After a challenging 2025 with a total return of -3.57%, the REIT sector began 2026 with an average total return of +1.09% in January. This general improvement in the sector created a favorable environment for REIT stocks like ADC. Analysts noted that the global public real estate market entered 2026 with improving fundamentals, declining new supply, and valuations near historic lows, positioning REITs for potential outperformance, particularly with falling interest rates.
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1. Agree Realty (ADC) significantly surpassed Q4 2025 earnings expectations and provided strong 2026 guidance. The company reported Q4 2025 earnings per share (EPS) of $1.11, exceeding analysts' estimates of $0.71 by 56.34%. Adjusted Funds From Operations (AFFO) per share increased 6.5% year-over-year to $1.11, comfortably beating the consensus estimate of $0.48. Furthermore, Agree Realty issued 2026 AFFO per share guidance of $4.54 to $4.58, representing approximately 5.4% year-over-year growth at the midpoint, its highest projected earnings growth since 2022. Management also raised its 2026 investment guidance to a range of $1.4 billion to $1.6 billion, up from a previous range of $1.25 billion to $1.5 billion, indicating robust acquisition plans.
2. The broader Real Estate Investment Trust (REIT) sector experienced a rebound at the start of 2026. After a challenging 2025 with a total return of -3.57%, the REIT sector began 2026 with an average total return of +1.09% in January. This general improvement in the sector created a favorable environment for REIT stocks like ADC. Analysts noted that the global public real estate market entered 2026 with improving fundamentals, declining new supply, and valuations near historic lows, positioning REITs for potential outperformance, particularly with falling interest rates.
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Stock Movement Drivers
Fundamental Drivers
The 9.3% change in ADC stock from 11/30/2025 to 3/7/2026 was primarily driven by a 6.7% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3072026 | Change |
|---|---|---|---|
| Stock Price ($) | 74.43 | 81.33 | 9.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 689 | 718 | 4.3% |
| Net Income Margin (%) | 28.1% | 28.4% | 1.2% |
| P/E Multiple | 42.8 | 45.7 | 6.7% |
| Shares Outstanding (Mil) | 111 | 115 | -3.0% |
| Cumulative Contribution | 9.3% |
Market Drivers
11/30/2025 to 3/7/2026| Return | Correlation | |
|---|---|---|
| ADC | 9.3% | |
| Market (SPY) | -1.6% | -36.7% |
| Sector (XLRE) | 2.9% | 42.6% |
Fundamental Drivers
The 14.2% change in ADC stock from 8/31/2025 to 3/7/2026 was primarily driven by a 8.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 3072026 | Change |
|---|---|---|---|
| Stock Price ($) | 71.21 | 81.33 | 14.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 660 | 718 | 8.9% |
| Net Income Margin (%) | 28.2% | 28.4% | 1.0% |
| P/E Multiple | 42.1 | 45.7 | 8.6% |
| Shares Outstanding (Mil) | 110 | 115 | -4.3% |
| Cumulative Contribution | 14.2% |
Market Drivers
8/31/2025 to 3/7/2026| Return | Correlation | |
|---|---|---|
| ADC | 14.2% | |
| Market (SPY) | 4.5% | -22.1% |
| Sector (XLRE) | 2.1% | 48.7% |
Fundamental Drivers
The 14.9% change in ADC stock from 2/28/2025 to 3/7/2026 was primarily driven by a 18.1% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3072026 | Change |
|---|---|---|---|
| Stock Price ($) | 70.77 | 81.33 | 14.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 617 | 718 | 16.4% |
| Net Income Margin (%) | 30.7% | 28.4% | -7.2% |
| P/E Multiple | 38.7 | 45.7 | 18.1% |
| Shares Outstanding (Mil) | 103 | 115 | -9.9% |
| Cumulative Contribution | 14.9% |
Market Drivers
2/28/2025 to 3/7/2026| Return | Correlation | |
|---|---|---|
| ADC | 15.0% | |
| Market (SPY) | 14.2% | 6.1% |
| Sector (XLRE) | 1.7% | 56.2% |
Fundamental Drivers
The 31.4% change in ADC stock from 2/28/2023 to 3/7/2026 was primarily driven by a 67.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3072026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.88 | 81.33 | 31.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 430 | 718 | 67.1% |
| Net Income Margin (%) | 35.5% | 28.4% | -19.8% |
| P/E Multiple | 35.9 | 45.7 | 27.0% |
| Shares Outstanding (Mil) | 89 | 115 | -22.8% |
| Cumulative Contribution | 31.4% |
Market Drivers
2/28/2023 to 3/7/2026| Return | Correlation | |
|---|---|---|
| ADC | 31.5% | |
| Market (SPY) | 76.0% | 14.9% |
| Sector (XLRE) | 23.2% | 64.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ADC Return | 11% | 4% | -7% | 17% | 7% | 13% | 51% |
| Peers Return | 32% | -8% | 4% | 11% | -1% | 15% | 58% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| ADC Win Rate | 67% | 67% | 42% | 67% | 58% | 100% | |
| Peers Win Rate | 62% | 47% | 50% | 60% | 48% | 73% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| ADC Max Drawdown | -6% | -12% | -21% | -12% | -3% | -2% | |
| Peers Max Drawdown | -7% | -22% | -18% | -10% | -10% | -0% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: O, NNN, EPRT, FCPT, KIM. See ADC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/6/2026 (YTD)
How Low Can It Go
| Event | ADC | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -33.0% | -25.4% |
| % Gain to Breakeven | 49.2% | 34.1% |
| Time to Breakeven | 879 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -39.0% | -33.9% |
| % Gain to Breakeven | 63.9% | 51.3% |
| Time to Breakeven | 880 days | 148 days |
| 2018 Correction | ||
| % Loss | -16.0% | -19.8% |
| % Gain to Breakeven | 19.0% | 24.7% |
| Time to Breakeven | 110 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -73.6% | -56.8% |
| % Gain to Breakeven | 279.2% | 131.3% |
| Time to Breakeven | 2,626 days | 1,480 days |
Compare to O, NNN, EPRT, FCPT, KIM
In The Past
Agree Realty's stock fell -33.0% during the 2022 Inflation Shock from a high on 8/15/2022. A -33.0% loss requires a 49.2% gain to breakeven.
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About Agree Realty (ADC)
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of September 30, 2020, the Company owned and operated a portfolio of 1,027 properties, located in 45 states and containing approximately 21.0 million square feet of gross leasable area. The Company's common stock is listed on the New York Stock Exchange under the symbol "ADC".
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1. American Tower for retail properties.
2. Like a railroad company, but instead of tracks for trains, it owns the buildings for major retail stores.
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Service Category: Real Estate Leasing
- Net Lease Retail Properties: Agree Realty acquires, develops, and leases freestanding retail properties to creditworthy tenants, primarily under long-term net lease agreements.
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Agree Realty (symbol: ADC) sells primarily to other companies. Its major customers are its tenants, which are typically large retail companies.
The top five customer companies by annualized base rent (as of Q1 2024) are:
- Walmart Inc. (WMT)
- The Home Depot Inc. (HD)
- Tractor Supply Company (TSCO)
- T.J. Maxx / Marshalls (TJX Companies Inc., TJX)
- The Kroger Co. (KR)
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Joey Agree, President & Chief Executive OfficerJoey Agree was appointed President & Chief Executive Officer of Agree Realty in 2013, having previously served as President and Chief Operating Officer from 2009 to 2013. He has been instrumental in transforming the company from a $300 million micro-cap development REIT to a $10+ billion diversified retail net lease market leader. Prior to joining Agree Realty in March 2005, Mr. Agree was employed as a director of land acquisitions for a large private developer in the Midwest. He is the son of Richard Agree, who founded Agree Development Company, the predecessor to Agree Realty Corporation, in 1971. He was named EY's 2018 Entrepreneur of the Year in the Michigan and Northwest Ohio Region.
Peter Coughenour, Chief Financial Officer
Peter Coughenour joined Agree Realty in December 2015 and has held numerous financial, capital markets, and analysis roles within the company. He was appointed Chief Financial Officer and Secretary in 2021, after serving as Interim Chief Financial Officer and Vice President of Corporate Finance. His responsibilities include capital markets, investor relations, and financial planning and analysis.
Richard Agree, Executive Chairman of the Board
Richard Agree founded Agree Development Company in 1971, which was the predecessor to Agree Realty Corporation. He served as the company's Chief Executive Officer and Chairman of the Board of Directors from 1993 to 2013. Throughout his career, he has overseen the development of over 8 million square feet of retail space across the country.
Nicole Witteveen, Chief Operating Officer
Nicole Witteveen joined Agree Realty in 2019 and has served in several capacities, including Chief of Staff and Executive Vice President, People & Culture. As Chief Operating Officer, she is responsible for leading all aspects of the company’s Asset Management, People & Culture, Information Technology, and Strategic Initiatives. Before joining Agree Realty, she led the human resources function at a growing startup in Metro Detroit and worked in learning and organization development, workforce planning, and performance management for companies such as Dish Network, Lockheed Martin, and Enova International.
Craig Erlich, Chief Growth Officer
Craig Erlich joined Agree Realty in 2020, having previously served as Chief Investment Officer and Chief Operating Officer. In his current role as Chief Growth Officer, he oversees the company's three external growth platforms and manages tenant relations. Prior to his tenure at Agree Realty, Mr. Erlich was the owner, President, and Chief Executive Officer of pulse220, a boutique marketing firm, which he successfully sold to GPJ in 2015. He also served as President of QMS, a direct marketing and fulfillment firm. He has been nominated twice for the Ernst & Young Entrepreneur of the Year award.
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The key risks to Agree Realty's business include:
- Interest Rate Sensitivity and Cost of Capital: Agree Realty faces risks from rising interest rates, which can increase future capital costs, impact property valuations, and affect tenant finances. The ability to obtain debt or equity financing on favorable terms is crucial for its growth strategy, and fluctuating interest rates can hinder this.
- Evolving Retail Landscape and Tenant Credit Quality: Although Agree Realty mitigates this by focusing on essential, investment-grade, and omni-channel retail tenants, the ongoing transformation of the retail sector due to e-commerce growth and changing consumer habits presents a continuous challenge. Economic downturns or financial difficulties experienced by its tenants could lead to reduced rental income or potential tenant bankruptcies.
- Competition for Acquisitions: The net-lease REIT sector is highly competitive. Agree Realty faces significant competition when acquiring prime properties and securing tenants, which can lead to increased acquisition costs and potentially lower yields on investments. An aggressive acquisition growth strategy in a rising interest rate environment could also expose the company to a rise in capitalization rates.
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Agree Realty (ADC) operates primarily in the U.S. net lease retail real estate market. The company's main products and services involve the ownership, acquisition, development, and management of net-leased retail properties, focusing on essential retail sectors such as grocery stores, home improvement, automotive services, and pharmacies.
The addressable market for Agree Realty's main products and services, within the United States, can be characterized by the following:
- The total U.S. net lease market reached an investment volume of approximately $43.7 billion in 2024. This market encompasses all net lease property types, including retail, industrial, and office.
- More specifically, the U.S. single-tenant net-lease retail sector recorded $5.7 billion in sales volume during the first half of 2025. During the second quarter of 2025, the overall single-tenant net lease market, which includes retail, saw sales volume of $9.6 billion.
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Agree Realty (ADC) is expected to drive future revenue growth over the next two to three years through a combination of strategic acquisitions, development activities, strong leasing performance, a focus on resilient tenants, and a robust capital structure.
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Strategic Acquisitions of High-Quality Retail Net Lease Properties: Agree Realty consistently emphasizes its investment in acquiring high-quality retail net lease properties. The company targets leading operators in sectors such as general merchandise, warehouse clubs, home improvement, auto parts, and grocery stores. For 2025, Agree Realty has increased its investment guidance to a range of $1.4 billion to $1.6 billion, focusing on these high-quality assets.
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Expansion through Development and Redevelopment Initiatives: The company is actively pursuing development and redevelopment projects. Agree Realty plans to initiate over $100 million in development projects by the end of 2025 and aims for approximately $250 million in ground development annually. This organic growth through new construction and site improvements contributes to an expanding revenue base.
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Robust Leasing Activity and High Occupancy Rates: Agree Realty maintains impressive occupancy rates across its portfolio, reaching 99.6% in the second quarter of 2025. Coupled with robust leasing activity and strong recapture rates, the company ensures a stable and growing stream of rental income from its existing properties.
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Focus on E-commerce Resistant and Omni-channel Retail Tenants: The company strategically focuses its portfolio on tenants that are less susceptible to e-commerce disruption and those that employ omni-channel retail strategies. This deliberate approach to tenant selection, which includes avoiding troubled retail sectors, helps secure durable and growing rental income streams.
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Flexible Capital Structure and Significant Liquidity: Agree Realty maintains a "fortress balance sheet" with substantial liquidity, including approximately $2.3 billion in total liquidity as of Q2 2025. This strong financial position, supported by access to both debt and equity capital markets (including forward equity programs), enables the company to fund its aggressive acquisition and development pipeline, thereby fueling future revenue growth.
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Share Repurchases
- Agree Realty has shown quarterly share buybacks, with approximately $41.10 million in repurchases for the quarter ended June 30, 2025.
- The company's 3-year average share buyback ratio indicates an ongoing pattern of repurchases, with a ratio of -14.6%.
Share Issuance
- In October 2024, Agree Realty established a new At-The-Market (ATM) equity program with potential sales of common stock up to $1.25 billion to provide flexible financing for growth strategies.
- The company settled 3.5 million shares of outstanding forward equity for net proceeds of approximately $252 million in the third quarter of 2025.
- During the first half of 2025, Agree Realty raised over $1 billion in capital markets activity, including approximately $603 million of forward equity through its ATM program and an overnight offering, and settled 3.3 million shares of outstanding forward equity for approximately $225 million in net proceeds.
Outbound Investments
- Agree Realty significantly increased its investment guidance for full-year 2025 to a range of $1.50 billion to $1.65 billion, primarily dedicated to acquisitions of high-quality retail net lease assets.
- In the first nine months of 2025, the company invested approximately $1.1 billion in 227 retail net lease properties across 40 states, with a weighted-average capitalization rate of 7.2%.
- For the full year 2024, total real estate investment volume, including acquisitions, development, and Developer Funding Platform (DFP) projects, amounted to approximately $951 million, with acquisitions totaling about $867 million for 242 properties.
Capital Expenditures
- In the third quarter of 2025, Agree Realty commenced five development or DFP projects with a total committed capital of approximately $51 million, and completed eight projects with total costs of approximately $61.2 million.
- For the nine months ended September 30, 2025, a total of 30 development or DFP projects were completed or under construction, with anticipated total costs of approximately $190.4 million.
- The company anticipates its development spend to increase by at least 50% year-over-year in 2025, with a primary focus on the acquisition and development of retail net lease properties.
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02272026 | KRC | Kilroy Realty | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02202026 | AAT | American Assets Trust | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -0.2% | -0.2% | -1.5% |
| 12122025 | LINE | Lineage | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 11.7% | 11.7% | -7.3% |
| 11302025 | OHI | Omega Healthcare Investors | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 6.7% | 6.7% | -6.0% |
| 10312025 | ADC | Agree Realty | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 11.8% | 11.8% | -2.8% |
| 12312024 | ADC | Agree Realty | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 5.5% | 6.6% | -3.0% |
| 02292024 | ADC | Agree Realty | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 35.3% | 40.4% | 0.0% |
| 05312023 | ADC | Agree Realty | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -7.2% | -2.2% | -15.2% |
| 03312021 | ADC | Agree Realty | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 2.0% | 2.5% | -4.3% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 39.72 |
| Mkt Cap | 8.9 |
| Rev LTM | 822 |
| Op Inc LTM | 463 |
| FCF LTM | 586 |
| FCF 3Y Avg | 540 |
| CFO LTM | 586 |
| CFO 3Y Avg | 540 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.5% |
| Rev Chg 3Y Avg | 14.2% |
| Rev Chg Q | 12.1% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Mgn LTM | 52.0% |
| Op Mgn 3Y Avg | 51.8% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 68.3% |
| CFO/Rev 3Y Avg | 69.3% |
| FCF/Rev LTM | 68.3% |
| FCF/Rev 3Y Avg | 69.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 8.9 |
| P/S | 9.8 |
| P/EBIT | 19.0 |
| P/E | 27.0 |
| P/CFO | 14.6 |
| Total Yield | 6.9% |
| Dividend Yield | 4.3% |
| FCF Yield 3Y Avg | 7.2% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 6.1% |
| 3M Rtn | 13.3% |
| 6M Rtn | 9.7% |
| 12M Rtn | 11.6% |
| 3Y Rtn | 25.9% |
| 1M Excs Rtn | 10.3% |
| 3M Excs Rtn | 13.0% |
| 6M Excs Rtn | 8.1% |
| 12M Excs Rtn | -3.6% |
| 3Y Excs Rtn | -43.8% |
Price Behavior
Price Behavior
| Market Price | $81.35 | |
| Market Cap ($ Bil) | 9.3 | |
| First Trading Date | 04/15/1994 | |
| Distance from 52W High | -0.7% | |
| 50 Days | 200 Days | |
| DMA Price | $74.45 | $72.24 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 9.3% | 12.6% |
| 3M | 1YR | |
| Volatility | 18.3% | 17.3% |
| Downside Capture | -72.64 | -12.24 |
| Upside Capture | -12.54 | 1.11 |
| Correlation (SPY) | -37.2% | 5.7% |
ADC Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.92 | -0.74 | -0.64 | -0.29 | 0.06 | 0.18 |
| Up Beta | -1.45 | -1.50 | -1.20 | -0.04 | 0.20 | 0.23 |
| Down Beta | -0.29 | -0.25 | -0.64 | -0.58 | -0.01 | 0.09 |
| Up Capture | -9% | -24% | -21% | -2% | 2% | 6% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 16 | 26 | 34 | 69 | 130 | 387 |
| Down Capture | -209% | -144% | -86% | -52% | -17% | 33% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 5 | 14 | 24 | 51 | 116 | 359 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADC | |
|---|---|---|---|---|
| ADC | 12.3% | 17.3% | 0.51 | - |
| Sector ETF (XLRE) | 1.1% | 16.5% | -0.11 | 56.1% |
| Equity (SPY) | 16.4% | 19.2% | 0.66 | 5.9% |
| Gold (GLD) | 77.1% | 26.1% | 2.17 | 16.3% |
| Commodities (DBC) | 19.6% | 17.1% | 0.89 | 6.2% |
| Real Estate (VNQ) | 3.1% | 16.6% | 0.01 | 55.0% |
| Bitcoin (BTCUSD) | -24.9% | 45.6% | -0.49 | -8.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADC | |
|---|---|---|---|---|
| ADC | 9.2% | 18.9% | 0.38 | - |
| Sector ETF (XLRE) | 6.1% | 19.0% | 0.22 | 67.3% |
| Equity (SPY) | 13.0% | 17.0% | 0.60 | 30.0% |
| Gold (GLD) | 24.2% | 17.2% | 1.14 | 15.7% |
| Commodities (DBC) | 11.9% | 19.0% | 0.51 | 4.8% |
| Real Estate (VNQ) | 5.0% | 18.8% | 0.17 | 67.9% |
| Bitcoin (BTCUSD) | 6.5% | 56.8% | 0.34 | 11.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADC | |
|---|---|---|---|---|
| ADC | 12.8% | 23.7% | 0.51 | - |
| Sector ETF (XLRE) | 7.4% | 20.4% | 0.32 | 72.0% |
| Equity (SPY) | 15.0% | 17.9% | 0.72 | 43.0% |
| Gold (GLD) | 15.1% | 15.6% | 0.80 | 13.8% |
| Commodities (DBC) | 9.0% | 17.6% | 0.43 | 13.1% |
| Real Estate (VNQ) | 6.1% | 20.7% | 0.26 | 75.0% |
| Bitcoin (BTCUSD) | 65.9% | 66.8% | 1.05 | 10.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/10/2026 | 0.3% | 0.2% | |
| 10/21/2025 | 0.2% | -1.3% | -2.0% |
| 7/31/2025 | 2.8% | 3.0% | 1.8% |
| 4/22/2025 | -2.4% | -2.3% | -5.0% |
| 2/11/2025 | -1.7% | -1.7% | 4.5% |
| 10/22/2024 | 2.1% | -1.6% | 2.9% |
| 7/23/2024 | 1.7% | 4.5% | 9.5% |
| 4/23/2024 | 1.4% | -0.2% | 5.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 9 | 13 |
| # Negative | 11 | 14 | 9 |
| Median Positive | 1.2% | 1.5% | 4.1% |
| Median Negative | -1.7% | -1.2% | -3.2% |
| Max Positive | 2.9% | 4.5% | 9.5% |
| Max Negative | -3.0% | -2.5% | -6.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/10/2026 | 10-K |
| 09/30/2025 | 10/21/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/22/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 10/22/2024 | 10-Q |
| 06/30/2024 | 07/23/2024 | 10-Q |
| 03/31/2024 | 04/23/2024 | 10-Q |
| 12/31/2023 | 02/13/2024 | 10-K |
| 09/30/2023 | 10/24/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/14/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Rakolta, John Jr | Direct | Buy | 12292025 | 72.18 | 15,000 | 1,082,700 | 40,608,887 | Form | |
| 2 | Rakolta, John Jr | Direct | Buy | 10092025 | 70.41 | 25,154 | 1,771,093 | 38,986,052 | Form | |
| 3 | Erlich, Craig | CHIEF GROWTH OFFICER | Direct | Buy | 10062025 | 70.84 | 360 | 25,504 | 3,743,875 | Form |
| 4 | Agree, Joey | PRESIDENT & CEO | Direct | Buy | 10032025 | 70.63 | 3,528 | 249,183 | 45,110,533 | Form |
| 5 | Lehmkuhl, Greg | Direct | Buy | 9082025 | 72.84 | 750 | 54,630 | 2,016,477 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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