Deere & Company (DE) Financial Ratios
30 years of historical data (1996–2025) · Industrials · Agricultural - Machinery
EV/EBITDA
↑
20.01
↑+46% vs avg
5yr avg: 13.74
30Y Low6.7·High17.1
P/FCF
↑
48.69
-0% vs avg
5yr avg: 48.88
30Y Low7.3·High133.4
P/B Ratio
↓
6.06
+15% vs avg
5yr avg: 5.28
30Y Low2.0·High6.0
ROE
↓
19.3%
↑-45% vs avg
5yr avg: 35.0%
30Y Low-2%·High48%
Debt/EBITDA
↑
6.01
↑+25% vs avg
5yr avg: 4.79
30Y Low3.0·High9.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
DE Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Deere & Company trades at 31.4x earnings, 82% above its 5-year average of 17.3x, sitting at the 93rd percentile of its historical range. Compared to the Industrials sector median P/E of 25.5x, the stock trades at a premium of 23%. On a free-cash-flow basis, the stock trades at 48.7x P/FCF, roughly in line with the 5-year average of 48.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $157.3B | $125.4B | $113.0B | $106.0B | $121.6B | $107.5B | $71.5B | $55.8B | $44.3B | $43.0B | $28.0B |
| Enterprise Value | $213.0B | $181.1B | $171.2B | $162.3B | $169.0B | $148.2B | $110.8B | $97.3B | $82.7B | $73.7B | $59.2B |
| P/E Ratio → | 31.37 | 24.95 | 15.92 | 10.43 | 17.05 | 18.03 | 26.00 | 17.16 | 18.71 | 19.89 | 18.36 |
| P/S Ratio | 3.52 | 2.75 | 2.24 | 1.76 | 2.37 | 2.50 | 2.06 | 1.45 | 1.22 | 1.50 | 1.08 |
| P/B Ratio | 6.06 | 4.82 | 4.93 | 4.84 | 5.97 | 5.83 | 5.53 | 4.88 | 3.92 | 4.49 | 4.27 |
| P/FCF | 48.69 | 38.82 | 25.52 | 25.73 | 133.43 | 20.89 | 14.82 | — | — | — | 34.55 |
| P/OCF | 21.09 | 16.82 | 12.25 | 12.35 | 25.87 | 13.91 | 9.56 | 16.36 | 24.35 | 19.53 | 7.43 |
P/E links to full P/E history page with 30-year chart
DE EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Deere & Company's enterprise value stands at 20.0x EBITDA, 46% above its 5-year average of 13.7x. The Industrials sector median is 13.8x, placing the stock at a 45% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.96 | 3.39 | 2.69 | 3.30 | 3.44 | 3.19 | 2.54 | 2.27 | 2.57 | 2.29 |
| EV / EBITDA | 20.01 | 15.54 | 12.64 | 9.78 | 15.47 | 15.26 | 17.08 | 14.20 | 13.12 | 15.85 | 15.58 |
| EV / EBIT | 22.59 | 19.21 | 13.64 | 10.49 | 16.58 | 17.24 | 21.59 | 17.52 | 15.67 | 18.18 | 19.83 |
| EV / FCF | — | 56.05 | 38.65 | 39.38 | 185.49 | 28.80 | 22.94 | — | — | — | 73.20 |
DE Profitability
Margins and return-on-capital ratios measuring operating efficiency
Deere & Company earns an operating margin of 18.8%, above the Industrials sector average of 4.9%. Operating margins have compressed from 24.2% to 20.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 19.3% indicates solid capital efficiency, compared to the sector median of 8.2%. ROIC of 7.7% represents adequate returns on invested capital versus a sector median of 6.3%.
Margins
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 | 36.5% | 38.4% | 38.6% | 37.0% | 30.7% | 31.9% | 31.3% | 29.6% | 29.3% | 30.0% | 29.1% |
| Operating Margin | 18.8% | 20.6% | 22.6% | 24.2% | 17.6% | 17.8% | 12.6% | 12.6% | 12.0% | 10.2% | 8.7% |
| Net Profit Margin | 11.3% | 11.0% | 14.1% | 16.9% | 13.9% | 13.9% | 7.9% | 8.5% | 6.5% | 7.5% | 5.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 19.3% | 20.5% | 31.7% | 48.1% | 36.8% | 38.0% | 22.6% | 28.6% | 22.7% | 26.8% | 22.9% |
| ROA | 4.7% | 4.7% | 6.7% | 10.5% | 8.2% | 7.5% | 3.7% | 4.5% | 3.5% | 3.5% | 2.6% |
| ROIC | 7.7% | 8.7% | 10.8% | 15.0% | 10.7% | 10.3% | 6.2% | 7.1% | 7.3% | 5.6% | 4.4% |
| ROCE | 11.4% | 13.1% | 16.8% | 23.6% | 15.5% | 13.9% | 8.6% | 10.2% | 9.7% | 7.0% | 5.7% |
DE Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Deere & Company carries a Debt/EBITDA ratio of 6.0x, which is highly leveraged (88% above the sector average of 3.2x). Net debt stands at $55.7B ($63.9B total debt minus $8.3B cash). Interest coverage of just 2.7x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.46 | 2.46 | 2.86 | 2.91 | 2.56 | 2.64 | 3.58 | 3.97 | 3.74 | 4.18 | 5.44 |
| Debt / EBITDA | 6.01 | 5.49 | 4.83 | 3.84 | 4.78 | 5.02 | 7.14 | 6.62 | 6.71 | 8.62 | 9.37 |
| Net Debt / Equity | — | 2.14 | 2.54 | 2.57 | 2.33 | 2.21 | 3.03 | 3.63 | 3.39 | 3.21 | 4.78 |
| Net Debt / EBITDA | 5.23 | 4.78 | 4.29 | 3.39 | 4.34 | 4.19 | 6.05 | 6.05 | 6.09 | 6.61 | 8.23 |
| Debt / FCF | — | 17.23 | 13.13 | 13.65 | 52.06 | 7.91 | 8.13 | — | — | — | 38.65 |
| Interest Coverage | 2.65 | 2.97 | 3.41 | 5.95 | 8.50 | 7.72 | 3.50 | 3.30 | 3.63 | 3.26 | 2.94 |
DE Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Deere & Company's current ratio of 2.31x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 1.96x to 2.31x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.31 | 2.31 | 2.13 | 1.96 | 2.02 | 2.22 | 2.29 | 2.06 | 1.93 | 2.15 | 2.18 |
| Quick Ratio | 2.08 | 2.08 | 1.94 | 1.75 | 1.75 | 1.96 | 2.07 | 1.81 | 1.67 | 1.97 | 1.99 |
| Cash Ratio | 0.30 | 0.30 | 0.23 | 0.22 | 0.17 | 0.33 | 0.34 | 0.19 | 0.18 | 0.45 | 0.26 |
| Asset Turnover | — | 0.43 | 0.47 | 0.58 | 0.57 | 0.51 | 0.46 | 0.53 | 0.52 | 0.43 | 0.45 |
| Inventory Turnover | 3.75 | 3.75 | 4.31 | 4.62 | 4.16 | 4.29 | 4.77 | 4.52 | 4.19 | 5.13 | 5.49 |
| Days Sales Outstanding | — | 456.36 | 421.67 | 355.92 | 348.62 | 362.12 | 406.34 | 369.52 | 361.44 | 423.76 | 448.97 |
DE Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Deere & Company returns 1.8% to shareholders annually — split between a 1.1% dividend yield and 0.7% buyback yield. The payout ratio of 34.2% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 3.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 1.1% | 1.4% | 1.4% | 1.3% | 1.1% | 1.0% | 1.3% | 1.7% | 1.8% | 1.8% | 2.7% |
| Payout Ratio | 34.2% | 34.2% | 22.6% | 14.0% | 18.4% | 17.4% | 34.8% | 29.0% | 34.0% | 35.4% | 50.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 4.0% | 6.3% | 9.6% | 5.9% | 5.5% | 3.8% | 5.8% | 5.3% | 5.0% | 5.4% |
| FCF Yield | 2.1% | 2.6% | 3.9% | 3.9% | 0.7% | 4.8% | 6.7% | — | — | — | 2.9% |
| Buyback Yield | 0.7% | 0.9% | 3.5% | 6.8% | 3.0% | 2.4% | 1.0% | 2.2% | 2.2% | 0.0% | 0.7% |
| Total Shareholder Yield | 1.8% | 2.3% | 5.0% | 8.2% | 4.0% | 3.3% | 2.4% | 3.9% | 4.0% | 1.8% | 3.5% |
| Shares Outstanding | — | $272M | $277M | $294M | $306M | $314M | $317M | $321M | $327M | $323M | $317M |
Peer Comparison
Compare DE with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 DEYou | $157B | 31.4 | 20.0 | 48.7 | 36.5% | 18.8% | 19.3% | 7.7% | 6.0 |
 CNH | $13B | 26.4 | 10.9 | 6.7 | 31.4% | 15.4% | 6.5% | 6.6% | 7.9 |
 AGCO | $9B | 12.1 | 10.1 | 11.5 | 24.8% | 6.9% | 16.9% | 8.3% | 2.6 |
 CAT | $417B | 47.6 | 33.4 | 40.6 | 32.3% | 16.6% | 43.5% | 15.9% | 3.2 |
 TITN | $502M | -9.0 | 16.9 | 4.4 | 15.8% | -0.1% | -9.1% | -0.2% | 3.3 |
 LNN | $1B | 16.6 | 9.7 | 13.0 | 31.2% | 13.0% | 14.6% | 15.7% | 1.3 |
 ASTE | $1B | 31.5 | 14.4 | 56.5 | 26.5% | 4.6% | 5.9% | 6.2% | 3.1 |
 TEX | $4B | 18.9 | 9.7 | 12.8 | 19.4% | 8.8% | 11.3% | 8.6% | 4.4 |
 CF | $18B | 13.2 | 6.2 | 10.1 | 38.5% | 33.4% | 18.9% | 18.7% | 1.2 |
 MOS | $7B | 5.9 | 3.6 | — | 16.5% | 9.9% | 10.3% | 6.1% | 0.4 |
 ADM | $37B | 34.8 | 17.2 | 8.9 | 6.3% | 1.8% | 4.7% | 3.3% | 3.2 |
| Industrials Median | — | 25.5 | 13.8 | 20.7 | 32.7% | 4.9% | 8.2% | 6.3% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonDE — Frequently Asked Questions
Quick answers to the most common questions about buying DE stock.
What is Deere & Company's P/E ratio?
Deere & Company's current P/E ratio is 31.4x. The historical average is 16.9x. This places it at the 93th percentile of its historical range.
What is Deere & Company's EV/EBITDA?
Deere & Company's current EV/EBITDA is 20.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.0x.
What is Deere & Company's ROE?
Deere & Company's return on equity (ROE) is 19.3%. The historical average is 25.9%.
Is DE stock overvalued?
Based on historical data, Deere & Company is trading at a P/E of 31.4x. This is at the 93th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Deere & Company's dividend yield?
Deere & Company's current dividend yield is 1.09% with a payout ratio of 34.2%.
What are Deere & Company's profit margins?
Deere & Company has 36.5% gross margin and 18.8% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Deere & Company have?
Deere & Company's Debt/EBITDA ratio is 6.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.