Archer-Daniels-Midland Co
$72.90
+1.93 (+2.72%) · delayed · Nov 13, 2026
Five-year price
52w $56.80 to $88.75
- Market cap
- $34.7B
- Enterprise value
- $41.3B
- P/E
- 32.7×
- 17.8× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 12.1%
- ROIC
- —
- Debt / equity
- 0.33
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ○ROE > 15% (5y avg)5y avg ROE 11.4%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 159% (5y avg)
- ○Growing revenueRevenue CAGR 5y -17.3%
- ●Shrinking share countDiluted shares -14.3% over 5y
Value
50
- ○P/E below 15P/E 32.7
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 12.1%
- ○Price below Graham NumberGraham Number $48.96
- ●P/B below 3P/B 1.5
Safety
50
- ●Debt / equity below 0.5D/E 0.33
- ○Debt payable in < 4 yrs of earningsNet debt $6.6B
- –Interest coverage > 8xCoverage n/ax
- ○Current ratio > 1.5Current ratio 1.37
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $25.0B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.37
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 51%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 17.8
- ○P/E × P/B ≤ 22.5Product 27.1
Valuation lab
What do you have to believe?
At $72.90, the market is pricing in about −3.9% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $6.6B · 476M shares · 5y revenue CAGR −17.3%
Intrinsic value
$66.15
Price
$72.90
Premium paid
10%
What the price implies
The market is paying for −3.9% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
44% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 62,346 | 60,828 | 64,341 | 64,656 | 64,355 | 85,249 | 27,606 | 25,691 | 24,373 | 24,956 |
| Gross profit | 3,618 | 3,518 | 4,181 | 4,147 | 4,453 | 5,987 | 7,570 | 7,513 | 5,778 | 5,033 |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 1,822 | 1,609 | 2,060 | 1,588 | 1,883 | 3,313 | 5,233 | 4,294 | 2,255 | 1,255 |
| Income tax | 534 | 7 | 245 | 209 | 101 | 578 | 868 | 828 | 476 | 182 |
| Net income | 1,279 | 1,595 | 1,810 | 1,379 | 1,772 | 2,709 | 4,340 | 3,483 | 1,800 | 1,078 |
| EPS (diluted) | 2.16 | 2.79 | 3.19 | 2.44 | 3.15 | 4.79 | 7.71 | 6.43 | 3.65 | 2.23 |
| Diluted shares | 591 | 572 | 567 | 565 | 565 | 566 | 563 | 542 | 493 | 484 |
Who owns it