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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. In the quarter to July 2026, revenue grew 4.91%, EPS grew 7.35%, free cash flow fell 20.1% and total debt fell 4.22%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for twenty-five consecutive years.

641.86 8.81 −1.35%
Market cap
$175.4B
P/E
35.6×
Fwd P/E
32.2×
Dividend yield
1.01%
F-score
6/9
Altman Z
2.92
Beneish M
−2.60
Dividend safety
74/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 55.91
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 — 2 — — — — — — 3 — —
Insider Ownership 7.51%

Capital & Financial Ratios $m

Market Cap 175,440.00
Revenue 47,983.00
Net Income 4,862.00
Free Cash Flow 8,009.00
Net Debt 53,558.00
Current Ratio 2.10 (at or above 1.5: strong)
Debt/Equity 2.28 (above 2: weak)
P/E ratio 35.56 (above 35: high)
Fwd P/E 32.20
P/S ratio 3.61
P/B ratio 6.19 (above 6: high)
Past 5Y EPS Growth 16.31% (at or above 15%: strong)
This Y EPS Growth (2.22%) (below 0%: weak)
Next Y EPS Growth 25.36% (at or above 15%: strong)
Next Y revenue growth (9.99%) (below 0%: weak)
Next 5Y EPS Growth 13.61%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.7×, against a ten-year median of 2.8×; over the ten years it ranged from 2.0× in 2016 to 4.9× in 2026.
P/E against its own 10 years 97.42%
10-year low 10-year high
P/S against its own 10 years 98.45%
10-year low 10-year high
P/B against its own 10 years 84.59%
10-year low 10-year high
EV/Sales against its own 10 years 98.19%
10-year low 10-year high
EV/FCF against its own 10 years 79.06%
10-year low 10-year high

Dividends

Payout Ratio 0.36
Annual Dividend Rate 6.48
Annual Dividend Yield 1.01%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 6.57
1.62
1.62
1.62
2025 6.48
1.62
1.62
1.62
1.62
2024 6.03
1.47
1.47
1.47
1.62
2023 5.32
1.25
1.25
1.35
1.47
2022 4.51
1.05
1.13
1.13
1.20
2021 3.90
0.90
0.90
1.05
1.05
2020 3.04
0.76
0.76
0.76
0.76
2019 3.04
0.76
0.76
0.76
0.76
2018 2.74
0.60
0.69
0.69
0.76
2017 2.40
0.60
0.60
0.60
0.60
2016 2.40
0.60
0.60
0.60
0.60
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to October

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 70.16 103.45 128.32 132.68 106.14 263.85 283.81 345.55 340.20 403.01

Analyst estimates 2026–2028

Powerpack
High 104.83 159.10 175.26 180.48 273.56 400.34 448.40 450.00 469.39 533.78
People
People Employees 56,800 60,500 74,000 73,500 69,600 75,600 82,200 83,000 75,800 73,100
Revenue/emp, $m 0.47 0.49 0.50 0.53 0.51 0.58 0.64 0.74 0.68 0.62
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
Gross margin, % 31.71 33.20 31.55 31.75 33.38 33.86 32.79 38.43 40.49 38.36
EBT 2,224 3,154 4,071 4,088 3,883 7,602 9,127 13,019 9,206 6,257
EBT margin, % 8.35 10.61 10.90 10.41 10.93 17.27 17.36 21.26 17.80 13.70
Net income 1,522 2,159 2,371 3,257 2,753 5,965 7,130 10,155 7,088 4,998
Depreciation 1,560 1,716 1,927 2,019 2,118 2,050 1,895 2,004 2,118 2,229
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
Earnings 4.83 6.76 7.34 10.28 8.78 19.14 23.42 34.80 25.73 18.55
Cash flow 11.96 6.87 5.65 10.78 23.87 24.79 15.43 29.39 33.45 27.53
Capex 1.94 2.65 1.82 1.67 3.07 4.00 3.15 1.65 1.05 2.06
Free cash flow 13.90 9.52 7.47 12.45 26.94 28.79 18.58 31.05 34.49 29.59
Book value 20.72 29.92 35.00 36.07 41.29 59.16 66.55 74.57 82.76 95.81
Shares, m 315 320 323 317 314 312 305 292 276 271
Valuation, ×
Valuation, × P/E 18.28 19.80 18.48 16.96 26.39 18.75 16.86 10.50 15.74 24.89
P/S 1.04 1.43 1.17 1.40 2.04 2.54 2.29 1.74 2.16 2.74
P/B 4.26 4.44 3.87 4.83 5.61 6.06 5.95 4.90 4.89 4.82
EV/Sales 2.20 2.45 2.18 2.45 3.12 3.44 3.17 2.64 3.26 3.92
EV/FCF 13.39 23.90 33.85 24.37 13.13 16.88 29.50 17.83 17.69 22.37
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
Capex 612 846 587 528 963 1,246 959 483 289 557
Free cash flow 4,381 3,042 2,409 3,940 8,446 8,972 5,658 9,072 9,520 8,016
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
Total debt 35,612 40,045 42,256 45,334 45,998 48,412 51,899 63,411 65,193 63,936
Net debt 30,822 30,259 37,862 40,896 38,291 39,667 46,391 55,007 56,715 54,249
Shareholders’ equity 6,531 9,561 11,291 11,417 12,944 18,434 20,265 21,789 22,843 25,956
Returns, %
Returns, % ROA 2.63 3.49 3.49 4.55 3.72 7.49 8.19 10.47 6.72 4.71
ROIC 3.72 4.95 5.18 4.88 4.74 8.18 8.56 10.60 7.23 4.88
ROE 22.94 26.83 22.71 28.65 22.59 38.01 36.85 48.35 31.82 20.60
Negative figures in brackets.

All 10 years →

Fiscal years to Oct 2025 · latest quarter Jul 2026

Charts ten years each

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. $338.2B 31.2× 37.6× +23.98% (above 0%: growing) +68.10% (above 0%: growing) +47.08% (above 0%: growing) 37.78% 22.67% Compare
DE Deere & Company $175.4B 35.6× 32.2× +4.91% (above 0%: growing) +7.35% (above 0%: growing) −20.06% (below 0%: shrinking) 37.03% 20.56%
PCAR PACCAR Inc. $58.3B 23.3× 20.5× +0.48% (above 0%: growing) +3.62% (above 0%: growing) −16.22% (below 0%: shrinking) 20.64% 14.56% Compare
CNH CNH Industrial N.V. $14.8B 46.6× 27.5× +1.95% (above 0%: growing) −35.29% (below 0%: shrinking) −124.62% (below 0%: shrinking) 29.29% 13.66% Compare
OSK Oshkosh Corporation $8.0B 14.5× 12.2× +6.70% (above 0%: growing) −7.57% (below 0%: shrinking) +814.92% (above 0%: growing) 16.48% 8.34% Compare
AGCO AGCO Corporation $7.4B 14.3× 20.4× −0.96% (below 0%: shrinking) −74.41% (below 0%: shrinking) −66.49% (below 0%: shrinking) 24.75% 5.39% Compare
FSS Federal Signal Corporation $6.9B 24.0× 21.5× +18.70% (above 0%: growing) +19.49% (above 0%: growing) +92.75% (above 0%: growing) 30.41% 17.64% Compare
TEX Terex Corporation $6.0B 25.6× 17.6× +50.50% (above 0%: growing) −11.82% (below 0%: shrinking) +21.79% (above 0%: growing) 19.84% 8.36% Compare
ALG Alamo Group, Inc. $1.9B 18.0× 14.3× +7.55% (above 0%: growing) −0.77% (below 0%: shrinking) +147.74% (above 0%: growing) 24.59% 10.15% Compare
Median of peers $7.7B 23.6× 20.5× +7.13% −4.17% +34.44% 24.67% 11.91%

All 27 Farm & Heavy Construction Machinery stocks →

DE metrics, ten years each

Deere & Company (DE) key facts

  • Concern: Deere & Company’s revenue for fiscal 2025 (year ended October 2025) was $45.7 billion, down 11.7% from fiscal 2024.
  • Concern: Net income was $5.0 billion, or $18.55 per share (basic), a net margin of 11.0%.
  • Deere & Company (DE) is a Farm & Heavy Construction Machinery company in the Industrials sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, DE traded at $641.86, a market capitalization of $175.4 billion.
  • At that price the stock trades at 35.6× trailing-twelve-month earnings and 3.6× sales; its P/E is higher than 97% of its own readings over the past ten years.
  • Deere & Company pays an annual dividend of $6.48 per share, a yield of 1.01%, with a payout ratio of 36.0%.
  • Return on equity was 20.6% and debt-to-equity 2.28.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 2.92 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated

Deere & Company reported revenue of $45.7 billion in FY2025 and $12.6 billion in Q3 FY2026. Net income was $5.0 billion in FY2025 and $1.4 billion in Q3 FY2026, while diluted EPS was $18.50 in FY2025 and $5.10 in Q3 FY2026.

Revenue was $48.0 billion in TTM to Q3 FY2026, with net income of $4.9 billion and free cash flow of $8.0 billion. Net debt was $53.6 billion in Q3 FY2026, and market capitalisation was $186.1 billion as of September 28, 2026.

Deere & Company (DE) Latest News

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