Deere & Company (DE)
Industrials · $185B market cap · SEC CIK 0000315189
fundamentals score out of 100
Next reports on Nov 25, 2026, after the close, with analysts expecting $4.18 in earnings per share.
The case for DE
- Return on equity of 18%.
- Pays a modest 1.5% dividend.
- Within 1% of its 52-week high: the trend is up.
- Up 45.8% over the past year.
The case against
- Pricey at 38.0× earnings, against a long-run market average nearer 20×.
- Earnings per share fell 5.9%.
- Current liabilities exceed current assets (ratio 0.94).
- Stability is weak (39/100): beta 0.89, a 39% swing over the year.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Industrials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 36 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 37 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 45 |
| Momentumhow the price has behaved lately | 88 |
| Stabilityhow violently it moves, what it owes and what it pays you | 39 |
- Each factor except momentum is half fixed thresholds, half rank among the 79 Industrials companies.
Key numbers
| Price / earnings | 38.0× |
|---|---|
| Price / book | 5.83× |
| Price / sales | 3.9× |
| Revenue growth (YoY) | +8.0% |
| EPS growth (YoY) | -5.9% |
| Gross margin | 37% |
| Operating margin | 19% |
| Net margin | 10% |
| Return on equity | 18% |
| Debt / equity | 2.28× |
| Current ratio | 0.94 |
| Dividend yield | 1.46% |
| Beta | 0.89 |
| 52-week range | $433.00 – $705.88 |
| Position in that range | 99% of the way up |
| 3-month return | +16.2% |
| 1-year return | +45.8% |
Five years of financials, as filed
Pulled from Deere & Company's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $45.7B | $51.7B | $61.3B | $52.6B | $44.0B |
| Operating income | — | $9.0B | $13.0B | $9.5B | $8.0B |
| Net income | $5.0B | $7.1B | $10.2B | $7.1B | $6.0B |
| Operating cash flow | $7.5B | $9.2B | $8.6B | $4.7B | $7.7B |
| Capital expenditure | $1.4B | $1.6B | $1.5B | $1.1B | $848M |
| Total assets | $103B | $103B | $101B | $91.6B | $79.6B |
| Total liabilities | $77.1B | $80.6B | $79.2B | $70.2B | $61.8B |
| Shareholder equity | $26.3B | $22.5B | $22.1B | $21.3B | $17.8B |
| Cash | $6.8B | $6.6B | $5.1B | $4.0B | $4.5B |
| Long-term debt | — | — | — | — | $32.8B |
| Free cash flow | $6.1B | $7.6B | $7.1B | $3.6B | $6.9B |
| Operating margin | — | 17.5% | 21.2% | 18.1% | 18.2% |
| Net margin | 11.0% | 13.7% | 16.6% | 13.6% | 13.5% |
| Diluted shares | 272M | 277M | 294M | 306M | 314M |
Share count is down 13.5% over 4 years. Buybacks have been shrinking the pie.
What Deere & Company says it does
This Annual Report on Form 10-K contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this Annual Report on Form 10-K are forward-looking statements. Forward-looking statements provide our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements as they do not relate to historical or current facts and by words such as "believe," "expect," "estimate," "anticipate," "will," "aim," "should," "plan," "forecast," "target," "guide," "project," "intend," "could," and similar words or expressions. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected. Important factors that could cause actual results to differ materially…
Risk factors DE lists in its 10-K
- Research and Development; Patents, Trademarks, Copyrights, and Trade Secrets
- Present Deere Position (Effective Date)
- Business Experience (Effective Date)