DEERE & CO
$673.54
−5.25 (−0.77%) · delayed · Nov 13, 2026
Five-year price
52w $455.91 to $721.22
- Market cap
- $181.6B
- Enterprise value
- $187.1B
- P/E
- 36.4×
- 25.7× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 3.4%
- ROIC
- —
- Debt / equity
- 0.53
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 23.3%
- ●ROE > 15% (5y avg)5y avg ROE 32.9%
- ●Stable operating marginsMargin volatility 1.4% (σ, 5y)
- ●Earnings convert to cashFCF / net income 93% (5y avg)
- ●Growing revenueRevenue CAGR 5y 5.2%
- ●Shrinking share countDiluted shares -14.2% over 5y
Value
0
- ○P/E below 15P/E 36.4
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield 3.4%
- ○Price below Graham NumberGraham Number $200.15
- ○P/B below 3P/B 7.0
Safety
33
- ○Debt / equity below 0.5D/E 0.53
- ●Debt payable in < 4 yrs of earningsNet debt $5.5B
- –Interest coverage > 8xCoverage n/ax
- –Current ratio > 1.5Current ratio n/a
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
67
- ●Adequate size (revenue > $2B)Revenue $45.7B
- –Strong condition (current ratio ≥ 2)Current ratio n/a
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 320%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 25.7
- ○P/E × P/B ≤ 22.5Product 179.6
Valuation lab
What do you have to believe?
At $673.54, the market is pricing in about 11.3% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $5.5B · 270M shares · 5y revenue CAGR 5.2%
Intrinsic value
$410.18
Price
$673.54
Premium paid
64%
What the price implies
The market is paying for 11.3% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
57% 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 | 26,644 | 29,738 | 37,358 | 39,258 | 35,540 | 44,024 | 52,577 | 61,251 | 51,716 | 45,684 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 2,609 | 3,574 | 4,476 | 4,415 | 4,305 | 8,012 | 9,508 | 12,958 | 9,039 | — |
| Operating margin | 9.8% | 12.0% | 12.0% | 11.2% | 12.1% | 18.2% | 18.1% | 21.2% | 17.5% | — |
| Pre-tax income | 2,224 | 3,154 | 4,071 | 4,088 | 3,883 | 7,602 | 9,127 | 13,019 | 9,206 | 6,257 |
| Income tax | 700 | 971 | 1,727 | 852 | 1,082 | 1,658 | 2,007 | 2,871 | 2,094 | 1,259 |
| Net income | 1,524 | 2,159 | 2,368 | 3,253 | 2,751 | 5,963 | 7,131 | 10,166 | 7,100 | 5,027 |
| EPS (diluted) | 4.81 | 6.68 | 7.24 | 10.15 | 8.69 | 18.99 | 23.28 | 34.63 | 25.62 | 18.50 |
| Diluted shares | 317 | 323 | 327 | 321 | 317 | 314 | 306 | 294 | 277 | 272 |
Who owns it