Explain this page
Arphra AIPlain-English read on Agree Realty Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +87.90% | +87.84% | +87.59% | +87.87% | +87.73% | +89.75% | +85.94% | +89.77% | +87.27% |
| Operating margin | +56.07% | +50.74% | +47.33% | +48.98% | +47.38% | +49.15% | +49.16% | +48.40% | +47.93% |
| EBITDA margin | +87.13% | +89.86% | +86.32% | +88.04% | +85.89% | +84.86% | +87.92% | +85.40% | +87.04% |
| EBIT margin | +51.77% | +51.03% | +47.36% | +49.11% | +47.51% | +48.43% | +48.08% | +47.14% | +46.80% |
| Pre-tax margin | +36.92% | +36.27% | +32.27% | +31.46% | +28.78% | +30.73% | +30.54% | +29.98% | +31.61% |
| Net margin | +36.03% | +35.47% | +31.62% | +30.66% | +28.45% | +30.98% | +30.59% | +29.97% | +30.23% |
| Cost structure | |||||||||
| Cost of revenue / sales | +12.10% | +12.16% | +12.41% | +12.13% | +12.27% | +12.41% | +12.51% | +12.40% | +12.63% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +7.50% | +7.01% | +6.47% | +6.03% | +6.13% | +6.05% | +6.27% | +6.28% | +6.03% |
| Effective tax rate | +1.92% | +1.83% | +1.68% | +2.22% | +0.84% | +1.60% | +1.56% | +1.60% | +1.56% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +3.58% | +3.29% | +3.27% | +3.43% | +3.26% | +3.49% | +3.32% | +3.24% | +3.22% |
| Return on assets (ROA) | +2.34% | +2.27% | +2.19% | +2.23% | +2.09% | +2.16% | +2.18% | +2.12% | +2.11% |
| Return on capital (ROC) | +3.59% | +3.30% | +3.33% | +3.62% | +3.54% | +3.67% | +3.57% | +3.50% | +3.44% |
| Return on invested capital (ROIC) | +2.31% | +2.31% | +2.22% | +2.27% | +2.12% | +2.31% | +2.22% | +2.17% | +2.17% |
| Asset turnover | +6.49% | +6.40% | +6.91% | +7.27% | +7.33% | +6.97% | +7.11% | +7.08% | +6.99% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +36.03% | +35.47% | +31.62% | +30.66% | +28.45% | +30.98% | +30.59% | +29.97% | +30.23% |
| Asset turnover (× revenue / assets) | +6.49% | +6.40% | +6.91% | +7.27% | +7.33% | +6.97% | +7.11% | +7.08% | +6.99% |
| Equity multiplier (× assets / equity) | +152.86% | +144.98% | +149.51% | +154.00% | +156.23% | +161.38% | +152.61% | +152.82% | +152.70% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 |
| Fixed-asset turnover | — | — | — | — | — | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 6.35 | 6.53 | 6.48 | 5.80 | 5.87 | — | — | — | — |
| Payables turnover | 0.59 | 0.62 | 0.66 | 0.64 | 0.63 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 57.49 | 55.91 | 56.33 | 62.94 | 62.23 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 622.29 | 584.51 | 554.75 | 567.00 | 577.16 | — | — | — | — |
| Cash conversion cycle | -564.80 | -528.59 | -498.42 | -504.06 | -514.94 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 2.01 | 2.38 | 2.30 | 2.28 | 2.47 | 2.35 | 2.32 | 2.33 | 2.35 |
| FCF / Net income | 2.01 | 2.38 | 2.30 | 2.28 | 2.47 | 2.22 | 2.26 | 2.44 | 2.37 |
| FCF margin | +72.59% | +84.25% | +72.86% | +70.00% | +70.18% | +68.91% | +69.06% | +73.01% | +71.76% |
| OCF margin | +72.59% | +84.25% | +72.86% | +70.00% | +70.18% | +72.82% | +70.89% | +69.83% | +71.14% |
| CapEx / Revenue | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| CapEx / D&A | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — |
| Stock-based comp / Revenue | +1.61% | +1.50% | +1.55% | +1.75% | +1.81% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 1.78 | 1.83 | 1.70 | 1.78 | 1.77 | 1.94 | 2.07 | 2.09 | 2.15 |
| EPS · basic | 1.79 | 1.84 | 1.70 | 1.79 | 1.77 | 1.96 | 2.09 | 2.06 | 2.17 |
| Book value / share | 50.93 | 58.49 | 54.49 | 54.09 | 56.39 | 66.89 | 73.75 | 82.49 | 87.50 |
| Tangible BV / share | 40.92 | 48.39 | 45.54 | 45.60 | 47.39 | 66.89 | 73.75 | 82.49 | 87.50 |
| Sales / share | 5.05 | 5.43 | 5.63 | 6.06 | 6.46 | 7.53 | 8.00 | 8.93 | 9.33 |
| Operating CF / share | 3.67 | 4.57 | 4.10 | 4.24 | 4.53 | 5.48 | 5.67 | 6.24 | 6.64 |
| Free cash flow / share | 3.67 | 4.57 | 4.10 | 4.24 | 4.53 | 5.19 | 5.53 | 6.52 | 6.70 |
| Dividends / share | 2.89 | 2.78 | 2.91 | 2.98 | 3.06 | 3.64 | 3.88 | 4.29 | 4.72 |
| Payout ratio | +158.90% | +144.52% | +163.38% | +160.47% | +166.70% | +156.32% | +158.48% | +160.16% | +167.15% |
| Retention ratio | -58.90% | -44.52% | -63.38% | -60.47% | -66.70% | -56.32% | -58.48% | -60.16% | -67.15% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +26.67% | +25.05% | +14.81% | +16.42% | +15.95% | +7.75% | +10.56% | +5.14% | +15.07% |
| Gross profit · YoY | — | +26.58% | +24.70% | +15.18% | +16.23% | +18.62% | +3.17% | +15.48% | +2.22% | +14.97% |
| Profit | ||||||||||
| Operating income · YoY | — | +14.62% | +16.65% | +18.81% | +12.62% | +20.27% | +7.77% | +8.86% | +4.11% | +12.84% |
| EBITDA · YoY | — | +30.63% | +20.12% | +17.10% | +13.58% | +14.56% | +11.63% | +7.39% | +7.15% | +15.06% |
| Net income · YoY | — | +24.67% | +11.49% | +11.32% | +8.01% | +26.29% | +6.40% | +8.30% | +6.05% | +12.57% |
| Operating | ||||||||||
| EBIT · YoY | — | +24.86% | +16.07% | +19.04% | +12.64% | +18.18% | +6.99% | +8.38% | +4.38% | +13.63% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +2.81% | -7.10% | +4.71% | -0.56% | +9.40% | +6.91% | +0.78% | +3.06% | +2.39% |
| EPS · basic · YoY | — | +2.79% | -7.61% | +5.29% | -1.12% | +10.58% | +6.76% | -1.18% | +5.17% | +2.45% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $1.88B | $1.98B | $2.45B | $2.83B | $3.35B | $3.76B | $4.08B | $4.55B | $4.76B |
| Net debt | $1.84B | $1.95B | $2.44B | $2.83B | $3.34B | $3.74B | $4.07B | $4.54B | $4.74B |
| Net debt / EBITDA | 6.21 | 5.05 | 5.25 | 5.20 | 5.41 | 5.30 | 5.15 | 5.35 | 5.22 |
| Debt / equity | 0.55 | 0.43 | 0.47 | 0.51 | 0.53 | 0.51 | 0.49 | 0.50 | 0.49 |
| Debt / assets | +35.98% | +29.45% | +31.48% | +33.37% | +34.24% | +31.45% | +32.34% | +32.52% | +31.86% |
| Equity / assets | +65.42% | +68.97% | +66.88% | +64.93% | +64.01% | +61.97% | +65.52% | +65.44% | +65.49% |
| Coverage | |||||||||
| EBITDA / interest expense | 5.87 | 6.09 | 5.72 | 4.99 | 4.58 | 5.06 | 5.26 | 4.84 | 5.14 |
| Operating income / interest | 3.78 | 3.44 | 3.14 | 2.78 | 2.53 | 2.93 | 2.94 | 2.74 | 2.83 |
| Interest expense | $50.38M | $63.44M | $81.12M | $108.9M | $134.61M | $139.78M | $150.1M | $175.02M | $176.5M |
| Liquidity | |||||||||
| Current ratio | 1.20 | 0.89 | 0.80 | 0.78 | 0.83 | — | — | — | — |
| Quick ratio | 1.11 | 0.88 | 0.74 | 0.78 | 0.81 | — | — | — | — |
| Cash ratio | 0.50 | 0.26 | 0.09 | 0.04 | 0.09 | — | — | — | — |
| Working capital | $17.48M | -$11.32M | -$25.82M | -$31.3M | -$28.44M | — | — | — | — |
| Working capital / revenue | +5.15% | -2.63% | -4.80% | -5.07% | -3.96% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).