Agree Realty Corp (ADC) is slightly overvalued and NNN REIT Inc (NNN) is overvalued.
Both trade above our estimate of their intrinsic value. ADC is the closer of the two: -16%, against -24% for NNN.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.1% (average of 3 methods) values the shares at $58.10; the price of $67.32 is 16% above that value, and 84% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
Discounting its cash flows at 7.7% (average of 3 methods) values the shares at $33.43; the price of $41.60 is 24% above that value, and 81% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | ADC | NNN |
|---|---|---|
| Verdict | Slightly overvalued | Overvalued |
| Price | $67.32 | $41.60 |
| Intrinsic value | $58.10 | $33.43 |
| Margin of safety | -16% | -24% |
| Leak Score | 0/100 (2/12) | 0/100 (2/12) |
| Market cap | $8.4B | $8.0B |
| Revenue growth, 5 years | 23.6% | 7.0% |
| Operating margin | 48.4% | 61.4% |
| Net margin | 27.8% | 40.3% |
| Return on equity | 3.7% | 8.7% |
| Debt to equity | 0.60 | 1.12 |
| P/E | 36.3x | 20.5x |
| Forward P/E | 34.2x | 19.7x |
| P/B | 1.3x | 1.8x |
| Dividend yield | 4.8% | 5.9% |