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Deere & Company (DE) 10-Year Financial Performance & Capital Metrics

DE • • Industrial / General
IndustrialsAgricultural MachineryAgricultural Machinery & EquipmentMajor Agricultural Equipment Manufacturers
AboutDeere & Company manufactures and distributes various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides mid-size tractors, combines, cotton pickers and strippers, sugarcane harvesters, harvesting front-end equipment, sugarcane loaders, pull-behind scrapers, and tillage and seeding equipment, as well as application equipment, including sprayers and nutrient management, and soil preparation machinery for grain growers. The Small Agriculture and Turf segment offers utility tractors, and related loaders and attachments; turf and utility equipment, including riding lawn equipment, commercial mowing equipment, golf course equipment, and utility vehicles, as well as implements for mowing, tilling, snow and debris handling, aerating, residential, commercial, golf, and sports turf care applications; other outdoor power products; and hay and forage equipment. This segment also resells products from other manufacturers. It serves dairy and livestock producers, crop producers, and turf and utility customers. The Construction and Forestry segment provides a range of backhoe loaders, crawler dozers and loaders, four-wheel-drive loaders, excavators, motor graders, articulated dump trucks, landscape and skid-steer loaders, milling machines, pavers, compactors, rollers, crushers, screens, asphalt plants, log skidders, log feller bunchers, log loaders and forwarders, log harvesters, and attachments; and roadbuilding equipment. The Financial Services segment finances sales and leases agriculture and turf, and construction and forestry equipment. It also offers wholesale financing to dealers of the foregoing equipment; and extended equipment warranties, as well as finances retail revolving charge accounts. Deere & Company was founded in 1837 and is headquartered in Moline, Illinois.Show more
  • Revenue $45.68B -9.6%
  • EBITDA $11.66B -13.9%
  • Net Income $5.03B -29.2%
  • EPS (Diluted) 18.50 -27.8%
  • Gross Margin 38.36% -0.6%
  • EBITDA Margin 25.51% -4.8%
  • Operating Margin 20.64% -8.8%
  • Net Margin 11% -21.7%
  • ROE 20.55% -35.2%
  • ROIC 8.69% -19.3%
  • Debt/Equity 2.46 -13.9%
  • Interest Coverage 2.97 -12.9%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 33.5%
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Healthy 5Y average net margin of 13.9%
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗High debt to equity ratio of 2.5x

* 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

10Y4.96%
5Y5.64%
3Y-3.78%
TTM-10.99%

Profit (Net Income) CAGR

10Y9.99%
5Y12.81%
3Y-11%
TTM-29.2%

EPS CAGR

10Y12.36%
5Y16.31%
3Y-7.37%
TTM-27.7%

ROCE

10Y Avg12.43%
5Y Avg16.61%
3Y Avg17.88%
Latest13.22%

Peer Comparison

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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
DEDeere & Company139.61B515.0427.84-9.57%11.18%19.33%2.31%2.46
CNHCNH Industrial N.V.13.49B10.8210.93-19.65%3.35%7.62%5.8%3.50
AGCOAGCO Corporation8.45B113.27-19.91-19.08%3.73%7.83%3.51%0.69

Profit & Loss

Oct 2016Oct 2017Oct 2018Oct 2019Oct 2020Oct 2021Oct 2022Oct 2023Oct 2024Oct 2025
Sales/Revenue+25.9B28.62B36.46B38.38B34.72B43.03B51.28B60.25B50.52B45.68B
Revenue Growth %-0.08%0.1%0.27%0.05%-0.1%0.24%0.19%0.17%-0.16%-0.1%
Cost of Goods Sold+18.36B20.03B25.78B27.02B23.86B29.32B35.55B37.94B31.02B28.16B
COGS % of Revenue0.71%0.7%0.71%0.7%0.69%0.68%0.69%0.63%0.61%0.62%
Gross Profit+7.54B8.58B10.68B11.36B10.86B13.71B15.73B22.31B19.5B17.52B
Gross Margin %0.29%0.3%0.29%0.3%0.31%0.32%0.31%0.37%0.39%0.38%
Gross Profit Growth %-0.04%0.14%0.24%0.06%-0.04%0.26%0.15%0.42%-0.13%-0.1%
Operating Expenses+5.3B5.65B6.3B6.53B6.49B6.05B6.7B7.71B8.07B8.1B
OpEx % of Revenue0.2%0.2%0.17%0.17%0.19%0.14%0.13%0.13%0.16%0.18%
Selling, General & Admin2.79B3.13B3.47B3.48B3.45B3.2B3.65B4.31B4.51B4.66B
SG&A % of Revenue0.11%0.11%0.1%0.09%0.1%0.07%0.07%0.07%0.09%0.1%
Research & Development1.39B1.37B1.66B1.78B1.64B1.59B1.91B2.18B2.29B2.31B
R&D % of Revenue0.05%0.05%0.05%0.05%0.05%0.04%0.04%0.04%0.05%0.05%
Other Operating Expenses1.11B1.15B1.17B1.26B1.4B1.26B1.15B1.23B1.27B1.12B
Operating Income+2.24B2.93B4.38B4.83B4.37B7.66B9.03B14.59B11.43B9.43B
Operating Margin %0.09%0.1%0.12%0.13%0.13%0.18%0.18%0.24%0.23%0.21%
Operating Income Growth %-0.19%0.31%0.49%0.1%-0.1%0.75%0.18%0.62%-0.22%-0.18%
EBITDA+3.8B4.65B6.3B6.85B6.49B9.71B10.92B16.59B13.54B11.66B
EBITDA Margin %0.15%0.16%0.17%0.18%0.19%0.23%0.21%0.28%0.27%0.26%
EBITDA Growth %-0.08%0.22%0.36%0.09%-0.05%0.5%0.12%0.52%-0.18%-0.14%
D&A (Non-Cash Add-back)1.56B1.72B1.93B2.02B2.12B2.05B1.9B2B2.12B2.23B
EBIT2.99B4.05B5.28B5.55B5.13B8.6B10.19B15.47B12.55B9.43B
Net Interest Income+-763.7M-899M-1.2B-1.47B-1.25B-993M-1.06B-2.45B-3.35B-3.17B
Interest Income0000000000
Interest Expense763.7M899M1.2B1.47B1.25B993M1.06B2.45B3.35B3.17B
Other Income/Expense-20.9M198M-277M-725M-533M-40M111M-1.56B-2.25B-3.17B
Pretax Income+2.22B3.13B4.1B4.11B3.83B7.62B9.14B13.03B9.18B6.26B
Pretax Margin %0.09%0.11%0.11%0.11%0.11%0.18%0.18%0.22%0.18%0.14%
Income Tax+700.1M971M1.73B852M1.08B1.66B2.01B2.87B2.09B1.26B
Effective Tax Rate %0.69%0.69%0.58%0.79%0.72%0.78%0.78%0.78%0.77%0.8%
Net Income+1.52B2.16B2.37B3.25B2.75B5.96B7.13B10.17B7.1B5.03B
Net Margin %0.06%0.08%0.06%0.08%0.08%0.14%0.14%0.17%0.14%0.11%
Net Income Growth %-0.21%0.42%0.1%0.37%-0.15%1.17%0.2%0.43%-0.3%-0.29%
Net Income (Continuing)1.52B2.16B2.37B3.26B2.75B5.96B7.13B10.15B7.09B5B
Discontinued Operations0000000000
Minority Interest24.8M17.2M17M18M7M3M95M101M89M57M
EPS (Diluted)+4.816.687.2410.158.6918.9923.2834.6325.6218.50
EPS Growth %-0.17%0.39%0.08%0.4%-0.14%1.19%0.23%0.49%-0.26%-0.28%
EPS (Basic)4.836.767.3410.288.7719.1423.4234.8025.7218.56
Diluted Shares Outstanding316.6M323.3M327.3M320.6M316.6M314M306.3M293.6M277.1M271.7M
Basic Shares Outstanding315.2M319.5M322.6M316.5M313.5M311.6M304.5M292.2M276M270.9M
Dividend Payout Ratio0.5%0.35%0.34%0.29%0.35%0.17%0.18%0.14%0.23%0.34%

Balance Sheet

Oct 2016Oct 2017Oct 2018Oct 2019Oct 2020Oct 2021Oct 2022Oct 2023Oct 2024Oct 2025
Total Current Assets+39.99B46.91B46.65B49.27B51.36B58.59B64.09B76.37B77.67B24.81B
Cash & Short-Term Investments4.79B9.79B4.39B4.44B7.71B8.74B5.51B8.4B8.48B9.69B
Cash Only4.34B9.33B3.9B3.86B7.07B8.02B4.77B7.46B7.32B8.28B
Short-Term Investments453.5M451.6M490M581M641M728M734M946M1.15B1.41B
Accounts Receivable31.86B33.22B36.1B38.85B38.66B42.69B48.98B58.75B58.36B7.72B
Days Sales Outstanding448.97423.76361.44369.52406.34362.12348.62355.92421.6761.68
Inventory3.34B3.9B6.15B5.97B5B6.84B8.54B8.22B7.2B7.41B
Days Inventory Outstanding66.4371.1387.0580.7176.4685.1187.6779.0784.796
Other Current Assets00000121M876M829M3.39B0
Total Non-Current Assets+17.93B18.87B23.46B23.74B23.73B25.53B25.94B27.72B29.65B81.18B
Property, Plant & Equipment11.07B11.66B13.03B13.54B13.12B13.21B13.1B14.21B15.45B15.68B
Fixed Asset Turnover2.34x2.45x2.80x2.83x2.65x3.26x3.92x4.24x3.27x2.91x
Goodwill815.7M1.03B3.1B2.92B3.08B3.29B3.69B3.9B3.96B4.19B
Intangible Assets104M218M1.56B1.38B1.33B1.56B1.59B1.58B1.5B892M
Long-Term Investments232.6M182.5M207M215M193M175M117M126M122M51.41B
Other Non-Current Assets2.74B3.36B4.75B4.23B4.51B6.25B6.63B6.09B6.54B6.73B
Total Assets+57.92B65.79B70.11B73.01B75.09B84.11B90.03B104.09B107.32B106B
Asset Turnover0.45x0.43x0.52x0.53x0.46x0.51x0.57x0.58x0.47x0.43x
Asset Growth %-0%0.14%0.07%0.04%0.03%0.12%0.07%0.16%0.03%-0.01%
Total Current Liabilities+18.37B21.83B24.22B23.9B22.39B26.34B31.71B38.91B36.41B34.3B
Accounts Payable1.6B2.07B2.47B2B1.93B3.17B3.89B3.47B2.7B13.91B
Days Payables Outstanding31.7737.734.9126.9629.4639.539.9833.3531.74180.29
Short-Term Debt11.91B14.15B15.02B15.11B13.24B15.5B18.28B24.91B21.93B20.39B
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Other Current Liabilities52M55M63M61M60M228M1.34B1.13B2.41B0
Current Ratio2.18x2.15x1.93x2.06x2.29x2.22x2.02x1.96x2.13x0.72x
Quick Ratio1.99x1.97x1.67x1.81x2.07x1.96x1.75x1.75x1.94x0.51x
Cash Conversion Cycle483.63457.19413.58423.27453.34407.72396.3401.64474.62-22.61
Total Non-Current Liabilities+33B34.38B34.58B37.68B39.75B39.34B37.97B43.29B47.99B45.69B
Long-Term Debt23.7B25.89B27.24B30.18B32.58B32.89B33.6B38.48B43.23B43.54B
Capital Lease Obligations00051M153M40M0000
Deferred Tax Liabilities166M209.7M556M495M519M576M495M520M478M434M
Other Non-Current Liabilities9.14B8.28B6.79B6.95B6.5B5.83B3.87B4.29B4.28B1.71B
Total Liabilities51.37B56.21B58.8B61.58B62.15B65.68B69.67B82.2B84.39B79.99B
Total Debt+35.61B40.04B42.26B45.33B46.3B48.73B52.2B63.69B65.46B63.94B
Net Debt31.28B30.71B38.35B41.48B39.23B40.71B47.43B56.23B58.14B55.66B
Debt / Equity5.44x4.18x3.74x3.97x3.58x2.64x2.56x2.91x2.86x2.46x
Debt / EBITDA9.37x8.62x6.71x6.62x7.14x5.02x4.78x3.84x4.83x5.49x
Net Debt / EBITDA8.23x6.61x6.09x6.05x6.05x4.19x4.34x3.39x4.29x4.78x
Interest Coverage2.94x3.26x3.63x3.30x3.50x7.72x8.50x5.95x3.41x2.97x
Total Equity+6.54B9.57B11.3B11.43B12.94B18.43B20.36B21.89B22.93B26.01B
Equity Growth %-0.03%0.46%0.18%0.01%0.13%0.42%0.1%0.08%0.05%0.13%
Book Value per Share20.6729.6134.5435.6640.8858.7166.4674.5482.7395.72
Total Shareholders' Equity6.52B9.56B11.29B11.41B12.94B18.43B20.26B21.79B22.84B25.95B
Common Stock3.91B4.28B4.47B4.64B4.89B5.05B5.17B5.3B5.49B0
Retained Earnings23.91B25.3B27.55B29.85B31.65B36.45B42.25B50.93B56.4B0
Treasury Stock-15.68B-15.46B-16.31B-17.47B-18.07B-20.53B-24.09B-31.34B-35.35B0
Accumulated OCI-5.63B-4.56B-4.43B-5.61B-5.54B-2.54B-3.06B-3.11B-3.71B0
Minority Interest24.8M17.2M17M18M7M3M95M101M89M57M

Cash Flow

Oct 2016Oct 2017Oct 2018Oct 2019Oct 2020Oct 2021Oct 2022Oct 2023Oct 2024Oct 2025
Cash from Operations+3.76B2.2B1.82B3.41B7.48B7.73B4.7B8.59B9.23B7.46B
Operating CF Margin %0.15%0.08%0.05%0.09%0.22%0.18%0.09%0.14%0.18%0.16%
Operating CF Growth %0.01%-0.42%-0.17%0.87%1.19%0.03%-0.39%0.83%0.07%-0.19%
Net Income1.52B2.16B2.37B3.26B2.75B5.96B7.13B10.17B7.09B5.03B
Depreciation & Amortization1.56B1.72B1.93B2.02B2.12B2.05B1.9B2B2.12B2.23B
Stock-Based Compensation56.1M68.1M83.8M82M81M82M85M130M208M0
Deferred Taxes282.7M100.1M1.48B-465M-11M-441M-66M-790M-294M-288M
Other Non-Cash Items30.1M-550.8M32.3M182M672M-326M-30M416M292M459M
Working Capital Changes314.1M-1.29B-4.07B-1.66B1.87B396M-4.32B-3.34B-181M32M
Change in Receivables335.2M-838.9M-1.53B-142M2.01B969M-2.48B-4.25B421M1.08B
Change in Inventory-106.1M-1.31B-1.77B-780M397M-2.5B-2.09B279M788M-275M
Change in Payables-155.2M968M722.3M13M-7M1.88B1.13B830M0-251M
Cash from Investing+-1.18B-1.64B-8.15B-3.92B-3.32B-5.75B-8.48B-8.75B-6.46B-2.06B
Capital Expenditures-2.96B-2.59B-2.95B-3.45B-2.66B-2.58B-3.79B-4.47B-4.8B-4.23B
CapEx % of Revenue0.11%0.09%0.08%0.09%0.08%0.06%0.07%0.07%0.1%0.09%
Acquisitions----------
Investments----------
Other Investing1.9B832.1M-58.7M-517M-560M-2.84B-4.2B-4.2B-1.44B572M
Cash from Financing+-2.41B4.29B876.4M509M-980M-1.08B826M2.81B-2.72B-4.58B
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-761.3M-764M-805.8M-943M-956M-1.04B-1.31B-1.43B-1.6B-1.72B
Share Repurchases----------
Other Financing-28.7M1.75B597M-116M-133M-98M-92M-73M-113M-79M
Net Change in Cash----------
Free Cash Flow+809.2M-392.5M-1.13B-37M4.83B5.15B911M4.12B4.43B3.23B
FCF Margin %0.03%-0.01%-0.03%-0%0.14%0.12%0.02%0.07%0.09%0.07%
FCF Growth %-0.11%-1.49%-1.88%0.97%131.46%0.07%-0.82%3.52%0.07%-0.27%
FCF per Share2.56-1.21-3.45-0.1215.2516.392.9714.0415.9811.89
FCF Conversion (FCF/Net Income)2.47x1.02x0.77x1.05x2.72x1.30x0.66x0.84x1.30x1.48x
Interest Paid000001.04B1.1B2.22B3.3B0
Taxes Paid000002.08B1.94B3.58B2.52B0

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)22.91%26.79%22.68%28.62%22.57%38.01%36.77%48.13%31.69%20.55%
Return on Invested Capital (ROIC)4.35%5.63%7.3%7.07%6.24%10.33%10.67%15%10.77%8.69%
Gross Margin29.12%29.99%29.28%29.6%31.27%31.87%30.67%37.02%38.59%38.36%
Net Margin5.88%7.54%6.5%8.48%7.92%13.86%13.91%16.87%14.05%11%
Debt / Equity5.44x4.18x3.74x3.97x3.58x2.64x2.56x2.91x2.86x2.46x
Interest Coverage2.94x3.26x3.63x3.30x3.50x7.72x8.50x5.95x3.41x2.97x
FCF Conversion2.47x1.02x0.77x1.05x2.72x1.30x0.66x0.84x1.30x1.48x
Revenue Growth-8.02%10.5%27.4%5.27%-9.53%23.94%19.17%17.48%-16.15%-9.57%

Revenue by Segment

2015201620172018201920202021202220232024
Production & Precision Ag (PPA)------8.22B19M13.92B20.57B
Production & Precision Ag (PPA) Growth--------99.77%73147.37%47.83%
Compact Construction Equipment----6.47B4.79B---7.98B
Compact Construction Equipment Growth------25.93%----
Small Agriculture----8.7B8.1B---7.69B
Small Agriculture Growth------6.83%----
Financial Products----3.75B3.72B20M-58M6.22B
Financial Products Growth------0.83%-99.46%--10624.14%
Roadbuilding----3.19B2.92B3.75B-3.79B3.64B
Roadbuilding Growth------8.42%28.21%---4.03%
Turf----2.65B2.39B---3.02B
Turf Growth------9.81%----
Other-----879M-818M---1.48B
Other Growth-----6.94%----
Forestry----1.4B1.1B1.28B-1.43B1.11B
Forestry Growth------21.60%16.36%---22.46%
Construction & Forestry (CF)5.96B4.9B5.72B10.16B--5.7B1M9.11B-
Construction & Forestry (CF) Growth--17.83%16.69%77.68%----99.98%910800.00%-
Small Ag & Turf (SAT)19.81B18.49B20.17B23.19B--6.5B10M7.8B-
Small Ag & Turf (SAT) Growth--6.69%9.09%14.99%----99.85%77860.00%-
Construction------4.68B-6.84B-
Construction Growth----------
Financial Services (FS)2.59B2.69B2.94B3.25B--2.39B3.63B4.72B-
Financial Services (FS) Growth-3.98%8.95%10.80%---51.74%30.23%-
Compact Construction------1.49B-2.45B-
Compact Construction Growth----------
Large Agriculture----11.73B11.39B----
Large Agriculture Growth------2.90%----
Material Reconciling Items----1.37B1.13B----
Material Reconciling Items Growth------17.80%----

Revenue by Geography

2015201620172018201920202021202220232024
UNITED STATES---------30.24B
UNITED STATES Growth----------
Western Europe----5.54B5.33B-6.34B7.32B6.19B
Western Europe Growth------3.72%--15.40%-15.46%
Latin America----3.88B3.02B-7.34B8.2B5.54B
Latin America Growth------22.19%--11.69%-32.44%
Asia, Africa, Oceania, and Middle East--------5.2B4.36B
Asia, Africa, Oceania, and Middle East Growth----------16.24%
CANADA---------3.9B
CANADA Growth----------
Central Europe and Commonwealth of Independent States---------1.49B
Central Europe and Commonwealth of Independent States Growth----------
United States-------28.24B34.1B-
United States Growth--------20.78%-
Canada-------3.9B4.29B-
Canada Growth--------9.87%-
Central Europe and CIS-------2.29B2.14B-
Central Europe and CIS Growth---------6.64%-
Asia, Africa, Australia, New Zealand, and Middle East-------4.46B--
Asia, Africa, Australia, New Zealand, and Middle East Growth----------
Segment Geographical Group Domestic18.75B16.74B17.56B21.63B--25.83B---
Segment Geographical Group Domestic Growth--10.71%4.87%23.21%------
Segment Geographical Group Foreign9.62B9.34B11.26B14.97B--18.2B---
Segment Geographical Group Foreign Growth--2.88%20.60%32.92%------
U [S]----20.93B19B----
U [S] Growth------9.22%----
Asia Africa Australia New Zealand And Middle East----3.88B3.73B----
Asia Africa Australia New Zealand And Middle East Growth------3.94%----
C [A]----2.82B2.39B----
C [A] Growth------15.25%----
Central Europe And Commonwealth Of Independent States----2.21B2.07B----
Central Europe And Commonwealth Of Independent States Growth------6.20%----

Frequently Asked Questions

Valuation & Price

Deere & Company (DE) has a price-to-earnings (P/E) ratio of 27.8x. This suggests investors expect higher future growth.

Growth & Financials

Deere & Company (DE) reported $44.96B in revenue for fiscal year 2025. This represents a 27% increase from $35.48B in 2012.

Deere & Company (DE) saw revenue decline by 9.6% over the past year.

Yes, Deere & Company (DE) is profitable, generating $5.03B in net income for fiscal year 2025 (11.0% net margin).

Dividend & Returns

Yes, Deere & Company (DE) pays a dividend with a yield of 1.23%. This makes it attractive for income-focused investors.

Deere & Company (DE) has a return on equity (ROE) of 20.5%. This is excellent, indicating efficient use of shareholder capital.

Deere & Company (DE) generated $3.23B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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