Deere
DE NYSE Agricultural & Farm Machinery Financials FY2016–FY2025
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%.
About these figures. Deere tags its long-term borrowings with its own label, which the SEC's structured data leaves out, so debt and debt-based ratios are left blank. Operating margin for fiscal 2025 is blank: the 10-K's structured data doesn't include every figure it needs.
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.
- Legal name
- DEERE & CO
- Fiscal year ends
- November 2, 2025
- Latest annual report
- 10-K · Dec 18, 2025
- Accession · CIK
- 0001104659-25-122321
0000315189
Revenue and margins
Deere had $45.7B of revenue in fiscal 2025, down 11.7% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 16.1% 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 $6.1B in fiscal 2025, 13.4% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Deere returned $2.9B to shareholders in fiscal 2025, 47% of free cash flow. The diluted share count fell 2.0%.
Value Deere 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 — and divides by 271.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 35.9x · peers 23.9x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Deere can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $8.0B | $4.8B | $7.5B | $7.3B | $8.3B |
| Debt incl. finance leases | $32.9B | — | — | — | — |
| Net debt / EBITDA | 2.5x | — | — | — | — |
| Debt / equity | 1.8x | — | — | — | — |
| Interest coverage | 8.1x | 9.0x | 5.3x | 2.7x | 3.0x |
| Total assets | $84.1B | $90.0B | $104.1B | $107.3B | $106.0B |
| Total liabilities | $65.7B | $69.7B | $82.2B | $84.4B | $80.0B |
| Shareholders' equity | $18.4B | $20.3B | $21.8B | $22.8B | $26.0B |
| Net debt (− = net cash) | $24.9B | — | — | — | — |
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
$55.9M
3 insiders
Of sales under plans
100%
$55.9M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 31, 2026 | Ryan D CampbellPres WWC&F and Pwr Systems | Sold plan | 4,860 | $651.19 | $3.2M | Form 4 |
| Aug 24, 2026 | Ryan D CampbellPres WWC&F and Pwr Systems | Sold plan | 7,839 | $653.77 | $5.1M | Form 4 |
| Aug 21, 2026 | Ryan D CampbellPres WWC&F and Pwr Systems | Sold plan | 23,260 | $651.18 | $15.1M | Form 4 |
| Jan 14, 2026 | Cory J ReedPres, Life Sol Cust Sup & S.M. | Sold plan | 12,000 | $510.00 | $6.1M | Form 4 |
| Jan 8, 2026 | John C May IIChairman & CEO | Sold plan | 41,472 | $501.49 | $20.8M | Form 4 |
| Nov 25, 2025 | John C May IIChairman & CEO | Sold plan | 11,106 | $500.08 | $5.6M | 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 | — / 9 | — / 9 | — / 9 |
| Accruals ratio | 1.6% | −2.0% | −2.3% |
| Altman Z'' | — | — | — |
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 | |
|---|---|---|---|---|---|---|---|---|
| Deere DE | $174.9B | −11.7% | — | 13.4% | — | 35.9x | — | |
| CNH Industrial CNH | $14.3B | −8.8% | — | — | 4.6% | 46.0x | — | Compare → |
| AGCO AGCO | $7.6B | −13.6% | 5.9% | 7.3% | 10.4% | 14.7x | 8 | Compare → |
| Toro TTC | $10.1B | −1.6% | 9.1% | 12.8% | 15.9% | 28.1x | 6 | 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.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $26.6B | $29.7B | $37.4B | $39.3B | $35.5B | $44.0B | $52.6B | $61.3B | $51.7B | $45.7B |
| Gross profit | $8.4B | $9.8B | — | — | — | — | — | — | — | — |
| Research and development | $1.4B | $1.4B | $1.7B | $1.8B | $1.6B | $1.6B | $1.9B | $2.2B | $2.3B | $2.3B |
| Operating income | $2.6B | $3.6B | $4.5B | $4.4B | $4.3B | $8.0B | $9.5B | $13.0B | $9.0B | — |
| Interest expense | $764M | $899M | $1.2B | $1.5B | $1.2B | $993M | $1.1B | $2.5B | $3.3B | $3.2B |
| Pretax income | $2.2B | $3.2B | $4.1B | $4.1B | $3.9B | $7.6B | $9.1B | $13.0B | $9.2B | $6.3B |
| Income tax | $700M | $971M | $1.7B | $852M | $1.1B | $1.7B | $2.0B | $2.9B | $2.1B | $1.3B |
| Net income | $1.5B | $2.2B | $2.4B | $3.3B | $2.8B | $6.0B | $7.1B | $10.2B | $7.1B | $5.0B |
| Diluted EPS | $4.81 | $6.68 | $7.24 | $10.15 | $8.69 | $18.99 | $23.28 | $34.63 | $25.62 | $18.50 |
| Diluted shares | 0.32B | 0.32B | 0.33B | 0.32B | 0.32B | 0.31B | 0.31B | 0.29B | 0.28B | 0.27B |
| Cash flow | ||||||||||
| Cash from operations | $3.8B | $2.2B | $1.8B | $3.4B | $7.5B | $7.7B | $4.7B | $8.6B | $9.2B | $7.5B |
| Capital expenditure | $644M | $595M | $896M | $1.1B | $820M | $848M | $1.1B | $1.5B | $1.6B | $1.4B |
| Free cash flow | $3.1B | $1.6B | $926M | $2.3B | $6.7B | $6.9B | $3.6B | $7.1B | $7.6B | $6.1B |
| Depreciation and amortization | $1.6B | $1.7B | $1.9B | $2.0B | $2.1B | $2.1B | $1.9B | $2.0B | $2.1B | $2.2B |
| Stock-based compensation | $70.6M | $68.0M | $84.0M | $82.0M | $81.0M | $82.0M | $85.0M | $130M | $208M | $151M |
| Acquisitions | $199M | $284M | $5.2B | $0.0M | $66.0M | $244M | $498M | $82.0M | $0.0M | $101M |
| Share buybacks | $205M | $6.0M | $958M | $1.3B | $750M | $2.5B | $3.6B | $7.2B | $4.0B | $1.1B |
| Dividends paid | $761M | $764M | $806M | $943M | $956M | $1.0B | $1.3B | $1.4B | $1.6B | $1.7B |
| Dividends and buybacks | $967M | $770M | $1.8B | $2.2B | $1.7B | $3.6B | $4.9B | $8.6B | $5.6B | $2.9B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $4.3B | $9.3B | $3.9B | $3.9B | $7.1B | $8.0B | $4.8B | $7.5B | $7.3B | $8.3B |
| Total debt | — | $25.9B | $27.2B | $30.2B | $32.7B | $32.9B | — | — | — | — |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $60.0M | $61.0M | $51.0M | $74.0M | $105M | $112M |
| Inventory | $3.3B | $3.9B | $6.1B | $6.0B | $5.0B | $6.8B | $8.5B | $8.2B | $7.1B | $7.4B |
| Property and equipment, net | $5.2B | $5.1B | $5.9B | $6.0B | $5.8B | — | — | — | — | — |
| Total assets | $58.0B | $65.8B | $70.1B | $73.0B | $75.1B | $84.1B | $90.0B | $104.1B | $107.3B | $106.0B |
| Total liabilities | $51.4B | $56.2B | $58.8B | $61.6B | $62.1B | $65.7B | $69.7B | $82.2B | $84.4B | $80.0B |
| Shareholders' equity | $6.5B | $9.6B | $11.3B | $11.4B | $12.9B | $18.4B | $20.3B | $21.8B | $22.8B | $26.0B |
| Margins | ||||||||||
| Gross margin | 31.5% | 33.0% | — | — | — | — | — | — | — | — |
| Operating margin | 9.7% | 12.0% | 12.0% | 11.3% | 12.1% | 18.2% | 18.1% | 21.2% | 17.5% | — |
| EBITDA margin | 15.6% | 17.8% | 17.1% | 16.4% | 18.1% | 22.9% | 21.7% | 24.4% | 21.6% | 25.5% |
| Net margin | 5.7% | 7.3% | 6.3% | 8.3% | 7.7% | 13.5% | 13.6% | 16.6% | 13.7% | 11.0% |
| FCF margin | 11.7% | 5.4% | 2.5% | 5.8% | 18.8% | 15.6% | 6.8% | 11.6% | 14.7% | 13.4% |
| Returns | ||||||||||
| 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% | 4.6% | 3.7% | 7.5% | 8.2% | 10.5% | 6.7% | 4.7% |
| Growth | ||||||||||
| Revenue growth | −7.7% | 11.6% | 25.6% | 5.1% | −9.5% | 23.9% | 19.4% | 16.5% | −15.6% | −11.7% |
| Net income growth | −21.5% | 41.7% | 9.7% | 37.4% | −15.4% | 116.8% | 19.6% | 42.6% | −30.2% | −29.2% |
| EPS growth | −16.6% | 38.9% | 8.4% | 40.2% | −14.4% | 118.5% | 22.6% | 48.8% | −26.0% | −27.8% |
| FCF growth | 2.4% | −48.7% | −42.2% | 147.5% | 190.7% | 3.2% | −48.2% | 98.9% | 7.1% | −19.7% |
| Share count change | −5.8% | 2.1% | 1.2% | −2.1% | −1.3% | −0.8% | −2.5% | −4.2% | −5.6% | −2.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | 3.1x | 3.6x | 4.1x | 4.0x | 2.5x | — | — | — | — |
| Debt / equity | — | 2.7x | 2.4x | 2.7x | 2.5x | 1.8x | — | — | — | — |
| Interest coverage | 3.4x | 4.0x | 3.7x | 3.0x | 3.5x | 8.1x | 9.0x | 5.3x | 2.7x | 3.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.4% | 2.0% | 2.4% | 2.9% | 2.3% | 1.9% | 2.2% | 2.5% | 3.2% | 3.0% |
| Stock comp / revenue | 0.3% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | 0.4% | 0.3% |
| Payouts / FCF | 31.0% | 48.1% | 190.5% | 95.8% | 25.6% | 52.0% | 137.7% | 121.9% | 73.9% | 46.9% |
| Quality scores | ||||||||||
| Accruals ratio | −3.9% | −0.1% | 0.8% | −0.2% | −6.4% | −2.2% | 2.8% | 1.6% | −2.0% | −2.3% |
Source: SEC EDGAR XBRL filings (CIK 0000315189). 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.