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Archer Daniels Midland Company

ADM Consumer Defensive Farm Products

Archer Daniels Midland Company’s revenue for fiscal 2025 (year ended December 2025) was $80.3 billion, down 6.15% from fiscal 2024.

Revenue
+9.64%
EPS
+675.7%
Free cash flow
−91.4%
Total debt
−0.37%

Quarter to September 2026, against a year earlier

70.47 0.37 −0.52%
Market cap
$33.5B
P/E
13.7×
Fwd P/E
14.2×
Dividend yield
2.94%
F-score
5/9
Altman Z
2.94
Beneish M
−3.00
Dividend safety
65/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2021

  • Ag Services and Oilseeds
  • Carbohydrate Solutions
  • Nutrition
  • Other Operating

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 0.49
Sold, $m 10.11
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell — — 1 3 — — — — — — — —
Insider Ownership 1.11%

Capital & Financial Ratios $m

Size
Market Cap 33,540.00
Revenue ttm 84,062.00
Net income ttm 2,495.00
Free cash flow ttm 346.00
Net debt Q (2,047.00)
Valuation
P/E 13.72
Forward P/E 14.20
Price / sales 0.41
Forward P/S Powerpack
Price / FCF 98.58
Price / book 1.43
Financial health
Current ratio Q 1.45
Debt / equity Q 0.32 (at or below 0.5: strong)
Interest coverage Q 5.70
Growth
Revenue growth Q +9.64% (above 0%: growing)
Operating income growth Q +136.78% (above 0%: growing)
EPS, this year +63.18% (at or above 15%: strong)
EPS, next year A +4.27%
Revenue, next year A +8.18%
EPS, past 5 yrs −6.67% (below 0%: weak)
EPS, next 5 yrs A +19.66% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.4×, against a ten-year median of 0.4×; over the ten years it ranged from 0.3× in 2025 to 0.6× in 2021.
P/E against its own 10 years 32.01%
10-year low 10-year high
P/S against its own 10 years 53.28%
10-year low 10-year high
P/B against its own 10 years 53.87%
10-year low 10-year high
EV/Sales against its own 10 years 28.16%
10-year low 10-year high
EV/FCF against its own 10 years 90.15%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.94%
Annual rate
2.07
Payout ratio
40.3%
Growth, 2017–25
+6.00%/yr
  1. 1.28 ’17
  2. 1.34 ’18 +5
  3. 1.40 ’19 +4
  4. 1.44 ’20 +3
  5. 1.48 ’21 +3
  6. 1.60 ’22 +8
  7. 1.80 ’23 +13
  8. 2.00 ’24 +11
  9. 2.04 ’25 +2
  10. 2.09 ’26e +2
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8,596 8,069 9,479 9,629
Receivables 4,232 3,708 3,021 3,585
Inventory 11,957 11,572 10,369 11,675
Other 4,982 4,369 3,796 4,732
29,767 27,718 26,665 29,621
2023 2024 2025 Q'26
Payables 6,313 5,535 5,195 5,660
ST’ Debt 1 674 1,006 153
Other — — — —
18,662 19,938 19,534 20,496

Compound Annual Growth %

10y 5y 3y
Sales 1.72% 4.52% (7.54%)
Cash Flow 12.33% 0.00% 16.17%
Earnings (5.25%) (9.46%) (37.14%)
Book Value 2.41% 2.58% (2.21%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.63 Actual 1.77

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.83 0.87 Beat by 0.04
Q1 FY26 0.66 0.71 Beat by 0.05
Q2 FY26 1.42 1.84 Beat by 0.42
Q3 FY26 1.63 1.77 Beat by 0.14
Q4 FY26 1.28 — Reports 2 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.62 1.87 1.71 — —
’25 0.61 0.45 0.22 0.94 2.23
’24 1.42 0.98 0.04 1.17 3.65
’23 2.12 1.70 1.52 1.06 6.43
’22 1.86 2.18 1.83 1.84 7.71
’21 1.22 1.26 0.93 1.38 4.79
’20 0.69 0.84 0.40 1.22 3.15
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 20,490 22,681 22,335 — —
’25 20,175 21,166 20,372 18,556 80,269
’24 21,847 22,248 19,937 21,498 85,530
’23 24,072 25,190 21,695 22,978 93,935
’22 23,650 27,284 24,683 25,939 101,556
’21 18,893 22,926 20,340 23,090 85,249
’20 14,970 16,281 15,126 17,978 64,355
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 150 1,149 489 — —
’25 (342) 4,298 1,809 (313) 5,452
’24 700 468 1,300 322 2,790
’23 (1,610) 2,509 992 2,569 4,460
’22 (1,206) 531 4,023 130 3,478
’21 298 2,709 2,846 742 6,595
’20 (655) 219 (1,080) (870) (2,386)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (18) 907 126 — —
’25 (623) 4,024 1,472 (669) 4,204
’24 378 116 934 (201) 1,227
’23 (1,924) 2,226 555 2,109 2,966
’22 (1,418) 255 3,670 (348) 2,159
’21 124 2,456 2,559 287 5,426
’20 (842) 46 (570) (1,843) (3,209)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 35.4% a year for ten years.

Implied
35.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 62,346 60,828 64,341 64,656 64,355 85,249 101,556 93,935 85,530 80,269 84,062 +2.8% 86,832 91,233 95,005 +5.8%
Gross margin, % 5.80 5.78 6.50 6.41 6.92 7.02 7.45 8.00 6.76 6.27 7.44 +0.5 pt
EBT 1,822 1,609 2,060 1,588 1,883 3,313 5,233 4,294 2,255 1,255 2,945 (4.1%)
EBT margin, % 2.92 2.65 3.20 2.46 2.93 3.89 5.15 4.57 2.64 1.56 3.50 (1.4) pt
Net income 1,288 1,602 1,815 1,379 1,782 2,735 4,365 3,466 1,779 1,073 2,495 (2.0%)
Per share, $
Per share, $ Revenue 106.03 106.90 114.08 114.84 114.71 151.15 180.70 173.63 173.84 165.85 173.68 +5.1%
Earnings 2.16 2.79 3.19 2.44 3.15 4.79 7.71 6.43 3.65 2.23 5.14 +0.4%
Cash flow (11.07) (10.49) (8.48) (9.68) (4.25) 11.69 6.19 8.24 5.67 11.26 3.05 n/m
Capex (1.50) (1.84) (1.49) (1.47) (1.47) (2.07) (2.35) (2.76) (3.18) (2.58) (2.33) +6.2%
Free cash flow (12.57) (12.33) (9.98) (11.15) (5.72) 9.62 3.84 5.48 2.49 8.69 0.71 n/m
Book value 29.22 32.20 33.68 34.15 35.69 39.91 43.27 44.63 45.08 46.98 49.29 +5.4%
Shares, m 588 569 564 563 561 564 562 541 492 484 484 (2.1%)
Valuation, ×
Valuation, × P/E 21.19 14.32 12.80 18.92 16.00 14.11 11.63 11.37 13.99 25.90 13.72 16.0
P/S 0.44 0.38 0.36 0.40 0.44 0.45 0.50 0.42 0.29 0.35 0.41 0.4
P/B 1.58 1.25 1.22 1.36 1.41 1.69 2.07 1.63 1.12 1.22 1.43 1.5
EV/Sales 0.45 0.39 0.39 0.44 0.46 0.44 0.48 0.42 0.29 0.32 0.38 0.4
EV/FCF (3.79) (3.40) (4.42) (4.53) (9.23) 6.96 22.70 13.16 20.41 6.17 92.66 4.4
Cash, $m
Cash, $m Operating cash flow (6,508) (5,966) (4,784) (5,452) (2,386) 6,595 3,478 4,460 2,790 5,452 1,475 n/m
Capex (882) (1,049) (842) (828) (823) (1,169) (1,319) (1,494) (1,563) (1,248) (1,129) +3.9%
Free cash flow (7,390) (7,015) (5,626) (6,280) (3,209) 5,426 2,159 2,966 1,227 4,204 346 n/m
Balance, $m
Balance, $m Working capital 7,872 7,355 8,812 7,613 9,104 9,961 11,219 11,105 7,780 7,131 9,125 (1.1%)
Net debt 851 1,006 1,777 2,369 1,331 (378) (1,370) (336) 185 (1,867) (2,047) n/m
Shareholders’ equity 17,181 18,322 18,996 19,225 20,022 22,508 24,317 24,145 22,178 22,740 23,858 +3.2%
Returns, %
Returns, % ROA 3.20 4.00 4.48 3.25 3.78 5.12 7.49 6.09 3.34 2.04 4.63 (1.2) pt
ROIC 5.67 4.98 6.07 4.79 5.17 8.45 11.47 10.65 5.79 4.26 6.96 (1.4) pt
ROE 7.29 8.99 9.70 7.22 9.03 12.74 18.54 14.37 7.77 4.80 10.71 (2.5) pt
People
People Employees 31,800 31,300 31,600 38,100 39,000 41,000 42,001 41,802 44,000 41,496 — +3.0%
Revenue/emp, $m 1.96 1.94 2.04 1.70 1.65 2.08 2.42 2.25 1.94 1.93 — (0.1%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Archer Daniels Midland Company, or ADM, buys crops, moves them around the world and processes them into products for food, animal feed, fuel and industrial uses. Founded in 1902, it has its headquarters at 77 West Wacker Drive. Juan R. Luciano is its chief executive.

ADM connects farmers and other crop suppliers with customers that need agricultural commodities or ingredients. Its network includes facilities that store, transport and process crops. Some commodities are sold with relatively little processing; others become ingredients such as vegetable oils, soybean meal, sweeteners, starches and flour. ADM also produces ethanol and biodiesel from agricultural feedstocks.

Where the money comes from and where it goes Fiscal 2021

Fiscal 2021: revenue by segment, and margins
Ag Services and Oilseeds 67,047 78.65%
Carbohydrate Solutions 11,110 13.03%
Nutrition 6,712 7.87%
Other Operating 380 0.45%
Gross margin 7.02%
Operating margin 3.51%
Pre-tax margin 3.89%

Revenue by segment since 2009

Archer Daniels Midland Company vs peers in Farm Products (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ADM Archer Daniels Midland Company $33.5B 13.7× 14.2× +9.64% (above 0%: growing) +675.73% (above 0%: growing) −91.44% (below 0%: shrinking) 8.44% 4.21%
TSN Tyson Foods, Inc. $20.7B 36.1× 26.6× −0.12% (below 0%: shrinking) +194.44% (above 0%: growing) −34.29% (below 0%: shrinking) 6.64% 2.61% Compare
BG Bunge Global SA $18.9B 16.5× 10.5× +7.44% (above 0%: growing) +95.24% (above 0%: growing) −280.79% (below 0%: shrinking) 5.60% 2.79% Compare
CALM Cal-Maine Foods, Inc. $3.1B 55.2× — (loss-making) −41.51% (below 0%: shrinking) n/m −154.84% (below 0%: shrinking) 0.07% (15.23%) Compare
AGRO Adecoagro S.A. $1.3B 27.7× 2.6× +38.98% (above 0%: growing) n/m −5.56% (below 0%: shrinking) 32.92% 17.32% Compare
DOLE Dole PLC $1.3B 22.2× 10.9× +2.92% (above 0%: growing) +170.00% (above 0%: growing) −218.11% (below 0%: shrinking) 7.81% 1.90% Compare
DMC Del Monte Corporation $1.3B 16.0× 17.5× +7.18% (above 0%: growing) n/m −194.80% (below 0%: shrinking) 9.37% 2.66% Compare
VITL Vital Farms, Inc. $408.8M — (loss-making) — (loss-making) −8.43% (below 0%: shrinking) n/m −123.64% (below 0%: shrinking) 23.13% (4.22%) Compare
VFF Village Farms International, Inc. $341.2M 14.7× 13.4× +6.81% (above 0%: growing) −75.00% (below 0%: shrinking) −87.98% (below 0%: shrinking) 46.85% 17.45% Compare
Median of peers $1.3B 22.2× 12.2× +4.87% +132.62% −139.24% 8.59% 2.64%

All 22 Farm Products stocks →

From the latest earnings call

Updated

  • CEO Juan Luciano said favorable biofuel margins and elevated energy prices helped drive ADM’s third-quarter results, while animal nutrition benefited from portfolio and operational changes.
  • CFO Monish Patolawala said ADM’s fourth-quarter outlook assumes continued Chinese purchases of North American soybeans and a reversal of most earlier negative timing impacts.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 86.98%
Held by the ten largest 55.80%
Holder Shares Stake Change
Vanguard 63.60m 13.20% +1.23m
State Farm 46.80m 9.71% 0.00
BlackRock 44.62m 9.26% +1.76m
State Street 33.64m 6.98% −26.72k
Wellington Management 17.67m 3.67% +382.46k
Charles Schwab 16.62m 3.45% +1.31m
Dodge & Cox 14.18m 2.94% −1.57m
Geode Capital Management 13.31m 2.76% +271.33k
Northern Trust 11.45m 2.38% −637.28k
Morgan Stanley 7.03m 1.46% −614.59k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 26 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 23.89m 10.69m 131.07
2024 21.57m (13.22m) 110.83
2023 24.41m (271.38k) 152.93
2022 24.75m 65.66m 192.14
2021 23.51m 60.06m 137.31
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Archer Daniels Midland Company (ADM) Latest News

4 Nov

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ADM metrics, ten years each

stockrow.com/ADM · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com