Adecoagro S.A.
AGRO NYSE Agricultural Production-Crops Financials FY2016–FY2025
Last close · Oct 23, 2026
$10.12
3.0%
Revenue
Total sales reported in the income statement.
$1.4B
6.0%
vs prior year
Operating margin
Operating income as a share of revenue.
6.6%
5.4 pts
Net income
Profit after all expenses, interest and tax.
−$8.3M
109.0%
Free cash flow
Cash from operations minus capital spending.
$44.4M
34.8%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
2.6%
6.8 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.0B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.08 EPS (TTM)
What Adecoagro S.A. does
No business description yet.
- Legal name
- Adecoagro S.A.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Apr 29, 2026
- Accession · CIK
- 0001499505-26-000069
0001499505
Revenue and margins
Adecoagro S.A. had $1.4B of revenue in fiscal 2025, down 6.0% on the year before.
FY16
Revenue $869M
FY17
Revenue $933M
FY18
Revenue $793M
FY19
Revenue $887M
FY20
Revenue $818M
FY21
Revenue $1.1B
FY22
Revenue $1.3B
FY23
Revenue $1.3B
FY24
Revenue $1.5B
FY25
Revenue $1.4B
Q3 '24
Revenue $471M
Q4 '24
Revenue $374M
Q3 '25
Revenue $304M
Q4 '25
Revenue $416M
FY16
Gross 35.7%
Operating 21.2%
Net 1.3%
FCF 14.2%
FY17
Gross 25.6%
Operating 13.9%
Net 1.4%
FCF 4.1%
FY18
Gross 25.0%
Operating 19.7%
Net −3.1%
FCF 1.4%
FY19
Gross 32.3%
Operating 13.7%
Net −0.1%
FCF 7.9%
FY20
Gross 41.0%
Operating 23.1%
Net 0.1%
FCF 10.8%
FY21
Gross 43.1%
Operating 24.7%
Net 11.6%
FCF 13.3%
FY22
Gross 34.5%
Operating 18.5%
Net 8.0%
FCF 11.3%
FY23
Gross 32.0%
Operating 18.6%
Net 17.4%
FCF 14.9%
FY24
Gross 28.6%
Operating 12.0%
Net 6.1%
FCF 4.5%
FY25
Gross 24.6%
Operating 6.6%
Net −0.6%
FCF 3.1%
Gross
Operating
Net
FCF
Q3 '24
Gross 25.1%
Operating 6.3%
Net 4.0%
FCF —
Q4 '24
Gross 23.8%
Operating 12.7%
Net 4.4%
FCF 28.4%
Q3 '25
Gross 35.1%
Operating 18.7%
Net 2.1%
FCF —
Q4 '25
Gross 23.0%
Operating 6.8%
Net −3.7%
FCF 23.0%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $11.6M
FY17
Net income $13.2M
FY18
Net income −$24.6M
FY19
Net income −$0.8M
FY20
Net income $0.4M
FY21
Net income $131M
FY22
Net income $108M
FY23
Net income $226M
FY24
Net income $92.3M
FY25
Net income −$8.3M
Q3 '24
Net income $19.1M
Q4 '24
Net income $16.4M
Q3 '25
Net income $6.5M
Q4 '25
Net income −$15.4M
FY16
Diluted EPS $0.09
FY17
Diluted EPS $0.11
FY18
Diluted EPS −$0.21
FY19
Diluted EPS −$0.01
FY20
Diluted EPS $0.00
FY21
Diluted EPS $1.13
FY22
Diluted EPS $0.98
FY23
Diluted EPS $2.11
FY24
Diluted EPS $0.90
FY25
Diluted EPS −$0.08
Q3 '24
Diluted EPS $0.19
Q4 '24
Diluted EPS —
Q3 '25
Diluted EPS $0.07
Q4 '25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 10.2%
Return on equity 1.7%
Return on assets 0.8%
FY17
Return on capital 10.6%
Return on equity 1.9%
Return on assets 0.8%
FY18
Return on capital 7.5%
Return on equity −2.8%
Return on assets −1.3%
FY19
Return on capital 4.7%
Return on equity −0.1%
Return on assets −0.0%
FY20
Return on capital 7.9%
Return on equity 0.0%
Return on assets 0.0%
FY21
Return on capital 12.8%
Return on equity 13.5%
Return on assets 5.2%
FY22
Return on capital 10.5%
Return on equity 10.1%
Return on assets 3.8%
FY23
Return on capital 10.0%
Return on equity 19.2%
Return on assets 7.2%
FY24
Return on capital 9.4%
Return on equity 7.1%
Return on assets 2.9%
FY25
Return on capital 2.6%
Return on equity −0.6%
Return on assets −0.2%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $44.4M in fiscal 2025, 3.1% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $123M
FY17
Free cash flow $38.6M
FY18
Free cash flow $11.4M
FY19
Free cash flow $69.7M
FY20
Free cash flow $88.6M
FY21
Free cash flow $149M
FY22
Free cash flow $152M
FY23
Free cash flow $193M
FY24
Free cash flow $68.1M
FY25
Free cash flow $44.4M
Q3 '24
Free cash flow —
Q4 '24
Free cash flow $106M
Q3 '25
Free cash flow —
Q4 '25
Free cash flow $95.6M
FY16
Cash from operations $255M
Capital spending $132M
FY17
Cash from operations $237M
Capital spending $199M
FY18
Cash from operations $219M
Capital spending $207M
FY19
Cash from operations $322M
Capital spending $252M
FY20
Cash from operations $257M
Capital spending $169M
FY21
Cash from operations $349M
Capital spending $199M
FY22
Cash from operations $370M
Capital spending $218M
FY23
Cash from operations $435M
Capital spending $242M
FY24
Cash from operations $328M
Capital spending $260M
FY25
Cash from operations $309M
Capital spending $264M
Cash from operations
Capital spending
Q3 '24
Cash from operations —
Capital spending —
Q4 '24
Cash from operations $163M
Capital spending $57.1M
Q3 '25
Cash from operations —
Capital spending —
Q4 '25
Cash from operations $170M
Capital spending $74.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
Adecoagro S.A. returned $45.2M to shareholders in fiscal 2025, 102% of free cash flow. The diluted share count fell 0.6%.
FY16
Dividends —
Buybacks $4.8M
FY17
Dividends $2.9M
Buybacks $38.4M
FY18
Dividends $0.4M
Buybacks $15.7M
FY19
Dividends $0.5M
Buybacks $4.3M
FY20
Dividends $0.0M
Buybacks $4.4M
FY21
Dividends $0.0M
Buybacks $66.5M
FY22
Dividends $35.0M
Buybacks $36.8M
FY23
Dividends $35.0M
Buybacks $26.2M
FY24
Dividends $35.0M
Buybacks $66.9M
FY25
Dividends $35.0M
Buybacks $10.2M
Dividends
Buybacks
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends $17.5M
Buybacks $8.6M
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends $17.5M
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares 0.12B
FY17
Diluted shares 0.12B
FY18
Diluted shares 0.12B
FY19
Diluted shares 0.12B
FY20
Diluted shares 0.12B
FY21
Diluted shares 0.12B
FY22
Diluted shares 0.11B
FY23
Diluted shares 0.11B
FY24
Diluted shares 0.10B
FY25
Diluted shares 0.10B
Balance sheet
Cash, debt and the ratios that show how comfortably Adecoagro S.A. can carry it.
FY16
Cash $159M
Debt $635M
FY17
Cash $269M
Debt $818M
FY18
Cash $274M
Debt $862M
FY19
Cash $290M
Debt $968M
FY20
Cash $336M
Debt $971M
FY21
Cash $200M
Debt $818M
FY22
Cash $231M
Debt $1.0B
FY23
Cash $340M
Debt $905M
FY24
Cash $211M
Debt $780M
FY25
Cash $383M
Debt $1.6B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $200M | $231M | $340M | $211M | $383M |
| Debt incl. finance leases | $818M | $1.0B | $905M | $780M | $1.6B |
| Net debt / EBITDA | 1.5x | 1.9x | 1.4x | 1.5x | 4.6x |
| Debt / equity | 0.8x | 0.9x | 0.7x | 0.6x | 1.0x |
| Interest coverage | 4.4x | 5.0x | 7.6x | 4.5x | 1.3x |
| Current ratio | 2.1x | 1.7x | 2.1x | 2.5x | 1.4x |
| Quick ratio | 1.5x | 1.2x | 1.6x | 1.8x | 1.1x |
| Total assets | $2.6B | $3.1B | $3.2B | $3.1B | $5.2B |
| Total liabilities | $1.5B | $1.9B | $1.9B | $1.7B | $3.5B |
| Shareholders' equity | $1.0B | $1.1B | $1.2B | $1.4B | $1.7B |
| Net debt (− = net cash) | $618M | $777M | $565M | $568M | $1.2B |
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
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | 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 | — / 3 | 6 / 9 | 4 / 9 | 5 / 9 | 7 / 9 | 8 / 9 | 4 / 9 | 7 / 9 | 7 / 9 | 3 / 9 |
| Accruals ratio | −16.3% | −14.3% | −12.4% | −13.5% | −10.3% | −8.6% | −9.2% | −6.7% | −7.5% | −7.6% |
| Altman Z'' | 3.00 | 3.10 | 2.86 | 1.78 | 2.24 | 2.59 | 2.23 | 2.79 | 3.07 | 1.43 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $869M | $933M | $793M | $887M | $818M | $1.1B | $1.3B | $1.3B | $1.5B | $1.4B |
| Gross profit | $310M | $239M | $199M | $286M | $336M | $484M | $466M | $415M | $435M | $351M |
| Operating income | $185M | $130M | $156M | $121M | $189M | $278M | $250M | $242M | $182M | $94.3M |
| Interest expense | $48.2M | $52.3M | $47.3M | $60.1M | $58.3M | $62.5M | $50.0M | $31.9M | $40.9M | $72.5M |
| Pretax income | $27.2M | $10.0M | −$24.3M | $21.2M | $13.4M | $175M | $135M | $305M | $35.1M | −$6.9M |
| Income tax | $12.9M | −$5.0M | −$1.0M | $20.8M | $12.3M | $43.8M | $26.8M | $78.7M | −$57.0M | −$0.2M |
| Net income | $11.6M | $13.2M | −$24.6M | −$0.8M | $0.4M | $131M | $108M | $226M | $92.3M | −$8.3M |
| Net income to common | $11.6M | $13.2M | −$24.6M | −$0.8M | $0.4M | $131M | $108M | $226M | $92.3M | −$8.3M |
| Diluted EPS | $0.09 | $0.11 | −$0.21 | −$0.01 | $0.00 | $1.13 | $0.98 | $2.11 | $0.90 | −$0.08 |
| Diluted shares | 0.12B | 0.12B | 0.12B | 0.12B | 0.12B | 0.12B | 0.11B | 0.11B | 0.10B | 0.10B |
| Cash flow | ||||||||||
| Cash from operations | $255M | $237M | $219M | $322M | $257M | $349M | $370M | $435M | $328M | $309M |
| Capital expenditure | $132M | $199M | $207M | $252M | $169M | $199M | $218M | $242M | $260M | $264M |
| Free cash flow | $123M | $38.6M | $11.4M | $69.7M | $88.6M | $149M | $152M | $193M | $68.1M | $44.4M |
| Depreciation and amortization | $109M | $127M | $128M | $141M | $114M | $135M | $156M | $158M | $189M | $171M |
| Stock-based compensation | $4.8M | $5.6M | $4.7M | $4.7M | $4.3M | $6.4M | $10.2M | $8.6M | $6.7M | $11.9M |
| Share buybacks | $4.8M | $38.4M | $15.7M | $4.3M | $4.4M | $66.5M | $36.8M | $26.2M | $66.9M | $10.2M |
| Dividends paid | — | $2.9M | $0.4M | $0.5M | $0.0M | $0.0M | $35.0M | $35.0M | $35.0M | $35.0M |
| Dividends and buybacks | $4.8M | $41.2M | $16.1M | $4.8M | $4.4M | $66.5M | $71.8M | $61.2M | $102M | $45.2M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $159M | $269M | $274M | $290M | $336M | $200M | $231M | $340M | $211M | $383M |
| Total debt | $635M | $818M | $862M | $968M | $971M | $818M | $1.0B | $905M | $780M | $1.6B |
| Current assets | $568M | $689M | $661M | $649M | $767M | $762M | $1.0B | $1.1B | $1.0B | $1.4B |
| Current liabilities | $332M | $282M | $278M | $364M | $359M | $357M | $611M | $494M | $400M | $1.0B |
| Inventory | $112M | $109M | $128M | $113M | $133M | $240M | $274M | $256M | $290M | $306M |
| Property and equipment, net | $815M | $831M | $1.5B | $1.5B | $1.4B | $1.4B | $1.6B | $1.5B | $1.5B | $3.0B |
| Goodwill | $13.4M | $12.4M | — | — | — | — | — | — | — | — |
| Total assets | $1.5B | $1.6B | $2.3B | $2.5B | $2.5B | $2.6B | $3.1B | $3.2B | $3.1B | $5.2B |
| Total liabilities | $784M | $962M | $1.2B | $1.5B | $1.5B | $1.5B | $1.9B | $1.9B | $1.7B | $3.5B |
| Shareholders' equity | $700M | $674M | $1.1B | $988M | $925M | $1.0B | $1.1B | $1.2B | $1.4B | $1.7B |
| Margins | ||||||||||
| Gross margin | 35.7% | 25.6% | 25.0% | 32.3% | 41.0% | 43.1% | 34.5% | 32.0% | 28.6% | 24.6% |
| Operating margin | 21.2% | 13.9% | 19.7% | 13.7% | 23.1% | 24.7% | 18.5% | 18.6% | 12.0% | 6.6% |
| EBITDA margin | 33.8% | 27.5% | 35.8% | 29.5% | 37.1% | 36.7% | 30.1% | 30.8% | 24.5% | 18.6% |
| Net margin | 1.3% | 1.4% | −3.1% | −0.1% | 0.1% | 11.6% | 8.0% | 17.4% | 6.1% | −0.6% |
| FCF margin | 14.2% | 4.1% | 1.4% | 7.9% | 10.8% | 13.3% | 11.3% | 14.9% | 4.5% | 3.1% |
| Returns | ||||||||||
| Return on capital | 10.2% | 10.6% | 7.5% | 4.7% | 7.9% | 12.8% | 10.5% | 10.0% | 9.4% | 2.6% |
| Return on capital employed | 15.9% | 9.5% | 7.8% | 5.6% | 8.9% | 12.5% | 10.0% | 9.0% | 6.7% | 2.2% |
| Return on equity | 1.7% | 1.9% | −2.8% | −0.1% | 0.0% | 13.5% | 10.1% | 19.2% | 7.1% | −0.6% |
| Return on assets | 0.8% | 0.8% | −1.3% | −0.0% | 0.0% | 5.2% | 3.8% | 7.2% | 2.9% | −0.2% |
| Return on tangible equity | 1.7% | 2.0% | −2.3% | −0.1% | 0.0% | 12.9% | 9.6% | 18.4% | 6.7% | −0.5% |
| Growth | ||||||||||
| Revenue growth | — | 7.4% | −15.0% | 11.8% | −7.8% | 37.5% | 19.9% | −3.6% | 16.9% | −6.0% |
| Net income growth | — | 14.1% | −286.6% | — | — | 31,615.8% | −17.2% | 109.3% | −59.2% | −109.0% |
| EPS growth | — | 14.9% | −295.4% | — | — | 37,566.7% | −13.4% | 115.0% | −57.4% | −109.2% |
| FCF growth | — | −68.7% | −70.3% | 508.7% | 27.2% | 68.6% | 1.9% | 27.0% | −64.8% | −34.8% |
| Share count change | — | −0.7% | −3.6% | 0.1% | −0.2% | −1.8% | −4.5% | −2.7% | −4.1% | −0.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.6x | 2.1x | 2.1x | 2.6x | 2.1x | 1.5x | 1.9x | 1.4x | 1.5x | 4.6x |
| Debt / equity | 0.9x | 1.2x | 0.8x | 1.0x | 1.0x | 0.8x | 0.9x | 0.7x | 0.6x | 1.0x |
| Interest coverage | 3.8x | 2.5x | 3.3x | 2.0x | 3.2x | 4.4x | 5.0x | 7.6x | 4.5x | 1.3x |
| Current ratio | 1.7x | 2.4x | 2.4x | 1.8x | 2.1x | 2.1x | 1.7x | 2.1x | 2.5x | 1.4x |
| Quick ratio | 1.4x | 2.1x | 1.9x | 1.5x | 1.8x | 1.5x | 1.2x | 1.6x | 1.8x | 1.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 15.2% | 21.3% | 26.1% | 28.5% | 20.6% | 17.7% | 16.2% | 18.6% | 17.1% | 18.5% |
| Stock comp / revenue | 0.6% | 0.6% | 0.6% | 0.5% | 0.5% | 0.6% | 0.8% | 0.7% | 0.4% | 0.8% |
| Payouts / FCF | 3.9% | 106.9% | 141.0% | 6.8% | 4.9% | 44.5% | 47.2% | 31.7% | 149.6% | 101.8% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 6.0 | 4.0 | 5.0 | 7.0 | 8.0 | 4.0 | 7.0 | 7.0 | 3.0 |
| Altman Z'' | 3.0 | 3.1 | 2.9 | 1.8 | 2.2 | 2.6 | 2.2 | 2.8 | 3.1 | 1.4 |
| Accruals ratio | −16.3% | −14.3% | −12.4% | −13.5% | −10.3% | −8.6% | −9.2% | −6.7% | −7.5% | −7.6% |
Source: SEC EDGAR XBRL filings (CIK 0001499505). Data updated October 24, 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.