Agree Realty Corporation

ADCNYSEReal Estate● Active

$73.57

+$0.16(+0.21%)

Market Cap$8.8B

P/E Ratio—

52W High$82.08

52W Low$69.56

Avg Volume1.2M

Open$73.72

Beta0.48

Free Cash Flow Financials Revenue

Agree Realty Corporation (ADC) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

ADC · free cash flow · updated Jun 8, 2026

Core FCF metrics

ADC · FCF · TTM · margin & CAGR

Free cash flow was $504.1M for FY2025 (fiscal year ending 2025-12-31), up 16.7% year-over-year The FCF margin was 70.2%. Five-year CAGR stands at +28.7%.

FY2025 Free Cash Flow$504.1M▲ +16.7% YoY

Trailing 12M (TTM)$110.3Mtrailing 4 quarters sum

FCF Margin70.2%$504.1M ÷ revenue

3-Year CAGR+11.7%FY2022 → FY2025

5-Year CAGR+28.7%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

ADC · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$504.1M(0M)$504.1M▲ +16.7%70.2%

FY2024$432.0M(0M)$432.0M▲ +10.3%70.0%

FY2023$391.6M(0M)$391.6M▲ +8.1%72.9%

FY2022$362.1M(0M)$362.1M▲ +47.0%84.3%

FY2021$246.3M(0M)$246.3M▲ +72.3%72.6%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

ADC · P/FCF · FCF yield · FCF per share

Agree Realty Corporation (ADC) trades at a FCF yield of 1.25% and a price-to-free-cash-flow ratio of 73.6x. FCF per share stands at $1.00, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

1.25%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.00

TTM FCF ÷ Shares Outstanding

Price / FCF

x73.6

Share Price ÷ FCF per Share

EV / FCF (TTM)

x109.7

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

ADC · cash flow statement · operating / investing / financing

For FY2025, Agree Realty Corporation generated $504.1M in operating cash flow and spent 0M in capital expenditures, yielding $504.1M in free cash flow.

Operating Activities

+$504.1M

Cash from core business operations

2025-12-31

Investing Activities

−$1.54B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$1.05B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($504.1M) − |CapEx| (0M) = FCF ($504.1M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Real Estate)

ADC vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Agree Realty CorporationYOU

ADC

$504.1M+16.7%70.2%

10%

American Tower Corporation

AMT

$3.78B+2.2%35.5%

76%

Simon Property Group, Inc.

Real Estate · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Agree Realty Corporation (ADC) reported free cash flow of $504.1M for FY2025 (fiscal year ending 2025-12-31), up 16.7% year-over-year. The FCF margin was 70.2%.

Based on available data, Agree Realty Corporation has maintained positive free cash flow for at least 14 fiscal year(s). FCF peaked at $504.1M in FY2025. The 5-year CAGR stands at +28.7%.

Agree Realty Corporation's FCF yield is 1.25% and price-to-FCF ratio is 73.6x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

ADC free cash flow · 8 questions

Agree Realty Corporation free cash flow was $504.1M for FY2025, up 16.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $110.3M.

ADC free cash flowADC FCFADC FCF 2025ADC free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Agree Realty Corporation · Agree Realty Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026