Latest Ratios: P/E Ratio 9.3x · EV/EBITDA 7.2x · ROE 6.6%. (1996–2025 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 | $1.9B | $1.8B | $1.4B | $2.0B | $1.2B | $1.3B | $822M | $826M | $849M | $879M | $1.3B |
| Enterprise Value | $2.8B | $2.8B | $1.7B | $2.0B | $2.0B | $2.3B | $2.2B | $2.1B | $1.5B | $1.3B | $1.7B |
| P/E Ratio → | 9.26 | 18.99 | 12.20 | 19.57 | 9.18 | 12.61 | 106.57 | 45.96 | 20.47 | 21.34 | 109.02 |
| P/S Ratio | 0.17 | 0.17 | 0.12 | 0.13 | 0.07 | 0.10 | 0.10 | 0.10 | 0.28 | 0.24 | 0.32 |
| P/B Ratio | 1.46 | 1.41 | 0.87 | 1.31 | 0.84 | 1.00 | 0.71 | 0.69 | 0.92 | 1.06 | 1.57 |
| P/FCF | — | — | 7.63 | 2.49 | 8.17 | — | — | 10.58 | — | — | — |
| P/OCF | 10.61 | 10.27 | 4.20 | 2.09 | 4.19 | — | — | 2.37 | — | 11.68 | 31.93 |
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 | — | 0.25 | 0.15 | 0.14 | 0.12 | 0.18 | 0.27 | 0.25 | 0.51 | 0.36 | 0.43 |
| EV / EBITDA | 7.19 | 10.55 | 5.43 | 4.31 | 5.91 | 11.48 | 10.16 | 9.17 | 11.34 | 11.97 | 13.25 |
| EV / EBIT | 21.97 | 14.64 | 7.35 | 9.25 | 7.95 | 11.34 | 320.43 | 23.61 | 18.83 | 575.03 | 38.86 |
| EV / FCF | — | — | 9.36 | 2.51 | 13.58 | — | — | 26.46 | — | — | — |
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 | 6.5% | 6.5% | 6.1% | 5.6% | 3.9% | 3.5% | 5.0% | 6.3% | 9.8% | 8.5% | 9.2% |
| Operating Margin | 1.2% | 1.2% | 1.7% | 2.3% | 1.2% | 0.1% | 0.3% | 1.0% | 1.5% | 0.7% | 1.1% |
| Net Profit Margin | 0.9% | 0.9% | 1.0% | 0.7% | 0.8% | 0.8% | 0.1% | 0.2% | 1.4% | 1.1% | 0.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.6% | 6.6% | 7.3% | 6.9% | 9.6% | 8.4% | 0.7% | 1.7% | 4.7% | 5.0% | 1.4% |
| ROA | 2.4% | 2.4% | 2.9% | 2.4% | 2.9% | 2.4% | 0.2% | 0.6% | 1.8% | 1.9% | 0.5% |
| ROIC | 4.6% | 4.6% | 8.1% | 13.5% | 6.8% | 0.6% | 0.8% | 2.9% | 2.4% | 1.5% | 2.6% |
| ROCE | 5.8% | 5.8% | 8.1% | 15.8% | 9.7% | 0.8% | 1.0% | 3.9% | 3.1% | 1.8% | 2.9% |
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 | 0.81 | 0.81 | 0.55 | 0.44 | 0.64 | 0.89 | 1.19 | 1.08 | 0.78 | 0.60 | 0.59 |
| Debt / EBITDA | 3.98 | 3.98 | 2.79 | 1.43 | 2.69 | 5.92 | 6.45 | 5.75 | 5.29 | 4.42 | 3.75 |
| Net Debt / Equity | — | 0.73 | 0.20 | 0.01 | 0.56 | 0.73 | 1.16 | 1.04 | 0.76 | 0.55 | 0.51 |
| Net Debt / EBITDA | 3.61 | 3.61 | 1.00 | 0.05 | 2.35 | 4.82 | 6.32 | 5.50 | 5.12 | 4.11 | 3.25 |
| Debt / FCF | — | — | 1.72 | 0.03 | 5.41 | — | — | 15.88 | — | — | — |
| Interest Coverage | 4.00 | 4.00 | 7.30 | 4.62 | 4.42 | 5.35 | 0.20 | 1.47 | 2.95 | 0.11 | 2.04 |
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 | 1.41 | 1.41 | 1.65 | 1.72 | 1.37 | 1.37 | 1.25 | 1.35 | 1.23 | 1.35 | 1.32 |
| Quick Ratio | 0.60 | 0.60 | 0.90 | 1.00 | 0.69 | 0.63 | 0.58 | 0.54 | 0.40 | 0.47 | 0.47 |
| Cash Ratio | 0.06 | 0.06 | 0.32 | 0.39 | 0.05 | 0.09 | 0.02 | 0.04 | 0.03 | 0.05 | 0.08 |
| Asset Turnover | — | 2.97 | 2.73 | 3.83 | 3.76 | 2.76 | 1.89 | 2.09 | 1.27 | 1.70 | 1.76 |
| Inventory Turnover | 7.54 | 7.54 | 8.21 | 11.93 | 9.62 | 6.71 | 5.93 | 6.54 | 3.98 | 5.20 | 5.22 |
| Days Sales Outstanding | — | 21.63 | 24.79 | 18.87 | 26.31 | 24.17 | 29.03 | 23.96 | 24.84 | 18.14 | 18.11 |
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 | 1.4% | 1.5% | 1.9% | 1.3% | 2.0% | 1.8% | 2.8% | 2.7% | 2.2% | 2.1% | 1.4% |
| Payout Ratio | 28.1% | 28.1% | 23.0% | 25.1% | 18.8% | 22.8% | 298.4% | 120.8% | 44.9% | 44.1% | 149.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.8% | 5.3% | 8.2% | 5.1% | 10.9% | 7.9% | 0.9% | 2.2% | 4.9% | 4.7% | 0.9% |
| FCF Yield | — | — | 13.1% | 40.2% | 12.2% | — | — | 9.4% | — | — | — |
| Buyback Yield | 0.8% | 0.8% | 0.2% | 0.1% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.2% | 2.3% | 2.1% | 1.4% | 3.1% | 1.8% | 2.8% | 2.7% | 2.2% | 2.1% | 1.4% |
| Shares Outstanding | — | $34M | $34M | $34M | $34M | $34M | $34M | $33M | $28M | $28M | $28M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ANDE stock.
The Andersons, Inc.'s current P/E ratio is 9.3x. The historical average is 20.4x. This places it at the 24th percentile of its historical range.
The Andersons, Inc.'s current EV/EBITDA is 7.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.3x.
The Andersons, Inc.'s return on equity (ROE) is 6.6%. The historical average is 9.9%.
Based on historical data, The Andersons, Inc. is trading at a P/E of 9.3x. This is at the 24th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Andersons, Inc.'s current dividend yield is 1.42% with a payout ratio of 28.1%.
The Andersons, Inc. has 6.5% gross margin and 1.2% operating margin.
The Andersons, Inc.'s Debt/EBITDA ratio is 4.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Thin margin compression exposure
Metrics are mathematically derived from official filings.
Low Multiples Reflect Cyclical Discount
Based on reported figures, ANDE trades at a trailing P/E of 19.69 but a forward P/E of 10.02 and forward EV/EBITDA of 5.99, a compression that suggests the market expects earnings to normalize from current levels rather than expand.
The gap between trailing and forward P/E implies that the market is discounting the recent earnings strength as partly non-repeatable, which is consistent with a thin-margin trading business whose profits swing with basis and crush spreads. Against peers, ANDE's 5.99 forward EV/EBITDA sits near Ingredion's 5.20 and below Cal-Maine's 6.24, suggesting the market prices ANDE as a commodity merchant rather than a diversified agribusiness. Investors should monitor whether the 0.30 PEG reflects genuine undervaluation or simply the market's skepticism about durability of earnings.
Thin Margins Limit Earnings Cushion
As reported in quarterly statements, ANDE's operating margin stood at 1.2% in the latest quarter against a gross margin of 6.4%, leaving very little room to absorb logistics or financing cost increases.
Operating margins have ranged from negative 0.1% to 5.5% across the ten quarters shown, indicating that operating income is highly sensitive to fixed-cost absorption across elevators and railcars. The gap between gross margin and operating margin of roughly 5 points points to a heavy fixed cost base relative to the thin spread earned on volume. Net margin of 1.6% in the latest quarter exceeds operating margin, which suggests equity-method and non-operating items are contributing meaningfully and warrant further investigation before treating net income as core earning power.
Returns Oscillating Without Clear Compounding
Based on ANDE's reported figures, ROIC moved between negative 0.1% and 6.7% over the period, with the latest reading at 1.1%, indicating returns that have not compounded in a sustained way.
ROE of 3.4% and ROA of 1.3% in the most recent quarter sit well below the 13% to 17% ROE reported by Ingredion, Green Plains and REX, suggesting a meaningful gap in capital efficiency. The swings in ROIC appear driven primarily by margin volatility rather than by a stable improvement in asset turnover. Management's Renewables investments will need to lift returns materially above current levels for the capital base to earn its cost, and investors should monitor whether the trend turns durable.
Leverage Swings Track Seasonal Borrowing
As reported in balance sheet data, ANDE's debt-to-equity ratio ranged from 0.38 to 1.00 over the period, with the latest reading at 0.78, and interest coverage has fluctuated sharply between 1.08x and 10.16x.
The wide swing in coverage ratios, with the latest quarter at 4.78x after a 1.08x reading in the prior quarter, suggests debt service comfort depends heavily on the timing of operating income relative to seasonal financing draws. Debt-to-EBITDA of 15.71x in the latest quarter appears elevated, though it may partly reflect seasonally depressed trailing EBITDA rather than a structural leverage problem. Refinancing risk cannot be assessed from the supplied data, and investors should monitor whether interest expense becomes a larger drag if rates stay high.
Low Multiples May Mask Earnings Fragility
The attractive forward P/E of 10.02 may be misleading, since ANDE's gross margin of 6.4% and operating margin of 1.2% leave earnings highly exposed to small adverse shifts in commodity spreads.
The most commonly misapplied metric for a grain merchant is EV/EBITDA or P/E on a single strong quarter, because reported earnings can be inflated by mark-to-market hedging gains and equity-method income that do not reflect cash generation. Operating cash flow has swung between negative $393.7M and positive $487.9M, which suggests cash-based metrics such as free cash flow through the cycle or adjusted EBITDA stripping out non-cash derivative effects provide a more reliable view of earning power. Investors should monitor whether the apparent cheapness persists once working capital cycles are normalized.