CNH Industrial vs Deere
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KIRA’s take AI analyst
I put CNH Industrial and Deere side by side, using each one’s latest annual report. Here is what stands out:
- Deere is the larger business, with $45.7B of revenue in fiscal 2025 against $18.1B for CNH Industrial, about 2.5 times as much.
- CNH Industrial grew revenue faster (−8.8%, against −11.7%).
- Investors pay more for each dollar of CNH Industrial’s earnings: a P/E of 45.0x against 35.6x for Deere.
Who comes out ahead
Of the 5 measures where higher (or lower) is clearly better, how many each company leads.
CNH Industrial
CNH
1/5
Revenue growth
Deere
DE
4/5
5-year growthNet marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | CNH FY25 | DE FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.0B | $173.6B |
| Revenue | $18.1B | $45.7B |
| Free cash flow | — | $6.1B |
| Net income | $510M | $5.0B |
| Growth | ||
| Revenue growth | −8.8% | −11.7% |
| 5-year growth | 4.1% | 5.2% |
| Share count change | −0.7% | −2.0% |
| Profitability | ||
| Gross margin | 31.5% | — |
| Operating margin | — | — |
| Net margin | 2.8% | 11.0% |
| FCF margin | — | 13.4% |
| Return on capital | 4.6% | — |
| Return on equity | 6.6% | 20.6% |
| Balance sheet | ||
| Net debt | $24.2B | — |
| Net debt / EBITDA | 9.6x | — |
| Dividends and buybacks | $333M | $2.9B |
| Valuation & quality | ||
| P/E | 45.0x | 35.6x |
| Piotroski F-score | — | — |
Ten years
Revenue
FY16
CNH $25.1B
DE $26.6B
FY17
CNH $27.7B
DE $29.7B
FY18
CNH $29.7B
DE $37.4B
FY19
CNH $28.1B
DE $39.3B
FY20
CNH $14.8B
DE $35.5B
FY21
CNH $19.5B
DE $44.0B
FY22
CNH $23.6B
DE $52.6B
FY23
CNH $24.7B
DE $61.3B
FY24
CNH $19.8B
DE $51.7B
FY25
CNH $18.1B
DE $45.7B
CNH
DE
Operating margin
FY16
CNH 5.8%
DE 9.7%
FY17
CNH 6.0%
DE 12.0%
FY18
CNH —
DE 12.0%
FY19
CNH —
DE 11.3%
FY20
CNH —
DE 12.1%
FY21
CNH —
DE 18.2%
FY22
CNH —
DE 18.1%
FY23
CNH —
DE 21.2%
FY24
CNH —
DE 17.5%
FY25
CNH —
DE —
CNH
DE
Free cash flow
FY16
CNH —
DE $3.1B
FY17
CNH —
DE $1.6B
FY18
CNH —
DE $926M
FY19
CNH —
DE $2.3B
FY20
CNH —
DE $6.7B
FY21
CNH —
DE $6.9B
FY22
CNH —
DE $3.6B
FY23
CNH —
DE $7.1B
FY24
CNH —
DE $7.6B
FY25
CNH —
DE $6.1B
CNH
DE
Return on capital
FY16
CNH 4.6%
DE —
FY17
CNH 3.4%
DE —
FY18
CNH 6.6%
DE 8.5%
FY19
CNH 7.8%
DE 9.7%
FY20
CNH 1.6%
DE 8.1%
FY21
CNH 9.8%
DE 15.3%
FY22
CNH 10.2%
DE —
FY23
CNH 11.2%
DE —
FY24
CNH 7.5%
DE —
FY25
CNH 4.6%
DE —
CNH
DE
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.