NYSE: BG · Agricultural Products & Services
Bunge Global SA
Bunge buys soybeans, rapeseed, sunflower seed, wheat, corn and other crops from farmers, processes oilseeds into meal for animal feed and oil for food and biofuels, and moves grain around the world through ports, ships and storage. In July 2025 it completed the acquisition of Viterra, paying about 65.6 million Bunge shares (about $5.3 billion) and $1.9 billion in cash; the deal nearly doubled total assets to $44.5 billion. 2025 net sales rose to $70.3 billion, but net income attributable to Bunge fell to $816 million as soybean crush margins weakened, before improving in 2026: Q2 2026 diluted EPS was $3.47. Former Viterra owners Glencore, CPP Investments and BCI own about 34% of Bunge and can nominate directors. Bunge is incorporated in Switzerland.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-1910-Q (quarter ended 2026-09-30) · filed 2026-10-29
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 4.4%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.03x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 4 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 16.4x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.43
Higher than 20% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 11% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$98.17close on 2026-11-04
Market cap$18.99B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 16.4x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.2x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- -4.6%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.9%
At FY2025 year-end: 18.1x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.1x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: -5.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$22.16B → $23.8B (vs. a year earlier)↑ +7.4%$22.16B → $23.8B (vs. a year earlier)
- Net income$166M → $318M (vs. a year earlier)↑ +91.6%$166M → $318M (vs. a year earlier)
- Diluted EPS$0.84 → $1.64 (vs. a year earlier)↑ +95.2%$0.84 → $1.64 (vs. a year earlier)
- Cash$593M → $524M (vs. previous quarter-end)↓ −11.6%$593M → $524M (vs. previous quarter-end)
- Long-term debt$10.63B → $10.28B (vs. previous quarter-end)↓ −3.3%$10.63B → $10.28B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
04
Company profileFrom SEC dataShow
- Legal name
- Bunge Global SA
- Headquarters
- GENEVA, Switzerland
- Incorporated in
- Switzerland
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: BG
- Industry
- Agricultural Products & Services
- CIK
- 1996862
- Website
- https://www.bunge.com/ ↗
Workforce (as of FY2025 year-end)
Employees
34,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 35–38 days after quarter end (Feb 4, 2026; Feb 5, 2025; Feb 7, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 24–38 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 29, 2026 (+29 days) | Oct 29, 2026 10-Q (+29 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Jul 29, 2026 10-Q (+29 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 29, 2026 (+29 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 19, 2026 10-K (+50 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 5, 2025 (+36 days) | Nov 5, 2025 10-Q (+36 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Aug 5, 2025 10-Q (+36 days) |
| Q1 FY2025 | Mar 31, 2025 | May 7, 2025 (+37 days) | May 7, 2025 10-Q (+37 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 5, 2025 (+36 days) | Feb 20, 2025 10-K (+51 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 31, 2024 (+31 days) | Aug 1, 2024 10-Q (+32 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 24, 2024 (+24 days) | Apr 24, 2024 10-Q (+24 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 7, 2024 (+38 days) | Feb 22, 2024 10-K (+53 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Soybean
Soybean meal and oil
Examples: Meal for animal feed, crude and refined soybean oil
47% of soybean processing capacity is in South America.
Softseed
Rapeseed, canola and sunflower products
Examples: Meal and oil
Expanded by Viterra.
Other oilseeds
Specialty oils and fats
Examples: Palm, palm kernel and shea-based products
Agreed to buy IFF's lecithin, soy protein concentrate and crush businesses (expected 2026).
Grain
Grains and milled products
Examples: Wheat, corn, flour
Global merchandising and milling.
From the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Oilseed processing, grain merchandising
Worldwide, by processing capacity and volume
U.S. share
—
Not disclosedWorldwide share
A leading global player
Company-disclosedThe 10-K says Bunge is a leading global oilseed processor and producer of vegetable oils and protein meal, and a leading global grain merchandiser; no percentage is given.
Sources:
07
Recent strategic focusSite analysis
FY2025 from the 10-K, and 2026 events from the Q3 earnings release, 10-Q and 8-Ks.
Q3 2026 results
Diluted EPS from continuing operations $1.64 (vs $0.86), adjusted $2.56 (vs $2.27); total EBIT $667M. Soybean and Softseed Processing and Refining performed strongly. After quarter end, Bunge Chevron Ag Renewables started production at a new oilseed processing line in Destrehan, Louisiana. Full-year adjusted EPS outlook kept at $9.25–9.75.
Source: Q3 2026 earnings release
Funding
$1.2B of senior notes (March 2026), $600M of 5.000% notes due 2031 (August 2026), a larger $2B receivables securitization, and extended revolving credit facilities.
Source: 8-Ks filed 2026-03-19, 2026-04-02, 2026-08-19 and 2026-09-21
Integration incentives
A one-time performance award program for senior officers based on cumulative run-rate cost savings.
Source: 8-K filed 2026-04-01
Management changes
Co-COO David Mattiske left at end-2025; the Chief Legal Officer and the Chief Accounting Officer announced transitions in 2026.
Source: 8-Ks filed 2025-12-12, 2026-09-03 and 2026-10-05
Capex ÷ D&A (FY2025)
2.45x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,723M ÷ $703M = 2.45x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
0.0%
formularesearch & development expense ÷ revenue × 100
e.g.$28M ÷ $70,329M × 100 = 0.0%
M&A spend (5-year total)
$4.2B
Latest year: $4.2B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $399M in FY2021 to $1.72B in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
08
Key figures at a glanceFrom SEC data
FY2021–FY2025, 5 years.
Revenue (FY2025)
$70.33B
As reported in the 10-K
Revenue CAGR (4 years)
+4.4%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($70,329M ÷ $59,152M) ^ (1÷4) − 1 = 4.4%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
6.3%
5-year average: 17.0%
As reported in the 10-K
P/B (FY2025 end)
1.08x
formulafiscal year-end closing price ÷ book value per share
e.g.$89.08 ÷ $82.23 = 1.08x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +4.4% a year over 4 years (modest growth)
From $59.15B in FY2021 to $70.33B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Equity ratio is 35.7% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 2 of 5 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 17.0% over 5 years (latest: 6.3%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Chevron
07 · what it does
Key activities
Oilseed processing and refining
Crushing and refining- Merchandising and distribution
Grain merchandising and milling
Global grain trading and logistics- Milling
06 · what it draws on
Key resources
Oilseed processing and refining
Oilseeds bought from farmers and intermediaries- Processing plants, refineries and port terminals
Grain merchandising and milling
Grain origination networks- Storage, rail and port assets (expanded with Viterra)
02 · why customers buy
Value propositions
- Origination, processing and merchandising of oilseeds and grains at global scale into protein meal, oils and milled products.
04 · how it keeps them
Customer relationships
- Ongoing supply relationships with processors, food companies and farmers who sell grain to Bunge.
03 · how it reaches them
Channels
- Direct sales to feed makers, food processors, foodservice and biofuel producers.
- Grocery chains, wholesalers, distributors and other retailers for branded and private-label products.
01 · who it serves
Customer segments
Oilseed processing and refining
Animal feed makers and livestock producers- Food processors and foodservice
Grain merchandising and milling
Food makers, millers and feed buyers worldwide
09 · where money goes
Cost structure
FY2025, share of revenue ($70.33B)
- Cost of revenue95.2%
- Research & development0.0%
- Selling, general & administrative3.0%
Depreciation & amortization (inside the costs above): $703M. Capital spending: $1.72B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Oilseed processing and refining
Sales of meal and oil (mostly commodity contracts)- Specialty oils and fats
Grain merchandising and milling
Grain sales- Milled product sales
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Oilseed processing and refining
Crushes soybeans, softseeds (rapeseed/canola, sunflower) and tropical oils into protein meal and vegetable oil, then refines and packages oils for food makers, foodservice and biofuel producers.
01 what it draws on
Inputs & resources
- Oilseeds bought from farmers and intermediaries
- Processing plants, refineries and port terminals
- Financing for farmers in Brazil
02 what it does
Activities
- Crushing and refining
- Merchandising and distribution
- Risk management with commodity derivatives
03 who it serves
Customers
- Animal feed makers and livestock producers
- Food processors and foodservice
- Biofuel companies
04 how money comes in
How it earns
- Sales of meal and oil (mostly commodity contracts)
- Specialty oils and fats
Oilseed processing and refining: how it makes money
- Soybean segment: $36.3B of sales and $1.23B of EBIT in 2025; 35 processing plants worldwide.
- Softseed segment: $11.3B of sales (+62% with Viterra) and $521M of EBIT.
Grain merchandising and milling
Buys, stores, transports and sells wheat, corn and other grains globally, and mills wheat and corn.
01 what it draws on
Inputs & resources
- Grain origination networks
- Storage, rail and port assets (expanded with Viterra)
02 what it does
Activities
- Global grain trading and logistics
- Milling
- Trade finance and risk management services
03 who it serves
Customers
- Food makers, millers and feed buyers worldwide
04 how money comes in
How it earns
- Grain sales
- Milled product sales
Grain merchandising and milling: how it makes money
- $18.1B of sales (+80%) and $465M of EBIT in 2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Bunge records program tax credits and faces carbon pricing.
Government funding & tax credits
Program tax credits
Recorded program tax credits of $146M (2025), $129M (2024) and $176M (2023).
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Environmental rules
Carbon pricing
Several jurisdictions are implementing carbon pricing programs.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Soybean Processing and Refining
36,313 (52%)profit 1,225 · margin 3.4%
Softseed Processing and Refining
11,252 (16%)profit 521 · margin 4.6%
Other Oilseeds Processing and Refining
4,633 (7%)profit 118 · margin 2.5%
Grain Merchandising and Milling
18,128 (26%)profit 465 · margin 2.6%
Source: Form 10-K (FY2025) — Note 26, Segment Information and MD&A Revenue is net sales to external customers; profit is segment EBIT. Viterra is included from July 2, 2025.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
Rest of world — 43% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
15,637 (22%)Switzerland
15,602 (22%)Netherlands
8,612 (12%)Rest of world
30,478 (43%)
Source: Form 10-K (FY2025) — Note 26, net sales to external customers by country
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Most of Bunge's sales are commodity contracts accounted for as derivatives, so reported revenue and earnings swing with crop prices and mark-to-market timing. Profit depends on processing and merchandising margins rather than price levels.
Commodity contracts (ASC 815)
About $53.4B (76% of 2025 net sales)
Typical term: Physical forward contracts for grains, oilseeds, meal and oil
Mark-to-market timing differences move quarterly EPS.
Contracts with customers (ASC 606)
About $16.9B (24%)
Typical term: Refined and specialty oils, milled products, services
Source: Form 10-K (FY2025) — Note 26
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Joint venture
Chevron
The Bunge Chevron JV is for manufacturing low lifecycle carbon intensity transportation fuels.
Source: Form 10-K (FY2025) — Item 1A
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Animal feed makers, livestock producers, food processors, foodservice companies and biofuel producers worldwide.
Named by the company
None named in the 10-K or the company’s press releases.
Suppliers
Farmers and intermediaries that sell oilseeds and grains; Bunge finances some farmers in Brazil to secure supply.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- Farmer financing is described as integral to Bunge's grain and oilseed origination. (Form 10-K (FY2025), Item 1)
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Bunge's 10-K names key competitors for each segment, led by the other global agribusiness traders.
Competitors named in the 10-K
Soybean processing and refining
- Archer-Daniels-Midlandsite ↗
- Cargillsite ↗
- Louis Dreyfus Companysite ↗
- Wilmar Internationalsite ↗
- COFCO Internationalsite ↗
Plus regional players.
Softseed processing and refining
- Archer-Daniels-Midlandsite ↗
- Cargillsite ↗
- Louis Dreyfus Companysite ↗
- Wilmar Internationalsite ↗
Other oilseeds (specialty oils)
Grain merchandising and milling
Peer group the company chose
2025 compensation peer group (18 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
A value-chain peer group spanning agricultural machinery, inputs, logistics, oil and gas, food distribution and food manufacturing, with revenue of 0.2–1.5x Bunge's; revised in early 2025 because Bunge has few direct competitors.
- Archer-Daniels-Midlandsite ↗
- Caterpillarsite ↗
- CNH Industrialsite ↗
- Cortevasite ↗
- Deere & Companysite ↗
- Dowsite ↗
- FedExsite ↗
- Kraft Heinzsite ↗
- LyondellBasellsite ↗
- Marathon Petroleumsite ↗
- Mondelez Internationalsite ↗
- Nucorsite ↗
- Nutriensite ↗
- Phillips 66site ↗
- Syscosite ↗
- Tyson Foodssite ↗
- UPSsite ↗
- Valero Energysite ↗
Also named as a competitor in the 10-K
Source: Proxy statement (DEF 14A, filed 2026-04-10) — Peer Group CompositionCompany names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
M&A historySite analysisShow
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
Bunge's biggest recent deal is Viterra; it also sold or reduced several businesses.
Cash spent on acquisitions, FY2023–FY2025: $4.2B (years not reported separately are excluded)
Jul 2025
Viterra
About 65.6 million Bunge shares (about $5.3B) plus about $1.9B in cash
A global agricultural network for grains and oilseeds.
- Stated purpose (company)
- Creating a premier global agribusiness solutions company for food, feed and fuel.
Oct 2024
50% interest in BP Bunge Bioenergia (divestiture)
Not shown here
Bunge's former sugar and bioenergy joint venture.
- Stated purpose (company)
- Not stated in the 10-K.
Source: Form 10-K (FY2025) — Item 1
Mar 2025
40% of Bunge Iberica (divestiture)
Not shown here
Bunge's Spanish operating subsidiary.
- Stated purpose (company)
- Not stated in the 10-K.
Source: Form 10-K (FY2025) — Item 1
Expected 2026
IFF lecithin, soy protein concentrate and crush businesses
Not disclosed in the 10-K
Assets acquired from Solae, L.L.C.
- Stated purpose (company)
- Not stated in the 10-K.
Source: Form 10-K (FY2025) — Item 1
16
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
| Line item | FY2021In next year’s 10-K | FY2022In next year’s 10-K | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|
| Income statement ($M) | |||||
| Revenue | 59,152 | 67,232 | 59,540 | 53,108 | 70,329 |
| Pretax income | 2,565 | 2,066 | 3,051 | 1,524 | 1,134 |
| Net income (attributable) | 2,078 | 1,610 | 2,243 | 1,137 | 816 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 13.7% | -11.4% | -10.8% | 32.4% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 3.5% | 2.4% | 3.8% | 2.1% | 1.2% |
| Balance sheet ($M) | |||||
| Total assets | 23,819 | 24,580 | 25,372 | 24,899 | 44,528 |
| Total equity | 7,825 | 9,956 | 11,814 | 10,945 | 17,369 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 5,964 | 4,651 | 4,882 | 6,238 | 14,051 |
| Equity ratio | 32.9% | 37.5% | 42.8% | 39.8% | 35.7% |
| ROE | 26.6% | 18.9% | 22.3% | 11.0% | 6.3% |
| Cash flow ($M) | |||||
| Operating CF | -2,894 | -5,549 | 3,308 | 1,900 | 844 |
| Investing CF | 5,113 | 6,499 | -1,009 | -1,114 | -5,227 |
| Financing CF | -1,632 | -769 | -856 | -90 | 2,229 |
| Free cash flowcalccash flow from operations − capital expenditures | -3,293 | -6,104 | 2,186 | 524 | -879 |
| Cash and equivalents | 902 | 1,104 | 2,602 | 3,311 | 1,135 |
| Per share & other | |||||
| EPS ($) | 13.64 | 10.51 | 14.87 | 7.99 | 4.91 |
| BVPS ($) | 54.37 | 61.53 | 74.67 | 74.00 | 82.23 |
| Dividend per share ($) | 2.08 | 2.40 | 2.61 | 2.72 | 2.80 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 15.2% | 22.8% | 17.6% | 34.0% | 57.0% |
| P/E (x) | 6.8 | 9.5 | 6.8 | 9.7 | 18.1 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.72 | 1.62 | 1.35 | 1.05 | 1.08 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $23.8B+7.4% | $318M+91.6% | $1.64 |
| 2026-06-30 | $24.04B+88.3% | $678M+91.5% | $3.47 |
| 2026-03-31 | $21.86B+87.8% | $68M-66.2% | $0.35 |
| 2025-12-31 | $23.76B+75.5% | $95M-84.2% | $0.49 |
| 2025-09-30 | $22.16B | $166M | $0.84 |
| 2025-06-30 | $12.77B | $354M | $2.61 |
| 2025-03-31 | $11.64B | $201M | $1.48 |
| 2024-12-31 | $13.54B | $602M | $4.36 |
17
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
18
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not enough data for this calculation (FY2025): it needs positive free cash flow, a fiscal year-end P/E, and a positive enterprise value.
19
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- !
Operating CF ÷ net income: averages -0.13x
Cash coming in trails reported profit. Worth checking for rising receivables/inventory or one-off gains.
- ✓
Accrual ratio (latest): -0.1%
A small share of profit rests on accounting estimates.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$844M ÷ $816M = 1.03x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($2,148M + $3,870M) ÷ 2 ÷ $70,329M × 365 = 16 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($6,491M + $13,198M) ÷ 2 ÷ $66,920M × 365 = 54 days
termsInventory · Cost of revenue (COGS)
20
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 95.6%
- Directors & officers (shares)
- 0.6%
- Everyone else (est.)
- 3.8%
- Directors & officers (voting power)
- 0.6%
- Institutional-ownership rank
- 114 of 416
- Beta (adjusted)
- 0.43
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 27% of covered companies have more
above 1 = swings more than the market
- 183.7M shares reported by 740 13F filers ÷ 192.1M shares outstanding on 2026-07-27. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-10 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-27)
21
Strengths & weaknessesSite analysis
Strengths
1. Global scale after Viterra
Total assets grew from $24.9B to $44.5B, with processing, storage and ports in North and South America, Europe and Asia-Pacific.
Evidence: Form 10-K (FY2025)
2. Shareholder returns
Completed the $2B buyback tied to the Viterra transaction in Q2 2026; dividends per share rose from $2.08 (2021) to $2.80 (2025).
Evidence: Q2 2026 earnings release; SEC EDGAR XBRL
3. Recovering earnings
Q3 2026 net income attributable to Bunge $318M (vs. $166M) and nine-month net income $1,064M; the full-year adjusted EPS outlook of $9.25–9.75 was maintained.
Evidence: Q3 2026 earnings release
Weaknesses
1. Thin, volatile margins
Net income of $816M on $70.3B of sales in 2025 (about 1.2%), down from $2.24B in 2023.
Evidence: SEC EDGAR XBRL
2. Higher debt
Total debt rose from $6.2B (2024) to $14.1B (2025) with the Viterra deal.
Evidence: SEC EDGAR XBRL
22
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
18.1x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
3.14%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
57%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
-5.1%
(Operating CF − capex) ÷ market cap
1. Bigger agribusiness platform
Viterra adds origination, storage and port assets to Bunge's processing network, and 2026 results are improving.
- What has to hold
- Integration savings materialize and crush margins hold.
- The other side
- Earnings swing with crop cycles and policy, and debt has more than doubled.
Evidence: Form 10-K (FY2025); Q2 2026 earnings release
These summarize facts in Bunge's filings, not a recommendation.
23
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.4x
$2B vs. $5.22B
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
-1.9x
−$879M vs. $459M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -11.4% in FY2023 ($67.23B → $59.54B) | Yes, by FY2025 |
Covers only the 5 fiscal years on record (FY2021–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Credit lines
Revolving facilities of $1.1B (364-day), $4.2B (5-year) and $3.5B (3-year), extended in September 2026.
Source: 8-K filed 2026-09-21
Cash
$1.1B of cash and $0.9B of short-term investments at year-end 2025.
Source: SEC EDGAR XBRL
24
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Bunge's contingencies are mainly in Brazil: indirect-tax assessments, labor claims and civil claims. Provisions totaled $537 million at September 30, 2026, including asset retirement obligations.
1 open matter
Brazil indirect tax assessments (ICMS, PIS/COFINS)
PendingTax disputeBrazilian federal and state tax authorities
The assessments cover value-added taxes plus interest and penalties. Bunge has not accrued the outstanding claims and will recognize them only if a loss becomes probable.
- Amounts
- Outstanding unaccrued claims of $160 million (ICMS) and $598 million (PIS/COFINS) at September 30, 2026. Non-income tax provisions are $90 million.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Company statement: Bunge does not expect these matters to have a material adverse effect on its financial condition, results or liquidity.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
25
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Raw materials & energy
Crop and commodity prices
- Company disclosure (summarized from the 10-K)
- Weather, harvests and prices for oilseeds and grains drive volumes and processing margins; 2025 sunflower prices rose after a European drought.
- Company’s stated mitigation
- Commodity derivatives and a global footprint.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Biofuel policies and trade
- Company disclosure (summarized from the 10-K)
- Demand for vegetable oil depends partly on biofuel mandates, and tariffs and trade flows shift where crops move.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Competition & technology shift
Large global competitors
- Company disclosure (summarized from the 10-K)
- Competes with ADM, Cargill, Louis Dreyfus, Wilmar, COFCO International and regional players in highly competitive commodity markets.
- Company’s stated mitigation
- Scale and integrated value chain.
- This site’s assessment
- Impact Med / Likelihood High
- 4M&A & integration
Viterra integration
- Company disclosure (summarized from the 10-K)
- The 10-K warns Bunge may not realize the anticipated benefits; a special incentive program in 2026 ties executive awards to integration cost savings.
- Company’s stated mitigation
- Executive Integration Incentive Program (March 2026).
- This site’s assessment
- Impact Med / Likelihood Med
- 5Governance & quality
Concentrated ownership
- Company disclosure (summarized from the 10-K)
- Glencore, CPP Investments and BCI own about 34% of shares, and Glencore and CPP can nominate directors, which could influence corporate actions.
- Company’s stated mitigation
- Shareholder agreements set nomination thresholds.
- This site’s assessment
- Impact Med / Likelihood Med
26
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (2)
The results of operations of the company may be affected by factors that are different from those currently affecting our results of operations. Read more
Additionally, our results of operations may also be affected by factors that are different from those historically affecting our or Viterra's results of operations prior to the closing of the Acquisition.
Glencore PLC ("Glencore"), Canada Pension Plan Investment Board ("CPP Investme nts"), and British Columbia Investment Management Corporation, shareholders of Viterra at the time of the acquisition, represent approximately 17%, 14% and 3%, respectively, of our outstanding registered shares, or in the aggregate approximately 34% of Bunge's outstanding registered shares as of December 31, 2025. At the closing of the Acquisition, we entered into shareholder's agreements with each of Glencore and CPP Investments, pursuant to which, among other things, each of Glencore and CPP Investments will have the right to designate:
No longer in the text (4)
We divested our Russian operations in February 2023 and we no longer maintain any operations in Russia.
As a result of the Acquisition, our shareholders will have reduced ownership and voting interest in and will exercise less influence over management of the combined company.
Our shareholders currently have the right to vote in the election of the Board and on other matters affecting us. Read more
Upon consummation of the Acquisition, each of our shareholders will become a shareholder of the combined company with a percentage ownership of the combined company that is smaller than each such shareholder’s percentage ownership of Bunge immediately prior to the Acquisition. Upon completion of the transaction, the Viterra Shareholder Group are expected to own approximately 30% of the combined Bunge company on a fully diluted basis, before giving effect to any share repurchases by Bunge occurring after June 13, 2023. Accordingly, our current shareholders will have less influence on the management and policies of the combined company than they now have on the management and policies of Bunge.
Our and Viterra’s business relationships may be subject to disruption due to uncertainty associated with the Acquisition.
30 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 19, 2026 ↗ with the 10-K filed Feb 20, 2025 ↗.
27
What to watch going forwardSite analysis
- Delivery of Viterra cost synergies.
- Soybean and softseed crush margins.
- Debt reduction after the deal; credit facilities were extended to 2027–2031.
- Closing of the IFF lecithin, soy protein and crush asset purchase.
28
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-19
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Bunge Global SA’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.