— Know what they know.
/
Not Investment Advice

ADM

NYSE · USD
Archer-Daniels-Midland Company
Consumer Defensive · Agricultural Farm Products
CEO Juan Ricardo Luciano Employees 41,496 R&D / revenue 0.0%
Last price
$82.61−0.39%last session
Market cap
$39.8B
P/E (TTM)
22.6x
From 52w high
−6.9%
From 52w low
+76.5%
1-year return
+32.4%
RSI 14 · vs SMA200
51.5 · +9.4%
IS score
53.7/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ADM   SPY   XLP (sector ETF) · weekly closes
90100110120130140Jan 26Apr 26Jul 26Oct 26ADM 132SPY 116XLP 111

Score DNA

Each bar is a 0-100 score within the scored universe
18
Profitability
55
Growth
56
Value
84
Momentum
80
Risk (safety)
66
Quality
76
Balance sheet
87
Earnings quality

Flags

Strengths
✓ Net cash
Warnings
▲ Share count rising
Observations
Moat model: Weak, Efficient ScalePiotroski 6 / 9Altman Z 3.2Beta 0.612 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
No open-market sales on file
Form 144 notices (12m): 3, $6.7M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+52
144 new holders, 84 closed
1,168 filers hold 90.2% · 444 added, 382 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+175
1,048 funds adding shares
873 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
53.2%
20-day avg 50.8%, 50-day avg 50.5%
Latest 2.4 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$80.3B
Revenue growth YoY−6.2%
Gross margin6.3%
Operating income$1.4B
Operating margin1.8%
Net income$1.1B
Net margin1.3%
EPS (diluted)$2.23
Cash flow
Operating cash flow$5.5B
Capital expenditure$1.2B
Free cash flow$4.2B
FCF conversion (FCF / OCF)77.1%
Stock-based compensation$0
FCF less SBC$4.2B
Buybacks$0
Dividends$987.0M
Balance sheet & returns
Cash & short-term investments$1.0B
Total debt$8.4B
Net debt$7.4B
Shareholders' equity$23.0B
Goodwill & intangibles$6.7B
Debt / equity0.40
ROE (TTM)7.7%
ROIC (TTM)4.9%
Operating margin by fiscal year
3.5%FY20214.1%FY20224.3%FY20232.4%FY20241.3%FY2025
Revenue $85.2B (FY2021) to $80.3B (FY2025), a -1.5% CAGR.

Valuation

P/E (TTM)22.6x
EV / EBITDA10.3x
Price / sales0.48x
Price / FCF23.7x
FCF yield4.21%
Buyback yield0.00%
SBC / revenue0.1%
Price / book1.70x
Forward P/E FY202615.0x
Forward P/E FY202714.1x
Forward P/E FY202814.2x
Forward multiples divide today's price by Street EPS estimates. Street mean target $76.00 across 4 analysts last quarter is theirs, not ours.

ADM vs industry median

90 companies in Agricultural Farm Products
Gross margin 6.9% 14.1% Operating margin 2.5% 2.7% Net margin 2.2% 1.3% ROIC 4.9% 3.8%
ADM (TTM)Industry median Asset turnover 1.53 vs industry 0.65 · financial leverage 2.27

Earnings delivery

Next report 2026-11-03 · consensus EPS $1.57
67%
beat rate, 8 of 12 quarters
+7.3%
median EPS surprise
6
longest beat streak
+7-5+7-16-8+0+6+14+8+9+11+30
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-24 to 2026-08-04. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ADM Archer-Daniels-Midland Compa $39.8B22.6x7.7%2.2%−6.2% +32.4%
BG Bunge Global S.A. $20.4B20.5x7.5%2.8%+80.5% +12.2%
TSN Tyson Foods, Inc. $19.3B32.9x3.2%1.3%+2.9% +6.2%
AGRO Adecoagro S.A. $5.7B154.3x3.2%3.4%+6.2% +34.9%
SYY Sysco Corporation $40.4B22.4x78.2%2.5%+3.9% +7.3%
EL The Estée Lauder Companies $37.9B205.0x4.7%-3.2%+5.1% —
KR The Kroger Co. $37.6B34.4x14.3%1.9%+1.6% —
FMX Fomento Económico Mexicano, $43.1B23.0x31.1%2.4%−70.9% —
12-month window: SPY +15.9%, sector ETF XLP +11.4%. Past returns describe history only.

Recent 8-K filings

2026-08-12Officer/Director Change
2026-08-10Exhibits
2026-08-04Earnings Release; Exhibits
2026-07-23Officer/Director Change; Regulation FD; Exhibits
2026-05-12Officer/Director Change; Shareholder Vote
2026-05-05Earnings Release; Exhibits

Context

Shares outstanding481,959,583
Free float99.3%
Institutional ownership90.2%
Beta0.61
Dividend yield2.51%
Last dividend$0.52 on 2026-08-19
50 / 200-day average$82.09 / $75.49
Large-cap Consumer Defensive median P/E23.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ADM sits among 14 scored companies in Agricultural Farm Products (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureADMIndustry medianIndustry percentileSector median
P/E (TTM) 22.5x 16.9x
73rd		 20.0x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 0.5x 0.3x
69th		 1.1x
Price / book 1.7x 1.1x
85th		 2.5x
Price / tangible book 2.2x 1.9x
62nd		 4.0x
Price / free cash flow 23.7x 15.9x
70th		 14.7x
Price / operating cash flow 14.2x 8.9x
75th		 9.4x
Enterprise value $39.5B $3.5B
100th		 $5.1B
EV / sales 0.5x 0.4x
62nd		 1.3x
EV / EBITDA 8.4x 8.6x
46th		 12.3x
EV / EBIT 14.9x 14.7x
54th		 16.5x
EV / free cash flow 23.6x 22.9x
60th		 18.2x
Earnings yield 4.4% 4.8%
38th		 3.9%
FCF yield 4.2% 5.1%
46th		 6.5%
Operating cash flow yield 7.0% 10.8%
31st		 10.4%
Graham number (per share) $63.18 $39.46
75th		 $35.68

Profitability (TTM)

MeasureADMIndustry medianIndustry percentileSector median
Gross margin 6.9% 7.1%
46th		 34.4%
EBITDA margin 5.7% 3.6%
77th		 10.7%
Operating margin 2.5% 1.2%
69th		 7.6%
EBIT margin 3.2% 1.8%
85th		 6.9%
Net margin 2.2% 1.5%
77th		 3.3%
NOPAT margin 2.1% 0.9%
85th		 4.8%
FCF margin 2.0% 2.1%
46th		 7.6%
Operating cash flow margin 3.4% 3.9%
31st		 11.1%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 4.6% 4.3%
54th		 21.1%
Stock comp / revenue 0.1% 0.0%
75th		 0.5%
Effective tax rate 15.1% 18.5%
38th		 23.2%

Returns on capital

MeasureADMIndustry medianIndustry percentileSector median
ROE (on average equity) 7.7% 5.3%
92nd		 10.4%
ROA 3.4% 2.7%
85th		 4.9%
ROIC 7.4% 2.4%
85th		 8.2%
ROCE 7.9% 5.3%
77th		 9.1%
Return on tangible assets 5.0% 3.2%
62nd		 7.2%
Cash ROIC (OCF / invested capital) 12.0% 9.7%
85th		 15.0%
Gross profitability (GP / assets) 10.5% 10.4%
54th		 32.4%
ROIC, 3-yr average 6.9% 4.6%
92nd		 6.4%
ROIC, 5-yr average 10.6% 7.7%
92nd		 7.8%
ROE, 5-yr average 11.1% 11.1%
50th		 11.4%
Incremental ROIC -626.3% -32.5%
0th		 12.8%

Growth

MeasureADMIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) -0.8% 3.8%
23rd		 3.8%
Revenue growth (QoQ) 10.7% 14.3%
46th		 4.3%
Revenue CAGR, 3 yr -6.3% -5.7%
46th		 3.8%
Revenue CAGR, 5 yr 1.8% 1.7%
55th		 5.1%
Gross profit CAGR, 3 yr -9.2% -2.3%
38th		 4.0%
Operating income CAGR, 3 yr -21.0% -36.6%
64th		 4.3%
Net income growth (TTM YoY) 61.1% 12.6%
75th		 5.6%
Net income CAGR, 3 yr -24.7% -29.4%
55th		 5.4%
EPS growth (TTM YoY) 60.7% -5.9%
62nd		 4.7%
EPS CAGR, 3 yr -21.7% -24.1%
57th		 6.8%
EPS CAGR, 5 yr -2.2% -17.1%
67th		 4.1%
FCF growth (TTM YoY) -59.2% 112.2%
0th		 23.4%
FCF CAGR, 3 yr -22.6% -22.2%
25th		 14.6%
Operating cash flow CAGR, 3 yr -17.9% -27.9%
67th		 6.4%
Book value CAGR, 3 yr 2.1% 2.6%
22nd		 5.3%
Dividend CAGR, 3 yr 4.9% 0.9%
83rd		 1.7%
Sustainable growth rate 3.3% 3.4%
42nd		 8.3%

Margin history & stability

MeasureADMIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 6.7% 6.7%
54th		 34.7%
Operating margin, 3-yr average 2.4% 2.2%
54th		 6.7%
Net margin, 3-yr average 2.1% 2.1%
77th		 4.2%
FCF margin, 3-yr average 3.5% 2.1%
85th		 6.5%
Revenue stability (0-1) 0.01 0.25
38th		 0.81
Earnings stability (0-1) 0.31 0.16
77th		 0.34
Margin stability (0-1) 0.91 0.74
92nd		 0.95

Liquidity (latest quarter)

MeasureADMIndustry medianIndustry percentileSector median
Cash & short-term investments $9.6B $497.6M
100th		 $279.3M
Net cash (− = net debt) $267.0M −$1.6B
92nd		 −$1.0B
Working capital $7.8B $2.1B
92nd		 $285.9M
Current ratio 1.39 1.47
23rd		 1.43
Quick ratio 0.86 0.91
38th		 0.86
Cash ratio (cash + ST investments / current liabilities) 0.48 0.09
85th		 0.28
Defensive interval (days) 1,702 days 785 days
100th		 251 days

Leverage & solvency (latest quarter)

MeasureADMIndustry medianIndustry percentileSector median
Total debt $9.3B $3.0B
92nd		 $1.8B
Debt / equity 0.40 0.39
54th		 0.75
Net debt / equity −0.01 0.30
15th		 0.55
Debt / assets 17.5% 19.7%
15th		 31.6%
Debt / capital 28.4% 28.0%
54th		 43.0%
Debt / EBITDA 1.99 2.84
15th		 2.69
Net debt / EBITDA −0.06 2.46
15th		 2.14
Interest coverage (EBIT / interest) 4.7x 3.4x
85th		 4.7x
Cash interest coverage 5.0x 5.3x
38th		 8.2x
Debt payback (years of OCF) 3.3 yrs 2.8 yrs
58th		 2.8 yrs
Liabilities / assets 55.4% 47.5%
62nd		 56.2%
IS credit model rating A- — —
Implied credit spread (bps) 175 225
23rd		 225

Efficiency

MeasureADMIndustry medianIndustry percentileSector median
Asset turnover 1.56 1.75
38th		 0.94
Fixed asset turnover 6.68 6.58
54th		 4.44
Inventory turnover 7.5 9.4
38th		 6.0
Receivables turnover 20.1 11.0
85th		 12.1
Days sales outstanding 18 days 33 days
15th		 30 days
Days inventory outstanding 48 days 39 days
62nd		 61 days
Days payables outstanding 23 days 29 days
31st		 38 days
Cash conversion cycle (days) 44 days 45 days
38th		 37 days
Capex / revenue 1.4% 2.1%
22nd		 3.1%
Capex / depreciation 0.55 0.92
0th		 0.92
Operating expense ratio 4.6% 5.1%
46th		 24.8%

Cash flow & earnings quality

MeasureADMIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.58 2.55
18th		 1.87
FCF / net income 0.95 1.15
36th		 1.28
FCF / operating cash flow 60.0% 43.6%
88th		 71.9%
Capex / operating cash flow 40.0% 56.4%
12th		 29.5%
Accruals ratio -1.9% -4.1%
69th		 -6.1%
Sloan accruals ratio -3.9% -4.7%
54th		 -3.9%
Earnings quality score (0-1) 1.00 1.00
17th		 0.75

Dividends & buybacks

MeasureADMIndustry medianIndustry percentileSector median
Dividend yield 2.5% 2.8%
31st		 1.8%
Dividend per share (TTM) $2.07 $1.88
85th		 $0.64
Payout ratio (dividends / net income) 56.6% 32.1%
75th		 32.1%
Dividends / FCF 59.7% 40.8%
70th		 27.4%
Dividend growth (YoY) 2.3% 2.3%
50th		 1.8%
Buyback yield 0.0% 1.3%
11th		 0.9%
Shareholder yield (dividends + buybacks) 2.5% 3.6%
33rd		 3.6%
Share count change (YoY) 0.2% 0.1%
56th		 -0.2%
Buybacks, last 5 years $0 $158.4M
0th		 $184.1M

Scores & forensic checks

MeasureADMIndustry medianIndustry percentileSector median
IS score 54 49
92nd		 53
IS profitability 18 11
77th		 32
IS growth 55 50
77th		 50
IS value 56 49
54th		 49
IS momentum 84 80
85th		 73
IS risk (safety) 80 58
62nd		 80
IS quality 66 62
62nd		 65
IS balance sheet 76 56
85th		 53
IS earnings quality 87 80
85th		 76
IS cash flow 38 44
38th		 57
Piotroski F-score (0-9) 6 6
38th		 6
Altman Z-score 3.2 2.5
77th		 3.2
Beneish M-score −2.60 −2.60
50th		 −2.71
Ohlson O-score −8.56 −8.52
46th		 −7.61
IS credit score 67 63
77th		 64

Per share

MeasureADMIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $3.65 $0.94
78th		 $2.03
Book value per share $48.62 $26.18
67th		 $16.28
Tangible book per share $35.82 $4.13
77th		 $3.52
Revenue per share $169.28 $76.63
67th		 $41.08
FCF per share $3.46 $0.97
89th		 $3.18
Operating cash flow per share $5.76 $2.00
78th		 $4.93
Cash per share $19.81 $2.27
100th		 $2.81

Size (TTM)

MeasureADMIndustry medianIndustry percentileSector median
Market cap $39.8B $808.5M
100th		 $4.0B
Revenue $82.1B $24.2B
92nd		 $5.2B
EBITDA $4.7B $960.5M
100th		 $426.9M
Net income $1.8B $375.7M
100th		 $167.0M
Free cash flow $1.7B $271.6M
100th		 $345.6M
Total assets $53.5B $13.0B
100th		 $4.8B
Shareholders' equity $23.6B $6.9B
100th		 $1.6B
Employees 41,147 10,683
92nd		 9,700

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Westbrook Kelvin R
Director
 Award / grant 722——36,378
2026-10-01Schlitz Lei Zhang
Director
 Award / grant 722——18,923
2026-10-01Sandler Debra A.
Director
 Award / grant 800——31,341
2026-10-01Moore Patrick J
Director
 Award / grant 722——103,096
2026-10-01Mcmurray Michael C.
Director
 Award / grant 722——1,624
2026-10-01Mcatee David R Ii
Director
 Award / grant 722——6,786
2026-10-01Harrison Suzan F.
Director
 Award / grant 800——20,806
2026-10-01De Brabander Ellen
Director
 Award / grant 722——11,804
2026-10-01Crews Terrell K
Director
 Award / grant 878——69,402
2026-10-01Collins James C. Jr.
Director
 Award / grant 800——13,955
2026-10-01Colbert Theodore Iii
Director
 Award / grant 722——19,181
2026-10-01Burke Michael S
Director
 Award / grant 831——20,976

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired49282,400—
Tax withholdingDisposed28,426$677,039
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 3 notices · 94,106 shares · $6.7M
FiledFilerShares proposedEst. proceeds
2026-03-13Cuddy Christopher M35,000$2.6M
2026-03-13Pinner Ian R34,106$2.4M
2026-02-17Weber Jennifer L25,000$1.7M
2025-05-07Strader Fruit Molly L5,880$281,417
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 4 trades (0 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-03-20Gilbert CisnerosHouseSale$50,001 - $100,0002026-04-08
2026-03-20Gilbert CisnerosHouseSale (Full)$50,001 - $100,0002026-04-08
2026-03-19Gilbert Ray CisnerosHouseSale (Full)$50,001 - $100,0002026-04-08
2026-01-29Ro KhannaHouseSale$1,001 - $15,0002026-02-10
2025-04-15Tommy TubervilleSenateSale$15,001 - $50,0002026-08-05
2025-04-15Thomas Hawley TubervilleSenateSale$15,001 - $50,0002026-08-05
2025-04-15Tommy TubervilleSenateSale$15,001 - $50,0002025-05-15
2025-04-15Tommy TubervilleSenateSale (Full)$15,001 - $50,0002025-05-15
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO46,796,552$3.6B9.71%
BlackRock, Inc.44,621,586$3.4B9.26%
STATE STREET CORP33,639,018$2.6B6.98%
VANGUARD CAPITAL MANAGEMENT LLC31,490,457$2.4B6.53%
VANGUARD PORTFOLIO MANAGEMENT LLC26,918,972$2.1B5.59%
WELLINGTON MANAGEMENT GROUP LLP17,670,220$1.4B3.67%
Sixth Street Partners Management Company, L.P.16,617,281$1.3B3.45%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC16,617,281$1.3B3.45%
DODGE & COX14,182,325$1.1B2.94%
GEODE CAPITAL MANAGEMENT, LLC13,308,967$1.0B2.76%
NORTHERN TRUST CORP10,204,953$779.7M2.12%
NORGES BANK6,820,493$521.1M1.42%
MORGAN STANLEY6,386,802$488.0M1.33%
Invesco Ltd.5,769,300$440.8M1.20%
VICTORY CAPITAL MANAGEMENT INC4,810,146$367.5M1.00%

Institutional ownership by quarter

2023-092026-0690.2%
% of shares held by 13F filers
2023-092026-061,168
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,16890.2%14444438284
2026-03-311,11683.2%19042531892
2025-12-311,03785.9%15236134377
2025-09-3098283.2%13233335171
2025-06-3093282.1%115315339118
2025-03-3194981.7%112331349111
2024-12-3196679.9%130288404144
2024-09-301,00177.2%90318426109
2024-06-301,03078.7%100347409110
2024-03-311,05679.6%141378405190
2023-12-311,11984.8%140376437117
2023-09-301,11587.2%13739139779

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-05-15SCHEDULE 13G/AWellington Investment Advisors Holdings LLP3.6%17,284,627
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%36,149,147
2026-04-28SCHEDULE 13GVanguard Portfolio Management5.4%26,144,030
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.05%$1.2B
VTI0.05%$1.2B
VSMPX0.05%$1.2B
VTSAX0.05%$1.2B
SCHD1.01%$1.1B
VFINX0.06%$1.0B

Share structure

Shares outstanding481,959,583
Float478,620,981
Free float99.3%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$85.2B$101.6B$93.9B$85.5B$80.3B
Cost of revenue$79.3B$94.0B$86.4B$79.8B$75.2B
Gross profit$6.0B$7.6B$7.5B$5.8B$5.0B
R&D$0$0$0$0$0
SG&A$3.0B$3.4B$3.5B$3.7B$3.6B
Operating income$3.0B$4.2B$4.1B$2.1B$1.4B
EBITDA$4.6B$6.7B$6.0B$4.1B$3.0B
Pretax income$3.3B$5.2B$4.3B$2.3B$1.3B
Income tax$578.0M$868.0M$828.0M$476.0M$182.0M
Net income$2.7B$4.3B$3.5B$1.8B$1.1B
EPS, diluted$4.79$7.71$6.43$3.65$2.23
Diluted shares566.0M563.0M542.0M493.0M484.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$943.0M$1.0B$1.4B$857.0M$1.0B
Receivables$5.8B$7.6B$6.5B$6.0B$0
Inventory$14.5B$14.8B$12.0B$11.6B$0
Total current assets$31.9B$35.4B$29.8B$27.7B$8.9B
PP&E, net$10.8B$11.0B$11.7B$12.2B$11.2B
Goodwill & intangibles$6.7B$6.5B$6.3B$6.8B$6.7B
Total assets$56.1B$59.8B$54.6B$53.3B$34.7B
Accounts payable$6.4B$7.8B$6.3B$5.5B$0
Total current liabilities$21.9B$24.2B$18.7B$19.9B$798.0M
Long-term debt$8.0B$7.7B$8.3B$7.6B$7.6B
Total liabilities$33.4B$35.2B$30.2B$30.8B$11.6B
Shareholders' equity$22.8B$24.6B$24.5B$22.4B$23.0B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$2.7B$4.4B$3.5B$1.8B$1.1B
Depreciation & amortization$996.0M$1.0B$1.1B$1.1B$1.2B
Stock-based compensation$161.0M$147.0M$112.0M$74.0M$0
Change in working capital$2.7B−$1.8B−$267.0M−$492.0M$2.8B
Operating cash flow$6.6B$3.5B$4.5B$2.8B$5.5B
Capital expenditure−$1.2B−$1.3B−$1.5B−$1.6B−$1.2B
Free cash flow$5.4B$2.2B$3.0B$1.2B$4.2B
Investing cash flow−$2.7B−$1.4B−$1.5B−$2.7B−$1.0B
Net debt issued / repaid−$290.0M−$158.0M−$852.0M$1.8B−$1.9B
Buybacks$0−$1.4B−$2.7B−$2.3B$0
Dividends paid−$834.0M−$899.0M−$977.0M−$985.0M−$987.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin7.0%7.5%8.0%6.8%5.8%
Operating margin3.5%4.1%4.3%2.4%1.3%
Net margin3.2%4.3%3.7%2.1%1.3%
FCF margin6.4%2.1%3.2%1.4%5.2%
ROE12.8%18.6%14.4%7.8%4.8%
ROIC7.7%10.5%10.1%5.0%3.0%
ROA5.1%7.5%6.1%3.3%2.5%
Debt / equity0.470.420.400.520.37
Interest coverage12.6x13.9x7.6x4.2x3.2x
Current ratio1.451.461.601.3911.20
Revenue growth+32.5%+19.1%−7.5%−8.9%−6.1%
EPS growth+52.1%+63.7%−16.3%−43.3%−40.1%
P/E at year end12.6x10.8x10.2x13.1x25.8x
EV / EBITDA at year end9.6x8.4x7.3x8.3x9.1x
FCF yield at year end15.92%4.62%8.33%5.22%15.11%
Dividend payout30.8%20.7%28.1%54.7%91.6%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Ag Services and Oilseeds$70.5B$83.7B$77.5B$66.5B$61.6B
Carbohydrate Solutions$12.7B$16.3B$14.5B$11.2B$10.7B
Nutrition$6.9B$7.8B$7.5B$7.3B$7.5B
Other Segments$380.0M$396.0M$424.0M——

Revenue by region · FY2025

UNITED STATES$31.2B · 39%
SWITZERLAND$17.8B · 22%
Other Foreign$15.2B · 19%
CAYMAN ISLANDS$6.1B · 8%
BRAZIL$3.4B · 4%
MEXICO$2.7B · 3%
UNITED KINGDOM$2.1B · 3%
CANADA$1.8B · 2%

Street estimates by fiscal year

Next report 2026-11-03 · consensus EPS $1.57 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$87.9B$83.6B – $94.5B$5.49$5.37 – $5.70515.0x
2027$93.2B$86.6B – $104.6B$5.85$5.68 – $6.07614.1x
2028$98.0B$85.6B – $123.3B$5.82$5.19 – $7.14114.2x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-04$1.42$1.84+29.6%$22.7B$22.7B−0.3%
2026-05-05$0.64$0.71+10.8%$21.4B$20.5B−4.0%
2026-02-03$0.80$0.87+9.2%$21.1B$18.6B−11.9%
2025-11-04$0.85$0.92+8.4%$20.8B$20.4B−1.9%
2025-08-05$0.82$0.93+13.8%$22.0B$21.2B−3.8%
2025-05-06$0.66$0.70+5.6%$22.1B$20.2B−8.6%
2025-02-04$1.14$1.140.0%$22.8B$21.5B−5.6%
2024-11-18$1.19$1.09−8.4%$21.5B$19.9B−7.2%
2024-07-30$1.22$1.03−15.6%$23.1B$22.2B−3.8%
2024-04-30$1.36$1.46+7.4%$22.3B$21.8B−1.9%
2024-03-12$1.43$1.36−4.9%$23.6B$23.0B−2.8%
2023-10-24$1.52$1.63+7.2%$23.7B$21.7B−8.4%
2023-07-25$1.60$1.89+18.1%$25.9B$25.2B−2.7%
2023-04-25$1.78$2.09+17.4%$24.1B$24.1B−0.0%
2023-01-26$1.65$1.93+17.0%$25.3B$26.2B+3.8%
2022-10-25$1.44$1.86+29.2%$22.2B$24.7B+11.3%
2022-07-26$1.71$2.15+25.7%$24.9B$27.3B+9.6%
2022-04-26$1.41$1.90+34.8%$20.8B$23.6B+13.8%
2022-01-25$1.37$1.50+9.5%$20.2B$23.1B+14.2%
2021-10-26$0.89$0.97+9.0%$17.8B$20.3B+14.4%
2021-07-27$1.03$1.33+29.1%$17.8B$22.9B+29.0%
2021-04-27$1.04$1.39+33.7%$16.3B$18.9B+15.7%
2021-01-26$1.10$1.21+10.0%$16.4B$18.0B+9.3%
2020-10-29$0.71$0.89+25.4%$12.1B$15.1B+25.4%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.406-220.206-290.307-060.307-130.307-200.507-270.408-030.308-100.408-170.308-240.308-31
Week ofNotionalSharesTrades
2026-08-31$339.0M4,079,88182,668
2026-08-24$317.9M4,004,97174,586
2026-08-17$410.3M5,021,03582,096
2026-08-10$305.0M3,811,52377,072
2026-08-03$388.3M4,959,70996,298
2026-07-27$496.0M6,082,749100,694

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1553.2%
DateShort shareShort volumeTotal volume
2026-10-1553.2%372,866700,621
2026-10-1452.8%459,861871,315
2026-10-1356.0%385,217687,893
2026-10-1257.7%592,4071,026,989
2026-10-0952.4%425,741811,749
2026-10-0863.2%503,386796,104
2026-10-0747.6%269,988567,647
2026-10-0653.1%339,803640,336
2026-10-0552.9%661,7231,251,263
2026-10-0250.5%406,064803,749
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-1.1Jan+0.8Feb+2.4Mar+1.3Apr-0.2May-1.8Jun+1.9Jul+0.2Aug-1.8Sep+2.7Oct+0.8Nov+1.4Dec
MonthAvg returnUp yearsYears
Jan−1.1%35%20
Feb+0.8%40%20
Mar+2.4%62%21
Apr+1.3%60%20
May−0.2%50%20
Jun−1.8%40%20
Jul+1.9%60%20
Aug+0.2%45%20
Sep−1.8%50%20
Oct+2.7%60%20
Nov+0.8%55%20
Dec+1.4%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1451.5
MFI53.8
ADX14.6
Stochastic %K / %D80.3 / 82.5
Williams %R-27.2
CCI77
TSI / signal-0.8 / -3.1
Chaikin money flow-0.11
ATR$2.20
Bollinger width6.7%
Volume vs 20-day avg0.69x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$81.56 (+1.3%)
SMA 50$82.11 (+0.6%)
SMA 200$75.49 (+9.4%)
EMA 21$82.17 (+0.5%)
EMA 50$81.94 (+0.8%)
EMA 200$75.68 (+9.2%)
Bollinger upper$84.27 (−2.0%)
Bollinger lower$78.84 (+4.8%)
Parabolic SAR$79.60 (+3.8%)
Open the live chart, 110+ indicators

About Archer-Daniels-Midland Company

Archer-Daniels-Midland Company (ADM) stands as a major global enterprise in the agricultural sector, focused on the sourcing, transportation, storage, processing, and distribution of a wide array of agricultural commodities, finished goods, and essential ingredients. Its expansive operations span numerous countries, including pivotal markets such as the United States, Switzerland, the Cayman Islands, Brazil, Mexico, and the United Kingdom, alongside a broader international presence. ADM's business is strategically organized into three core divisions: Ag Services and Oilseeds, Carbohydrate Solutions, and Nutrition. The company's foundational activities involve acquiring, storing, cleaning, and distributing various agricultural raw materials, including oilseeds, corn, wheat, milo, oats, and barley. Beyond raw material handling, ADM is actively engaged in the global import, export, and distribution of agricultural commodities and feed products, complemented by specialized structured trade finance services. The company's product portfolio is incredibly diverse, serving the food, animal feed, energy, and industrial sectors. Offerings include a comprehensive range of vegetable oils—from crude and partially refined versions (utilized in biodiesel production and industrial applications like chemicals and paints) to salad oils, margarine, and shortening—as well as protein meals. ADM also manufactures a broad selection of sweeteners (such as syrup, glucose, and dextrose), corn and wheat starches, wheat flour, various alcohols (including ethyl alcohol and ethanol), citric acids, corn gluten feed and meal, and distillers' grains. Additionally, it processes specific agricultural products like peanuts, peanut-derived ingredients, and cotton cellulose pulp. Furthermore, ADM develops and supplies an extensive suite of specialized ingredients and solutions for nutrition and health. This segment features natural flavors, sophisticated flavor systems, natural colors, proteins, emulsifiers, soluble fibers, polyols, hydrocolloids, and an advanced line of natural health and nutrition products, encompassing probiotics, prebiotics, enzymes, and botanical extracts. They also provide edible beans, formulated animal feeds, animal health and nutrition products, and offer contract and private label manufacturing for pet treats and foods. Beyond its core commodity and ingredient businesses, ADM functions as a futures commission merchant, delivering commodity brokerage services. It also manages cash margins and securities pledged to commodity exchange clearinghouses and allocates cash as security for certain insurance agreements. Established in 1902, the company's corporate headquarters are located in Chicago, Illinois.

https://www.adm.com

Key executives

NameTitlePayBorn
Juan Ricardo LucianoChairman, Chief Executive Officer & President$6.1M1961
Monish D. PatolawalaChief Financial Officer & Executive Vice President$4.0M1972
Christopher CuddySenior Vice President, President of North America & President of Carbohydrate Solutions$1.9M1974
Gregory A. MorrisSenior VP and President of Agricultural Services & Oilseeds Business Unit$1.7M1972
Ian Robert PinnerSenior Vice President, President of Nutrition, Chief Sales & Marketing Officer$1.6M1973
Regina Bynote JonesSenior VP, Chief Legal Officer & Secretary$1.4M1971
Jeffrey Dean RoweEVP & COO—1973
Kathryn WalshDirector of Investor Relations——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
J. R. LUCIANO Chair of the Board, President and Chief Executive Officer2025$1.5M$17.7M$2.8M$23.9M
M. PATOLAWALA Executive Vice President and Chief Financial Officer2025$1.4M$7.0M$1.8M$11.0M
C. M. CUDDY Senior Vice President and President, Carbohydrate Solutions and President, North America2025$770,838$3.3M$757,600$5.3M
G. A. MORRIS Senior Vice President and President, Ag Services and Oilseeds2025$735,504$3.3M$586,194$5.2M
I. PINNER Senior Vice President and President, Nutrition, and Chief Sales and Marketing Officer2025$700,008$3.0M$557,900$4.7M

Employees

32k201838k201939k202041k202142k202242k202344k202441k2025

Dividends

Ex-dateAmountPaid
2026-08-19$0.522026-09-09
2026-05-20$0.522026-06-10
2026-02-17$0.522026-03-10
2025-11-19$0.512025-12-11
2025-08-20$0.512025-09-10
2025-05-21$0.512025-06-11
2025-02-18$0.512025-03-11
2024-11-21$0.52024-12-12

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage63
Intangibles43
Switching costs28
Network effect45
Efficient scale90
Our component scores (0-100) and overall 50.6; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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