AGRONYSEAgricultural Production-CropsFiscal year ends December 31
Adecoagro S.A.
Financials through Q3 FY2025, quarter ended Sep 30, 2025Last filing: 20-F on Apr 29, 2026
$9.64−0.39 (-3.89%)
Close on Oct 19, 2026
- Market cap
- –
- P/E (TTM)
- 10.8
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2014 to 2024
Gross margin
28.6%−3.7 pts over 5 years
Operating margin
12.0%−1.7 pts over 5 years
Net margin
6.1%+6.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2024
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +16.9% | +10.5% | +11.4% | – | |
| Gross profit | +4.7% | -3.5% | +8.7% | – | |
| Operating income | -24.5% | -13.1% | +8.5% | – | |
| Net income | -59.2% | -10.9% | – | – | |
| EPS, diluted | -57.4% | -7.4% | – | – | |
| Free cash flow | -64.8% | -23.0% | -0.4% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2015 | FY2019 | FY2024 | Trend |
|---|---|---|---|---|
| Return on equity | – | -0.1% | 7.1% | |
| Return on assets | – | -0.0% | 2.9% | |
| Current ratio | – | 1.78 | 2.54 | |
| Debt to equity | – | 0.98 | 0.57 | |
| Net debt to EBITDA | – | 2.59× | 1.53× | |
| Interest coverage | 0.8× | 0.6× | 1.1× | |
| Inventory turnover | – | 5.0× | 4.0× | |
| Capex to revenue | 21.0% | 28.5% | 17.1% | |
| Diluted shares | 122M | 118M | 103M |
Where the cash went
Fiscal 2020 to 2024, five years combined
Adecoagro generated $1.74B from operations and spent $1.40B on capital expenditure, dividends and share buybacks. 78% of that went back into the business.
Generated
$1.74B
Used
$1.40B
Capital expenditure$1.09B78%Dividends$107.76M8%Share buybacks$200.80M14%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.1%
×Asset turnover0.48×
×Equity multiplier2.42×
=Return on equity, FY20247.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2024 | 6.1% | 0.48× | 2.42× | 7.1% |
| FY2023 | 17.4% | 0.41× | 2.66× | 19.2% |
| FY2022 | 8.0% | 0.47× | 2.66× | 10.1% |
| FY2021 | 11.6% | 0.44× | 2.62× | 13.5% |
| FY2020 | 0.1% | 0.33× | 2.62× | 0.0% |
| FY2019 | -0.1% | 0.37× | 2.34× | -0.1% |
| FY2018 | -3.1% | 0.40× | 2.26× | -2.8% |
| FY2017 | 1.4% | 0.59× | 2.29× | 1.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2024 against fiscal 2023
7of 9 tests passed in fiscal 2024. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$92.34M
- Cash generatingOperating cash flow above zero$328.33M
- Return on assets improvedROA up on the prior year7.3% → 2.9%
- Earnings backed by cashOperating cash flow above net income$328.33M vs $92.34M
- Less leverageLong-term debt to assets fell22.0% → 21.8%
- Better liquidityCurrent ratio rose2.14 → 2.54
- No dilutionShare count did not rise107M → 103M
- Gross margin improvedGross margin up on the prior year31.98% → 28.63%
- More efficientAsset turnover rose0.42 → 0.48