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Andersons

ANDE Nasdaq Food Distributors Financials FY2016–FY2025

Andersons' revenue fell 2.2% to $11.0 billion in fiscal 2025. Its net margin was 0.9%, down from 1.0% a year earlier. Free cash flow was −$56 million, against $182 million a year earlier. It paid out $42 million in dividends and buybacks.

Last close · Oct 23, 2026

$64.93

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$11.0B
2.2% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$95.7M
16.1%
Free cash flow Cash from operations minus capital spending.
−$56.1M
130.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.3%
Market cap Last close times the latest diluted share count, so it is approximate.
$2.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
23.3x

What Andersons does

No business description yet.

Legal name
ANDERSONS, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000821026-26-000010
0000821026

Revenue and margins

Andersons had $11.0B of revenue in fiscal 2025, down 2.2% 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 23.7% 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 −$56.1M in fiscal 2025, −0.5% 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

Andersons returned $42.2M to shareholders in fiscal 2025. The diluted share count rose 0.0%.

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

Value Andersons 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 −$471M and divides by 34.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 23.3x · peers 36.2x · sector 24.7x.

Balance sheet

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

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $216M$115M$644M$562M$98.3M
Debt incl. finance leases $1.1B$775M—$620M$570M
Net debt / EBITDA 2.5x1.7x—0.2x1.5x
Debt / equity 1.1x0.7x—0.5x0.5x
Interest coverage 5.2x4.4x4.6x7.5x4.1x
Current ratio 1.4x1.4x1.7x1.7x1.4x
Quick ratio 0.6x0.7x1.0x0.9x0.6x
Total assets $4.6B$4.6B$3.9B$4.1B$3.7B
Total liabilities $3.3B$3.2B$2.3B$2.5B$2.4B
Shareholders' equity $1.1B$1.2B$1.3B$1.4B$1.2B
Net debt (− = net cash) $931M$660M—$57.9M$471M

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

$6.8M

3 insiders

Of sales under plans

97%

$6.7M

DateInsiderTradeSharesPriceValueFiling
Jul 22, 2026 Patrick E. BoweDirector Sold plan 3,534 $80.53 $0.3M Form 4
Jun 4, 2026 Anne G RexVP, Strategy, Planning and Dev Sold plan 1,827 $73.10 $0.1M Form 4
May 5, 2026 Patrick E. BoweDirector Sold plan 16,466 $80.76 $1.3M Form 4
Apr 30, 2026 Patrick E. BoweDirector Sold plan 19,100 $78.31 $1.5M Form 4
Apr 29, 2026 Patrick E. BoweDirector Sold plan 900 $78.06 $0.1M Form 4
Apr 23, 2026 Patrick E. BoweDirector Sold plan 2,407 $76.67 $0.2M Form 4
Apr 22, 2026 Patrick E. BoweDirector Sold plan 12,093 $76.11 $0.9M Form 4
Apr 21, 2026 Patrick E. BoweDirector Sold plan 500 $76.01 $0.0M Form 4
Apr 6, 2026 Patrick E. BoweDirector Sold plan 15,000 $74.33 $1.1M Form 4
Mar 25, 2026 Patrick E. BoweDirector Sold plan 14,200 $72.78 $1.0M Form 4
Mar 24, 2026 Patrick E. BoweDirector Sold plan 800 $72.09 $0.1M Form 4
Mar 17, 2026 John T Stout JrDirector Sold 2,500 $70.30 $0.2M 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 — / 9— / 95 / 9
Accruals ratio −20.0%−5.5%−2.1%
Altman Z'' 3.803.593.03

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
Andersons ANDE $2.2B −2.2% — −0.5% 9.3% 23.3x 5
Chefs' Warehouse CHEF $4.9B 9.4% 3.5% 2.1% 8.5% 57.9x 8 Compare →
US Foods USFD $22.3B 4.1% 3.0% 2.4% 9.6% 31.1x 7 Compare →
Performance Food Group PFGC $14.9B 7.2% 1.3% 1.5% 5.7% 41.4x 5 Compare →
Sysco SYY $39.1B 3.9% 3.7% 2.3% 16.8% 22.2x 7 Compare →

10 years of figures

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

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.9B $3.7B $3.0B $8.0B $8.1B $12.6B $17.3B $14.8B $11.3B $11.0B
Gross profit $346M $319M $302M $461M $366M $593M $684M $745M $694M $714M
Interest expense $21.4M $24.0M $29.6M $43.4M $33.9M $38.2M $56.7M $47.0M $31.1M $46.0M
Pretax income $21.4M −$20.5M $53.2M $13.0M −$27.1M $161M $195M $170M $201M $142M
Income tax $6.9M −$63.1M $11.9M $9.1M −$10.9M $29.2M $39.6M $37.0M $30.1M $22.2M
Net income $11.6M $42.5M $41.5M $18.3M $7.7M $104M $131M $101M $114M $95.7M
Diluted EPS $0.41 $1.50 $1.46 $0.55 $0.23 $3.07 $3.81 $2.94 $3.32 $2.79
Diluted shares 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B
Cash flow
Cash from operations $39.6M $75.3M −$35.5M $349M −$74.4M −$51.0M $287M $947M $332M $177M
Capital expenditure $77.7M $34.6M $143M $165M $77.1M $75.8M $108M $150M $149M $233M
Free cash flow −$38.2M $40.7M −$178M $183M −$152M −$127M $179M $796M $182M −$56.1M
Depreciation and amortization $84.3M $86.4M $90.3M $146M $189M $179M $135M $125M $128M $133M
Stock-based compensation $7.0M $6.1M $6.6M $16.2M $10.2M $11.0M $11.2M $12.9M $13.6M $17.0M
Acquisitions $0.0M $3.5M $2.2M $103M $0.0M $11.4M $20.2M $24.7M $29.2M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $12.7M $1.7M $2.3M $15.4M
Dividends paid $17.4M $18.2M $18.6M $22.1M $23.0M $23.7M $24.6M $25.4M $26.3M $26.8M
Dividends and buybacks $17.4M $18.2M $18.6M $22.1M $23.0M $23.8M $37.3M $27.1M $28.6M $42.2M
Balance sheet
Cash and short-term investments $62.6M $34.9M $22.6M $54.9M $29.1M $216M $115M $644M $562M $98.3M
Total debt $445M $473M $723M $1.2B $1.4B $1.1B $765M — $608M $560M
Finance lease liabilities $0.0M $0.0M $0.0M $39.1M $25.1M $12.9M $10.0M $9.0M $11.5M $9.6M
Current assets $1.1B $999M $1.0B $1.9B $2.4B $3.4B $3.5B $2.8B $2.9B $2.4B
Current liabilities $800M $739M $833M $1.4B $1.9B $2.5B $2.5B $1.6B $1.7B $1.7B
Inventory $683M $649M $691M $1.2B $1.3B $1.8B $1.7B $1.2B $1.3B $1.4B
Property and equipment, net $450M $385M $477M $938M $860M $786M $763M $693M $868M $940M
Total assets $2.2B $2.2B $2.4B $3.9B $4.3B $4.6B $4.6B $3.9B $4.1B $3.7B
Total liabilities $1.4B $1.3B $1.5B $2.7B $3.1B $3.3B $3.2B $2.3B $2.5B $2.4B
Shareholders' equity $774M $815M $830M $974M $962M $1.1B $1.2B $1.3B $1.4B $1.2B
Margins
Gross margin 8.8% 8.7% 9.9% 5.8% 4.5% 4.7% 4.0% 5.1% 6.2% 6.5%
EBITDA margin 3.2% 2.4% 5.7% 2.5% 2.4% 3.0% 2.2% 2.3% 3.2% 2.9%
Net margin 0.3% 1.2% 1.4% 0.2% 0.1% 0.8% 0.8% 0.7% 1.0% 0.9%
FCF margin −1.0% 1.1% −5.9% 2.3% −1.9% −1.0% 1.0% 5.4% 1.6% −0.5%
Returns
Return on capital 2.5% 0.2% 4.5% 1.4% 0.2% 6.9% 9.3% — — 9.3%
Return on capital employed 3.0% 0.2% 5.6% 2.8% 0.3% 9.0% 12.0% 10.1% 10.1% 8.5%
Return on equity 1.5% 5.4% 5.0% 2.0% 0.8% 10.2% 11.5% 8.2% 8.6% 7.3%
Return on assets 0.5% 1.9% 1.8% 0.6% 0.2% 2.4% 2.9% 2.4% 2.9% 2.4%
Growth
Revenue growth 71,954.2% −6.1% −17.4% 162.8% 0.8% 56.4% 37.4% −14.9% −23.7% −2.2%
Net income growth — 266.7% −2.4% −55.9% −57.9% 1,248.7% 26.1% −22.8% 12.7% −16.1%
EPS growth — 265.9% −2.7% −62.3% −58.2% 1,234.8% 24.1% −22.8% 12.9% −16.0%
FCF growth −146.7% — −537.8% — −182.7% — — 345.3% −77.1% −130.8%
Share count change 0.5% −0.5% 0.6% 16.3% 0.3% 2.0% 1.7% −0.1% −0.2% 0.0%
Financial health
Net debt / EBITDA 3.0x 4.9x 4.1x 6.0x 6.9x 2.5x 1.7x — 0.2x 1.5x
Debt / equity 0.6x 0.6x 0.9x 1.3x 1.4x 1.1x 0.7x — 0.5x 0.5x
Interest coverage 2.0x 0.1x 2.8x 1.3x 0.2x 5.2x 4.4x 4.6x 7.5x 4.1x
Current ratio 1.3x 1.4x 1.2x 1.4x 1.3x 1.4x 1.4x 1.7x 1.7x 1.4x
Quick ratio 0.5x 0.5x 0.4x 0.5x 0.6x 0.6x 0.7x 1.0x 0.9x 0.6x
Capital allocation
Capex / revenue 2.0% 0.9% 4.7% 2.1% 1.0% 0.6% 0.6% 1.0% 1.3% 2.1%
Stock comp / revenue 0.2% 0.2% 0.2% 0.2% 0.1% 0.1% 0.1% 0.1% 0.1% 0.2%
Payouts / FCF — 44.6% — 12.1% — — 20.9% 3.4% 15.7% —
Quality scores
Piotroski F-score 7.0 6.0 3.0 5.0 2.0 6.0 7.0 — — 5.0
Altman Z'' 2.4 2.4 2.2 2.0 1.6 2.5 2.8 3.8 3.6 3.0
Accruals ratio −1.2% −1.5% 3.4% −10.5% 2.0% 3.5% −3.4% −20.0% −5.5% −2.1%

Source: SEC EDGAR XBRL filings (CIK 0000821026). Data updated October 20, 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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