AGCO CORP /DE AGCO
AGCO Corporation was incorporated in Delaware in 1991. Unless otherwise indicated, all references in this Form 10-K to "AGCO," "we," "us" or the "Company" include AGCO Corporation and its subsidiaries.
AGCO is a global leader in agricultural machinery and precision agriculture technologies. Driven by a Farmer-First strategy, AGCO delivers value through its differentiated leading brands, Fendt™, Massey Ferguson™, PTx™ and Valtra™. AGCO's high-performance equipment and smart farming solutions, including brand-agnostic retrofit technologies and autonomous offerings, empower farmers to drive productivity while sustainably feeding the world. We distribute most of our products through approximately 2,800 independent dealers and distributors in approximately 140 countries. We also provide retail and wholesale financing through our finance joint ventures with Coöperatieve Rabobank U.A., which, together with its affiliates, we refer to as "Rabobank." In 2024, we fundamentally shifted our portfolio through the PTx Trimble joint venture and the divestiture of the majority of our Grain & Protein ("G&P") business.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.08B | $11.66B | $14.41B | $12.65B | $11.14B | $9.15B | $9.04B | $9.35B | $8.31B | $7.41B |
| Cost of revenue | $7.52B | $8.76B | $10.63B | $9.65B | $8.57B | $7.09B | $7.06B | $7.36B | $6.54B | $5.89B |
| Gross profit | $2.57B | $2.90B | $3.78B | $3.00B | $2.57B | $2.06B | $1.98B | $2.00B | $1.77B | $1.52B |
| R&D | $374.5M | $381.3M | $420.9M | $315.4M | $272.9M | $342.6M | $343.4M | $355.2M | $323.4M | $297.6M |
| SG&A | $1.31B | $1.40B | $1.45B | $1.19B | $1.09B | $1.00B | $1.04B | $1.07B | $964.7M | $864.6M |
| Operating income | $595.7M | -$122.1M | $1.70B | $1.27B | $1.00B | $599.7M | $348.1M | $489.0M | $404.4M | $287.0M |
| Interest expense | $66.4M | $93.0M | $4.6M | $13.0M | $25.4M | $24.9M | $28.8M | $61.9M | $54.5M | $65.4M |
| Pre-tax income | $602.0M | -$433.6M | $1.33B | $1.11B | $944.3M | $562.0M | $261.1M | $360.3M | $283.8M | $204.9M |
| Income tax | $77.4M | $98.4M | $230.4M | $296.6M | $108.4M | $187.7M | $180.8M | $110.9M | $133.6M | $92.2M |
| Net income | $726.5M | -$424.8M | $1.17B | $889.6M | $897.0M | $427.1M | $125.2M | $285.5M | $186.4M | $160.1M |
| EPS, basic | 9.76 | -5.69 | 15.66 | 11.92 | 11.93 | 5.69 | 1.64 | 3.62 | 2.34 | 1.97 |
| EPS, diluted | 9.75 | -5.69 | 15.63 | 11.87 | 11.85 | 5.65 | 1.63 | 3.58 | 2.32 | 1.96 |
| Shares, diluted (wtd. avg.) | $74.5M | $74.7M | $74.9M | $74.9M | $75.7M | $75.6M | $77.0M | $79.7M | $80.2M | $81.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $861.8M | $612.7M | $595.5M | $789.5M | $889.1M | $1.12B | $432.8M | $326.1M | $367.7M | $429.7M |
| Inventory | $2.71B | $2.73B | $3.44B | $3.19B | $2.59B | $1.97B | $2.08B | $1.91B | $1.87B | $1.51B |
| Total current assets | $5.20B | $5.14B | $6.34B | $5.74B | $5.01B | $4.37B | $3.73B | $3.54B | $3.63B | $3.17B |
| Property, plant and equipment | — | — | — | $1.59B | $1.46B | $1.51B | $1.42B | $1.37B | $1.49B | $1.36B |
| Goodwill | $1.90B | $1.82B | $1.33B | $1.31B | $1.28B | $1.31B | $1.30B | $1.50B | $1.54B | $1.38B |
| Other intangibles | $673.0M | $728.9M | $308.8M | $364.4M | $392.2M | $455.6M | $501.7M | $573.1M | $649.0M | $607.3M |
| Total assets | $11.93B | $11.19B | $11.42B | $10.10B | $9.18B | $8.50B | $7.76B | $7.63B | $7.97B | $7.17B |
| Accounts payable | $951.0M | $813.0M | $1.21B | $1.39B | $1.08B | $855.1M | $914.8M | $865.9M | $917.5M | $722.6M |
| Short-term debt | $117.7M | $415.2M | $15.0M | $196.0M | $2.1M | $325.9M | $2.9M | $72.6M | $95.4M | $85.4M |
| Total current liabilities | $3.73B | $3.83B | $4.34B | $4.09B | $3.45B | $3.36B | $2.88B | $2.77B | $2.65B | $2.14B |
| Long-term debt | $2.32B | $2.23B | $1.38B | $1.26B | $1.41B | $1.26B | $1.19B | $1.28B | $1.62B | $1.61B |
| Total liabilities | $7.36B | $7.15B | $6.76B | $6.22B | $5.74B | $5.49B | $4.85B | $4.63B | $4.88B | $4.33B |
| Retained earnings | $6.05B | $5.64B | $6.36B | $5.65B | $5.18B | $4.76B | $4.44B | $4.48B | $4.25B | $4.11B |
| Total equity | $4.27B | $3.74B | $4.66B | $3.88B | $3.44B | $3.02B | $2.91B | $2.99B | $3.10B | $2.84B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $988.1M | $689.9M | $1.10B | $838.2M | $660.2M | $896.5M | $695.9M | $595.9M | $577.6M | $369.5M |
| Depreciation and amortisation | $256.5M | $251.2M | $230.4M | $209.5M | $220.7M | $212.5M | $210.9M | $225.2M | $222.8M | $223.4M |
| Stock-based compensation | $28.4M | $18.4M | $46.4M | $34.0M | $27.4M | $37.6M | $41.3M | $46.3M | $38.2M | $18.1M |
| Capital expenditure | $247.9M | $393.3M | $518.1M | $388.3M | $269.8M | $269.9M | $273.4M | $203.3M | $203.9M | $201.0M |
| Investing cash flow | -$28.3M | -$1.65B | -$545.7M | -$496.8M | -$288.4M | -$241.7M | -$271.6M | -$205.5M | -$493.7M | -$598.3M |
| Financing cash flow | -$729.2M | $1.05B | -$671.7M | -$407.0M | -$539.5M | $22.7M | -$313.4M | -$413.3M | -$176.7M | $236.4M |
| Dividends paid | $86.5M | $273.1M | $457.4M | $404.3M | $358.5M | $48.0M | $48.0M | $47.1M | $44.5M | $42.5M |
| Buybacks | $250.0M | $22.0M | $53.0M | $0 | $135.0M | $55.0M | $130.0M | $184.3M | $0 | $212.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000880266-26-000010.
Others in SIC 3523
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| DE | DEERE & CO | $186.99B | 37.5x | -11.7% |
| ALG | ALAMO GROUP INC | $2.11B | 20.2x | -1.5% |
| LNN | LINDSAY CORP | $1.25B | 18.2x | 12.8% |
| ARTW | ARTS WAY MANUFACTURING CO INC | $17.3M | 16.6x | -6.2% |