Deere vs Lindsay
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The short version
- Deere is the larger business, with $45.7B of revenue in fiscal 2025 against $636M for Lindsay, about 72 times as much.
- Lindsay grew revenue faster (−6.0%, against −11.7%).
- Deere turned more of its sales into free cash flow (13.4% FCF margin, against 5.5%).
| Latest fiscal year | DE · FY25 | LNN · FY26 |
|---|---|---|
| Size | ||
| Market cap | $174.9B | $1.1B |
| Revenue | $45.7B | $636M |
| Free cash flow | $6.1B | $34.8M |
| Net income | $5.0B | $55.7M |
| Growth | ||
| Revenue growth | −11.7% | −6.0% |
| 5-year growth | 5.2% | 2.3% |
| Share count change | −2.0% | −4.4% |
| Profitability | ||
| Gross margin | — | 28.9% |
| Operating margin | — | 10.5% |
| Net margin | 11.0% | 8.8% |
| FCF margin | 13.4% | 5.5% |
| Return on capital | — | 11.9% |
| Return on equity | 20.6% | 10.7% |
| Balance sheet | ||
| Net debt | — | −$74.8M |
| Net debt / EBITDA | — | −0.8x |
| Dividends and buybacks | $2.9B | $96.1M |
| Valuation & quality | ||
| P/E | 35.9x | — |
| Piotroski F-score | — | 5 |
Revenue
FY17
DE $29.7B
LNN $518M
FY18
DE $37.4B
LNN $548M
FY19
DE $39.3B
LNN $444M
FY20
DE $35.5B
LNN $475M
FY21
DE $44.0B
LNN $568M
FY22
DE $52.6B
LNN $771M
FY23
DE $61.3B
LNN $674M
FY24
DE $51.7B
LNN $607M
FY25
DE $45.7B
LNN $676M
FY26
DE —
LNN $636M
DE
LNN
Operating margin
FY17
DE 12.0%
LNN 7.9%
FY18
DE 12.0%
LNN 7.1%
FY19
DE 11.3%
LNN 1.4%
FY20
DE 12.1%
LNN 11.4%
FY21
DE 18.2%
LNN 9.5%
FY22
DE 18.1%
LNN 12.3%
FY23
DE 21.2%
LNN 15.2%
FY24
DE 17.5%
LNN 12.6%
FY25
DE —
LNN 13.0%
FY26
DE —
LNN 10.5%
DE
LNN
Free cash flow
FY17
DE $1.6B
LNN $30.6M
FY18
DE $926M
LNN $22.9M
FY19
DE $2.3B
LNN −$19.4M
FY20
DE $6.7B
LNN $24.6M
FY21
DE $6.9B
LNN $17.5M
FY22
DE $3.6B
LNN −$12.6M
FY23
DE $7.1B
LNN $101M
FY24
DE $7.6B
LNN $66.8M
FY25
DE $6.1B
LNN $90.4M
FY26
DE —
LNN $34.8M
DE
LNN
Return on capital
FY17
DE —
LNN 9.9%
FY18
DE 8.5%
LNN 9.4%
FY19
DE 9.7%
LNN 2.5%
FY20
DE 8.1%
LNN 16.1%
FY21
DE 15.3%
LNN 15.7%
FY22
DE —
LNN 20.1%
FY23
DE —
LNN 18.5%
FY24
DE —
LNN 15.8%
FY25
DE —
LNN 17.2%
FY26
DE —
LNN 11.9%
DE
LNN
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.