| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 24 | 38.3x | 17.8x | Bottom tier | |
Growth | 74 | 18.1% | 7.1% | Top tier | |
Quality | 59 | 3.8% | 4.5% | Around median | |
Safety | 47 | 6.2x | 2.6x | Around median | |
Capital Return | 31 | 4.41% | 2.12% | Bottom tier | |
Momentum | 43 | 3.0% | 2.9% | Around median | |
Sentiment | 91 | 5 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Agree Realty Corporation is a real estate investment trust focused on net-leased retail properties, generating its income primarily from rents associated with a portfolio of 2,830 properties across all fifty U.S. states and the District of Columbia as of the end of fiscal 2026 Q2. Its external growth strategy relies on three channels: acquisitions, development, and the developer funding platform, with a focus on operators in sectors such as home improvement, grocery, auto parts, farm and rural supply stores, discount stores, and big-box stores attached to travel centers. Ground leases accounted for more than 10% of annualized base rent, while investment-grade tenants represented approximately two-thirds of the portfolio.
In fiscal 2026 Q2, the company reported revenue of $211.6 million, net income of $54.7 million, and earnings per share of $0.44, compared with revenue of $206.5 million, net income of $62.1 million, and earnings per share of $0.50 in fiscal 2026 Q1. Revenue for the twelve-month period ending during fiscal 2026 was approximately $779.6 million, with net income of $224.9 million and earnings per share of approximately $1.87, compared with revenue of $737.6 million, net income of $204.3 million, and earnings per share of $1.77 in fiscal 2025. The provided EDGAR data did not include a gross profit figure, making AFFO a clearer operating metric; it reached $1.14 per share in fiscal 2026 Q2, representing 7.4% year-over-year growth.
Agree Realty invested more than $500 million across its three platforms in fiscal 2026 Q2, including $451 million to acquire 82 retail assets within a total of 102 properties. The acquisitions had a weighted average capitalization rate of 7% and a weighted average lease term of 11.2 years, while more than 73% of the added annualized base rent came from investment-grade retailers and ground leases accounted for 13.5%. The portfolio also maintained record occupancy of 99.8%, and the company executed new leases, extensions, or options covering approximately 760 thousand square feet at a rent recapture rate of approximately 105%.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average price target of $84 and a range of $80 to $91; the average is above the 52-week high of $82.08, while the highest target clearly exceeds that high. The data does not include an available price-to-earnings ratio, so the valuation assessment relies more heavily on fiscal 2026 AFFO per share guidance of $4.57 to $4.59 and its expected growth of approximately 6%, weighed against interest-rate and financing risks and the execution of investments totaling up to $1.8 billion.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Agree Realty generates its income primarily by leasing retail properties under net leases within a portfolio of 2,830 properties as of the end of fiscal 2026 Q2. The portfolio spans all fifty U.S. states and the District of Columbia, and approximately two-thirds of it was associated with investment-grade tenants. The company uses three growth channels: acquisitions, development, and the developer funding platform, without relying on ancillary fees from its partnerships with retailers.
Revenue was $211.6 million, net income was $54.7 million, and earnings per share were $0.44 in fiscal 2026 Q2. Core FFO per share was $1.13, representing 7.5% year-over-year growth, while AFFO per share was $1.14, representing 7.4% year-over-year growth. The portfolio also recorded record occupancy of 99.8%, with credit and occupancy losses of 6 basis points during the quarter.
The company raised its AFFO per share range to $4.57 to $4.59, an increase of $0.02 at the midpoint and expected year-over-year growth of approximately 6%. The increase followed investments of more than $500 million in fiscal 2026 Q2 and improved portfolio performance during the first half. The company also raised its investment volume guidance to a range of $1.6 billion to $1.8 billion, placing the midpoint of the range 24% above the initial guidance.
The company spent $451 million on 82 retail assets within total quarterly investments of more than $500 million across 102 properties. The weighted average capitalization rate was 7% and the weighted average lease term was 11.2 years, while more than 73% of the added annualized base rent came from investment-grade retailers. The transactions included three ground leases for Walmart Supercenter, one for Home Depot, and a BP travel center transaction valued at approximately $75 million.
Liquidity was approximately $1.9 billion at the end of fiscal 2026 Q2, including $1.1 billion of forward equity and more than $750 million available under the credit facility. Net debt to recurring earnings before interest, taxes, depreciation, and amortization was 5.2 times and declines mathematically to approximately 3.7 times after full settlement of the forward equity, with no material debt maturities before 2028. Fixed-charge coverage was also 4.1 times, and the company expects free cash flow after dividends to exceed $140 million in fiscal 2026.
The main risks are executing an investment program of up to $1.8 billion and funding it through forward equity or new debt in a high-interest-rate environment. The company had approximately $425 million of forward equity contracts due during the second half of fiscal 2026 and estimated that a potential ten-year debt issuance would cost in the low 5% range after hedging. At the portfolio level, the company assumed 25 basis points of credit and occupancy losses and identified certain AMC locations as the largest watchlist item despite occupancy of 99.8%.
