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. In the quarter to June 2026, revenue was flat, EPS fell 74.4%, free cash flow fell 66.5% and total debt fell 8.02%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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AGCO Corporation (AGCO) Beneish M-score
AGCO Corporation's Beneish M-score for fiscal 2025 is −2.70; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.70 | 0.37 |
| FY2024 | −3.06 | (0.85) |
| FY2023 | −2.22 | 0.07 |
| FY2022 | −2.29 | (0.07) |
| FY2021 | −2.22 | 0.50 |
| FY2020 | −2.72 | 0.21 |
| FY2019 | −2.93 | (0.15) |
| FY2018 | −2.78 | (0.17) |
| FY2017 | −2.61 | (0.05) |
| FY2016 | −2.56 | 0.24 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.99 | — | 0.91 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index | 1.05 | — | 0.42 | |
| Sales growth index | 0.86 | — | 0.77 | |
| Depreciation index | 1.10 | — | 0.13 | |
| SG&A index | 1.08 | — | −0.19 | |
| Total accruals to total assets | (0.02) | — | −0.11 | |
| Leverage index | 0.94 | — | −0.31 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.70 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| BLBD Blue Bird Corporation compare | −3.4× |
| LNN Lindsay Corporation compare | −2.8× |
| ALG Alamo Group, Inc. compare | −2.7× |
| AGCO AGCO Corporation | −2.7× |
| CNH CNH Industrial N.V. compare | −2.7× |
| TEX Terex Corporation compare | −2.6× |
| PCAR PACCAR Inc. compare | −2.5× |
| OSK Oshkosh Corporation compare | −2.4× |
| FSS Federal Signal Corporation compare | −2.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI