Latest Ratios: P/E Ratio -615.9x · EV/EBITDA 21.5x · ROE -0.5%. (2007–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.7B | $4.1B | $4.9B | $6.0B | $4.6B | $4.4B | $4.0B | $4.9B | $4.1B | $6.3B | $6.4B |
| Enterprise Value | $7.3B | $5.6B | $5.8B | $6.9B | $5.7B | $5.3B | $4.8B | $5.8B | $4.7B | $6.9B | $6.9B |
| P/E Ratio → | -615.85 | — | 52.39 | 26.43 | 41.45 | 33.39 | 3777.78 | — | — | 470.00 | 552.13 |
| P/S Ratio | 3.99 | 2.84 | 3.20 | 4.59 | 3.40 | 3.95 | 4.89 | 5.53 | 5.17 | 6.77 | 7.35 |
| P/B Ratio | 2.89 | 2.27 | 3.45 | 4.71 | 3.93 | 4.24 | 4.15 | 4.77 | 3.70 | 9.79 | 9.51 |
| P/FCF | 276.65 | 197.19 | 74.76 | 31.16 | 32.74 | 32.73 | 49.94 | 87.48 | 1696.59 | 181.97 | 53.21 |
| P/OCF | 20.00 | 14.26 | 14.80 | 13.72 | 12.37 | 12.73 | 15.57 | 15.23 | 18.77 | 26.65 | 25.02 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.94 | 3.80 | 5.32 | 4.22 | 4.72 | 5.91 | 6.54 | 5.91 | 7.36 | 7.90 |
| EV / EBITDA | 21.50 | 16.66 | 11.86 | 13.40 | 11.29 | 11.41 | 13.00 | 17.01 | 15.09 | 24.85 | 23.04 |
| EV / EBIT | 109.35 | 54.04 | 52.99 | 18.30 | 26.29 | 19.90 | 57.39 | 63.88 | 203.80 | 110.24 | 91.10 |
| EV / FCF | — | 273.24 | 88.77 | 36.08 | 40.72 | 39.10 | 60.31 | 103.42 | 1940.07 | 197.77 | 57.18 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.6% | 24.6% | 28.6% | 32.0% | 34.5% | 43.1% | 41.0% | 32.3% | 25.0% | 25.6% | 35.7% |
| Operating Margin | 4.7% | 4.7% | 12.0% | 18.6% | 18.5% | 24.7% | 23.1% | 13.7% | 19.7% | 13.4% | 19.6% |
| Net Profit Margin | -0.6% | -0.6% | 6.1% | 17.4% | 8.0% | 11.6% | 0.1% | -0.1% | -3.1% | 1.1% | 0.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.5% | -0.5% | 6.9% | 18.6% | 9.8% | 13.0% | 0.0% | -0.1% | -2.8% | 1.5% | 0.3% |
| ROA | -0.2% | -0.2% | 2.9% | 7.2% | 3.8% | 5.2% | 0.0% | -0.0% | -1.3% | 0.7% | 0.1% |
| ROIC | 1.8% | 1.8% | 6.0% | 8.1% | 8.9% | 11.3% | 7.6% | 5.0% | 8.1% | 8.0% | 11.5% |
| ROCE | 1.9% | 1.9% | 6.8% | 9.3% | 10.6% | 12.8% | 8.8% | 5.8% | 9.4% | 10.2% | 15.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.09 | 1.09 | 0.80 | 1.01 | 1.16 | 1.02 | 1.21 | 1.15 | 0.78 | 1.27 | 0.95 |
| Debt / EBITDA | 5.77 | 5.77 | 2.31 | 2.49 | 2.67 | 2.29 | 3.14 | 3.47 | 2.77 | 2.96 | 2.13 |
| Net Debt / Equity | — | 0.87 | 0.65 | 0.75 | 0.96 | 0.83 | 0.86 | 0.87 | 0.53 | 0.85 | 0.71 |
| Net Debt / EBITDA | 4.64 | 4.64 | 1.87 | 1.83 | 2.21 | 1.86 | 2.23 | 2.62 | 1.89 | 1.99 | 1.60 |
| Debt / FCF | — | 76.05 | 14.00 | 4.93 | 7.98 | 6.37 | 10.36 | 15.94 | 243.48 | 15.81 | 3.97 |
| Interest Coverage | 0.94 | 0.94 | 1.48 | 7.09 | 2.67 | 3.22 | 1.11 | 1.22 | 0.40 | 0.91 | 1.43 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.38 | 1.38 | 2.54 | 2.14 | 1.67 | 2.13 | 2.13 | 1.78 | 2.38 | 2.44 | 1.71 |
| Quick Ratio | 0.77 | 0.77 | 1.19 | 1.20 | 0.77 | 0.92 | 1.34 | 1.15 | 1.58 | 1.50 | 0.96 |
| Cash Ratio | 0.46 | 0.46 | 0.53 | 0.69 | 0.54 | 0.56 | 0.94 | 0.80 | 0.98 | 0.95 | 0.48 |
| Asset Turnover | — | 0.27 | 0.49 | 0.41 | 0.43 | 0.44 | 0.33 | 0.35 | 0.35 | 0.58 | 0.60 |
| Inventory Turnover | 1.72 | 1.72 | 2.01 | 1.92 | 1.60 | 1.47 | 1.70 | 2.61 | 2.68 | 2.62 | 2.25 |
| Days Sales Outstanding | — | 76.53 | 38.29 | 36.33 | 36.29 | 38.10 | 52.42 | 27.14 | 33.73 | 39.76 | 53.65 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 0.9% | 0.7% | 0.6% | 0.8% | — | — | — | — | — | — |
| Payout Ratio | — | — | 37.9% | 15.5% | 32.4% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 1.9% | 3.8% | 2.4% | 3.0% | 0.0% | — | — | 0.2% | 0.2% |
| FCF Yield | 0.4% | 0.5% | 1.3% | 3.2% | 3.1% | 3.1% | 2.0% | 1.1% | 0.1% | 0.5% | 1.9% |
| Buyback Yield | 0.2% | 0.3% | 1.4% | 0.4% | 0.8% | 1.5% | 0.1% | 0.1% | 0.4% | 0.6% | 0.1% |
| Total Shareholder Yield | 0.9% | 1.1% | 2.1% | 1.0% | 1.6% | 1.5% | 0.1% | 0.1% | 0.4% | 0.6% | 0.1% |
| Shares Outstanding | — | $512M | $515M | $537M | $552M | $578M | $589M | $586M | $589M | $611M | $616M |
Includes 30+ ratios · 19 years · Updated daily
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Quick answers to the most common questions about buying AGRO stock.
Adecoagro S.A.'s current P/E ratio is -615.9x. The historical average is 48.0x.
Adecoagro S.A.'s current EV/EBITDA is 21.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.4x.
Adecoagro S.A.'s return on equity (ROE) is -0.5%. The historical average is 2.6%.
Based on historical data, Adecoagro S.A. is trading at a P/E of -615.9x. Compare with industry peers and growth rates for a complete picture.
Adecoagro S.A.'s current dividend yield is 0.68%.
Adecoagro S.A. has 24.6% gross margin and 4.7% operating margin.
Adecoagro S.A.'s Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Earnings quality obscured by non-cash items
Deep Discount to Replacement Value
Adecoagro trades at a forward EV/EBITDA of 5.51, a significant discount to its trailing multiple of 22.57, suggesting the market is pricing in a sharp earnings recovery that has yet to materialize in reported net income.
The extreme divergence between the trailing P/E of -654.88 and the forward P/E of 6.34 indicates the market is looking past current losses to a projected turnaround. However, the forward EV/EBITDA of 5.51 appears overly optimistic when compared to the trailing figure and the company's volatile operating margins, which have swung from 1.5% to 18.7% over the past ten quarters. This valuation gap may reflect a 'sum-of-the-parts' thesis where the market is beginning to value the Brazilian industrial assets separately from the Argentine farming operations, but the persistence of negative net margins suggests the discount is warranted until earnings stabilize.
Margin Volatility Masks Core Earning Power
Gross margin recovered to 32.6% in 2026Q2 from a low of 19.5% in 2025Q2, yet the net margin remains thin at 3.4%, indicating that non-operational items continue to consume the majority of operational gains.
The gross margin's wide range highlights the company's exposure to commodity price swings and input costs, with the recent improvement likely driven by favorable sugar-ethanol parity. However, the operating margin of 17.3% in 2026Q2 failed to translate into a proportionate net margin, suggesting that interest expense and biological asset adjustments are significant drags. For an analyst, the operating margin is the most reliable indicator of true earning power, as it strips out the volatile non-cash items that distort the bottom line.
ROIC Struggles to Cover Cost of Capital
ROIC has averaged just 1.0% over the past ten quarters, consistently falling short of what would be required to generate value for shareholders, indicating the company's capital-intensive model is not yet producing adequate returns.
The ROIC trend shows no clear improvement, with the latest reading of 1.8% in 2026Q2 still well below historical averages for the agricultural sector. This persistent underperformance suggests that the significant capital deployed into land transformation and milling assets has not yet translated into efficient profit generation. The low ROIC, when compared to the company's cost of debt, implies that recent debt-funded expansion may be destroying rather than creating economic value.
Rising Leverage Amidst Asset Expansion
The debt-to-equity ratio has increased from 0.85 in 2024Q1 to 1.24 in 2026Q2, indicating that the recent doubling of the asset base has been primarily financed through borrowing rather than internal cash generation.
While the reported debt/equity of 1.09% from the company intelligence appears anomalous, the ratio data shows a clear upward trend in leverage. The interest coverage ratio of 1.78 in 2026Q2 is adequate but has been volatile, dipping as low as 0.31 in 2025Q2, which suggests that debt service comfort is highly sensitive to operating income swings. Investors should monitor whether this increased leverage is being deployed into assets that will generate returns above the company's cost of capital, a condition that is not yet evident from the ROIC data.
The Misleading Net Margin
The net margin is the ratio most commonly misapplied to Adecoagro, as it is heavily distorted by non-cash biological asset revaluations and foreign exchange effects that obscure the stable cash generation from its industrial segments.
Analysts often focus on the negative or volatile net margin to draw conclusions about profitability, but this metric is unreliable for agricultural companies using IAS 41 accounting. The operating margin or, better yet, the cash conversion from operations provides a clearer picture of the business's economic health. For Adecoagro, the persistent gap between operating income and net income means that the net margin should be treated as a secondary indicator, with primary focus on the operational cash flow and the stability of the gross margin from its core sugar and ethanol production.