Deere
Deere's revenue fell 11.7% to $45.7 billion in fiscal 2025. Its net margin was 11.0%, down from 13.7% a year earlier. Free cash flow was $6.1 billion, down 19.6%. It paid out $2.9 billion in dividends and buybacks, 47% of free cash flow. The diluted share count fell 1.9%.
Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. 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 Deere does
Deere, which sells under the John Deere name, makes farm, lawn and construction equipment. Its machines include large tractors, combines, cotton and sugarcane harvesters, planters and sprayers for big farms; smaller tractors, hay equipment, riding mowers, utility vehicles and golf course equipment; and excavators, loaders, bulldozers, forestry machines and road-building equipment, including Wirtgen products. It also sells software and technology that connects its machines and helps farmers and builders track their work. It sells mainly through independent dealers, about 2,050 dealer locations in the US and Canada alone, and its finance arm lends to customers and dealers.
In the fiscal year that ended in November 2025, Production & Precision Agriculture, the large-farm equipment segment, made up 45% of equipment net sales; Small Agriculture & Turf 26%; and Construction & Forestry 29%. Its fourth segment, Financial Services, earns money from loans, leases and extended warranties. Rivals include AGCO, CLAAS, CNH Industrial, Kubota and Toro in farm and turf equipment, and Caterpillar, Komatsu, Volvo and others in construction.
John Deere has made farm equipment since 1837. At the start of November 2025 it had about 73,100 employees, about 27,000 of them in the US.
Its biggest risks, as it describes them
- Its results depend on farming, a cyclical industry affected by crop prices, weather and farm incomes.
- Trade laws, tariffs and trade policies that could raise costs and hurt its profits.
- A complex global supply chain that can be disrupted, with swings in the price and availability of parts and materials.
- Its reliance on independent dealers to sell and service its equipment.
- Changes in interest rates and credit markets that affect its finance arm, which funds many of its sales.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
From fiscal 2016 to 2025, earnings per share grew 16.1% a year and net income 14.2% a year, as buybacks cut the share count by 14%.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value Deere yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
What Deere says to expect
- Fiscal 2026: net income
Net income attributable to Deere & Company for fiscal 2026 is forecasted to be in a range of $4.75 billion to $5.00 billion.
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 Deere'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.
The example scenarios need Deere's net cash, which its filings' structured data doesn't give for its latest year. You can enter your own figure in the calculator.
- Last close, October 26, 2026
- $641.25
- 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
How the value changes with two assumptions
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 Deere's earnings per share of $18.00 (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 Deere'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 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $641.25
- Value at this multiple, against the last close
- —
- Deere's P/E at the last close
- 35.6×
| 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× |
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 8.0 | 4.8 | 7.5 | 7.3 | 8.3 |
| Debt incl. finance leases | 32.9 | — | — | — | — |
| Net debt (negative means net cash) | 24.9 | — | — | — | — |
| Net debt to EBITDA | 2.5x | — | — | — | — |
| Debt to equity | 1.8x | — | — | — | — |
| Interest coverage | 8.1x | 8.9x | 5.3x | 2.7x | 3.0x |
| Current ratio | — | — | — | — | — |
| Quick ratio | — | — | — | — | — |
Insider trades
Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Deere shares on the open market, and 3 insiders sold $55.9 million, all of it under trading plans set up in advance.
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 31, 2026 | Ryan D CampbellPres WWC&F and Pwr Systems | Sold plan | 4,860 | $651.19 | $3.2 million | Form 4 |
| Aug 24, 2026 | Ryan D CampbellPres WWC&F and Pwr Systems | Sold plan | 7,839 | $653.77 | $5.1 million | Form 4 |
| Aug 21, 2026 | Ryan D CampbellPres WWC&F and Pwr Systems | Sold plan | 23,260 | $651.18 | $15.1 million | Form 4 |
| Jan 14, 2026 | Cory J ReedPres, Life Sol Cust Sup & S.M. | Sold plan | 12,000 | $510.00 | $6.1 million | Form 4 |
| Jan 8, 2026 | John C May IIChairman & CEO | Sold plan | 41,472 | $501.49 | $20.8 million | Form 4 |
| Nov 25, 2025 | John C May IIChairman & CEO | Sold plan | 11,106 | $500.08 | $5.6 million | Form 4 |
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 | Pass | Pass |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Pass | Fail | Fail |
| Cash from operations exceeds net income | Fail | Pass | Pass |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | — |
| Share count didn't rise | Pass | Pass | Pass |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | Pass | Fail | Fail |
| F-score | — | — | — |
| Accruals ratio | 1.6% | −2.0% | −2.3% |
Compare
Put Deere 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 |
|---|---|---|---|---|---|---|---|---|
| Deere | FY25 | −11.7% | — | 13.3% | — | — | — | |
| CNH Industrial | FY25 | −8.8% | — | — | 4.6% | 9.6x | — | Compare |
| AGCO | FY25 | −13.6% | 5.9% | 7.3% | 10.4% | 1.7x | 8 | Compare |
| Toro | FY25 | −1.6% | 9.1% | 12.8% | 15.9% | 1.1x | 6 | Compare |
| Lindsay | FY26 | −6.0% | 10.5% | 5.5% | 11.9% | −0.8x | 5 | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 26.6 | 29.7 | 37.4 | 39.3 | 35.5 | 44.0 | 52.6 | 61.3 | 51.7 | 45.7 |
| Revenue growth | −7.7% | 11.6% | 25.6% | 5.1% | −9.5% | 23.9% | 19.4% | 16.5% | −15.6% | −11.7% |
| Gross profit | 8.4 | 9.8 | — | — | — | — | — | — | — | — |
| Research and development | 1.4 | 1.4 | 1.7 | 1.8 | 1.6 | 1.6 | 1.9 | 2.2 | 2.3 | 2.3 |
| Operating income | 2.6 | 3.6 | 4.5 | 4.4 | 4.3 | 8.0 | 9.5 | 13.0 | 9.0 | — |
| Net income | 1.5 | 2.2 | 2.4 | 3.3 | 2.8 | 6.0 | 7.1 | 10.2 | 7.1 | 5.0 |
| Diluted EPS (US$) | 4.81 | 6.68 | 7.24 | 10.15 | 8.69 | 18.99 | 23.28 | 34.63 | 25.62 | 18.50 |
| Diluted shares (millions) | 317 | 323 | 327 | 321 | 317 | 314 | 306 | 294 | 277 | 272 |
| Cash flow | ||||||||||
| Cash from operations | 3.8 | 2.2 | 1.8 | 3.4 | 7.5 | 7.7 | 4.7 | 8.6 | 9.2 | 7.5 |
| Capital expenditure | 0.6 | 0.6 | 0.9 | 1.1 | 0.8 | 0.8 | 1.1 | 1.5 | 1.6 | 1.4 |
| Free cash flow | 3.1 | 1.6 | 0.9 | 2.3 | 6.7 | 6.9 | 3.6 | 7.1 | 7.6 | 6.1 |
| Dividends paid | 0.8 | 0.8 | 0.8 | 0.9 | 1.0 | 1.0 | 1.3 | 1.4 | 1.6 | 1.7 |
| Share buybacks | 0.2 | 0.0 | 1.0 | 1.3 | 0.8 | 2.5 | 3.6 | 7.2 | 4.0 | 1.1 |
| Acquisitions | 0.2 | 0.3 | 5.2 | 0.0 | 0.1 | 0.2 | 0.5 | 0.1 | 0.0 | 0.1 |
| Stock-based compensation | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 4.3 | 9.3 | 3.9 | 3.9 | 7.1 | 8.0 | 4.8 | 7.5 | 7.3 | 8.3 |
| Debt incl. finance leases | — | 25.9 | 27.2 | 30.2 | 32.8 | 32.9 | — | — | — | — |
| Total assets | 58.0 | 65.8 | 70.1 | 73.0 | 75.1 | 84.1 | 90.0 | 104.1 | 107.3 | 106.0 |
| Total liabilities | 51.4 | 56.2 | 58.8 | 61.6 | 62.1 | 65.7 | 69.7 | 82.2 | 84.4 | 80.0 |
| Shareholders' equity | 6.5 | 9.6 | 11.3 | 11.4 | 12.9 | 18.4 | 20.3 | 21.8 | 22.8 | 25.9 |
| Margins and ratios | ||||||||||
| Gross margin | 31.5% | 33.0% | — | — | — | — | — | — | — | — |
| Operating margin | 9.7% | 12.0% | 12.0% | 11.2% | 12.1% | 18.2% | 18.1% | 21.2% | 17.5% | — |
| Net margin | 5.7% | 7.3% | 6.3% | 8.3% | 7.7% | 13.5% | 13.6% | 16.6% | 13.7% | 11.0% |
| Free cash flow margin | 11.7% | 5.4% | 2.5% | 5.8% | 18.8% | 15.6% | 6.8% | 11.6% | 14.7% | 13.3% |
| Return on capital | — | — | 8.5% | 9.7% | 8.1% | 15.3% | — | — | — | — |
| Return on equity | 23.0% | 26.9% | 22.7% | 28.7% | 22.6% | 38.0% | 36.9% | 48.4% | 31.8% | 20.6% |
| Return on assets | 2.6% | 3.5% | 3.5% | 4.5% | 3.7% | 7.5% | 8.2% | 10.5% | 6.7% | 4.7% |
| Net debt to EBITDA | — | 3.1x | 3.6x | 4.1x | 4.0x | 2.5x | — | — | — | — |