AGCO vs CNH Industrial
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The short version
- CNH Industrial is the larger business, with $18.1B of revenue in fiscal 2025 against $10.1B for AGCO, about 1.8 times as much.
- CNH Industrial grew revenue faster (−8.8%, against −13.6%).
- AGCO earned a higher return on the capital invested in it (10.4%, against 4.6%).
- Investors pay more for each dollar of CNH Industrial’s earnings: a P/E of 46.0x against 14.7x for AGCO.
| Latest fiscal year | AGCO · FY25 | CNH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.6B | $14.3B |
| Revenue | $10.1B | $18.1B |
| Free cash flow | $740M | — |
| Net income | $727M | $510M |
| Growth | ||
| Revenue growth | −13.6% | −8.8% |
| 5-year growth | 2.0% | 4.1% |
| Share count change | −0.3% | −0.7% |
| Profitability | ||
| Gross margin | 25.5% | 31.5% |
| Operating margin | 5.9% | — |
| Net margin | 7.2% | 2.8% |
| FCF margin | 7.3% | — |
| Return on capital | 10.4% | 4.6% |
| Return on equity | 18.1% | 6.6% |
| Balance sheet | ||
| Net debt | $1.5B | $24.2B |
| Net debt / EBITDA | 1.7x | 9.6x |
| Dividends and buybacks | $337M | $333M |
| Valuation & quality | ||
| P/E | 14.7x | 46.0x |
| Piotroski F-score | 8 | — |
FY16
AGCO $7.4B
CNH $25.1B
FY17
AGCO $8.3B
CNH $27.7B
FY18
AGCO $9.4B
CNH $29.7B
FY19
AGCO $9.0B
CNH $28.1B
FY20
AGCO $9.1B
CNH $14.8B
FY21
AGCO $11.1B
CNH $19.5B
FY22
AGCO $12.7B
CNH $23.6B
FY23
AGCO $14.4B
CNH $24.7B
FY24
AGCO $11.7B
CNH $19.8B
FY25
AGCO $10.1B
CNH $18.1B
AGCO
CNH
FY16
AGCO 3.9%
CNH 5.8%
FY17
AGCO 4.9%
CNH 6.0%
FY18
AGCO 5.2%
CNH —
FY19
AGCO 3.9%
CNH —
FY20
AGCO 6.6%
CNH —
FY21
AGCO 9.0%
CNH —
FY22
AGCO 10.0%
CNH —
FY23
AGCO 11.8%
CNH —
FY24
AGCO −1.1%
CNH —
FY25
AGCO 5.9%
CNH —
AGCO
CNH
FY16
AGCO $169M
CNH —
FY17
AGCO $374M
CNH —
FY18
AGCO $393M
CNH —
FY19
AGCO $423M
CNH —
FY20
AGCO $627M
CNH —
FY21
AGCO $390M
CNH —
FY22
AGCO $450M
CNH —
FY23
AGCO $585M
CNH —
FY24
AGCO $297M
CNH —
FY25
AGCO $740M
CNH —
AGCO
CNH
FY16
AGCO 4.1%
CNH 4.6%
FY17
AGCO 5.0%
CNH 3.4%
FY18
AGCO 7.9%
CNH 6.6%
FY19
AGCO 4.4%
CNH 7.8%
FY20
AGCO 10.9%
CNH 1.6%
FY21
AGCO 23.3%
CNH 9.8%
FY22
AGCO 21.5%
CNH 10.2%
FY23
AGCO 28.1%
CNH 11.2%
FY24
AGCO −1.7%
CNH 7.5%
FY25
AGCO 10.4%
CNH 4.6%
AGCO
CNH
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.