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AGCO

AGCO NYSE Agricultural & Farm Machinery Financials FY2016–FY2025

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%.

Last close · Oct 23, 2026

$106.10

0.1%
Value it Compare
Revenue Total sales reported in the income statement.
$10.1B
13.5% vs prior year
Operating margin Operating income as a share of revenue.
5.9%
7.0 pts
Net income Profit after all expenses, interest and tax.
$727M
Free cash flow Cash from operations minus capital spending.
$740M
149.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
10.4%
12.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$7.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
14.7x
On $7.23 EPS (TTM)

What AGCO does

No business description yet.

Legal name
AGCO CORP /DE
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000880266-26-000010
0000880266

Revenue and margins

AGCO had $10.1B of revenue in fiscal 2025, down 13.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 19.5% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $740M in fiscal 2025, 7.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

AGCO returned $337M to shareholders in fiscal 2025, 45% of free cash flow. The diluted share count fell 0.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value AGCO 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 −$1.5B and divides by 74.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 14.7x · peers 32.0x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably AGCO can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $889M$790M$596M$613M$862M
Debt incl. finance leases $1.5B$1.5B$1.4B$2.6B$2.4B
Net debt / EBITDA 0.5x0.4x0.4x9.3x1.7x
Debt / equity 0.4x0.4x0.3x0.7x0.6x
Interest coverage 39.4x27.5x24.7x−1.0x4.9x
Current ratio 1.5x1.4x1.5x1.3x1.4x
Quick ratio 0.7x0.6x0.7x0.6x0.7x
Total assets $9.2B$10.1B$11.4B$11.2B$11.9B
Total liabilities $5.7B$6.2B$6.8B$7.1B$7.4B
Shareholders' equity $3.4B$3.9B$4.7B$3.7B$4.3B
Net debt (− = net cash) $625M$677M$790M$2.0B$1.5B

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

$0.1M

1 insider

Sold, 12 months

$110M

5 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 15, 2026 Ivory Marie HarrisSVP Chief HR Officer Sold 1,600 $125.30 $0.2M Form 4
Sep 4, 2026 Eric P HansotiaChairman, President and CEO, Director Sold 2,604 $129.75 $0.3M Form 4
Sep 4, 2026 Kelvin Eugene BennettSVP Engineering Sold 1,000 $132.89 $0.1M Form 4
Aug 14, 2026 Lange Bob DeDirector Bought 1,000 $100.71 $0.1M Form 4
Aug 6, 2026 Kelvin Eugene BennettSVP Engineering Sold 2,000 $102.27 $0.2M Form 4
Aug 5, 2026 Tractors & Farm Equipment Ltd10% owner Sold 492,418 $115.33 $56.8M Form 4
May 5, 2026 Mallika Srinivasan10% owner Sold 422,590 $123.28 $52.1M Form 4
Feb 17, 2026 Kelvin Eugene BennettSVP Engineering Sold 2,300 $137.04 $0.3M Form 4
Nov 10, 2025 Kelvin Eugene BennettSVP Engineering Sold 250 $104.28 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
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 8 / 93 / 98 / 9
Accruals ratio 0.6%−9.9%−2.3%
Altman Z'' 4.692.893.41

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
AGCO AGCO $7.6B −13.6% 5.9% 7.3% 10.4% 14.7x 8
CNH Industrial CNH $14.3B −8.8% — — 4.6% 46.0x — Compare →
Toro TTC $10.1B −1.6% 9.1% 12.8% 15.9% 28.1x 6 Compare →
Deere DE $174.9B −11.7% — 13.4% — 35.9x — Compare →
Lindsay LNN $1.1B −6.0% 10.5% 5.5% 11.9% 19.8x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $7.4B $8.3B $9.4B $9.0B $9.1B $11.1B $12.7B $14.4B $11.7B $10.1B
Gross profit $1.5B $1.8B $2.0B $2.0B $2.1B $2.6B $3.0B $3.8B $2.9B $2.6B
Research and development $298M $323M $355M $343M $343M $273M $315M $421M $381M $375M
Operating income $287M $404M $489M $348M $600M $1.0B $1.3B $1.7B −$122M $596M
Interest expense $65.4M $54.5M $61.9M $28.8M $24.9M $25.4M $46.0M $68.8M $126M $122M
Pretax income $205M $284M $360M $261M $562M $944M $1.1B $1.3B −$434M $602M
Income tax $92.2M $134M $111M $181M $188M $108M $297M $230M $98.4M −$77.4M
Net income $160M $186M $286M $125M $427M $897M $890M $1.2B −$425M $727M
Diluted EPS $1.96 $2.32 $3.58 $1.63 $5.65 $11.85 $11.87 $15.63 −$5.69 $9.75
Diluted shares 0.08B 0.08B 0.08B 0.08B 0.08B 0.08B 0.07B 0.07B 0.07B 0.07B
Cash flow
Cash from operations $370M $578M $596M $696M $897M $660M $838M $1.1B $690M $988M
Capital expenditure $201M $204M $203M $273M $270M $270M $388M $518M $393M $248M
Free cash flow $169M $374M $393M $423M $627M $390M $450M $585M $297M $740M
Depreciation and amortization $275M $280M $290M $272M $272M $282M $270M $288M $332M $328M
Stock-based compensation $18.1M $38.2M $46.3M $41.3M $37.6M $27.4M $34.0M $46.4M $18.4M $28.4M
Acquisitions $384M $293M $0.0M $0.0M $2.8M $22.6M $111M $9.8M $1.9B $0.0M
Share buybacks $213M $0.0M $184M $130M $55.0M $135M $0.0M $53.0M $22.0M $250M
Dividends paid $42.5M $44.5M $47.1M $48.0M $48.0M $359M $404M $457M $273M $86.5M
Dividends and buybacks $255M $44.5M $231M $178M $103M $494M $404M $510M $295M $337M
Balance sheet
Cash and short-term investments $430M $368M $326M $433M $1.1B $889M $790M $596M $613M $862M
Total debt $1.7B $1.7B $1.5B $1.3B $1.6B $1.5B $1.5B $1.4B $2.6B $2.4B
Finance lease liabilities $0.0M $0.0M $0.0M $16.5M $12.8M $9.9M $6.1M $5.9M $5.6M $5.8M
Current assets $3.2B $3.6B $3.5B $3.7B $4.4B $5.0B $5.7B $6.3B $5.1B $5.2B
Current liabilities $2.1B $2.7B $2.8B $2.9B $3.4B $3.5B $4.1B $4.3B $3.8B $3.7B
Inventory $1.5B $1.9B $1.9B $2.1B $2.0B $2.6B $3.2B $3.4B $2.7B $2.7B
Property and equipment, net $1.4B $1.5B $1.4B $1.4B $1.5B $1.5B $1.6B $1.9B $1.8B $2.0B
Total assets $7.2B $8.0B $7.6B $7.8B $8.5B $9.2B $10.1B $11.4B $11.2B $11.9B
Total liabilities $4.3B $4.9B $4.6B $4.9B $5.5B $5.7B $6.2B $6.8B $7.1B $7.4B
Shareholders' equity $2.8B $3.0B $2.9B $2.9B $3.0B $3.4B $3.9B $4.7B $3.7B $4.3B
Margins
Gross margin 20.5% 21.3% 21.4% 22.0% 22.5% 23.1% 23.7% 26.2% 24.9% 25.5%
Operating margin 3.9% 4.9% 5.2% 3.9% 6.6% 9.0% 10.0% 11.8% −1.1% 5.9%
EBITDA margin 7.6% 8.2% 8.3% 6.9% 9.5% 11.5% 12.1% 13.8% 1.8% 9.2%
Net margin 2.2% 2.2% 3.1% 1.4% 4.7% 8.1% 7.0% 8.1% −3.6% 7.2%
FCF margin 2.3% 4.5% 4.2% 4.7% 6.9% 3.5% 3.6% 4.1% 2.5% 7.3%
Returns
Return on capital 4.1% 5.0% 7.9% 4.4% 10.9% 23.3% 21.5% 28.1% −1.7% 10.4%
Return on capital employed 6.2% 7.8% 9.6% 7.2% 12.0% 18.4% 21.6% 26.0% −1.7% 7.7%
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% 5.3% 10.1% 9.2% 10.9% −3.8% 6.3%
Growth
Revenue growth −0.8% 12.1% 12.6% −3.3% 1.2% 21.7% 13.6% 13.9% −19.1% −13.6%
Net income growth −39.9% 16.4% 53.2% −56.2% 241.1% 110.0% −0.8% 31.7% −136.3% —
EPS growth −36.0% 18.4% 54.3% −54.5% 246.6% 109.7% 0.2% 31.7% −136.4% —
FCF growth −46.1% 121.8% 5.1% 7.6% 48.3% −37.7% 15.2% 30.0% −49.3% 149.6%
Share count change −6.2% −1.8% −0.6% −3.4% −1.8% 0.1% −1.1% 0.0% −0.3% −0.3%
Financial health
Net debt / EBITDA 2.3x 2.0x 1.5x 1.5x 0.6x 0.5x 0.4x 0.4x 9.3x 1.7x
Debt / equity 0.6x 0.6x 0.5x 0.5x 0.6x 0.4x 0.4x 0.3x 0.7x 0.6x
Interest coverage 4.4x 7.4x 7.9x 12.1x 24.1x 39.4x 27.5x 24.7x −1.0x 4.9x
Current ratio 1.5x 1.4x 1.3x 1.3x 1.3x 1.5x 1.4x 1.5x 1.3x 1.4x
Quick ratio 0.8x 0.7x 0.6x 0.6x 0.7x 0.7x 0.6x 0.7x 0.6x 0.7x
Capital allocation
Capex / revenue 2.7% 2.5% 2.2% 3.0% 3.0% 2.4% 3.1% 3.6% 3.4% 2.5%
Stock comp / revenue 0.2% 0.5% 0.5% 0.5% 0.4% 0.3% 0.3% 0.3% 0.2% 0.3%
Payouts / FCF 151.3% 11.9% 58.9% 42.1% 16.4% 126.4% 89.9% 87.3% 99.5% 45.5%
Quality scores
Piotroski F-score 6.0 8.0 8.0 8.0 7.0 7.0 6.0 8.0 3.0 8.0
Altman Z'' 3.8 3.6 3.7 3.5 3.7 4.3 4.4 4.7 2.9 3.4
Accruals ratio −3.1% −5.2% −4.0% −7.4% −5.8% 2.7% 0.5% 0.6% −9.9% −2.3%

Source: SEC EDGAR XBRL filings (CIK 0000880266). Data updated October 11, 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.

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