DENYSEFarm Machinery & EquipmentFiscal year ends November 1
DEERE & CO
Financials through Q3 FY2026, quarter ended Aug 2, 2026Last filing: 10-Q on Aug 27, 2026
$627.00−14.86 (-2.32%)
Close on Oct 19, 2026
- Market cap
- $169.73B
- P/E (TTM)
- 34.8
- Dividend yield
- 1.01%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
–
Operating margin
–
Net margin
11.0%+3.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -11.7% | -4.6% | +5.2% | +4.7% | |
| Net income | -29.2% | -11.0% | +12.8% | +10.0% | |
| EPS, diluted | -27.8% | -7.4% | +16.3% | +12.4% | |
| Free cash flow | -19.7% | +19.6% | -1.8% | +7.1% | |
| Dividend per share | +9.9% | +13.9% | +15.8% | +10.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 23.0% | 22.6% | 20.6% | |
| Return on assets | 2.6% | 3.7% | 4.7% | |
| Debt to equity | 3.64 | 3.19 | – | |
| Net debt to EBITDA | 4.61× | 5.32× | – | |
| Interest coverage | 3.4× | 3.5× | – | |
| Inventory turnover | 5.1× | – | – | |
| Capex to revenue | 2.4% | 2.3% | 3.0% | |
| Diluted shares | 317M | 317M | 272M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Deere generated $37.70B from operations and spent $32.08B on capital expenditure, dividends and share buybacks. 20% of that went back into the business.
Generated
$37.70B
Used
$32.08B
Capital expenditure$6.48B20%Dividends$7.11B22%Share buybacks$18.50B58%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin11.0%
×Asset turnover0.43×
×Equity multiplier4.37×
=Return on equity, FY202520.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 11.0% | 0.43× | 4.37× | 20.6% |
| FY2024 | 13.7% | 0.49× | 4.74× | 31.8% |
| FY2023 | 16.6% | 0.63× | 4.62× | 48.4% |
| FY2022 | 13.6% | 0.60× | 4.50× | 36.9% |
| FY2021 | 13.5% | 0.55× | 5.08× | 38.0% |
| FY2020 | 7.7% | 0.48× | 6.08× | 22.6% |
| FY2019 | 8.3% | 0.55× | 6.30× | 28.7% |
| FY2018 | 6.3% | 0.55× | 6.52× | 22.7% |
| FY2017 | 7.3% | 0.48× | 7.69× | 26.9% |
| FY2016 | 5.7% | 0.46× | 8.73× | 23.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$5.03B
- Cash generatingOperating cash flow above zero$7.46B
- Return on assets improvedROA up on the prior year6.8% → 4.7%
- Earnings backed by cashOperating cash flow above net income$7.46B vs $5.03B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise277M → 272M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.50 → 0.43