Archer Daniels Midland
ADM NYSE Agricultural Products & Services Financials FY2016–FY2025
Archer Daniels Midland's revenue fell 6.2% to $80.3 billion in fiscal 2025. Its net margin was 1.3%, down from 2.1% a year earlier. Free cash flow was $4.2 billion, up 242.6%. It paid out $987 million in dividends and buybacks, 23% of free cash flow. The diluted share count fell 1.8%.
What Archer Daniels Midland does
ADM buys crops from farmers around the world and turns them into food ingredients, animal feed, fuels and industrial products. It buys, stores, ships and processes grains and oilseeds such as soybeans and corn, and makes items like vegetable oils, protein meals for livestock feed, sweeteners, starches, ethanol, flavors, colors and pet food ingredients. Its customers include food, beverage, feed, energy and industrial companies.
It reports three segments. Ag Services and Oilseeds handles crop trading, transport and storage and crushes oilseeds into oils and meals. Carbohydrate Solutions mills corn and wheat into sweeteners, starches, flour and ethanol. Nutrition makes ingredients and systems for people and animals. Soybeans made up 17% of 2025 revenue, corn 13% and soybean meal 11%. ADM also holds a 22.5% stake in Wilmar International, a Singapore-listed agribusiness group. It says it competes mainly on price, exchange rates, quality and global supply.
ADM spent $246 million on research and development in 2025. It owns trucks, rail cars, barges and ships to move its products, and buys raw materials from thousands of growers and merchants, mostly on short-term or spot terms.
- Legal name
- Archer-Daniels-Midland Co
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 17, 2026
- Accession · CIK
- 0000007084-26-000011
0000007084
Revenue and margins
Archer Daniels Midland had $80.3B of revenue in fiscal 2025, down 6.2% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 0.4% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $4.2B in fiscal 2025, 5.2% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Archer Daniels Midland returned $987M to shareholders in fiscal 2025, 23% of free cash flow. The diluted share count fell 1.8%.
Value Archer Daniels Midland yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$7.4B and divides by 484.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 22.0x · peers 19.6x · sector 24.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Archer Daniels Midland can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $943M | $1.0B | $1.4B | $611M | $1.0B |
| Debt incl. finance leases | $9.5B | $9.2B | $8.4B | $10.2B | $8.4B |
| Net debt / EBITDA | 1.9x | 1.2x | 1.2x | 2.3x | 2.4x |
| Debt / equity | 0.4x | 0.4x | 0.4x | 0.5x | 0.4x |
| Interest coverage | 13.5x | 14.2x | 7.6x | 4.2x | 3.1x |
| Current ratio | 1.5x | 1.5x | 1.6x | 1.4x | 1.4x |
| Quick ratio | 0.8x | 0.9x | 1.0x | 0.8x | 0.8x |
| Total assets | $56.1B | $59.8B | $54.6B | $53.3B | $52.4B |
| Total liabilities | $33.6B | $35.5B | $30.5B | $31.1B | $29.6B |
| Shareholders' equity | $22.5B | $24.3B | $24.1B | $22.2B | $22.7B |
| Net debt (− = net cash) | $8.6B | $8.1B | $7.0B | $9.5B | $7.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.5M
1 insider
Sold, 12 months
$10.1M
4 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Mar 13, 2026 | Christopher M CuddySenior Vice President | Sold | 35,000 | $73.50 | $2.6M | Form 4 |
| Mar 13, 2026 | Ian R PinnerSenior Vice President | Sold | 34,106 | $71.53 | $2.4M | Form 4 |
| Mar 10, 2026 | Gregory A MorrisSenior Vice President | Sold | 50,000 | $68.48 | $3.4M | Form 4 |
| Feb 17, 2026 | Jennifer L WeberSenior Vice President | Sold | 25,000 | $67.04 | $1.7M | Form 4 |
| Feb 5, 2026 | David R McAtee IIDirector | Bought | 7,500 | $64.90 | $0.5M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✓ |
| Current ratio rose | ✓ | ✕ | ✕ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✕ | ✕ |
| Revenue rose relative to assets | ✕ | ✕ | ✕ |
| F-score | 7 / 9 | 4 / 9 | 5 / 9 |
| Accruals ratio | −1.7% | −1.8% | −8.3% |
| Altman Z'' | 4.17 | 3.42 | 3.31 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Archer Daniels Midland ADM | $38.9B | −6.2% | — | 5.2% | 5.2% | 22.0x | 5 | |
| Bunge Global BG | $20.2B | 32.4% | — | −1.3% | 6.1% | 24.1x | 4 | Compare → |
| Dole DOLE | $1.3B | 8.2% | 2.4% | 0.0% | 6.3% | 25.4x | 6 | Compare → |
| Ingredion INGR | $6.1B | −2.8% | 14.1% | 7.1% | 16.0% | 10.4x | 8 | Compare → |
| Darling Ingredients DAR | $9.0B | 7.4% | 4.5% | 11.1% | 3.2% | 15.2x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $62.3B | $60.8B | $64.3B | $64.7B | $64.4B | $85.2B | $101.6B | $93.9B | $85.5B | $80.3B |
| Gross profit | $3.6B | $3.5B | $4.2B | $4.1B | $4.5B | $6.0B | $7.6B | $7.5B | $5.8B | $5.0B |
| Research and development | $123M | $129M | $141M | $154M | $160M | $171M | $216M | $256M | $269M | $246M |
| Interest expense | $293M | $330M | $364M | $402M | $339M | $265M | $396M | $647M | $706M | $612M |
| Pretax income | $1.8B | $1.6B | $2.1B | $1.6B | $1.9B | $3.3B | $5.2B | $4.3B | $2.3B | $1.3B |
| Income tax | $534M | $7.0M | $245M | $209M | $101M | $578M | $868M | $828M | $476M | $182M |
| Net income | $1.3B | $1.6B | $1.8B | $1.4B | $1.8B | $2.7B | $4.3B | $3.5B | $1.8B | $1.1B |
| Diluted EPS | $2.16 | $2.79 | $3.19 | $2.44 | $3.15 | $4.79 | $7.71 | $6.43 | $3.65 | $2.23 |
| Diluted shares | 0.59B | 0.57B | 0.57B | 0.57B | 0.57B | 0.57B | 0.56B | 0.54B | 0.49B | 0.48B |
| Cash flow | ||||||||||
| Cash from operations | −$6.5B | −$6.0B | −$4.8B | −$5.5B | −$2.4B | $6.6B | $3.5B | $4.5B | $2.8B | $5.5B |
| Capital expenditure | $882M | $1.0B | $842M | $828M | $823M | $1.2B | $1.3B | $1.5B | $1.6B | $1.2B |
| Free cash flow | −$7.4B | −$7.0B | −$5.6B | −$6.3B | −$3.2B | $5.4B | $2.2B | $3.0B | $1.2B | $4.2B |
| Depreciation and amortization | $900M | $924M | $941M | $993M | $976M | $996M | $1.0B | $1.1B | $1.1B | $1.2B |
| Stock-based compensation | $74.0M | $66.0M | $109M | $89.0M | $151M | $161M | $147M | $112M | $74.0M | $83.0M |
| Acquisitions | $130M | $187M | $464M | $1.9B | $15.0M | $1.6B | $22.0M | $23.0M | $927M | $108M |
| Share buybacks | $1.0B | $750M | $77.0M | $150M | $133M | $0.0M | $1.5B | $2.7B | $2.3B | $0.0M |
| Dividends paid | $701M | $730M | $758M | $789M | $809M | $834M | $899M | $977M | $985M | $987M |
| Dividends and buybacks | $1.7B | $1.5B | $835M | $939M | $942M | $834M | $2.3B | $3.7B | $3.3B | $987M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $619M | $804M | $2.0B | $852M | $666M | $943M | $1.0B | $1.4B | $611M | $1.0B |
| Total debt | $6.9B | $7.5B | $8.4B | $8.9B | $9.9B | $9.5B | $9.2B | $8.4B | $10.2B | $8.4B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $21.0B | $19.9B | $20.6B | $21.3B | $27.3B | $31.9B | $35.4B | $29.8B | $27.7B | $26.7B |
| Current liabilities | $13.2B | $12.6B | $11.8B | $13.7B | $18.2B | $21.9B | $24.2B | $18.7B | $19.9B | $19.5B |
| Inventory | $8.8B | $9.2B | $8.8B | $9.2B | $11.7B | $14.5B | $14.8B | $12.0B | $11.6B | $10.4B |
| Property and equipment, net | $9.8B | $10.1B | $10.0B | $10.1B | $9.8B | $9.8B | $9.9B | $10.5B | $10.8B | $11.2B |
| Total assets | $39.8B | $40.0B | $40.8B | $44.0B | $49.7B | $56.1B | $59.8B | $54.6B | $53.3B | $52.4B |
| Total liabilities | $22.6B | $21.6B | $21.8B | $24.8B | $29.7B | $33.6B | $35.5B | $30.5B | $31.1B | $29.6B |
| Shareholders' equity | $17.2B | $18.3B | $19.0B | $19.2B | $20.0B | $22.5B | $24.3B | $24.1B | $22.2B | $22.7B |
| Margins | ||||||||||
| Gross margin | 5.8% | 5.8% | 6.5% | 6.4% | 6.9% | 7.0% | 7.5% | 8.0% | 6.8% | 6.3% |
| EBITDA margin | 4.8% | 4.7% | 5.2% | 4.6% | 5.0% | 5.4% | 6.6% | 6.4% | 4.8% | 3.8% |
| Net margin | 2.1% | 2.6% | 2.8% | 2.1% | 2.8% | 3.2% | 4.3% | 3.7% | 2.1% | 1.3% |
| FCF margin | −11.9% | −11.5% | −8.7% | −9.7% | −5.0% | 6.4% | 2.1% | 3.2% | 1.4% | 5.2% |
| Returns | ||||||||||
| Return on capital | 6.5% | 8.0% | 8.5% | 6.6% | 7.4% | 9.8% | 14.8% | 12.5% | 7.4% | 5.2% |
| Return on capital employed | 7.9% | 7.2% | 8.6% | 6.7% | 7.2% | 10.9% | 16.1% | 13.8% | 8.6% | 5.6% |
| Return on equity | 7.3% | 9.0% | 9.7% | 7.2% | 9.0% | 12.7% | 18.5% | 14.4% | 7.8% | 4.8% |
| Return on assets | 3.2% | 4.0% | 4.5% | 3.3% | 3.8% | 5.1% | 7.5% | 6.1% | 3.3% | 2.0% |
| Growth | ||||||||||
| Revenue growth | −7.9% | −2.4% | 5.8% | 0.5% | −0.5% | 32.5% | 19.1% | −7.5% | −9.0% | −6.2% |
| Net income growth | −30.8% | 24.7% | 13.5% | −23.8% | 28.5% | 52.9% | 60.2% | −19.8% | −48.3% | −40.1% |
| EPS growth | −27.5% | 29.2% | 14.3% | −23.5% | 29.1% | 52.1% | 61.0% | −16.6% | −43.2% | −38.9% |
| FCF growth | −1,374.1% | — | — | — | — | — | −60.2% | 37.4% | −58.6% | 242.6% |
| Share count change | −4.8% | −3.2% | −0.9% | −0.4% | 0.0% | 0.2% | −0.5% | −3.7% | −9.0% | −1.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.1x | 2.3x | 1.9x | 2.7x | 2.9x | 1.9x | 1.2x | 1.2x | 2.3x | 2.4x |
| Debt / equity | 0.4x | 0.4x | 0.4x | 0.5x | 0.5x | 0.4x | 0.4x | 0.4x | 0.5x | 0.4x |
| Interest coverage | 7.2x | 5.9x | 6.7x | 5.0x | 6.6x | 13.5x | 14.2x | 7.6x | 4.2x | 3.1x |
| Current ratio | 1.6x | 1.6x | 1.8x | 1.6x | 1.5x | 1.5x | 1.5x | 1.6x | 1.4x | 1.4x |
| Quick ratio | 0.9x | 0.9x | 1.0x | 0.9x | 0.9x | 0.8x | 0.9x | 1.0x | 0.8x | 0.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.4% | 1.7% | 1.3% | 1.3% | 1.3% | 1.4% | 1.3% | 1.6% | 1.8% | 1.6% |
| Stock comp / revenue | 0.1% | 0.1% | 0.2% | 0.1% | 0.2% | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% |
| Payouts / FCF | — | — | — | — | — | 15.4% | 108.8% | 123.1% | 269.9% | 23.5% |
| Quality scores | ||||||||||
| Piotroski F-score | 3.0 | 3.0 | 6.0 | 2.0 | 4.0 | 7.0 | 8.0 | 7.0 | 4.0 | 5.0 |
| Altman Z'' | 3.9 | 3.9 | 4.2 | 3.7 | 3.5 | 3.6 | 3.9 | 4.2 | 3.4 | 3.3 |
| Accruals ratio | 19.5% | 19.0% | 16.3% | 16.1% | 8.9% | −7.3% | 1.5% | −1.7% | −1.8% | −8.3% |
Source: SEC EDGAR XBRL filings (CIK 0000007084). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.