— Know what they know.
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Not Investment Advice

DE

NYSE · USD
Deere & Company
Industrials · Agricultural - Machinery
CEO John C. May Employees 73,100 R&D / revenue 5.2%
Last price
$641.86−1.35%last session
Market cap
$173.1B
P/E (TTM)
35.6x
From 52w high
−11.0%
From 52w low
+41.2%
1-year return
+42.0%
RSI 14 · vs SMA200
42.7 · +8.0%
IS score
48.6/ 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

DE   SPY   XLI (sector ETF) · weekly closes
100120140Jan 26Apr 26Jul 26Oct 26DE 142SPY 116XLI 111

Score DNA

Each bar is a 0-100 score within the scored universe
51
Profitability
43
Growth
43
Value
72
Momentum
65
Risk (safety)
64
Quality
33
Balance sheet
74
Earnings quality

Flags

Strengths
None of the computed strength flags fires.
Warnings
▲ Beneish M above -1.78
Observations
Moat model: None, Efficient ScalePiotroski 7 / 9Altman Z 2.7Beta 0.912 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
21 open-market sales, $23.4M
Form 144 notices (12m): 6, $53.8M 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
+67
229 new holders, 130 closed
2,669 filers hold 75.9% · 1,023 added, 896 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+225
1,303 funds adding shares
1,078 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
68.7%
20-day avg 65.3%, 50-day avg 63.7%
Latest 3.4 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$44.7B
Revenue growth YoY−11.6%
Gross margin36.5%
Operating income$8.4B
Operating margin18.8%
Net income$5.0B
Net margin11.3%
EPS (diluted)$18.50
Cash flow
Operating cash flow$7.5B
Capital expenditure$4.2B
Free cash flow$3.2B
FCF conversion (FCF / OCF)43.3%
Stock-based compensation$0
FCF less SBC$3.2B
Buybacks$1.1B
Dividends$1.7B
Balance sheet & returns
Cash & short-term investments$9.7B
Total debt$63.9B
Net debt$54.2B
Shareholders' equity$26.0B
Goodwill & intangibles$5.5B
Debt / equity2.29
ROE (TTM)18.1%
ROIC (TTM)22.1%
Operating margin by fiscal year
17.7%FY202117.6%FY202224.2%FY202322.6%FY202418.8%FY2025
Revenue $43.0B (FY2021) to $44.7B (FY2025), a 0.9% CAGR.

Valuation

P/E (TTM)35.6x
EV / EBITDA19.5x
Price / sales3.63x
Price / FCF44.8x
FCF yield2.23%
Buyback yield0.66%
SBC / revenue0.3%
Price / book6.19x
Forward P/E FY202635.5x
Forward P/E FY202728.3x
Forward P/E FY202823.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $710.50 across 10 analysts last quarter is theirs, not ours.

DE vs industry median

43 companies in Agricultural - Machinery
Gross margin 35.7% 19.4% Operating margin 19.0% 1.5% Net margin 10.2% 0.9% ROIC 22.1% 5.2%
DE (TTM)Industry median Asset turnover 0.44 vs industry 0.76 · financial leverage 3.84

Earnings delivery

Next report 2026-11-25 · consensus EPS $4.07
100%
beat rate, 12 of 12 quarters
+11.6%
median EPS surprise
12
longest beat streak
+11+20+9+12+17+3+19+4+2+20+15+9
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-22 to 2026-08-20. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
DE Deere & Company $173.1B35.6x18.1%10.2%−11.6% +42.0%
CAT Caterpillar Inc. $335.9B31.3x56.9%17.5%+18.4% +36.3%
UNP Union Pacific Corporation $171.7B23.4x39.7%29.0%+4.2% +29.7%
ETN Eaton Corporation plc $152.0B39.7x19.7%9.6%+15.5% +5.3%
BA The Boeing Company $150.3B71.2x173.6%-1.8%+24.8% −10.3%
LMT Lockheed Martin Corporation $127.4B20.3x89.2%9.2%+7.2% —
GEV GE Vernova Inc. $245.3B26.1x91.5%6.0%+13.0% —
PH Parker-Hannifin Corporation $121.5B33.3x25.1%19.0%+8.3% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-08-20Earnings Release; Regulation FD; Exhibits
2026-07-15Other Events; Exhibits
2026-06-01Officer/Director Change
2026-05-21Earnings Release; Regulation FD; Exhibits
2026-05-01Officer/Director Change; Regulation FD; Exhibits
2026-03-16Departure/Election of Directors; Appointment of Officers; Financial Statements and Exhibits

Context

Shares outstanding269,625,412
Free float99.8%
Institutional ownership75.9%
Beta0.91
Dividend yield1.01%
Last dividend$1.62 on 2026-09-30
50 / 200-day average$655.99 / $596.01
Large-cap Industrials median P/E29.8x

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 (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where DE sits among 10 scored companies in Agricultural - Machinery (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

MeasureDEIndustry medianIndustry percentileSector median
P/E (TTM) 35.5x 27.5x
71st		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 3.6x 0.8x
89th		 2.0x
Price / book 6.2x 1.8x
89th		 2.9x
Price / tangible book 7.1x 6.3x
56th		 5.6x
Price / free cash flow 44.8x 23.2x
86th		 20.8x
Price / operating cash flow 23.9x 12.3x
75th		 14.5x
Enterprise value $227.0B $7.0B
89th		 $4.8B
EV / sales 4.8x 1.3x
89th		 2.4x
EV / EBITDA 19.4x 13.4x
88th		 13.6x
EV / EBIT 24.3x 20.1x
75th		 19.9x
EV / free cash flow 58.7x 27.8x
86th		 24.3x
Earnings yield 2.8% 3.0%
44th		 3.3%
FCF yield 2.2% 3.8%
33rd		 3.8%
Operating cash flow yield 4.2% 6.8%
33rd		 6.2%
Graham number (per share) $204.65 $86.60
100th		 $38.21

Profitability (TTM)

MeasureDEIndustry medianIndustry percentileSector median
Gross margin 35.7% 27.1%
100th		 30.5%
EBITDA margin 24.5% 12.0%
100th		 14.3%
Operating margin 19.0% 8.7%
100th		 9.8%
EBIT margin 19.6% 9.1%
89th		 9.9%
Net margin 10.2% 5.2%
78th		 6.0%
NOPAT margin 14.2% 6.8%
100th		 7.8%
FCF margin 8.1% 6.9%
67th		 7.0%
Operating cash flow margin 15.2% 11.0%
78th		 11.2%
R&D / revenue 5.0% 2.3%
78th		 0.0%
SG&A / revenue 8.9% 10.6%
22nd		 14.1%
Stock comp / revenue 0.3% 0.4%
33rd		 0.6%
Effective tax rate 24.9% 22.9%
100th		 21.0%

Returns on capital

MeasureDEIndustry medianIndustry percentileSector median
ROE (on average equity) 18.3% 11.6%
78th		 11.9%
ROA 4.5% 4.5%
56th		 4.8%
ROIC 8.3% 9.1%
44th		 8.7%
ROCE 13.2% 9.8%
78th		 9.4%
Return on tangible assets 8.7% 7.0%
78th		 7.9%
Cash ROIC (OCF / invested capital) 8.8% 12.6%
44th		 12.8%
Gross profitability (GP / assets) 15.8% 16.3%
44th		 19.2%
ROIC, 3-yr average 7.7% 7.7%
50th		 7.8%
ROIC, 5-yr average 11.1% 11.1%
50th		 8.6%
ROE, 5-yr average 29.9% 15.2%
88th		 12.5%
Incremental ROIC 825.8% -14.2%
100th		 20.5%

Growth

MeasureDEIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 9.9% 2.2%
75th		 8.6%
Revenue growth (QoQ) -5.7% 9.3%
11th		 9.9%
Revenue CAGR, 3 yr -7.6% -3.4%
38th		 5.0%
Revenue CAGR, 5 yr 2.8% 3.9%
29th		 8.3%
Gross profit CAGR, 3 yr -7.7% -7.7%
50th		 6.5%
Operating income CAGR, 3 yr -13.5% -14.9%
57th		 6.4%
Net income growth (TTM YoY) -6.4% -6.4%
50th		 11.3%
Net income CAGR, 3 yr -21.4% -8.1%
33rd		 6.6%
EPS growth (TTM YoY) -6.2% -6.2%
50th		 13.3%
EPS CAGR, 3 yr -19.4% -6.5%
33rd		 5.6%
EPS CAGR, 5 yr 0.7% 3.7%
20th		 8.3%
FCF growth (TTM YoY) -5.7% -5.7%
50th		 14.7%
FCF CAGR, 3 yr 10.7% 14.2%
40th		 12.2%
Operating cash flow CAGR, 3 yr 0.3% 6.7%
29th		 8.8%
Book value CAGR, 3 yr 9.4% 5.8%
75th		 7.3%
Dividend CAGR, 3 yr 3.9% 3.5%
71st		 2.7%
Sustainable growth rate 11.7% 10.1%
71st		 11.0%

Margin history & stability

MeasureDEIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 37.2% 28.4%
100th		 30.6%
Operating margin, 3-yr average 20.9% 12.4%
100th		 10.0%
Net margin, 3-yr average 12.4% 6.0%
88th		 6.2%
FCF margin, 3-yr average 8.9% 6.2%
62nd		 7.1%
Revenue stability (0-1) 0.00 0.27
0th		 0.81
Earnings stability (0-1) 0.04 0.33
0th		 0.47
Margin stability (0-1) 0.94 0.93
75th		 0.90

Liquidity (latest quarter)

MeasureDEIndustry medianIndustry percentileSector median
Cash & short-term investments $10.3B $291.7M
100th		 $249.6M
Net cash (− = net debt) −$53.9B −$616.6M
0th		 −$666.5M
Working capital −$8.6B $553.0M
0th		 $376.4M
Current ratio 0.77 1.85
0th		 1.79
Quick ratio 0.55 1.05
0th		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.28 0.22
67th		 0.32
Defensive interval (days) 934 days 897 days
67th		 614 days

Leverage & solvency (latest quarter)

MeasureDEIndustry medianIndustry percentileSector median
Total debt $64.2B $844.5M
100th		 $919.8M
Debt / equity 2.29 1.19
78th		 0.65
Net debt / equity 1.93 0.94
78th		 0.46
Debt / assets 59.6% 40.2%
89th		 29.3%
Debt / capital 69.6% 53.8%
78th		 39.5%
Debt / EBITDA 5.49 2.59
62nd		 2.44
Net debt / EBITDA 4.61 2.21
62nd		 1.86
Interest coverage (EBIT / interest) 3.2x 5.0x
44th		 5.0x
Cash interest coverage 2.5x 6.0x
44th		 6.1x
Debt payback (years of OCF) 8.9 yrs 3.3 yrs
62nd		 3.2 yrs
Liabilities / assets 73.9% 66.8%
67th		 56.7%
IS credit model rating BB+ — —
Implied credit spread (bps) 400 262
56th		 200

Efficiency

MeasureDEIndustry medianIndustry percentileSector median
Asset turnover 0.44 0.84
11th		 0.75
Fixed asset turnover 5.96 4.98
78th		 5.14
Inventory turnover 3.9 3.5
78th		 5.0
Receivables turnover 6.9 6.1
67th		 6.7
Days sales outstanding 53 days 60 days
33rd		 54 days
Days inventory outstanding 92 days 105 days
22nd		 72 days
Days payables outstanding 37 days 52 days
11th		 41 days
Cash conversion cycle (days) 109 days 116 days
44th		 63 days
Capex / revenue 7.1% 2.4%
89th		 3.0%
Capex / depreciation 1.44 0.75
89th		 0.76
Operating expense ratio 16.5% 14.9%
67th		 17.7%

Cash flow & earnings quality

MeasureDEIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.49 1.40
57th		 1.50
FCF / net income 0.79 0.95
29th		 1.15
FCF / operating cash flow 53.4% 56.0%
38th		 74.0%
Capex / operating cash flow 46.6% 44.0%
62nd		 26.1%
Accruals ratio -2.2% -3.7%
78th		 -4.0%
Sloan accruals ratio -51.6% -5.4%
0th		 -2.4%
Earnings quality score (0-1) 1.00 1.00
29th		 1.00

Dividends & buybacks

MeasureDEIndustry medianIndustry percentileSector median
Dividend yield 1.0% 1.0%
56th		 0.6%
Dividend per share (TTM) $6.48 $0.89
100th		 $0.44
Payout ratio (dividends / net income) 36.0% 27.1%
71st		 22.5%
Dividends / FCF 45.4% 24.8%
86th		 19.6%
Dividend growth (YoY) 4.4% 3.9%
57th		 5.6%
Buyback yield 0.4% 1.2%
33rd		 0.5%
Shareholder yield (dividends + buybacks) 1.4% 2.6%
33rd		 2.0%
Share count change (YoY) -0.3% -1.9%
75th		 0.0%
Buybacks, last 5 years $5.6B $365.3M
89th		 $76.0M

Scores & forensic checks

MeasureDEIndustry medianIndustry percentileSector median
IS score 49 47
56th		 53
IS profitability 51 29
78th		 37
IS growth 43 43
50th		 54
IS value 43 52
33rd		 47
IS momentum 72 63
62nd		 76
IS risk (safety) 65 65
44th		 80
IS quality 64 66
44th		 67
IS balance sheet 33 44
22nd		 56
IS earnings quality 74 68
78th		 70
IS cash flow 48 43
67th		 54
Piotroski F-score (0-9) 7 6
67th		 6
Altman Z-score 2.7 2.6
56th		 3.3
Beneish M-score −1.66 −2.50
100th		 −2.52
Ohlson O-score −7.24 −7.44
67th		 −7.49
IS credit score 46 62
44th		 65

Per share

MeasureDEIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $18.00 $4.95
89th		 $2.21
Book value per share $103.40 $33.22
100th		 $18.38
Tangible book per share $83.90 $16.95
100th		 $4.39
Revenue per share $176.14 $49.77
100th		 $36.64
FCF per share $14.29 $4.46
78th		 $2.70
Operating cash flow per share $26.76 $7.17
89th		 $4.28
Cash per share $37.97 $4.61
100th		 $3.02

Size (TTM)

MeasureDEIndustry medianIndustry percentileSector median
Market cap $173.1B $7.1B
89th		 $3.9B
Revenue $47.7B $6.4B
89th		 $2.7B
EBITDA $11.7B $769.5M
89th		 $394.8M
Net income $4.9B $298.2M
89th		 $136.3M
Free cash flow $3.9B $334.8M
89th		 $162.9M
Total assets $107.6B $6.3B
100th		 $3.5B
Shareholders' equity $28.0B $2.8B
100th		 $1.4B
Employees 73,100 13,300
89th		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-31Campbell Ryan D
Pres WWC&F and Pwr Systems
 Option exercise 1,079$254.83$274,96228,271
2026-08-31Campbell Ryan D
Pres WWC&F and Pwr Systems
 Option exercise 1,775$343.94$610,49430,046
2026-08-31Campbell Ryan D
Pres WWC&F and Pwr Systems
 Option exercise 1,049$438.44$459,92431,095
2026-08-31Campbell Ryan D
Pres WWC&F and Pwr Systems
 Option exercise 957$377.01$360,79932,052
2026-08-31Campbell Ryan D
Pres WWC&F and Pwr Systems
 Open-market sale 2,929$650.18$1.9M29,123
2026-08-31Campbell Ryan D
Pres WWC&F and Pwr Systems
 Open-market sale 975$651.43$635,14428,148
2026-08-31Campbell Ryan D
Pres WWC&F and Pwr Systems
 Open-market sale 363$652.75$236,94827,785
2026-08-31Campbell Ryan D
Pres WWC&F and Pwr Systems
 Open-market sale 391$654.22$255,80027,394
2026-08-31Campbell Ryan D
Pres WWC&F and Pwr Systems
 Open-market sale 199$655.91$130,52627,195
2026-08-31Campbell Ryan D
Pres WWC&F and Pwr Systems
 Open-market sale 3$656.64$1,97027,192
2026-08-31Campbell Ryan D
Pres WWC&F and Pwr Systems
 Option exercise 1,079$254.83$274,9620
2026-08-31Campbell Ryan D
Pres WWC&F and Pwr Systems
 Option exercise 1,775$343.94$610,4940

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Open-market saleDisposed2135,959$23.4M
Option exerciseAcquired1235,959$12.6M
Option exerciseDisposed1235,959$12.6M
Tax withholdingDisposed2587$339,452
—Disposed2629$294,938
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 6 notices · 97,360 shares · $53.8M
FiledFilerShares proposedEst. proceeds
2026-08-24Campbell Ryan D7,839$5.1M
2026-08-21Campbell Ryan D23,260$15.1M
2026-08-03Walker Kellye L.1,683$1.0M
2026-01-14Reed Cory J12,000$6.1M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 17 trades (4 purchases) · Senate 2 (2 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-07-10Dan NewhouseHouseSale$1,001 - $15,0002026-07-20
2026-07-10Daniel Milton NewhouseHouseSale (Partial)$1,001 - $15,0002026-07-20
2026-07-09Daniel Milton NewhouseHouseSale (Partial)$1,001 - $15,0002026-07-20
2025-12-29Markwayne MullinSenatePurchase$15,001 - $50,0002026-01-16
2025-12-29Markwayne MullinSenatePurchase$15,001 - $50,0002026-01-15
2025-12-18Julie JohnsonHouseSale$1,001 - $15,0002026-01-16
2023-10-03Markwayne MullinSenatePurchase$1,001 - $15,0002023-11-01
2023-10-03Markwayne MullinSenatePurchase$1,001 - $15,0002023-10-31
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
BlackRock, Inc.18,544,770$11.8B6.88%
VANGUARD CAPITAL MANAGEMENT LLC16,575,154$10.5B6.15%
Capital World Investors11,501,949$7.3B4.27%
STATE STREET CORP10,867,942$6.9B4.03%
JPMORGAN CHASE & CO9,057,022$5.7B3.36%
PRICE T ROWE ASSOCIATES INC /MD/7,546,938$4.8B2.80%
FMR LLC7,488,674$4.8B2.78%
Capital International Investors6,410,022$4.1B2.38%
GEODE CAPITAL MANAGEMENT, LLC5,713,643$3.6B2.12%
MORGAN STANLEY4,172,341$2.6B1.55%
VANGUARD PORTFOLIO MANAGEMENT LLC3,820,147$2.4B1.42%
NORGES BANK3,406,402$2.2B1.26%
Fisher Asset Management, LLC3,179,375$2.0B1.18%
WELLINGTON MANAGEMENT GROUP LLP3,088,628$2.0B1.15%
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO2,803,405$1.8B1.04%

Institutional ownership by quarter

2023-092026-0675.9%
% of shares held by 13F filers
2023-092026-062,669
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,66975.9%2291,023896130
2026-03-312,60272.0%2768781,00798
2025-12-312,46573.6%287869892133
2025-09-302,35872.2%144851923182
2025-06-302,43474.4%214916868100
2025-03-312,35173.8%209829887126
2024-12-312,30873.3%308764839103
2024-09-302,14772.5%176719886132
2024-06-302,13271.7%133800832193
2024-03-312,21870.6%177818866155
2023-12-312,22971.0%260728902126
2023-09-302,13472.0%142843746134

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Capital Management7.0%19,025,335
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
VITSX0.23%$5.5B
VSMPX0.23%$5.5B
VTI0.23%$5.5B
VTSAX0.23%$5.5B
VFINX0.26%$4.4B
VFIAX0.26%$4.4B

Share structure

Shares outstanding269,625,412
Float269,080,769
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$43.0B$51.3B$60.2B$50.5B$44.7B
Cost of revenue$29.3B$35.6B$37.9B$31.0B$28.4B
Gross profit$13.7B$15.7B$22.3B$19.5B$16.3B
R&D$1.6B$1.9B$2.2B$2.3B$2.3B
SG&A$3.2B$3.6B$4.3B$4.5B$4.2B
Operating income$7.7B$9.0B$14.6B$11.4B$8.4B
EBITDA$10.6B$12.1B$17.5B$14.7B$11.7B
Pretax income$7.6B$9.1B$13.0B$9.2B$6.3B
Income tax$1.7B$2.0B$2.9B$2.1B$1.3B
Net income$6.0B$7.1B$10.2B$7.1B$5.0B
EPS, diluted$18.99$23.28$34.63$25.62$18.50
Diluted shares314.0M306.3M293.6M277.1M271.7M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$8.7B$5.5B$8.4B$8.5B$9.7B
Receivables$42.7B$49.0B$58.8B$58.4B$57.1B
Inventory$6.8B$8.5B$8.2B$7.2B$7.5B
Total current assets$58.6B$64.1B$76.4B$77.7B$74.9B
PP&E, net$13.2B$13.1B$14.2B$15.4B$16.2B
Goodwill & intangibles$4.8B$5.3B$5.5B$5.5B$5.5B
Total assets$84.1B$90.0B$104.1B$107.3B$106.0B
Accounts payable$3.2B$3.9B$3.5B$2.7B$3.0B
Total current liabilities$26.3B$31.7B$38.9B$36.4B$32.5B
Long-term debt$32.9B$33.6B$38.5B$43.2B$43.5B
Total liabilities$65.7B$69.7B$82.2B$84.4B$80.0B
Shareholders' equity$18.4B$20.4B$21.9B$22.9B$26.0B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$6.0B$7.1B$10.2B$7.1B$5.0B
Depreciation & amortization$2.0B$1.9B$2.0B$2.1B$2.2B
Stock-based compensation$82.0M$85.0M$130.0M$208.0M$0
Change in working capital$396.0M−$4.3B−$3.3B−$181.0M$32.0M
Operating cash flow$7.7B$4.7B$8.6B$9.2B$7.5B
Capital expenditure−$2.6B−$3.8B−$4.5B−$4.8B−$4.2B
Free cash flow$5.1B$911.0M$4.1B$4.4B$3.2B
Investing cash flow−$5.8B−$8.5B−$8.7B−$6.5B−$2.1B
Net debt issued / repaid$2.5B$5.8B$11.5B$3.0B−$1.6B
Buybacks−$2.5B−$3.6B−$7.2B−$4.0B−$1.1B
Dividends paid−$1.0B−$1.3B−$1.4B−$1.6B−$1.7B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin31.9%30.7%37.0%38.6%36.5%
Operating margin17.7%17.6%24.2%22.6%18.8%
Net margin13.9%13.9%16.9%14.1%11.3%
FCF margin12.0%1.8%6.8%8.8%7.2%
ROE38.0%36.9%48.4%31.8%20.6%
ROIC10.2%10.5%14.8%11.1%8.4%
ROA7.5%8.2%10.5%6.7%4.7%
Debt / equity2.642.582.922.872.46
Interest coverage8.7x9.6x6.3x3.7x3.0x
Current ratio2.222.021.962.132.31
Revenue growth+23.9%+19.2%+17.5%−16.1%−11.6%
EPS growth+120.6%+23.3%+50.1%−26.8%−28.5%
P/E at year end16.9x16.1x10.0x15.5x24.9x
EV / EBITDA at year end13.2x13.4x9.0x11.4x15.4x
FCF yield at year end5.09%0.79%4.05%4.02%2.58%
Dividend payout17.4%18.4%14.0%22.6%34.2%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Production & Precision Ag (PPA)$8.2B$19.0M$13.9B$20.6B$17.0B
Construction & Forestry (CF)$5.7B$1.0M$9.1B——
Compact Construction Equipment———$8.0B$6.5B
Small Ag & Turf (SAT)$6.5B$10.0M$7.8B——
Small Agriculture———$7.7B$7.2B
Construction$4.7B—$6.8B——
Financial Products$20.0M—$58.0M$6.2B$6.3B
Financial Services (FS)$2.4B$3.6B$4.7B——
Roadbuilding$3.7B—$3.8B$3.6B$3.6B
Turf———$3.0B$2.7B
Compact Construction$1.5B—$2.5B——
Other———$1.5B−$1.0B
Forestry$1.3B—$1.4B$1.1B$1.1B
Material Reconciling Items————$1.3B

Revenue by region · FY2025

UNITED STATES$24.0B · 52%
Western Europe$6.5B · 14%
Latin America$5.6B · 12%
Asia, Africa, Oceania, and Middle East$4.2B · 9%
CANADA$3.7B · 8%
Central Europe and Commonwealth of Independent States$1.6B · 3%

Street estimates by fiscal year

Next report 2026-11-25 · consensus EPS $4.07 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$41.4B$41.1B – $43.2B$18.09$17.98 – $18.481735.5x
2027$45.0B$43.2B – $49.1B$22.68$19.32 – $25.691828.3x
2028$48.6B$47.2B – $51.5B$27.13$21.97 – $35.551423.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-20$4.69$5.10+8.7%$10.8B$12.6B+16.6%
2026-05-21$5.70$6.55+14.9%$11.6B$11.8B+2.0%
2026-02-19$2.02$2.42+19.8%$7.6B$8.0B+5.4%
2025-11-26$3.84$3.93+2.3%$9.8B$12.1B+23.0%
2025-08-14$4.57$4.75+3.9%$10.4B$11.8B+13.8%
2025-05-15$5.56$6.64+19.4%$10.8B$12.5B+16.1%
2025-02-13$3.11$3.19+2.6%$7.7B$8.3B+7.3%
2024-11-21$3.89$4.55+17.0%$9.2B$10.8B+17.7%
2024-08-15$5.63$6.29+11.7%$10.9B$12.8B+17.5%
2024-05-16$7.86$8.53+8.5%$13.3B$15.0B+12.7%
2024-02-15$5.21$6.23+19.6%$10.3B$11.8B+15.0%
2023-11-22$7.47$8.32+11.4%$12.9B$15.2B+17.4%
2023-08-18$8.20$10.20+24.4%$14.3B$15.5B+9.0%
2023-05-19$8.59$9.65+12.3%$13.7B$17.2B+25.4%
2023-02-17$5.57$6.55+17.6%$11.3B$12.4B+9.3%
2022-11-23$7.11$7.44+4.6%$13.4B$15.3B+13.6%
2022-08-19$6.69$6.16−7.9%$12.9B$13.8B+7.1%
2022-05-20$6.71$6.81+1.5%$13.2B$12.8B−3.0%
2022-02-18$2.26$2.92+29.2%$8.3B$9.3B+12.7%
2021-11-24$3.90$4.12+5.6%$8.2B$11.1B+35.2%
2021-08-20$4.58$5.25+14.6%$10.6B$11.2B+5.7%
2021-05-21$4.52$5.68+25.7%$9.0B$11.8B+31.7%
2021-02-19$2.16$3.87+79.2%$7.3B$8.9B+21.3%
2020-11-25$1.49$2.39+60.4%—$9.5B—

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.706-150.906-220.706-290.907-060.807-131.007-201.107-270.808-030.608-101.808-170.808-241.708-31
Week ofNotionalSharesTrades
2026-08-31$1.7B2,517,16090,610
2026-08-24$827.9M1,303,22466,831
2026-08-17$1.8B2,864,93296,009
2026-08-10$607.9M990,82746,962
2026-08-03$754.2M1,226,05460,260
2026-07-27$1.1B1,805,01273,239

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1568.7%
DateShort shareShort volumeTotal volume
2026-10-1568.7%345,034502,130
2026-10-1468.2%470,738690,557
2026-10-1362.4%366,757587,547
2026-10-1260.0%288,657481,354
2026-10-0971.7%582,770812,503
2026-10-0834.8%248,930715,539
2026-10-0772.2%406,276562,510
2026-10-0662.5%183,179293,111
2026-10-0566.6%199,722299,846
2026-10-0262.9%292,950466,051
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.2Jan+0.5Feb+1.8Mar+1.8Apr-1.4May-0.2Jun+1.7Jul+1.3Aug-0.7Sep+3.3Oct+5.4Nov+3.0Dec
MonthAvg returnUp yearsYears
Jan+2.2%60%20
Feb+0.5%50%20
Mar+1.8%48%21
Apr+1.8%65%20
May−1.4%35%20
Jun−0.2%45%20
Jul+1.7%60%20
Aug+1.3%55%20
Sep−0.7%55%20
Oct+3.3%75%20
Nov+5.4%65%20
Dec+3.0%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1442.7
MFI37.4
ADX18.7
Stochastic %K / %D38.9 / 36.6
Williams %R-68.1
CCI-81
TSI / signal-8.4 / 2.2
Chaikin money flow0.02
ATR$18.86
Bollinger width13.8%
Volume vs 20-day avg0.95x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$669.40 (−4.1%)
SMA 50$655.38 (−2.1%)
SMA 200$594.14 (+8.0%)
EMA 21$659.86 (−2.7%)
EMA 50$652.76 (−1.7%)
EMA 200$595.93 (+7.7%)
Bollinger upper$715.71 (−10.3%)
Bollinger lower$623.09 (+3.0%)
Parabolic SAR$668.05 (−3.9%)
Open the live chart, 110+ indicators

About Deere & Company

Deere & Company is a global manufacturer and distributor of a wide range of equipment. The company's operations are organized into four primary business segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment focuses on large-scale farming and advanced agricultural practices, offering medium-sized tractors, various harvesting machinery (including combines, cotton pickers, and sugarcane harvesters), front-end harvesting tools, sugarcane loaders, pull-behind scrapers, and essential tillage and seeding implements. It also supplies specialized application equipment like sprayers and nutrient management systems, along with soil preparation machinery, primarily serving grain growers. The Small Agriculture and Turf segment caters to smaller farming needs and land maintenance. Its product line includes utility tractors along with their complementary loaders and attachments. This segment also provides an extensive selection of turf and utility equipment, suchg as riding and commercial lawnmowers, specialized golf course maintenance machinery, and utility vehicles. Additionally, it offers various implements for tasks like mowing, tilling, snow removal, aerating, and general turf care across residential, commercial, golf, and sports environments, alongside other outdoor power products and hay and forage equipment. This division also resells products from other manufacturers. Its customer base includes dairy and livestock farmers, other crop producers, and general turf and utility clients. The Construction and Forestry segment delivers a comprehensive suite of heavy machinery for construction and logging. This includes earthmoving and roadbuilding equipment such as backhoe loaders, crawler dozers and loaders, four-wheel-drive loaders, excavators, motor graders, articulated dump trucks, landscape and skid-steer loaders, milling machines, pavers, compactors, rollers, crushers, screens, and asphalt plants. For forestry operations, it supplies log skidders, feller bunchers, log loaders and forwarders, and log harvesters, in addition to various attachments for all its machinery. Lastly, the Financial Services segment provides funding solutions to facilitate the sale and leasing of agriculture and turf, as well as construction and forestry equipment. It extends wholesale financing to dealers stocking these product lines, offers extended equipment warranties, and manages retail revolving charge accounts for end-users. Established in 1837, Deere & Company has its corporate headquarters situated in Moline, Illinois.

https://www.deere.com

Key executives

NameTitlePayBorn
John C. MayChairman, President & Chief Executive Officer$8.3M1969
Deanna KovarPresident of Worldwide Ag & Turf Div, Production and Precision Ag and Americas and Australia$2.9M1979
Ryan D. CampbellPresident of Worldwide Construction, Forestry & Power Systems$2.9M1975
T. Brent NorwoodSenior Vice President & Chief Financial Officer$2.7M1982
Christopher SeibertDirector of Investor Relations——
Felecia J. PryorSenior Vice President & Chief People Officer—1975
J. PennChief Economist——
Renee A. MailhotVice President & Chief Compliance Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
John C. May Chairman, Chief Executive Officer, and President2025$1.7M$14.0M$5.5M$27.9M
Ryan D. Campbell President, Worldwide Construction2025$989,700$3.4M$1.6M$7.7M
Rajesh Kalathur President, John Deere Financial, and Chief Information Officer2025$982,523$3.2M$1.6M$7.7M
Deanna M. Kovar President, Worldwide Agriculture & Turf Division, Production & Precision Ag, Sales and Marketing Regions of the Americas and Australia2025$932,635$3.2M$1.5M$7.4M
Joshua A. Jepsen Senior Vice President and Chief Financial Officer2025$940,724$3.4M$1.5M$7.4M

Employees

74k201874k201970k202076k202182k202283k202376k202473k2025

Dividends

Ex-dateAmountPaid
2026-09-30$1.622026-11-09
2026-06-30$1.622026-08-10
2026-03-31$1.622026-05-08
2025-12-31$1.622026-02-09
2025-09-30$1.622025-11-10
2025-06-30$1.622025-08-08
2025-03-31$1.622025-05-08
2024-12-31$1.622025-02-10

Moat model

None · Efficient Scale · 2026-08-02
Cost advantage30
Intangibles14
Switching costs12
Network effect45
Efficient scale90
Our component scores (0-100) and overall 32.8; 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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