DE
DEERE & CO
Industrials • CIK: 0000315189
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Market Cap
$125.07B
P/E (TTM)
24.9x
Rev Growth (TTM)
-11.7%
Net Margin (TTM)
11.0%
FCF Yield (TTM)
4.9%
FCF Margin (TTM)
13.4%
Cash Flow Health
Free Cash Flow6/8 positive
TTM$6.1B
Q4 '26
$3.5B+34%
Q3 '25
$2.6B+74%
FCF Margin
TTM13.4%
Q4 '2628.1%+30%
Sector: 7.3%Top 25%
OCF Margin16.3%
OCF/NI1.48x
CapEx Coverage5.5x
FCF Yield4.9%
FCF Growth (2Y)+20%
Cash Conversion Cycle
46 days
DSO: 46+DIO: –−DPO: –
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM2.3%
Div Yield1.4%
+Buyback (TTM)0.9%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)1.4%
FCF Payout Ratio28.8%
Free Cash Flow (TTM)$6.1B
Stock Repurchases (TTM)$1.1B
Capital Return / FCF47.5%
Est. Dividends Paid (TTM)$1.8B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
5.9%
Stable
-0.3% YoY-4.9%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
10.5%
8Q: 11.9%
Asset Turnover
0.43x
8Q: 0.47x
Leverage (1+D/E)
3.21x
D/E: 2.21x
DuPont: 14.6% ≈ 5.9% ROIC
Asset & CapEx Efficiency
Invested Cap Turn
8.99x
8Q:9.42x
-129.6%
CapEx Intensity
26.8%
8Q:28.0%
CapEx/Depreciation
0.61x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $45.7B | $12.4B↑3.1% | $12.0B↓5.8% | $12.8B↑50.0% | $8.5B↓23.7% | $11.1B↓15.3% | $13.2B↓13.7% | $15.2B↑25.0% | $12.2B |
Operating Income | $6.0B | $1.4B↓13.8% | $1.6B↓32.1% | $2.3B↑191.0% | $793.0M↓45.3% | $1.4B↓36.9% | $2.3B↓25.9% | $3.1B↑41.2% | $2.2B |
Net Income | $5.0B | $1.1B↓17.4% | $1.3B↓28.5% | $1.8B↑107.6% | $869.0M↓30.2% | $1.2B↓28.2% | $1.7B↓26.8% | $2.4B↑35.4% | $1.8B |
Operating Cash Flow | $7.5B | $4.0B↑37.9% | $2.9B↑70.4% | $1.7B↑250.2% | $-1.1B↓122.2% | $5.1B↑59.4% | $3.2B↑72.5% | $1.9B↑304.0% | $-908.0M |
Free Cash Flow | $6.1B | $3.5B↑34.2% | $2.6B↑73.6% | $1.5B↑200.9% | $-1.5B↓133.0% | $4.5B↑56.6% | $2.9B↑92.0% | $1.5B↑217.7% | $-1.3B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
24.9x
Volatile
8Q: 78.9x+6481%
Multiple expansion without fundamental improvement
Valuation Lenses
Earnings
24.9x
vs – sector
Cash Flow
28.6x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
4.2P/E per %ROIC
ROIC: 5.9%
Shareholder Returns
Dividend
1.4%
Buyback
0.9%
Total Yield
2.3%
Market Cap$125.07B
EV$174.56B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
83/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
20.9%
8Q:–
Return on Invested Capital (ROIC)Top 25%
5.9%
8Q:–
-4.9%
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 10.5%
Asset Turnover: 0.43x
Earnings Quality
Cash Conversion
1.48x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover8.99x
Working Capital
Cash Conversion Cycle46 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
48/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-11.7%
OpInc Growth YoY
-6.8%
EPS Growth YoY
-27.8%
FCF 3Y CAGR
19.6%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
—
Operating
13.2%
Above Avg in sector
Net
11.0%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+2.3 pts
FCF: 13.4% | Net: 11.0%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Leveraged
Net Debt / EBITDA
–Net Debt: $48.79B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
2.21x
Balance sheet risk & solvency analysis