Latest Ratios: P/E Ratio 23.9x · EV/EBITDA 12.3x · 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 | $2.3B | $1.8B | $1.4B | $2.0B | $1.2B | $1.3B | $822M | $826M | $849M | $879M | $1.3B |
| Enterprise Value | $3.2B | $2.8B | $1.7B | $2.0B | $2.0B | $2.3B | $2.2B | $2.1B | $1.5B | $1.3B | $1.7B |
| P/E Ratio → | 23.91 | 18.99 | 12.20 | 19.57 | 9.18 | 12.61 | 106.57 | 45.96 | 20.47 | 21.34 | 109.02 |
| P/S Ratio | 0.21 | 0.17 | 0.12 | 0.13 | 0.07 | 0.10 | 0.10 | 0.10 | 0.28 | 0.24 | 0.32 |
| P/B Ratio | 1.77 | 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 | 12.88 | 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 | 12.32 | 10.55 | 5.43 | 4.31 | 5.91 | 11.48 | 10.16 | 9.17 | 11.34 | 11.97 | 13.25 |
| EV / EBIT | 25.11 | 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 | 1.2% | 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 | 4.2% | 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 | 0.7% | 0.8% | 0.2% | 0.1% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.8% | 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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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying ANDE stock.
The Andersons, Inc.'s current P/E ratio is 23.9x. The historical average is 20.4x. This places it at the 90th percentile of its historical range.
The Andersons, Inc.'s current EV/EBITDA is 12.3x. 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 23.9x. This is at the 90th 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 1.17% 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 margins and commodity volatility
Metrics are mathematically derived from official filings.
Thin Margins, Renewables Lift
Gross margin improved to 7.2% in 2026Q2 from 5.1% a year earlier, yet operating margin remains razor-thin at 1.6%, per quarterly data. Renewables strength appears to be offsetting Trade weakness.
The 2026Q2 gross margin of 7.2% is a notable improvement from the 5.1% in 2025Q2, but the operating margin of 1.6% underscores the fragility of the model. The Renewables segment's 'outstanding performance' in Q2 2026, as cited by management, likely contributed to the margin expansion, but the sustainability of this contribution is uncertain given the volatility in ethanol crush spreads. The 1.17% operating margin reported in the recent context flags is even thinner, suggesting that the Q2 improvement may be a seasonal peak rather than a structural shift. Investors should monitor whether the Renewables segment can consistently offset the low-margin Trade business.
ROIC Remains Subdued
ROIC has hovered near 1-3% over the past year, with 2026Q2 at 1.6%, according to quarterly data. This is well below the cost of capital, indicating limited value creation from the asset base.
ROIC of 1.6% in 2026Q2, while improved from 0.8% in 2025Q2, remains far below the company's cost of capital, which is likely in the high single digits. The 2024Q3 spike to 6.7% appears to be an outlier, driven by a temporary margin surge. The low ROIC reflects the capital-intensive nature of grain storage and handling, where returns are inherently thin. The company's pivot toward Renewables and specialty nutrients may improve returns over time, but the current data suggests that capital allocation has not yet generated meaningful excess returns. This warrants close monitoring of management's ability to redeploy capital into higher-return segments.
Working Capital Cycle Lengthens
Cash conversion cycle extended to 40 days in 2026Q2 from 35 days a year earlier, driven by higher inventory days, as per quarterly data. This reflects seasonal grain accumulation and may pressure liquidity.
The CCC of 40 days in 2026Q2 is up from 35 days in 2025Q2, with DIO rising to 37 days from 31 days. This suggests that the company is carrying more grain inventory, likely in anticipation of higher prices or due to slower turnover. The DPO of 20 days is relatively short, indicating limited supplier financing, which means the company must fund its inventory with its own cash or debt. The seasonal pattern is evident, with CCC peaking in Q1 (47 days in 2026Q1) and Q2, aligning with the post-harvest storage period. This lengthening cycle, combined with thin margins, increases the risk of cash flow strain if commodity prices decline.
Seasonal Debt Swings
Debt-to-equity swung from 0.38 in 2024Q2 to 1.00 in 2026Q1 before settling at 0.66, per balance sheet data. Interest coverage of 1.08x in 2026Q2 is dangerously low, indicating elevated refinancing risk.
The D/E ratio of 0.66 in 2026Q2 is moderate, but the intra-year swing to 1.00 in 2026Q1 highlights the seasonal borrowing needs for grain inventories. More concerning is the interest coverage ratio of 1.08x in 2026Q2, down from 7.33x in 2025Q4, suggesting that operating income barely covers interest expense. This is partly due to the seasonal trough in earnings, but it also reflects the impact of higher interest rates on the company's floating-rate debt. The D/EBITDA of 7.59x in 2026Q2 is elevated, though it improves to 10.49x in 2026Q1, indicating that EBITDA is volatile. Investors should monitor the company's ability to refinance its debt at reasonable rates, especially if commodity prices remain soft.
Liquidity Cushion Thins
Current ratio fell to 1.51 in 2026Q2 from 2.01 a year earlier, while cash dropped to $66.5M from $530M, as per balance sheet data. Quick ratio of 0.81 indicates reliance on inventory for near-term obligations.
The current ratio of 1.51 in 2026Q2 is below the 2.0x level seen in 2024-2025, and the quick ratio of 0.81 suggests that excluding inventory, the company may struggle to cover short-term liabilities. The sharp decline in cash from $530M to $66.5M over the past year is a red flag, though it may reflect seasonal working capital needs. The company's ability to weather a severe downturn is questionable, given the thin margins and high fixed costs. However, the company has access to credit lines, and the seasonal pattern suggests that liquidity typically improves after the harvest. Nonetheless, the current liquidity position is tighter than in prior years, and investors should monitor any further deterioration.
P/E Misleads on Cyclicality
The trailing P/E of 23.35 appears expensive, but the forward P/E of 11.96 and PEG of 0.36 suggest the market expects earnings growth, per valuation data. This ratio obscures the cyclicality of commodity margins.
The most commonly misapplied ratio for ANDE is the trailing P/E, which is distorted by the cyclicality of commodity markets. The trailing P/E of 23.35 reflects depressed earnings over the past year, while the forward P/E of 11.96 implies a sharp recovery, which may or may not materialize. The PEG of 0.36 is based on expected growth, but such growth is highly uncertain given the volatility of ethanol crush spreads and basis levels. A more appropriate metric would be EV/EBITDA, which at 12.12x (trailing) and 9.78x (forward) provides a better comparison to peers like ADM and BG, though even this is subject to EBITDA volatility. Investors should focus on normalized earnings power across a full commodity cycle rather than a single year's P/E.