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Adecoagro S.A. (AGRO) 10-Year Financial Performance & Capital Metrics

AGRO • • Industrial / General
Consumer DefensiveFarm ProductsIntegrated Agribusiness & Land ManagementDiversified Farm Operations
AboutAdecoagro S.A. operates as an agro-industrial company in South America. It engages in farming crops and other agricultural products, dairy operations, and land transformation activities, as well as sugar, ethanol, and energy production activities. The company is involved in the planting, harvesting, and sale of grains and oilseeds, as well as wheat, corn, soybeans, peanuts, cotton, sunflowers, and others; provision of grain warehousing/conditioning, handling, and drying services to third parties; and purchase and sale of crops produced by third parties. It also plants, harvests, processes, and markets rice; and produces and sells raw milk, UHT, cheese, powder milk, and others. In addition, the company engages in the cultivating, processing, and transforming of sugarcane into ethanol and sugar; and the sale of electricity cogenerated at its sugar and ethanol mills to the grid. Further, it is involved in the identification and acquisition of underdeveloped and undermanaged farmland, and the realization of value through the strategic disposition of assets. As of December 31, 2021, the company owned a total of 219,850 hectares of land, including 18 farms in Argentina, 8 farms in Brazil, and 1 farm in Uruguay, as well as a total of 241 megawatts of installed cogeneration capacity. Adecoagro S.A. was founded in 2002 and is based in Luxembourg, Luxembourg.Show more
  • Revenue $1.52B +16.9%
  • EBITDA $407M -21.1%
  • Net Income $92M -59.2%
  • EPS (Diluted) 0.18 -57.1%
  • Gross Margin 23.8% -25.6%
  • EBITDA Margin 26.77% -32.6%
  • Operating Margin 12% -35.5%
  • Net Margin 6.08% -65.1%
  • ROE 6.91% -62.9%
  • ROIC 6.04% -25.2%
  • Debt/Equity 0.80 -21.5%
  • Interest Coverage 2.19 -51.8%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 206.4%
  • ✓Strong Piotroski F-Score: 7/9
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 11.4%
  • ✓Share count reduced 4.1% through buybacks

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.71%
5Y11.35%
3Y10.55%
TTM-2.94%

Profit (Net Income) CAGR

10Y43.36%
5Y206.39%
3Y-10.93%
TTM-85.17%

EPS CAGR

10Y25.75%
5Y212.91%
3Y-7.85%
TTM-84.83%

ROCE

10Y Avg10.5%
5Y Avg9.66%
3Y Avg8.9%
Latest6.77%

Peer Comparison

Diversified Farm Operations
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
AGROAdecoagro S.A.1.19B8.4346.8316.94%1.72%1.63%5.45%0.80

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+674.31M869.24M933.18M793.24M887.14M817.76M1.12B1.35B1.3B1.52B
Revenue Growth %-0.07%0.29%0.07%-0.15%0.12%-0.08%0.37%0.2%-0.04%0.17%
Cost of Goods Sold+454.13M558.97M694.65M594.68M600.76M482.21M640.1M882.1M883.48M1.16B
COGS % of Revenue0.67%0.64%0.74%0.75%0.68%0.59%0.57%0.65%0.68%0.76%
Gross Profit+220.18M310.27M238.52M198.56M286.38M335.55M484.25M465.63M415.39M361.51M
Gross Margin %0.33%0.36%0.26%0.25%0.32%0.41%0.43%0.35%0.32%0.24%
Gross Profit Growth %0.06%0.41%-0.23%-0.17%0.44%0.17%0.44%-0.04%-0.11%-0.13%
Operating Expenses+121.74M133.62M156.8M149.43M169.44M146.5M206.22M215.82M173.82M179.22M
OpEx % of Revenue0.18%0.15%0.17%0.19%0.19%0.18%0.18%0.16%0.13%0.12%
Selling, General & Admin118.69M131.42M152.7M146.29M164.17M131.11M187.46M157.91M143.09M172.1M
SG&A % of Revenue0.18%0.15%0.16%0.18%0.19%0.16%0.17%0.12%0.11%0.11%
Research & Development0000000000
R&D % of Revenue----------
Other Operating Expenses-27.71M11.02M4.1M3.14M5.27M15.39M18.77M57.92M30.73M7.11M
Operating Income+129.87M170.55M125.29M156.5M213.6M189.05M278.02M249.8M241.56M182.3M
Operating Margin %0.19%0.2%0.13%0.2%0.24%0.23%0.25%0.19%0.19%0.12%
Operating Income Growth %0.48%0.31%-0.27%0.25%0.36%-0.11%0.47%-0.1%-0.03%-0.25%
EBITDA+201.14M298.05M276.29M310.75M400.25M371.75M464.75M504.18M515.67M406.65M
EBITDA Margin %0.3%0.34%0.3%0.39%0.45%0.45%0.41%0.37%0.4%0.27%
EBITDA Growth %0.13%0.48%-0.07%0.12%0.29%-0.07%0.25%0.08%0.02%-0.21%
D&A (Non-Cash Add-back)71.27M127.5M151.01M154.25M186.65M182.69M186.73M254.38M274.1M224.36M
EBIT37.19M75.37M62.29M23.01M95.31M84.21M266.51M216.51M377.5M202.03M
Net Interest Income+-44.77M-45.02M-56.95M-50.32M-66.83M-71.5M-78.7M-75.37M11.73M-67.25M
Interest Income8.2M7.67M11.23M7.92M7.32M4.08M4.08M5.78M64.97M16.05M
Interest Expense52.97M52.69M68.18M58.24M74.15M75.59M82.78M81.15M53.24M83.3M
Other Income/Expense-94.43M-136.14M-116.29M-131.21M-100.22M-175.66M-103.47M-114.44M63.83M-147.21M
Pretax Income+22.13M13.13M5.68M-24.26M21.16M13.39M174.55M135.36M305.39M35.09M
Pretax Margin %0.03%0.02%0.01%-0.03%0.02%0.02%0.16%0.1%0.24%0.02%
Income Tax+3.75M9.39M-6.07M-1.02M20.82M12.32M43.84M26.76M78.67M-57.02M
Effective Tax Rate %0.77%0.16%1.76%1.02%0.02%0.03%0.75%0.8%0.74%2.63%
Net Income+17.13M2.04M9.97M-24.62M342K412K130.67M108.14M226.29M92.34M
Net Margin %0.03%0%0.01%-0.03%0%0%0.12%0.08%0.17%0.06%
Net Income Growth %5.8%-0.88%3.89%-3.47%1.01%0.2%316.16%-0.17%1.09%-0.59%
Net Income (Continuing)-1.67M3.74M14.97M-23.23M342K1.07M130.72M108.61M226.72M92.1M
Discontinued Operations0000000000
Minority Interest7.33M7.58M5.42M44.51M40.61M38.68M36.11M37.55M36.52M38.95M
EPS (Diluted)+-0.010.020.02-0.040.000.000.230.200.420.18
EPS Growth %-1.51%-0.17%-2.91%1.01%---0.13%1.1%-0.57%
EPS (Basic)-0.010.020.02-0.040.000.000.230.200.420.18
Diluted Shares Outstanding611.73M615.58M611.01M589.17M586.26M588.57M578.07M552.2M537.47M515.35M
Basic Shares Outstanding604.5M607.11M603M583.46M586.26M587.26M575.74M550.39M535.46M513.02M
Dividend Payout Ratio-------0.32%0.15%0.38%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+472.72M568.16M689.45M660.83M649.07M766.57M761.8M1.02B1.06B1.02B
Cash & Short-Term Investments198.89M158.57M269.19M273.63M290.28M336.28M199.77M329.22M339.78M211.24M
Cash Only198.89M158.57M269.19M273.63M290.28M336.28M199.77M230.65M339.78M211.24M
Short-Term Investments000000098.57M00
Accounts Receivable80.26M127.78M101.67M73.3M65.95M117.45M117.37M133.98M129.28M159.32M
Days Sales Outstanding43.4453.6539.7633.7327.1452.4238.136.2936.3338.29
Inventory123.97M248.64M265.64M222.22M229.92M284.43M434.42M552.81M460.38M540.19M
Days Inventory Outstanding99.64162.36139.58136.39139.69215.29247.72228.74190.2170.36
Other Current Assets4.86M3.42M4.89M6.29M1.53M196K836K134K76.47M86.21M
Total Non-Current Assets+897.98M887.61M917.75M1.62B1.87B1.72B1.82B2.09B2.11B2.1B
Property, Plant & Equipment540.22M802.61M820.93M1.48B1.73B1.57B1.7B1.96B1.98B1.92B
Fixed Asset Turnover1.25x1.08x1.14x0.54x0.51x0.52x0.66x0.69x0.66x0.79x
Goodwill13.51M13.4M12.41M21.35M20.02M14.48M16.63M18.54M14.31M20.24M
Intangible Assets3.15M3.85M4.78M6.56M13.66M12.45M14.71M17.58M13.21M16.99M
Long-Term Investments24.49M16.8M21.19M76.64M76.69M83.21M48.15M51.61M59.97M41.52M
Other Non-Current Assets255.76M12.36M15M15.36M16.93M17.72M28.04M33.19M32.49M98.7M
Total Assets+1.37B1.46B1.61B2.28B2.52B2.48B2.58B3.11B3.16B3.11B
Asset Turnover0.49x0.60x0.58x0.35x0.35x0.33x0.44x0.43x0.41x0.49x
Asset Growth %-0.16%0.06%0.1%0.42%0.11%-0.02%0.04%0.2%0.02%-0.02%
Total Current Liabilities+323.77M332.48M282.41M277.85M364.4M359.17M357.43M610.85M494.05M400.32M
Accounts Payable47.03M81.18M82.82M94.48M90.59M110.66M151.98M193.13M140.95M173.16M
Days Payables Outstanding37.853.0143.5257.9955.0483.7686.6679.9158.2354.61
Short-Term Debt239.48M205.09M154.83M143.43M188.08M157.63M157.3M334.2M207.11M99.55M
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Other Current Liabilities21.87M13.2M18.68M11.65M18M28.52M16.27M22.08M38.39M49.75M
Current Ratio1.46x1.71x2.44x2.38x1.78x2.13x2.13x1.67x2.14x2.54x
Quick Ratio1.08x0.96x1.50x1.58x1.15x1.34x0.92x0.77x1.20x1.19x
Cash Conversion Cycle105.28163135.82112.13111.79183.95199.16185.12168.3154.03
Total Non-Current Liabilities+504.21M451.62M679.66M891.38M1.13B1.16B1.18B1.33B1.41B1.31B
Long-Term Debt483.58M430.3M663.02M718.09M780.2M813.46M705.49M727.98M697.84M680M
Capital Lease Obligations68K102K38K395K174.57M159.44M201.72M283.55M325.57M287.68M
Deferred Tax Liabilities15.64M14.69M10.46M168.17M165.51M182.38M265.85M301.41M376.33M330.34M
Other Non-Current Liabilities20.55M6.52M16.6M4.73M7.74M4.07M4.09M21.41M5.45M8.45M
Total Liabilities827.98M784.09M962.07M1.17B1.49B1.52B1.53B1.95B1.9B1.71B
Total Debt+723.34M635.4M817.96M862.12M1.18B1.17B1.06B1.35B1.28B1.12B
Net Debt524.45M476.83M548.76M588.48M894.39M830.58M864.74M1.12B943.68M910.34M
Debt / Equity1.33x0.95x1.27x0.78x1.15x1.21x1.02x1.16x1.01x0.80x
Debt / EBITDA3.60x2.13x2.96x2.77x2.96x3.14x2.29x2.67x2.49x2.76x
Net Debt / EBITDA2.61x1.60x1.99x1.89x2.23x2.23x1.86x2.21x1.83x2.24x
Interest Coverage2.45x3.24x1.84x2.69x2.88x2.50x3.36x3.08x4.54x2.19x
Total Equity+542.73M671.67M645.13M1.11B1.03B963.72M1.05B1.16B1.27B1.41B
Equity Growth %-0.3%0.24%-0.04%0.72%-0.07%-0.06%0.09%0.11%0.09%0.11%
Book Value per Share0.891.091.061.881.751.641.812.112.352.73
Total Shareholders' Equity535.39M664.09M639.71M1.06B988.27M925.04M1.01B1.13B1.23B1.37B
Common Stock183.57M183.57M183.57M183.57M183.57M183.57M183.57M167.07M167.07M167.07M
Retained Earnings62.92M51M60.98M237.19M206.67M8.67M115.73M202.34M418.79M518.06M
Treasury Stock-1.94M-1.86M-6.97M-8.74M-7.95M-7.63M-16.91M-4.79M-8.06M-16.99M
Accumulated OCI-663.47M-523.09M-524.66M-265.08M-311.12M-177.18M-121.74M-31.7M-92.48M41.6M
Minority Interest7.33M7.58M5.42M44.51M40.61M38.68M36.11M37.55M36.52M38.95M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+153.91M255.4M237.1M218.51M322.11M257.13M348.66M370.03M434.91M328.33M
Operating CF Margin %0.23%0.29%0.25%0.28%0.36%0.31%0.31%0.27%0.33%0.22%
Operating CF Growth %0.16%0.66%-0.07%-0.08%0.47%-0.2%0.36%0.06%0.18%-0.25%
Net Income-4.35M14.28M14.97M-23.23M342K1.07M130.72M108.61M226.72M92.1M
Depreciation & Amortization104.4M127.5M151.01M154.25M219.61M182.69M218.13M254.38M274.1M304.02M
Stock-Based Compensation4.4M4.8M5.55M4.73M4.73M4.32M6.41M10.23M8.58M6.68M
Deferred Taxes-7.95M12.9M-4.99M-1.02M20.82M12.32M43.84M26.76M78.67M-76.5M
Other Non-Cash Items60.27M147.43M51.87M102.47M92.21M141.88M111.42M56.89M-82.39M181.47M
Working Capital Changes-11.57M-51.5M18.7M-18.68M-15.6M-85.16M-161.84M-86.83M-70.79M-179.45M
Change in Receivables-2.3M-31M-9.48M-65.94M-17.66M-55.23M-40.45M-60.75M3.68M-68.3M
Change in Inventory-29.43M-45.98M-22.1M-38.57M-17.04M-40.45M-95.22M41.75M-35.8M-35.77M
Change in Payables000000000-100.35M
Cash from Investing+-133.78M-122.01M-188.34M-174.92M-248.71M-121.92M-175.22M-299.26M-111.55M-231.56M
Capital Expenditures-141.46M-132.39M-198.55M-207.07M-252.45M-168.53M-199.29M-217.78M-241.62M-260.21M
CapEx % of Revenue0.21%0.15%0.21%0.26%0.28%0.21%0.18%0.16%0.19%0.17%
Acquisitions----------
Investments----------
Other Investing12.52M6.96M10.21M31.96M2.13M36.46M14.06M5.4M97.65M30.32M
Cash from Financing+92.41M-181.68M70.19M-20.85M-37.86M-53.92M-303.13M-23.57M-208.74M-274M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0000000-35M-35M-35M
Share Repurchases----------
Other Financing-43.89M-51.74M-58.79M-53.79M-53.42M-64.16M-51.53M-42.9M-55.29M-24.6M
Net Change in Cash----------
Free Cash Flow+2.21M120.08M34.72M2.42M56.09M80.14M135.66M139.8M191.48M65M
FCF Margin %0%0.14%0.04%0%0.06%0.1%0.12%0.1%0.15%0.04%
FCF Growth %1.01%53.26%-0.71%-0.93%22.21%0.43%0.69%0.03%0.37%-0.66%
FCF per Share0.000.200.060.000.100.140.230.250.360.13
FCF Conversion (FCF/Net Income)8.98x125.26x23.78x-8.87x941.84x624.09x2.67x3.42x1.92x3.56x
Interest Paid0000000000
Taxes Paid0000000000

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)2.61%0.34%1.51%-2.81%0.03%0.04%12.99%9.78%18.63%6.91%
Return on Invested Capital (ROIC)8.04%11.55%8.02%8.12%8.85%7.63%11.25%8.94%8.07%6.04%
Gross Margin32.65%35.69%25.56%25.03%32.28%41.03%43.07%34.55%31.98%23.8%
Net Margin2.54%0.23%1.07%-3.1%0.04%0.05%11.62%8.02%17.42%6.08%
Debt / Equity1.33x0.95x1.27x0.78x1.15x1.21x1.02x1.16x1.01x0.80x
Interest Coverage2.45x3.24x1.84x2.69x2.88x2.50x3.36x3.08x4.54x2.19x
FCF Conversion8.98x125.26x23.78x-8.87x941.84x624.09x2.67x3.42x1.92x3.56x
Revenue Growth-6.73%28.91%7.36%-15%11.84%-7.82%37.49%19.87%-3.62%16.94%

Revenue by Segment

20172018201920202021202220232024
Manufactured Products And Services Rendered--744.64M--1.35B1.3B1.52B
Manufactured Products And Services Rendered Growth-------3.62%16.94%
Sugar305.69M128.38M97.71M171.1M208.37M188.77M419.86M391.74M
Sugar Growth--58.00%-23.89%75.11%21.78%-9.40%122.42%-6.70%
Ethanol241.65M324.66M373.85M199.06M291.88M387.12M247.01M265.15M
Ethanol Growth-34.35%15.15%-46.75%46.63%32.63%-36.19%7.35%
Rice--97.52M96.4M127.27M188.26M199.75M224.4M
Rice Growth----1.15%32.03%47.92%6.10%12.34%
Fluid Milk (UHT)--38.44M54.38M62.88M76.6M74.4M136.7M
Fluid Milk (UHT) Growth---41.46%15.62%21.82%-2.86%83.73%
Other Dairy Products--8.86M17.2M28.83M37.65M35.38M77.59M
Other Dairy Products Growth---94.28%67.59%30.57%-6.01%119.27%
Peanut--28.93M46.71M60.94M63.04M63.65M59.31M
Peanut Growth---61.46%30.47%3.45%0.96%-6.81%
Powder Milk--20.72M40.5M62.73M84.26M43.96M55.55M
Powder Milk Growth---95.44%54.88%34.32%-47.83%26.38%
Other Products and Services--3.4M5.62M13.07M24.2M43.44M45.64M
Other Products and Services Growth---65.33%132.42%85.16%79.50%5.08%
Energy62.22M57.8M60.91M42.76M50.32M34.92M35.98M37.03M
Energy Growth--7.11%5.39%-29.81%17.69%-30.61%3.05%2.90%
Services--4.52M4.77M7.31M10.99M6.08M10.89M
Services Growth---5.60%53.10%50.32%-44.66%79.06%
Sunflower--7.53M10.43M11.28M14.95M8.3M7.62M
Sunflower Growth---38.48%8.14%32.49%-44.47%-8.19%
Cotton--623K1.97M2.54M6.78M8.38M3.89M
Cotton Growth---216.05%29.00%166.93%23.64%-53.56%
Rental Income--564K584K615K841K1.21M2.83M
Rental Income Growth---3.55%5.31%36.75%43.88%133.97%
Soybean Oil and Meal--1.06M-----
Soybean Oil and Meal Growth--------

Revenue by Geography

20172018201920202021202220232024
ARGENTINA214.89M-------
ARGENTINA Growth--------

Frequently Asked Questions

Valuation & Price

Adecoagro S.A. (AGRO) has a price-to-earnings (P/E) ratio of 46.8x. This suggests investors expect higher future growth.

Growth & Financials

Adecoagro S.A. (AGRO) reported $1.37B in revenue for fiscal year 2024. This represents a 112% increase from $645.4M in 2011.

Adecoagro S.A. (AGRO) grew revenue by 16.9% over the past year. This is strong growth.

Yes, Adecoagro S.A. (AGRO) is profitable, generating $23.5M in net income for fiscal year 2024 (6.1% net margin).

Dividend & Returns

Yes, Adecoagro S.A. (AGRO) pays a dividend with a yield of 0.81%. This makes it attractive for income-focused investors.

Adecoagro S.A. (AGRO) has a return on equity (ROE) of 6.9%. This is below average, suggesting room for improvement.

Adecoagro S.A. (AGRO) generated $51.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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