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Friday 6 November 2026
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AGCO Corporation
AGCO Industrials Farm & Heavy Construction Machinery
AGCO Corporation’s revenue for fiscal 2025 (year ended December 2025) was $10.1 billion, down 13.5% from fiscal 2024.
- Revenue
- −8.63%
- EPS
- −82.4%
- Free cash flow
- −1,351.9%
- Total debt
- −5.87%
Quarter to September 2026, against a year earlier
110.38
2.31
−2.05%
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Target Price Range
Analyst price targets
Free accountTen 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 | 7,411 | 8,307 | 9,352 | 9,041 | 9,150 | 11,138 | 12,651 | 14,412 | 11,662 | 10,082 | 10,135 | +3.5% | 9,934 | 10,484 | 11,253 | +3.7% | |
| Gross margin, % | 20.45 | 21.25 | 21.35 | 21.95 | 22.49 | 23.09 | 23.72 | 26.21 | 24.86 | 25.46 | 25.00 | +5.0 pt | ||||||
| EBT | 205 | 284 | 360 | 261 | 562 | 944 | 1,107 | 1,334 | (434) | 602 | 377 | +12.7% | ||||||
| EBT margin, % | 2.76 | 3.42 | 3.85 | 2.89 | 6.14 | 8.48 | 8.75 | 9.25 | (3.72) | 5.97 | 3.72 | +3.2 pt | ||||||
| Net income | 160 | 189 | 284 | 123 | 420 | 902 | 875 | 1,171 | (486) | 719 | 270 | +18.2% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 91.04 | 104.48 | 118.68 | 118.65 | 122.00 | 148.12 | 169.59 | 192.68 | 156.33 | 135.51 | 146.04 | +4.5% | |||||
| Earnings | 1.97 | 2.34 | 3.62 | 1.64 | 5.69 | 11.93 | 11.92 | 15.66 | (5.69) | 9.76 | 3.86 | +19.5% | ||||||
| Cash flow | 4.54 | 7.27 | 7.56 | 9.13 | 11.95 | 8.78 | 11.24 | 14.75 | 9.25 | 13.28 | 7.86 | +12.7% | ||||||
| Capex | (2.44) | (2.51) | (2.54) | (3.52) | (3.57) | (3.50) | (5.17) | (6.77) | (5.24) | (3.31) | (3.61) | +3.4% | ||||||
| Free cash flow | 2.10 | 4.75 | 5.02 | 5.61 | 8.38 | 5.28 | 6.07 | 7.98 | 4.00 | 9.98 | 4.25 | +18.9% | ||||||
| Book value | 34.86 | 38.93 | 37.99 | 38.15 | 40.24 | 45.80 | 52.05 | 62.26 | 50.17 | 57.44 | 58.58 | +5.7% | ||||||
| Shares, m | 81 | 80 | 79 | 76 | 75 | 75 | 75 | 75 | 75 | 74 | 72 | (1.0%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 29.45 | 30.61 | 15.29 | 47.69 | 18.09 | 9.73 | 11.52 | 7.80 | 0.00 | 10.69 | 28.59 | 18.1 | |||||
| P/S | 0.64 | 0.69 | 0.47 | 0.65 | 0.85 | 0.78 | 0.81 | 0.63 | 0.60 | 0.77 | 0.76 | 0.7 | ||||||
| P/B | 1.67 | 1.84 | 1.47 | 2.02 | 2.56 | 2.53 | 2.64 | 1.96 | 1.86 | 1.82 | 1.88 | 2.0 | ||||||
| EV/Sales | 0.81 | 0.85 | 0.59 | 0.75 | 0.90 | 0.84 | 0.86 | 0.69 | 0.77 | 0.93 | 0.98 | 0.8 | ||||||
| EV/FCF | 35.18 | 18.64 | 14.01 | 15.91 | 13.09 | 23.54 | 24.11 | 16.64 | 30.16 | 12.58 | 33.63 | 20.4 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 370 | 578 | 596 | 696 | 897 | 660 | 838 | 1,103 | 690 | 988 | 545 | +11.5% | |||||
| Capex | (199) | (200) | (200) | (268) | (268) | (263) | (386) | (506) | (391) | (246) | (250) | +2.4% | ||||||
| Free cash flow | 171 | 378 | 396 | 427 | 629 | 397 | 453 | 597 | 299 | 742 | 295 | +17.7% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 1,021 | 977 | 771 | 845 | 1,006 | 1,560 | 1,651 | 1,997 | 1,312 | 1,467 | 1,251 | +4.1% | |||||
| Net debt | 1,266 | 1,346 | 1,160 | 912 | 497 | 615 | 671 | 797 | 2,036 | 1,579 | 2,262 | +2.5% | ||||||
| Shareholders’ equity | 2,837 | 3,095 | 2,994 | 2,907 | 3,018 | 3,444 | 3,883 | 4,657 | 3,743 | 4,274 | 4,065 | +4.7% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 2.34 | 2.46 | 3.66 | 1.63 | 5.25 | 10.14 | 9.23 | 10.88 | (3.76) | 6.29 | 2.31 | +3.9 pt | |||||
| ROIC | 4.37 | 5.69 | 7.36 | 5.70 | 10.66 | 15.42 | 17.37 | 19.49 | (1.32) | 6.36 | 5.61 | +2.0 pt | ||||||
| ROE | 5.60 | 6.28 | 9.38 | 4.24 | 14.42 | 27.76 | 24.28 | 27.44 | (10.11) | 18.13 | 6.53 | +12.5 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 19,800 | 20,500 | 21,200 | 21,000 | 21,400 | 23,300 | 25,600 | 27,900 | 24,000 | 22,000 | — | +1.2% | |||||
| Revenue/emp, $m | 0.37 | 0.41 | 0.44 | 0.43 | 0.43 | 0.48 | 0.49 | 0.52 | 0.49 | 0.46 | — | +2.3% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Europe/Middle East | 6,737 | 66.82% |
|---|---|---|
| North America | 1,666 | 16.52% |
| South America | 1,116 | 11.07% |
| Asia/Pacific/Africa | 564 | 5.60% |
| Gross margin | 25.46% | |
| Operating margin | 5.91% | |
| Pre-tax margin | 5.97% |
AGCO Corporation vs peers in Farm & Heavy Construction Machinery (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 |
|---|---|---|---|---|---|---|---|---|---|
| PCAR PACCAR Inc. | $55.0B | 19.9× | 17.3× | +18.96% (above 0%: growing) | +43.75% (above 0%: growing) | −47.92% (below 0%: shrinking) | 20.48% | 14.88% | Compare |
| CNH CNH Industrial N.V. | $13.9B | 45.1× | 27.6× | +1.95% (above 0%: growing) | −35.29% (below 0%: shrinking) | −124.62% (below 0%: shrinking) | 29.29% | 13.66% | Compare |
| OSK Oshkosh Corporation | $8.3B | 17.2× | 16.6× | +5.69% (above 0%: growing) | −26.88% (below 0%: shrinking) | −35.86% (below 0%: shrinking) | 15.49% | 6.94% | Compare |
| AGCO AGCO Corporation | $7.6B | 28.6× | 23.3× | −8.63% (below 0%: shrinking) | −82.43% (below 0%: shrinking) | −1,351.85% (below 0%: shrinking) | 24.99% | 5.13% | |
| FSS Federal Signal Corporation | $6.8B | 23.0× | 21.8× | +18.11% (above 0%: growing) | +16.51% (above 0%: growing) | +47.87% (above 0%: growing) | 28.86% | 16.99% | Compare |
| TEX Terex Corporation | $6.1B | 27.3× | 27.6× | +58.40% (above 0%: growing) | +1.64% (above 0%: growing) | +61.54% (above 0%: growing) | 19.80% | 8.33% | Compare |
| BLBD Blue Bird Corporation | $1.9B | 7.0× | 6.4× | +29.94% (above 0%: growing) | +366.38% (above 0%: growing) | −58.60% (below 0%: shrinking) | 19.99% | 12.12% | Compare |
| ALG Alamo Group, Inc. | $1.7B | 21.2× | 14.7× | −4.02% (below 0%: shrinking) | −92.01% (below 0%: shrinking) | +24.63% (above 0%: growing) | 18.88% | 0.85% | Compare |
| LNN Lindsay Corporation | $1.1B | 20.0× | 20.6× | +5.21% (above 0%: growing) | +11.00% (above 0%: growing) | −20.40% (below 0%: shrinking) | 26.92% | 9.77% | Compare |
| Median of peers | $6.5B | 20.6× | 19.0× | +11.90% | +6.32% | −28.13% | 20.24% | 10.94% |
From the latest earnings call
- CEO Eric Hansotia said higher input costs, European drought, interest rates and commodity-price pressure had softened equipment demand and weighed on farmer sentiment.
- CFO Indira Agarwal said Latin American dealer inventory rose relative to expected sales as the forward retail outlook deteriorated, despite only a modest increase in units.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
92.60%
Held by the ten largest
52.00%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 6.15m | 8.79% | +269.22k |
| T. Rowe Price | 6.04m | 8.62% | +309.55k |
| BlackRock | 5.86m | 8.38% | +59.36k |
| Dimensional Fund Advisors | 3.60m | 5.15% | +67.13k |
| MFS Investment Management | 3.00m | 4.28% | +136.00k |
| Invesco | 2.75m | 3.93% | +579.12k |
| Capital Group | 2.59m | 3.70% | +85.88k |
| UBS | 2.30m | 3.29% | +200.17k |
| Davis Selected Advisers | 2.06m | 2.94% | −28.15k |
| State Street | 2.04m | 2.92% | +37.35k |
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 12 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 19.66m | 23.90m | 120.10 |
| 2024 | 14.72m | (7.60m) | 106.45 |
| 2023 | 17.27m | 17.67m | 133.67 |
| 2022 | 13.35m | 25.10m | 145.11 |
| 2021 | 11.18m | 11.60m | 116.13 |
Ownership
Directors and executive officers, together
less than 1%
Tractors and Farm Equipment Limited Old No.
16.80%
The Vanguard Group
9.20%
BlackRock, Inc.
8.60%
T. Rowe Price Associates, Inc.
7.00%
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.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
AGCO Corporation (AGCO) Latest News
30 Oct
29 Oct
28 Oct
26 Oct
22 Oct
20 Oct
13 Oct
3 Oct
AGCO metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
AGCO makes agricultural machinery and precision agriculture technology for farmers. Its equipment includes tractors, combines, planting machines, hay and forage equipment, and machines that apply fertilizer and crop-protection chemicals. It also sells replacement parts for the equipment it makes, including products no longer in production.
Its brands include Fendt, Massey Ferguson, Valtra and PTx. Tractors range from compact machines used on small farms and for landscaping to high-horsepower machines used in large-scale crop production. Combines harvest grain crops such as corn, wheat, soybeans and rice. AGCO sells most of its products to independent dealers and distributors, which in turn sell equipment to farmers and provide service.