AGCO CORP /DE financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AGCO CORP /DE files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,411	8,307	9,352	9,041	9,150	11,138	12,651	14,412	11,662	10,082
Cost of revenue	5,895	6,541	7,355	7,057	7,092	8,566	9,650	10,635	8,763	7,515
Gross profit	1,516	1,765	1,997	1,984	2,058	2,572	3,001	3,777	2,899	2,567
Research and development	298	323	355	343	343	273	315	421	381	375
Selling, general and administrative	865	965	1,069	1,040	1,002	1,089	1,190	1,455	1,398	1,309
Operating income	287	404	489	348	600	1,001	1,265	1,700	-122	596
Interest expense	65.4	54.5	61.9	28.8	24.9	25.4	46	68.8
Other non-operating income	-30	-75.5	-74.9	-67.1	-22.7	-50.4	-145	-362	-219	72.7
Pre-tax income	205	284	360	261	562	944	1,107	1,334	-434	602
Income tax	92.2	134	111	181	188	108	297	230	98.4	-77.4
Net income to minority interests	0.1	2.9	-1.8	-2.4	-7.3	4.5	-14.9	-0.1	-60.8	-7.5
Net income	160	186	286	125	427	897	890	1,171	-425	727
EBITDA	510	627	714	559	812	1,222	1,475	1,931	129	852
EPS, basic	1.97	2.34	3.62	1.64	5.69	11.93	11.92	15.66	-5.69	9.76
EPS, diluted	1.96	2.32	3.58	1.63	5.65	11.85	11.87	15.63	-5.69	9.75
Shares, basic (weighted)	81.4	79.5	78.8	76.2	75	75.2	74.6	74.8	74.6	74.4
Shares, diluted (weighted)	81.7	80.2	79.7	77	75.6	75.7	74.9	74.9	74.7	74.5
Dividend per share	0.52	0.56	0.60	0.63	0.63	4.74	5.40	6.10	3.66	1.16

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	430	368	326	433	1,119	889	790	596	613	862
Receivables	890	1,019	880	801	856	992	1,221	1,605	1,267	1,079
Inventory	1,515	1,873	1,909	2,079	1,974	2,594	3,190	3,441	2,731	2,709
Other current assets	331	368	422	417	419	540	539	699	527	546
Total current assets	3,166	3,628	3,537	3,729	4,368	5,014	5,739	6,341	5,138	5,196
Property, plant and equipment	1,361	1,485	1,373	1,416	1,509	1,465	1,591	1,921	1,819	1,996
Lease right-of-use assets			0	187	165	154	164	176	169	167
Goodwill	1,376	1,541	1,496	1,298	1,307	1,281	1,311	1,333	1,820	1,899
Intangible assets	607	649	573	502	456	392	364	309	729	673
Other non-current assets	143	147	142	153	180	293	269	347	435	481
Total assets	7,168	7,972	7,626	7,760	8,504	9,182	10,104	11,421	11,191	11,928
Accounts payable	723	918	866	915	855	1,078	1,385	1,207	813	951
Accrued liabilities	1,161	1,408	1,522	1,654	1,917	2,062	2,271	2,904	2,470	2,539
Short-term debt	85.4	95.4	72.6	2.9	326	2.1	196	15	415	118
Total current liabilities	2,145	2,651	2,767	2,885	3,363	3,455	4,088	4,344	3,826	3,729
Long-term debt	1,610	1,618	1,275	1,192	1,257	1,411	1,265	1,377	2,233	2,323
Lease liabilities			0	149	126	116	125	134	128	122
Other non-current liabilities	194	230	251	289	375	431	473	616	680	885
Total liabilities	4,331	4,876	4,633	4,853	5,486	5,738	6,221	6,764	7,148	7,355
Total debt	1,695	1,714	1,348	1,195	1,583	1,413	1,452	1,380	2,558	2,385
Paid-in capital	103	137	10.2	4.7	30.9	3.9	30.2	4.1	0	0.5
Retained earnings	4,114	4,254	4,477	4,444	4,759	5,182	5,655	6,360	5,645	6,047
Other comprehensive income	-1,442	-1,362	-1,555	-1,595	-1,811	-1,771	-1,803	-1,708	-1,903	-1,775
Shareholders' equity	2,776	3,030	2,933	2,854	2,980	3,416	3,882	4,657	3,743	4,274
Minority interests	61.1	65.7	60.6	53.2	38	27.9	0.2	0.1	0
Total equity	2,837	3,095	2,994	2,907	3,018	3,444	3,883	4,657	3,743	4,274
Total liabilities and equity	7,168	7,972	7,626	7,760	8,504	9,182	10,104	11,421	11,191	11,928
Shares outstanding	79.5	79.5	76.5	75.5	75	74.4	74.6	74.5	74.4	72.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	160	189	284	123	420	902	875	1,171	-486	719
Depreciation and amortization	223	223	225	211	213	221	210	230	251	257
Stock-based compensation	18.1	38.2	46.3	41.3	37.6	27.4	34	46.4	18.4	28.4
Deferred income tax	2.1	-14.1	-14.7	15.1	3.4	-118	-58	-264	-103	-367
Change in inventory	-33.1	-196	-214	-216	120	-763	-668	-164	309	238
Change in payables	62.8	124	-24.3	35.7	-59.1	292	322	-192	-225	43.4
Cash from operations	370	578	596	696	897	660	838	1,103	690	988
Capital expenditures	-201	-204	-203	-273	-270	-270	-388	-518	-393	-248
Acquisitions	-384	-293	0	0	-2.8	-22.6	-111	-9.8	-1,904	0
Cash from investing	-598	-494	-206	-272	-242	-288	-497	-546	-1,650	-28.3
Debt repaid	-2,622	-3,640	-5,434	-2,191	-1,046	-2,501	-378	-459	-513	-437
Share buybacks	-213	0	-184	-130	-55	-135	0	-53	-22	-250
Dividends paid	-42.5	-44.5	-47.1	-48	-48	-359	-404	-457	-273	-86.5
Cash from financing	236	-177	-413	-313	22.7	-540	-407	-672	1,046	-729
Exchange rate effect	-4.6	30.8	-18.7	-4.2	8.8	-62.3	-34
Net change in cash	3	-62	-41.6	107	686	-230	-99.6	-194	17.2	249
Free cash flow	169	374	393	423	627	390	450	585	297	740
Interest paid	58.8	55.2	35.2	26.3	23.6	23.8	45.1	60.5	126	122
Income taxes paid	106	111	102	144	181	247	304	464	344	283

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $118.02 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	25.3%	Gross profit / revenue.
Operating margin	5.8%	Operating income / revenue.
EBITDA margin	8.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.3%	Pre-tax income / revenue.
Net margin	5.2%	Net income / revenue.
FCF margin	3.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.7%	Cash from operations / revenue.
Effective tax rate	26.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.5%	Net income / average total assets.
Return on invested capital (ROIC)	7.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	12.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.5%	Capital expenditures / revenue.
D&A / revenue	2.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-13.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-7.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	2.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-11.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income CAGR, 3y	-22.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-0.1%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	560.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-16.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	1.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income CAGR, 3y	-6.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	11.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS CAGR, 3y	-6.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	43.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	2.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	149.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	18.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	3.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-68.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-40.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	13.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.32x	Current assets / current liabilities.
Quick ratio	0.45x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.65x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.2%	Total debt / total assets.
Liabilities / assets	63.2%	Total liabilities / total assets.
Net debt	$2.07B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.38x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.30B	Current assets - current liabilities.
Goodwill and intangibles / assets	21.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.55B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.87x	Revenue / average total assets.
Fixed asset turnover	5.33x	Revenue / average property, plant and equipment.
Inventory turnover	2.57x	Cost of revenue / average inventory.
Days inventory	142 days	365 x average inventory / cost of revenue.
Receivables turnover	8.40x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
Days payables	49 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	137 days	Days inventory + days sales outstanding - days payables.
FCF conversion	61.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	44.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.49	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$145.35	Revenue / diluted weighted shares.
FCF per share	$4.64	Free cash flow / diluted weighted shares.
Operating cash flow per share	$8.28	Cash from operations / diluted weighted shares.
Book value per share	$58.29	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$22.18	Tangible book value / shares outstanding.
Cash per share	$8.19	(Cash + short-term investments) / shares outstanding.
Payout ratio	16.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	25.8%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.27B	Share price x shares outstanding.
Enterprise value	$10.33B	Market cap + total debt - cash - short-term investments.
P/E	15.5x	Market cap / net income. Only when net income is positive.
P/S	0.80x	Market cap / revenue.
P/B	2.03x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.32x	Market cap / tangible book value, when positive.
P/FCF	25.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	14.0x	Market cap / cash from operations, when positive.
EV/Sales	1.00x	Enterprise value / revenue.
EV/EBIT	17.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	31.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.0%	Free cash flow / market cap.
Earnings yield	6.5%	Net income / market cap (the inverse of P/E).
Dividend yield	1.0%	Dividends paid over the period / market cap.
Shareholder yield	1.0%	(Dividends paid + share buybacks) / market cap.

What was AGCO CORP /DE's revenue in fiscal 2025?

AGCO CORP /DE reported revenue of $10.08B for fiscal 2025, 13.5% lower than the year before.

Was AGCO CORP /DE profitable in fiscal 2025?

Yes. Net income was $726.5M, a net margin of 7.2%.

How much free cash flow did AGCO CORP /DE generate in fiscal 2025?

Cash from operations of $988.1M minus capital expenditures of $247.9M left free cash flow of $740.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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