Is Agree Realty Corp. overvalued or undervalued?

As of 31 October 2025, the valuation grade for Agree Realty Corp. has moved from very expensive to expensive. The company appears to be overvalued based on its current metrics. Key ratios include a P/E ratio of 41, an EV to EBITDA of 15.54, and a PEG ratio of 41.07, which are significantly higher than its peers such as Lamar Advertising Co. with a P/E of 29.79 and AGNC Investment Corp. with a P/E of 28.50.
In terms of performance, Agree Realty Corp. has underperformed relative to the S&P 500 across multiple periods, with a year-to-date return of 3.63% compared to the S&P 500's 16.30%, and a one-year return of -1.67% versus the S&P 500's 19.89%. This underperformance reinforces the notion that the stock may be overvalued in the current market environment.