AGCO

AGCO · NYSE · Industrials · Financials, fiscal 2016 to 2025

AGCO · Last close · October 26, 2026

$104.21

AGCO's revenue fell 13.6% to $10.1 billion in fiscal 2025. Its operating margin was 5.9%, up from −1.1% a year earlier. Free cash flow was $740 million, up 149.6%. It paid out $336 million in dividends and buybacks, 45% of free cash flow. The diluted share count fell 0.3%.

AGCO CORP /DE Latest fiscal year ended December 31, 2025 10-K filed February 13, 2026 · 0000880266-26-000010 Updated October 11, 2026

Revenue

$10.1B

13.6%

Operating margin

5.9%

7.0 pts

Net income

$726M

Free cash flow

$740M

149.6%

Return on capital

10.4%

12.1 pts

Market cap

$7.4B

Oct 26 close

P/E

14.4x

On $7.23 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What AGCO does

AGCO makes farm machinery and precision agriculture technology under the Fendt, Massey Ferguson, PTx and Valtra brands. Its main products are tractors, from compact models under 40 horsepower to high horsepower tractors for large row-crop farms. It also makes combines, hay and forage equipment, planters, tillage implements and other application equipment, and parts. Its precision agriculture tools include retrofit kits that work across mixed fleets of machines.

It sells most of its products through about 2,800 independent dealers and distributors in about 140 countries. It also offers retail and wholesale financing to buyers through finance joint ventures with Rabobank. Tractors made up the largest share of its net sales in 2025, and its parts and service business is another line. AGCO says dealers' retail sales to farmers are highly seasonal and follow planting and harvesting seasons.

In 2024 AGCO changed its mix of businesses through the PTx Trimble joint venture and the sale of most of its Grain & Protein business.

Its biggest risks, as it describes them

Dependence on the agricultural industry, so that anything that hurts farmers hurts its results.
Seasonal swings in sales that significantly affect its performance.
Most sales depending on financing being available to retail customers.
Strong competition from other makers of agricultural equipment.
Failing to deliver precision agriculture and other new technology that customers want.

From AGCO's annual report on Form 10-K, filed February 13, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 19.5% a year and net income 18.3% a year, as buybacks cut the share count by 9%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value AGCO yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from AGCO's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from AGCO's fiscal 2025 free cash flow of $740M, net cash of −$1.5B at December 31, 2025 and 74 million diluted shares, from its filings. The scenarios are fitted to AGCO: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -7.3% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 13%: 11% for a cyclical or higher-risk business (Agricultural & Farm Machinery), plus 1 point as a smaller company, worth $7.4B, plus 1 point for unsteady results (a loss in fiscal 2024); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to AGCO's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 14% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 12% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $104.21
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from AGCO's earnings per share of $7.23 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 26.7×, the middle of AGCO's own P/E today, its peers' median and its sector's median (the Industrials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 14%, 13% and 12%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: CNH Industrial, Toro, Deere, Lindsay.

Earnings growth in the years ahead (% a year) Starts at AGCO's revenue growth over the last 3 years, -7.3% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $104.21
Value at this multiple, against the last close: —
AGCO's P/E at the last close: 14.4×

Company	Last close	Earnings per share	P/E today
CNH IndustrialCNH	$11.25	$0.25	45.0×
DeereDE	$641.25	$18.00	35.6×
ToroTTC	$105.46	$3.75	28.1×
LindsayLNN	$105.94	$5.33	19.9×
AGCOAGCO	$104.21	$7.23	14.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	889	790	596	613	862
Debt incl. finance leases	1,514	1,467	1,385	2,564	2,390
Net debt (negative means net cash)	625	677	790	1,951	1,529
Net debt to EBITDA	0.5x	0.4x	0.4x	9.3x	1.7x
Debt to equity	0.4x	0.4x	0.3x	0.7x	0.6x
Interest coverage	39.4x	27.5x	24.7x	−1.0x	4.9x
Current ratio	1.4x	1.4x	1.5x	1.3x	1.4x
Quick ratio	0.7x	0.6x	0.7x	0.6x	0.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $100,710 of AGCO shares on the open market, and 5 insiders sold $110.1 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 15, 2026	Ivory Marie HarrisSVP Chief HR Officer	Sold	1,600	$125.30	$200,480	Form 4
Sep 4, 2026	Eric P HansotiaChairman, President and CEO, Director	Sold	2,604	$129.75	$337,869	Form 4
Sep 4, 2026	Kelvin Eugene BennettSVP Engineering	Sold	1,000	$132.89	$132,890	Form 4
Aug 14, 2026	Lange Bob DeDirector	Bought	1,000	$100.71	$100,710	Form 4
Aug 6, 2026	Kelvin Eugene BennettSVP Engineering	Sold	2,000	$102.27	$204,540	Form 4
Aug 5, 2026	Tractors & Farm Equipment Ltd10% owner	Sold	492,418	$115.33	$56.8 million	Form 4
May 5, 2026	Mallika Srinivasan10% owner	Sold	422,590	$123.28	$52.1 million	Form 4
Feb 17, 2026	Kelvin Eugene BennettSVP Engineering	Sold	2,300	$137.04	$315,192	Form 4
Nov 10, 2025	Kelvin Eugene BennettSVP Engineering	Sold	250	$104.28	$26,070	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Fail	Pass
Revenue rose relative to assets	Pass	Fail	Fail
F-score	8 of 9	3 of 9	8 of 9
Accruals ratio	0.6%	−9.9%	−2.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put AGCO side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
AGCO	FY25	−13.6%	5.9%	7.3%	10.4%	1.7x	8
CNH Industrial	FY25	−8.8%	—	—	4.6%	9.6x	—	Compare
Toro	FY25	−1.6%	9.1%	12.8%	15.9%	1.1x	6	Compare
Deere	FY25	−11.7%	—	13.3%	—	—	—	Compare
Lindsay	FY26	−6.0%	10.5%	5.5%	11.9%	−0.8x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	7,410	8,306	9,352	9,041	9,150	11,138	12,651	14,412	11,662	10,082
Revenue growth	−0.8%	12.1%	12.6%	−3.3%	1.2%	21.7%	13.6%	13.9%	−19.1%	−13.6%
Gross profit	1,516	1,765	1,997	1,984	2,058	2,572	3,001	3,777	2,899	2,567
Research and development	298	323	355	343	343	273	315	421	381	374
Operating income	287	404	489	348	600	1,001	1,265	1,700	−122	596
Net income	160	186	286	125	427	897	890	1,171	−425	726
Diluted EPS (US$)	1.96	2.32	3.58	1.63	5.65	11.85	11.87	15.63	−5.69	9.75
Diluted shares (millions)	82	80	80	77	76	76	75	75	75	74
Cash flow
Cash from operations	370	578	596	696	896	660	838	1,103	690	988
Capital expenditure	201	204	203	273	270	270	388	518	393	248
Free cash flow	168	374	393	422	627	390	450	585	297	740
Dividends paid	42	44	47	48	48	358	404	457	273	86
Share buybacks	212	0	184	130	55	135	0	53	22	250
Acquisitions	384	293	0	0	3	23	111	10	1,904	0
Stock-based compensation	18	38	46	41	38	27	34	46	18	28
Balance sheet at fiscal year end
Cash and short-term investments	430	368	326	433	1,119	889	790	596	613	862
Debt incl. finance leases	1,695	1,714	1,486	1,362	1,629	1,514	1,467	1,385	2,564	2,390
Total assets	7,168	7,972	7,626	7,760	8,504	9,182	10,104	11,421	11,191	11,928
Total liabilities	4,331	4,876	4,633	4,853	5,486	5,738	6,221	6,764	7,148	7,355
Shareholders' equity	2,776	3,030	2,933	2,854	2,980	3,416	3,882	4,657	3,743	4,274
Margins and ratios
Gross margin	20.4%	21.2%	21.4%	21.9%	22.5%	23.1%	23.7%	26.2%	24.9%	25.5%
Operating margin	3.9%	4.9%	5.2%	3.9%	6.5%	9.0%	10.0%	11.8%	−1.1%	5.9%
Net margin	2.2%	2.2%	3.0%	1.4%	4.7%	8.1%	7.0%	8.1%	−3.6%	7.2%
Free cash flow margin	2.3%	4.5%	4.2%	4.7%	6.8%	3.5%	3.6%	4.1%	2.5%	7.3%
Return on capital	4.0%	5.0%	7.9%	4.4%	10.8%	23.3%	21.5%	28.1%	−1.7%	10.4%
Return on equity	5.7%	6.4%	9.6%	4.3%	14.6%	28.1%	24.4%	27.4%	−10.1%	18.1%
Return on assets	2.3%	2.5%	3.7%	1.6%	5.2%	10.1%	9.2%	10.9%	−3.8%	6.3%
Net debt to EBITDA	2.2x	2.0x	1.5x	1.5x	0.6x	0.5x	0.4x	0.4x	9.3x	1.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: AGCO's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with AGCO.