AGCO vs Toro
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The short version
- AGCO is the larger business, with $10.1B of revenue in fiscal 2025 against $4.5B for Toro, about 2.2 times as much.
- Toro grew revenue faster (−1.6%, against −13.6%).
- Toro kept more of each dollar of sales as operating profit (9.1% operating margin, against 5.9%).
- Toro turned more of its sales into free cash flow (12.8% FCF margin, against 7.3%).
- Toro earned a higher return on the capital invested in it (15.9%, against 10.4%).
- Investors pay more for each dollar of Toro’s earnings: a P/E of 28.1x against 14.7x for AGCO.
| Latest fiscal year | AGCO · FY25 | TTC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.6B | $10.1B |
| Revenue | $10.1B | $4.5B |
| Free cash flow | $740M | $578M |
| Net income | $727M | $316M |
| Growth | ||
| Revenue growth | −13.6% | −1.6% |
| 5-year growth | 2.0% | 6.0% |
| Share count change | −0.3% | −4.4% |
| Profitability | ||
| Gross margin | 25.5% | 33.4% |
| Operating margin | 5.9% | 9.1% |
| Net margin | 7.2% | 7.0% |
| FCF margin | 7.3% | 12.8% |
| Return on capital | 10.4% | 15.9% |
| Return on equity | 18.1% | 21.0% |
| Balance sheet | ||
| Net debt | $1.5B | $581M |
| Net debt / EBITDA | 1.7x | 1.1x |
| Dividends and buybacks | $337M | $441M |
| Valuation & quality | ||
| P/E | 14.7x | 28.1x |
| Piotroski F-score | 8 | 6 |
Revenue
FY16
AGCO $7.4B
TTC $2.4B
FY17
AGCO $8.3B
TTC $2.5B
FY18
AGCO $9.4B
TTC $2.6B
FY19
AGCO $9.0B
TTC $3.1B
FY20
AGCO $9.1B
TTC $3.4B
FY21
AGCO $11.1B
TTC $4.0B
FY22
AGCO $12.7B
TTC $4.5B
FY23
AGCO $14.4B
TTC $4.6B
FY24
AGCO $11.7B
TTC $4.6B
FY25
AGCO $10.1B
TTC $4.5B
AGCO
TTC
Operating margin
FY16
AGCO 3.9%
TTC 14.0%
FY17
AGCO 4.9%
TTC 14.2%
FY18
AGCO 5.2%
TTC 14.3%
FY19
AGCO 3.9%
TTC 10.4%
FY20
AGCO 6.6%
TTC 12.6%
FY21
AGCO 9.0%
TTC 13.1%
FY22
AGCO 10.0%
TTC 12.8%
FY23
AGCO 11.8%
TTC 9.5%
FY24
AGCO −1.1%
TTC 11.6%
FY25
AGCO 5.9%
TTC 9.1%
AGCO
TTC
Free cash flow
FY16
AGCO $169M
TTC $334M
FY17
AGCO $374M
TTC $302M
FY18
AGCO $393M
TTC $275M
FY19
AGCO $423M
TTC $244M
FY20
AGCO $627M
TTC $461M
FY21
AGCO $390M
TTC $452M
FY22
AGCO $450M
TTC $154M
FY23
AGCO $585M
TTC $157M
FY24
AGCO $297M
TTC $466M
FY25
AGCO $740M
TTC $578M
AGCO
TTC
Return on capital
FY16
AGCO 4.1%
TTC 34.9%
FY17
AGCO 5.0%
TTC 42.5%
FY18
AGCO 7.9%
TTC 40.9%
FY19
AGCO 4.4%
TTC 26.3%
FY20
AGCO 10.9%
TTC 24.4%
FY21
AGCO 23.3%
TTC 29.7%
FY22
AGCO 21.5%
TTC 25.7%
FY23
AGCO 28.1%
TTC 15.8%
FY24
AGCO −1.7%
TTC 18.8%
FY25
AGCO 10.4%
TTC 15.9%
AGCO
TTC
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.