Adecoagro S.A.
AGRO Consumer Defensive Farm Products
Adecoagro S.A.’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, down 6.00% from fiscal 2024. In the quarter to June 2026, revenue grew 39.0%, EPS grew 172.2%, free cash flow fell 5.56% and total debt rose 123.0%, each against the same quarter a year earlier. Dividend growth for three consecutive years.
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Adecoagro S.A. (AGRO) Altman Z-score
Adecoagro S.A.'s Altman Z-score for fiscal 2025 is 0.70, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.70 | (0.79) |
| FY2024 | 1.49 | 0.05 |
| FY2023 | 1.44 | 0.21 |
| FY2022 | 1.23 | (0.16) |
| FY2021 | 1.39 | 0.29 |
| FY2020 | 1.10 | 0.05 |
| FY2019 | 1.05 | (0.29) |
| FY2018 | 1.34 | (0.65) |
| FY2017 | 1.99 | (0.20) |
| FY2016 | 2.19 | 0.14 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.07 | — | 0.09 | |
| Retained earnings / total assets | 0.10 | — | 0.14 | |
| EBIT / total assets | 0.02 | — | 0.06 | |
| Market value of equity / total liabilities | 0.23 | — | 0.14 | |
| Sales / total assets | 0.27 | — | 0.27 | |
| Altman Z-score | Distress zone | 0.70 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.47 | ||
Z and Z″ put Adecoagro S.A. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| VITL Vital Farms, Inc. compare | 7.9× |
| CALM Cal-Maine Foods, Inc. compare | 7.7× |
| DMC Del Monte Corporation compare | 3.5× |
| DOLE Dole PLC compare | 2.8× |
| VFF Village Farms International, Inc. compare | 2.6× |
| LND Brasilagro Cia Brasileira De Propriedades Agricolas compare | 1.1× |
| AGRO Adecoagro S.A. | 0.7× |
| AFRI Forafric Global PLC compare | −0.1× |
| IBA Industrias Bachoco, S.A. de C.V. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets