NYSE: DE · Agricultural & Farm Machinery
Deere & Company
Deere & Company (John Deere) makes agricultural, turf, construction and forestry equipment, and its Financial Services segment finances dealers and customers. Its equipment segments are Production & Precision Agriculture, Small Agriculture & Turf, and Construction & Forestry. FY2025 (year ended November 2025) net sales and revenues fell to $45.7 billion and net income to $5.0 billion as farm equipment demand declined. U.S. and Canada large-ag volumes fell 30%. In August 2026 Deere raised its FY2026 net income guidance to $4.75–5.00 billion and said order book trends reinforce 2026 as the bottom of the ag equipment cycle.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 17, 2026 10:21 (SEC EDGAR) · Source 10-K filed: December 18, 2025
Built on10-K FY2025 · filed 2025-12-1810-Q (quarter ended 2026-08-02) · filed 2026-08-27
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.
- 5.2%
- 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.
- 1.48x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 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.
- 36.8x
- 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.
- 0.71
Higher than 27% 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 46% 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 2026-08-02
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$662.69close on 2026-11-04
Market cap$179.19B
- 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
- 36.8x
- 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
- 6.9x
- 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
- 3.4%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.0%
At FY2025 year-end: 25.0x
Earnings: trailing 12 months to 2026-08-02
At FY2025 year-end: 4.8x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 4.9%
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 Aug 2, 2026.
- Revenue$12.02B → $12.61B (vs. a year earlier)↑ +4.9%$12.02B → $12.61B (vs. a year earlier)
- Net income$1.29B → $1.38B (vs. a year earlier)↑ +7.0%$1.29B → $1.38B (vs. a year earlier)
- Diluted EPS$4.75 → $5.10 (vs. a year earlier)↑ +7.4%$4.75 → $5.10 (vs. a year earlier)
- Cash$7.91B → $8.93B (vs. previous quarter-end)↑ +12.9%$7.91B → $8.93B (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.
From the earnings release of Aug 20, 2026.
Management outlook ↑ Raised
Improved net income guidance to $4.75B–$5.00B. Source sentence
● Net income guidance improved to $4.75 billion to $5.00 billion.
Key changes
Q3 net sales and revenues up 5% to $12.608B. Source sentence
Worldwide net sales and revenues increased 5 percent, to $12.608 billion, for the third quarter of 2026 and rose 7 percent, to $35.589 billion, for nine months.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- DEERE & CO
- Headquarters
- MOLINE, IL
- Incorporated in
- Delaware
- Fiscal year end
- 11/01
- Exchange & ticker
- NYSE: DE
- Industry
- Agricultural & Farm Machinery
- CIK
- 315189
- Website
- https://www.deere.com/ ↗
Workforce (as of FY2025 year-end)
Employees
73,100
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: November 2026. In past years, Q4 results were released 24–25 days after quarter end (Nov 26, 2025; Nov 21, 2024; Nov 22, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around November 1.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 18–25 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Aug 2, 2026 | Aug 20, 2026 (+18 days) | Aug 27, 2026 10-Q (+25 days) |
| Q2 FY2026 | May 3, 2026 | May 21, 2026 (+18 days) | May 28, 2026 10-Q (+25 days) |
| Q1 FY2026 | Feb 1, 2026 | Feb 19, 2026 (+18 days) | Feb 26, 2026 10-Q (+25 days) |
| Q4 FY2025 | Nov 2, 2025 | Nov 26, 2025 (+24 days) | Dec 18, 2025 10-K (+46 days) |
| Q3 FY2025 | Jul 27, 2025 | Aug 14, 2025 (+18 days) | Aug 28, 2025 10-Q (+32 days) |
| Q2 FY2025 | Apr 27, 2025 | May 15, 2025 (+18 days) | May 29, 2025 10-Q (+32 days) |
| Q1 FY2025 | Jan 26, 2025 | Feb 13, 2025 (+18 days) | Feb 27, 2025 10-Q (+32 days) |
| Q4 FY2024 | Oct 27, 2024 | Nov 21, 2024 (+25 days) | Dec 12, 2024 10-K (+46 days) |
| Q3 FY2024 | Jul 28, 2024 | Aug 15, 2024 (+18 days) | Aug 29, 2024 10-Q (+32 days) |
| Q2 FY2024 | Apr 28, 2024 | May 16, 2024 (+18 days) | May 30, 2024 10-Q (+32 days) |
| Q1 FY2024 | Jan 28, 2024 | Feb 15, 2024 (+18 days) | Feb 29, 2024 10-Q (+32 days) |
| Q4 FY2023 | Oct 29, 2023 | Nov 22, 2023 (+24 days) | Dec 15, 2023 10-K (+47 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
PPA
Large ag equipment
Examples: Large tractors, combines, sprayers, precision ag
SAT
Small ag and turf
Examples: Small tractors, turf equipment
CF
Construction and forestry
Examples: Construction, forestry and roadbuilding equipment
Segment descriptions follow the FY2025 Form 10-K.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-08-02)
07
Recent strategic focusSite analysis
FY2026 developments.
Q3 FY2026
Net income $1.379B ($5.10/share); net sales and revenues up 5% to $12.6B; FY2026 net income guidance raised to $4.75–5.00B.
Source: Q3 FY2026 press release
Leadership
T. Brent Norwood became CFO on May 1, 2026; Cargill CEO Brian Sikes joined the board in December 2025.
Source: 8-Ks filed 2026-05-01 and 2025-12-04
Capex ÷ D&A (FY2025)
0.61x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,360M ÷ $2,229M = 0.61x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
5.1%
formularesearch & development expense ÷ revenue × 100
e.g.$2,311M ÷ $45,684M × 100 = 5.1%
M&A spend (6-year total)
$991M
Latest year: $101M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $820M in FY2020 to $1.36B 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 2025-12-18
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$45.68B
As reported in the 10-K
Revenue CAGR (5 years)
+5.2%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($45,684M ÷ $35,540M) ^ (1÷5) − 1 = 5.2%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
20.6%▲favorable
6-year average: 32.8%
As reported in the 10-K
P/B (FY2025 end)
4.81x
formulafiscal year-end closing price ÷ book value per share
e.g.$461.63 ÷ $95.97 = 4.81x
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 +5.2% a year over 5 years (strong growth)
From $35.54B in FY2020 to $45.68B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Equity ratio is 24.5% (relatively heavy reliance on debt)
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 6 of 6 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 32.8% over 6 years (latest: 20.6%)
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
No partners or suppliers named in the filings.
07 · what it does
Key activities
Equipment operations
Manufacturing, dealer distribution, parts and servicesFinancial Services
Retail notes, leases, wholesale financing
06 · what it draws on
Key resources
Equipment operations
Factories and suppliers- R&D ($2.3B)
Financial Services
Borrowings
02 · why customers buy
Value propositions
- Differentiated equipment and service solutions, including automation, autonomy and precision technology, built on product quality.
04 · how it keeps them
Customer relationships
- Integrated aftermarket and support across the full life of a John Deere product; equipment financing from John Deere Financial.
03 · how it reaches them
Channels
- Independent dealers, which Deere calls a best-in-class dealer channel.
01 · who it serves
Customer segments
Equipment operations
Farmers, landscapers, contractors, foresters via dealersFinancial Services
Customers and dealers
09 · where money goes
Cost structure
FY2025, share of revenue ($45.68B)
- Research & development5.1%
- Selling, general & administrative10.2%
Depreciation & amortization (inside the costs above): $2.23B. Capital spending: $1.36B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
Equipment operations
Equipment and parts salesFinancial Services
Interest and lease income
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Equipment operations
Deere designs, manufactures and sells equipment through independent dealers, increasingly with precision technology.
01 what it draws on
Inputs & resources
- Factories and suppliers
- R&D ($2.3B)
02 what it does
Activities
- Manufacturing, dealer distribution, parts and services
03 who it serves
Customers
- Farmers, landscapers, contractors, foresters via dealers
04 how money comes in
How it earns
- Equipment and parts sales
Equipment operations: how it makes money
- FY2025 net sales: PPA $17.3B, SAT $10.2B, CF $11.4B.
Financial Services
Financing of equipment sales and dealer inventories.
01 what it draws on
Inputs & resources
- Borrowings
02 what it does
Activities
- Retail notes, leases, wholesale financing
03 who it serves
Customers
- Customers and dealers
04 how money comes in
How it earns
- Interest and lease income
Financial Services: how it makes money
- FY2025 net income $890M (+28%).
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.
Deere faces tariffs on components and possible greenhouse gas regulation.
Trade & export rules
Tariffs and trade rules
Incremental import tariffs raised product and component costs in fiscal 2025.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Environmental rules
GHG and carbon pricing
GHG regulation or carbon pricing could add costs.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Government as customer
Government contracts
Could lose U.S. government contracts if it fails to comply with executive orders.
Supports and constrainsTouches: Customers · How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Production & Precision Agriculture
17,311 (38%)profit 2,671 · margin 15.4%
Construction & Forestry
11,382 (25%)profit 1,028 · margin 9.0%
Small Agriculture & Turf
10,224 (23%)profit 1,207 · margin 11.8%
Financial Services
6,289 (14%)profit 890 · margin 14.2%
Source: Form 10-K (FY2025) — MD&A segment results Equipment profit is segment operating profit; Financial Services revenue includes intercompany and its profit is net income.
10
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.
11
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
Farmers, turf customers, contractors and foresters through independent dealers.
Named by the company
No customer is significant.
Suppliers
Component and material suppliers.
Named by the company
The 10-K doesn't name suppliers.
12
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.
The 10-K names ag and construction competitors.
Competitors named in the 10-K
Construction and forestry
- Caterpillarsite ↗
- CNH Industrialsite ↗
- Hitachi Construction Machinerysite ↗
- Komatsusite ↗
- Kubotasite ↗
- Volvo Groupsite ↗
Also Doosan Bobcat, Fayat, GOMACO, LGMG, Liugong, Ponsse, SANY, SDLG, Terex, Tigercat and XCMG.
Peer group the company chose
Fiscal 2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
16 companies; Emerson removed and GE added.
- 3Msite ↗
- Archer-Daniels-Midlandsite ↗
- Boeingsite ↗
- Carriersite ↗
- Caterpillarsite ↗
- Cisco Systemssite ↗
- Cumminssite ↗
- Eatonsite ↗
- GE Aerospacesite ↗
- General Dynamicssite ↗
- Honeywellsite ↗
- Intelsite ↗
- Johnson Controlssite ↗
- Lockheed Martinsite ↗
- PACCARsite ↗
- RTXsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
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 2025-12-18
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2025-12-18
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 2025-12-18
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 2025-12-18
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 35,540 | 44,024 | 52,577 | 61,251 | 51,716 | 45,684 |
| Operating income | 4,305 | 8,012 | 9,508 | 12,958 | 9,039 | — |
| Pretax income | 3,883 | 7,602 | 9,127 | 13,019 | 9,206 | 6,257 |
| Net income (attributable) | 2,751 | 5,963 | 7,131 | 10,166 | 7,100 | 5,027 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 23.9% | 19.4% | 16.5% | -15.6% | -11.7% |
| Operating margincalcoperating income ÷ revenue × 100 | 12.1% | 18.2% | 18.1% | 21.2% | 17.5% | — |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 7.7% | 13.5% | 13.6% | 16.6% | 13.7% | 11.0% |
| Balance sheet ($M) | ||||||
| Total assets | 75,091 | 84,114 | 90,030 | 104,087 | 107,320 | 105,996 |
| Total equity | 12,944 | 18,434 | 20,265 | 21,789 | 22,843 | 25,956 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 41,316 | 43,807 | 46,188 | 56,416 | 56,762 | 57,340 |
| Equity ratio | 17.2% | 21.9% | 22.5% | 20.9% | 21.3% | 24.5% |
| ROE | 21.3% | 38.0% | 36.9% | 48.4% | 31.8% | 20.6% |
| Cash flow ($M) | ||||||
| Operating CF | 7,483 | 7,726 | 4,699 | 8,589 | 9,231 | 7,459 |
| Investing CF | -3,319 | -5,750 | -8,485 | -8,749 | -6,464 | -2,057 |
| Financing CF | -980 | -1,078 | 826 | 2,808 | -2,717 | -4,579 |
| Free cash flowcalccash flow from operations − capital expenditures | 6,663 | 6,878 | 3,565 | 7,091 | 7,591 | 6,099 |
| Cash and equivalents | 7,066 | 8,017 | 4,774 | 7,458 | 7,324 | 8,276 |
| Per share & other | ||||||
| EPS ($) | 8.69 | 18.99 | 23.28 | 34.63 | 25.62 | 18.50 |
| BVPS ($) | 41.25 | 59.83 | 67.82 | 77.36 | 84.02 | 95.97 |
| Dividend per share ($) | 3.04 | 3.61 | 4.36 | 5.05 | 5.88 | 6.48 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 35.0% | 19.0% | 18.7% | 14.6% | 23.0% | 35.0% |
| P/E (x) | 26.0 | 18.0 | 17.1 | 10.4 | 15.9 | 25.0 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 16.4 | 14.0 | 14.0 | 10.1 | 14.4 | — |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 5.48 | 5.72 | 5.85 | 4.67 | 4.86 | 4.81 |
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 |
|---|---|---|---|
| 2026-08-02 | $12.61B+4.9% | $1.38B+7.0% | $5.10 |
| 2026-05-03 | $13.37B+4.7% | $1.77B-1.7% | $6.55 |
| 2026-02-01 | $9.61B+13.0% | $656M-24.5% | $2.42 |
| 2025-11-02 † | $12.4B+11.2% | $1.07B-14.5% | — |
| 2025-07-27 | $12.02B | $1.29B | $4.75 |
| 2025-04-27 | $12.76B | $1.8B | $6.64 |
| 2025-01-26 | $8.51B | $869M | $3.19 |
| 2024-10-27 † | $11.14B | $1.25B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
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.
15
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.
Growth the price implies (price on 2026-11-04)
4.8%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.4% − 2.7%
Past FCF growth (FY2020–FY2025)
-1.8%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+5.2%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $6.1B (operating CF − capex); enterprise value $228.26B = market cap $179.19B (latest close, 2026-11-04) + debt $57.34B − cash and short-term investments $8.28B; r = WACC of 7.4% using this page’s default assumptions (β 0.71, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$234.58B
FCF $6.1B ÷ (7.4% − 4.8%)
Theoretical ÷ actual enterprise value
1.03x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.4% | 6.4% | 7.4% | 8.4% | 9.4% |
|---|---|---|---|---|---|
| 0% | 0.49x | 0.42x | 0.36x | 0.32x | 0.28x |
| 2% | 0.79x | 0.61x | 0.49x | 0.42x | 0.36x |
| 4% | 1.91x | 1.11x | 0.79x | 0.61x | 0.49x |
| 6% | — | 6.68x | 1.91x | 1.11x | 0.79x |
| 8% | — | — | — | 6.68x | 1.91x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
16
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 1.38x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -2.3%
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 2025-12-18
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$7,459M ÷ $5,027M = 1.48x
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
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
17
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
- 75.4%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 24.6%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 350 of 416
- Beta (adjusted)
- 0.71
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 84% of covered companies have more
above 1 = swings more than the market
- 203.4M shares reported by 2,651 13F filers ÷ 269.6M shares outstanding on 2026-08-02. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); 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 None (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-08-02)
18
Strengths & weaknessesSite analysis
Strengths
1. Market leadership and scale
Global equipment business with an integrated financing arm.
Evidence: Form 10-K (FY2025)
2. Resilient profitability
Net income stayed at $5.0B in a down year.
Evidence: SEC EDGAR XBRL
3. Shareholder returns
Dividends rose from $3.61 (FY2021) to $6.48 (FY2025) per share.
Evidence: SEC EDGAR XBRL
Weaknesses
1. Cyclical demand
Revenue fell from $61.3B (FY2023) to $45.7B (FY2025).
Evidence: SEC EDGAR XBRL
2. Construction margins
CF operating margin fell to 9.0% from 15.5% in FY2025.
Evidence: Form 10-K (FY2025)
3. Large borrowings
Short- and long-term borrowings totaled about $57B at the end of FY2025.
Evidence: Form 10-K (FY2025)
19
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)
25.0x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.40%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
35%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
4.9%
(Operating CF − capex) ÷ market cap
1. Cycle recovery
Management says order books point to 2026 as the bottom.
- What has to hold
- Farm economy improves.
- The other side
- Brazil and Europe are softer.
Evidence: Q3 FY2026 press release
2. Dividends and buybacks
Share count fell from 308M (FY2021) to 270M (FY2025).
- What has to hold
- Cash flow continues.
- The other side
- Cyclical earnings.
Evidence: SEC EDGAR XBRL
FY2025 ended November 2, 2025. Interest-bearing debt is short-term plus long-term borrowings (excluding securitization borrowings). FY2025 operating income is not reported in XBRL.
20
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
0.6x
$8.28B vs. $13.8B
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
3.5x
$6.1B vs. $1.72B (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 | -15.6% in FY2024 ($61.25B → $51.72B) | Not yet, as of FY2025 |
| Operating income | -30.2% in FY2024 ($12.96B → $9.04B) | No later data to compare |
Covers only the 6 fiscal years on record (FY2020–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)
Financial Services
Financial Services net income rose 28% in FY2025.
Source: Form 10-K (FY2025)
Cash flow
Operating cash flow was $7.5B in FY2025.
Source: SEC EDGAR XBRL
21
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.
Deere settled the FTC's right-to-repair lawsuit in July 2026, agreeing to give farmers and independent repair shops access to repair resources on fair and reasonable terms.
0 open matters · 1 settled or closed
FTC and state AG right-to-repair lawsuit
SettledAntitrustFTC and the Attorneys General of Illinois, Minnesota, Arizona, Michigan and Wisconsin (N.D. Ill.)
Filed January 15, 2025 over restrictions on repair of Deere equipment. Settled July 8, 2026.
- Next step
- Deere must provide repair resources on 'fair and reasonable terms', report regularly to the FTC and accept FTC compliance oversight.
Source: Form 10-Q (quarter ended 2026-08-02) — Legal Proceedings
Company statement: Deere believes the reasonably possible losses on unresolved legal actions, mostly product liability (including asbestos), employment, patent, trademark and antitrust, would not be material.
Based on Form 10-Q (quarter ended 2026-08-02) — 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.
22
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.
- 1Demand & macro
Farm economy
- Company disclosure (summarized from the 10-K)
- Demand depends on farm income, commodity prices and interest rates; U.S./Canada large-ag volumes fell 30% in FY2025.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Ag competitors include AGCO, CLAAS, CNH Industrial, Kubota and Toro; construction competitors include Caterpillar, CNH, Doosan Bobcat, Hitachi, Komatsu, Volvo CE and Chinese makers. Technology companies and start-ups are entering precision ag.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Labor & workforce
Union labor
- Company disclosure (summarized from the 10-K)
- About 77% of U.S. production and maintenance employees are union-represented; about 7,600 are covered by a UAW agreement.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4FX & interest rates
Interest rates
- Company disclosure (summarized from the 10-K)
- Financial Services interest expense was $2.9B in FY2025.
- Company’s stated mitigation
- From time to time, we enter into interest rate swap agreements to manage our interest rate exposure.
- This site’s assessment
- Impact Med / Likelihood Med
23
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 (8)
● The imposition of tariffs and retaliatory tariffs has impacted, and we expect will continue to impact, the sourcing of parts and components, the cost and profitability of manufacturing operations, and our ability to ship, import, and export our products. During fiscal year 2025, new tariffs were imposed in the U.S. for imports from a broad range of countries and materials. Several countries also implemented or proposed retaliatory tariffs on imports from the U.S., as well as other barriers to trade. As a net exporter of agriculture and turf equipment from the U.S., these trade policies impact us. Nearly 80% of our domestic sales are assembled in the U.S., with the remaining products imported primarily from Europe, Mexico, India, and Japan. During fiscal year 2025, incremental import tariffs adversely affected the cost of our products and components and may continue to do so in 2026.…
exported products and the profit realized from these exports. Read more
The direct impact of incremental tariffs incurred by us in 2025 was approximately $600, excluding the impact of tariffs on our suppliers and market demand. On November 5, 2025, the United States Supreme Court heard oral arguments on tariffs imposed under the International Emergency Economic Powers Act (IEEPA). The court may provide tariff relief and the potential recovery of amounts previously paid. We are monitoring developments in this case and its impact on our future financial statements and business.
● If our business partners were to incur regulatory or judicial action, it could impact our ability to operate certain solutions abroad, or our connectivity to rural farmers.
Our international operations expose us to risks and events beyond our control in countries in which we operate.
● economic and political instability, including war or armed conflict, changes in government policies, expropriation, nationalization, and other political, economic, or social developments,
● increased tariffs, trade barriers, trade agreements, and other restrictions on international trade,
● supply chain disruptions, including, as a result of natural disasters, transportation disruptions, and geopolitical events,
● multiple and potentially conflicting laws, regulations, and policies that are subject to change, along with the complexity and cost of compliance,
No longer in the text (4)
Sustained general negative economic conditions and outlook also affect housing starts, energy prices and demand, and other construction, which dampens demand for certain construction equipment. Read more
Our turf operations and our construction and forestry segments are dependent on construction activity and have also been affected by recent adverse economic conditions. Decreases in construction activity and housing starts have had a material adverse effect on our financial results.
We may be unable to manage increasing political, economic, and social uncertainty in certain regions of the world, which could significantly change the dynamics of our competition, customer base, and product offerings globally.
● In some cases, these countries have greater political and economic volatility, greater vulnerability to infrastructure and labor disruptions, and differing customer product preferences and requirements than our other markets.
● Having business operations in various regions and countries exposes us to multiple and potentially conflicting business practices and legal and regulatory requirements that are subject to change. Read more
These practices and legal requirements are often complex and difficult to navigate, including those related to tariffs and trade regulations, investments, property ownership rights, taxation, repatriation of earnings, and advanced technologies.
61 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 Dec 18, 2025 ↗ with the 10-K filed Dec 12, 2024 ↗.
24
What to watch going forwardSite analysis
- Ag cycle recovery (2026 seen as the bottom by management).
- Brazil and Europe demand.
- Construction & Forestry margins.
- New CFO Brent Norwood (May 2026).
25
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: November 6, 2026 · Financial data fetched: October 17, 2026 10:21 (SEC EDGAR) · Source 10-K filed: December 18, 2025
Built on10-K FY2025 · filed 2025-12-18
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 Deere & Company’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.