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Deere & Company

DE Industrials Farm & Heavy Construction Machinery

Deere & Company’s revenue for fiscal 2025 (year ended October 2025) was $45.7 billion, down 11.7% from fiscal 2024.

Revenue
+4.91%
EPS
+7.35%
Free cash flow
−20.1%
Total debt
−4.22%

Quarter to July 2026, against a year earlier

665.50 11.00 −1.63%
Market cap
$178.9B
P/E
36.9×
Fwd P/E
37.3×
Dividend yield
0.97%
F-score
6/9
Altman Z
2.92
Beneish M
−2.60
Dividend safety
74/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Production & Precision Agriculture (PPA)
  • Construction & Forestry (CF)
  • Small Agriculture & Turf (SAT)
  • Financial Services (FS)

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 50.35
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 2 — — — — — — 3 — — —
Insider Ownership 7.51%

Capital & Financial Ratios $m

Size
Market Cap 178,850.00
Revenue ttm 47,983.00
Net income ttm 4,862.00
Free cash flow ttm 8,009.00
Net debt Q 53,558.00
Valuation
P/E 36.87 (above 35: high)
Forward P/E 37.30 (above 35: high)
Price / sales 3.74
Forward P/S Powerpack
Price / FCF 22.42
Price / book 6.41 (above 6: high)
Financial health
Current ratio Q 2.10 (at or above 1.5: strong)
Debt / equity Q 2.28 (above 2: weak)
Interest coverage Q 3.65
Growth
Revenue growth Q +4.91% (above 0%: growing)
Operating income growth Q +17.63% (above 0%: growing)
EPS, this year −2.29% (below 0%: weak)
EPS, next year A +25.38% (at or above 15%: strong)
Revenue, next year A −9.99% (below 0%: weak)
EPS, past 5 yrs +16.31% (at or above 15%: strong)
EPS, next 5 yrs A +13.72%

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 4.9×, against a ten-year median of 2.9×; over the ten years it ranged from 2.0× in 2016 to 4.9× in 2026.
P/E against its own 10 years 98.42%
10-year low 10-year high
P/S against its own 10 years 98.86%
10-year low 10-year high
P/B against its own 10 years 87.46%
10-year low 10-year high
EV/Sales against its own 10 years 98.79%
10-year low 10-year high
EV/FCF against its own 10 years 80.31%
10-year low 10-year high

Dividends raised 5 years running

Yield
0.97%
Annual rate
6.48
Payout ratio
36.0%
Growth, 2017–25
+13.2%/yr
  1. 2.40 ’17
  2. 2.74 ’18 +14
  3. 3.04 ’19 +11
  4. 3.04 ’20 +0
  5. 3.90 ’21 +28
  6. 4.51 ’22 +16
  7. 5.32 ’23 +18
  8. 6.03 ’24 +13
  9. 6.48 ’25 +7
  10. 6.57 ’26e +1
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8,404 8,478 9,687 10,278
Receivables 10,362 7,871 7,720 10,189
Inventory 8,160 7,093 7,406 7,811
Other — — — —
77,934 76,474 76,219 77,454
2023 2024 2025 Q'26
Payables 16,130 14,543 13,909 13,668
ST’ Debt 24,934 21,964 20,392 23,210
Other — — — —
41,064 36,507 34,301 36,878

Compound Annual Growth %

10y 5y 3y
Sales 4.70% 5.15% (4.58%)
Cash Flow 7.09% (0.06%) 16.65%
Earnings 9.99% 12.81% (11.00%)
Book Value 14.40% 14.93% 8.60%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.79 Actual 5.10

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 3.96 3.93 Miss by 0.03
Q1 FY26 1.92 2.42 Beat by 0.50
Q2 FY26 5.81 6.55 Beat by 0.74
Q3 FY26 4.79 5.10 Beat by 0.31
Q4 FY26 4.07 — Reports 25 November 2026

EPS $

Jan Apr Jul Oct Year
’26 2.42 6.55 5.10 — —
’25 3.19 6.64 4.75 3.93 18.50
’24 6.23 8.53 6.29 4.55 25.62
’23 6.55 9.65 10.20 8.26 34.63
’22 2.92 6.81 6.16 7.44 23.28
’21 3.87 5.68 5.32 4.12 18.99
’20 1.63 2.11 2.57 2.39 8.69
Fiscal quarters ending in the months shown.

Revenue $m

Jan Apr Jul Oct Year
’26 9,611 13,369 12,608 — —
’25 8,508 12,763 12,018 12,395 45,684
’24 12,185 15,235 13,152 11,144 51,716
’23 12,652 17,387 15,801 15,411 61,251
’22 9,569 13,370 14,102 15,536 52,577
’21 9,112 12,058 11,527 11,327 44,024
’20 7,631 9,253 8,925 9,731 35,540
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jan Apr Jul Oct Year
’26 (890) 1,932 2,208 — —
’25 (1,132) 1,700 2,896 3,995 7,459
’24 (908) 1,852 3,195 5,092 9,231
’23 (1,246) 1,099 3,043 5,693 8,589
’22 (2,553) 791 2,180 4,281 4,699
’21 143 1,643 2,528 3,412 7,726
’20 (508) 1,284 3,281 3,426 7,483
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jan Apr Jul Oct Year
’26 (769) 2,379 2,403 — —
’25 (1,051) 2,065 3,006 3,996 8,016
’24 (764) 2,000 3,311 4,973 9,520
’23 (1,064) 1,326 3,192 5,618 9,072
’22 (2,267) 1,194 2,396 4,335 5,658
’21 449 2,028 2,855 3,640 8,972
’20 (353) 1,586 3,540 3,673 8,446
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 10.9% a year for ten years. It grew 8.3% a year over the last ten.

Implied
10.9%
10 years, reported
8.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to October

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jul ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 26,644 29,738 37,358 39,258 35,540 44,024 52,577 61,251 51,716 45,684 47,983 +6.2% 41,122 44,643 48,455 +2.0%
Gross margin, % 31.71 33.20 31.55 31.75 33.38 33.86 32.79 38.43 40.49 38.36 36.59 +6.7 pt
EBT 2,224 3,154 4,071 4,088 3,883 7,602 9,127 13,019 9,206 6,257 6,436 +12.2%
EBT margin, % 8.35 10.61 10.90 10.41 10.93 17.27 17.36 21.26 17.80 13.70 13.41 +5.4 pt
Net income 1,522 2,159 2,371 3,257 2,753 5,965 7,130 10,155 7,088 4,998 4,862 +14.1%
Per share, $
Per share, $ Revenue 84.53 93.08 115.80 124.04 113.37 141.28 172.67 209.62 187.38 168.64 177.85 +8.0%
Earnings 4.83 6.76 7.34 10.28 8.78 19.14 23.42 34.80 25.73 18.55 18.05 +16.1%
Cash flow 11.96 6.87 5.65 10.78 23.87 24.79 15.43 29.39 33.45 27.53 26.85 +9.7%
Capex 1.94 2.65 1.82 1.67 3.07 4.00 3.15 1.65 1.05 2.06 2.83 +0.6%
Free cash flow 13.90 9.52 7.47 12.45 26.94 28.79 18.58 31.05 34.49 29.59 29.69 +8.8%
Book value 20.72 29.92 35.00 36.07 41.29 59.16 66.55 74.57 82.76 95.81 103.77 +18.5%
Shares, m 315 320 323 317 314 312 305 292 276 271 270 (1.7%)
Valuation, ×
Valuation, × P/E 18.28 19.80 18.48 16.96 26.39 18.75 16.86 10.50 15.74 24.89 36.87 18.7
P/S 1.04 1.43 1.17 1.40 2.04 2.54 2.29 1.74 2.16 2.74 3.74 1.9
P/B 4.26 4.44 3.87 4.83 5.61 6.06 5.95 4.90 4.89 4.82 6.41 5.0
EV/Sales 2.20 2.45 2.18 2.45 3.12 3.44 3.17 2.64 3.26 3.92 4.86 2.9
EV/FCF 13.39 23.90 33.85 24.37 13.13 16.88 29.50 17.83 17.69 22.37 29.11 21.3
Cash, $m
Cash, $m Operating cash flow 3,770 2,196 1,822 3,412 7,483 7,726 4,699 8,589 9,231 7,459 7,245 +7.9%
Capex 612 846 587 528 963 1,246 959 483 289 557 764 (1.0%)
Free cash flow 4,381 3,042 2,409 3,940 8,446 8,972 5,658 9,072 9,520 8,016 8,009 +6.9%
Balance, $m
Balance, $m Working capital 21,775 25,421 23,122 25,851 29,100 32,085 32,350 36,870 39,967 41,918 40,576 +7.5%
Net debt 30,822 30,259 37,862 40,896 38,291 39,667 46,391 55,007 56,715 54,249 53,558 +6.5%
Shareholders’ equity 6,531 9,561 11,291 11,417 12,944 18,434 20,265 21,789 22,843 25,956 27,997 +16.6%
Returns, %
Returns, % ROA 2.63 3.49 3.49 4.55 3.72 7.49 8.19 10.47 6.72 4.71 4.52 +2.1 pt
ROIC 3.72 4.95 5.18 4.88 4.74 8.18 8.56 10.60 7.23 4.88 4.93 +1.2 pt
ROE 22.94 26.83 22.71 28.65 22.59 38.01 36.85 48.35 31.82 20.60 18.33 (2.3) pt
People
People Employees 56,800 60,500 74,000 73,500 69,600 75,600 82,200 83,000 75,800 73,100 — +2.8%
Revenue/emp, $m 0.47 0.49 0.50 0.53 0.51 0.58 0.64 0.74 0.68 0.62 — +3.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Oct 2025 · latest quarter Jul 2026

Business profile

Updated

Deere & Company makes equipment used to grow crops, maintain land, build roads, move earth and harvest timber. Its customers range from large crop growers to livestock producers, property owners, construction contractors and forestry operators. Deere also provides financing, parts, maintenance support and technology for its machines.

The company operates through three equipment businesses and a financial services business. Production & Precision Agriculture makes large tractors, harvesters, planters and sprayers for production-scale farms. Small Agriculture & Turf serves smaller farms, dairy and livestock operations, and customers maintaining lawns, golf courses and other property. Construction & Forestry makes equipment for earthmoving, roadbuilding and timber harvesting.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Production & Precision Agriculture (PPA) 17,749 38.85%
Construction & Forestry (CF) 11,650 25.50%
Small Agriculture & Turf (SAT) 10,464 22.91%
Financial Services (FS) 6,289 13.77%
Gross margin 38.36%
Operating margin 13.70%
Pre-tax margin 13.70%

Revenue by segment since 2009

Deere & Company 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
CAT Caterpillar Inc. $254.5B 21.7× 23.2× +17.26% (above 0%: growing) +45.77% (above 0%: growing) +27.42% (above 0%: growing) 35.54% 22.23% Compare
DE Deere & Company $178.9B 36.9× 37.3× +4.91% (above 0%: growing) +7.35% (above 0%: growing) −20.06% (below 0%: shrinking) 37.03% 20.56%
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% Compare
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
Median of peers $8.0B 22.3× 22.5× +17.69% +9.08% −41.89% 22.74% 12.89%

All 27 Farm & Heavy Construction Machinery stocks →

From the latest earnings call

Updated

  • Brent Norwood said Deere’s year-to-date performance and fourth-quarter order book enabled narrower guidance and improved net-income and cash-flow forecasts.
  • Brent Norwood said Deere expects a measured agricultural recovery, while Construction & Forestry and Small Ag & Turf continue contributing to the portfolio.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 74.90%
Held by the ten largest 40.32%
Holder Shares Stake Change
Vanguard 23.00m 8.53% +153.58k
BlackRock 18.54m 6.88% +228.95k
Capital Group 18.31m 6.79% +3.90m
State Street 10.87m 4.03% +256.56k
JPMorgan Chase 9.21m 3.42% −278.45k
T. Rowe Price 7.55m 2.80% −337.72k
Fidelity (FMR) 7.49m 2.78% +958.88k
Geode Capital Management 5.71m 2.12% +27.68k
Morgan Stanley 4.37m 1.62% +120.33k
UBS 3.64m 1.35% +259.24k
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 14 January 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 27.93m 14.95m 217.99
2024 27.80m 31.01m 189.96
2023 26.72m 29.00m 165.72
2022 20.30m 38.63m 179.84
2021 19.91m 48.00m 153.17
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

Deere & Company (DE) Latest News

29 Oct

Impact 3 · · 24/7 Wall St.
Impact 3 · · Barchart
Impact 3 · · Simply Wall St.

27 Oct

Impact 3 · · 24/7 Wall St.
Impact 3 · · Zacks

23 Oct

Impact 4 · · Simply Wall St.

22 Oct

Impact 4 · · Trefis
Impact 3 · · Zacks

21 Oct

Impact 3 · · Trefis
Impact 3 · · Zacks

16 Oct

Impact 4 · · Zacks
Impact 3 · · Trefis
Impact 3 · · Zacks

15 Oct

Impact 4 · · Simply Wall St.

14 Oct

Impact 3 · · Zacks

11 Oct

Impact 3 · · Insider Monkey

9 Oct

Impact 3 · · Zacks

8 Oct

Impact 4 · · Simply Wall St.

7 Oct

Impact 4 · · Investing.com

6 Oct

Impact 4 · · Investing.com

4 Oct

Impact 3 · · Insider Monkey

3 Oct

Impact 3 · · Simply Wall St.

2 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

1 Oct

Impact 4 · · Zacks
Impact 3 · · Simply Wall St.

30 Sep

Impact 3 · · Zacks

29 Sep

Impact 3 · · Trefis
Impact 3 · · Zacks

28 Sep

Impact 3 · · StockStory

DE metrics, ten years each

stockrow.com/DE · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com