Adecoagro S.A. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Adecoagro S.A. 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

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Revenue	674	869	933	793	887	818	1,124	1,348	1,299	1,519
Cost of revenue	558	679	767	610	671	612	855	1,076	973	1,199
Gross profit	186	310	239	199	286	336	484	466	415	435
Selling and marketing	70.3	80.7	95.4	90.2	107	95.1	118	144	129	153
Operating income	95.4	185	130	156	121	189	278	250	242	182
Interest expense	117	165	131	164	203	214	152	138	122	166
Interest income	9.15	7.96	11.7	8.39	9.91	26.1	36.7	25.3	157	16.8
Pre-tax income	-12.3	27.2	9.98	-24.3	21.2	13.4	175	135	305	35.1
Income tax	-7.95	12.9	-4.99	-1.02	20.8	12.3	43.8	26.8	78.7	-57
Net income to minority interests	1.24	2.71	1.78	1.39	1.11	0.66	0.05	0.47	0.43	-0.24
Net income	-5.59	11.6	13.2	-24.6	-0.77	0.41	131	108	226	92.3
EBITDA	186	294	257	284	262	303	413	406	400	371
EPS, basic	-0.25	0.10	0.11	-0.21	-0.01	0.00	1.14	0.98	2.11	0.90
EPS, diluted	-0.25	0.09	0.11	-0.21	-0.01	0.00	1.13	0.98	2.11	0.90

Balance sheet

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Cash and equivalents	199	159	269	274	290	336	200	231	340	211
Receivables		158	150	159	127	146	146	184	179	213
Inventory		112	109	128	113	133	240	274	256	290
Total current assets		568	689	661	649	767	762	1,023	1,056	1,015
Property, plant and equipment	697	815	831	1,480	1,493	1,358	1,423	1,565	1,550	1,549
Lease right-of-use assets				0	238	210	261	360	407	374
Goodwill		13.4	12.4
Total assets		1,496	1,645	2,277	2,521	2,482	2,582	3,109	3,165	3,115
Accounts payable		92.2	98.4	106	107	126	169	242	191	207
Total current liabilities		332	282	278	364	359	357	611	494	400
Lease liabilities				0	175	159	202	284	326	288
Total liabilities		784	962	1,169	1,492	1,519	1,535	1,945	1,899	1,707
Total debt	723	635	818	862	968	971	818	1,008	905	780
Paid-in capital		937	909	901	902	903	851	793	744	659
Retained earnings		93	106	237	18.7	8.67	116	202	419	518
Shareholders' equity		700	674	1,064	988	925	1,012	1,126	1,229	1,369
Minority interests		12	9.14	44.5	40.6	38.7	36.1	37.6	36.5	39
Total equity	564	712	891	1,108	1,029	964	1,048	1,164	1,266	1,408
Total liabilities and equity		1,496	1,645	2,277	2,521	2,482	2,582	3,109	3,165	3,115

Cash flow statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024
Net income	-4.35	14.3	15	-23.2	0.34	1.07	131	109	227	92.1
Depreciation and amortization	90.5	109	127	128	141	114	135	156	158	189
Cash from operations	145	255	237	219	322	257	349	370	435	328
Capital expenditures	-141	-132	-199	-207	-252	-169	-199	-218	-242	-260
Cash from investing	-125	-122	-188	-175	-250	-122	-175	-299	-112	-232
Stock issued	1.26	0.38	0.04	0	0
Share buybacks	-0.32	-4.77	-38.4	-15.7	-4.26	-4.37	-66.5	-36.8	-26.2	-66.9
Dividends paid			-2.86	-0.41	-0.5	-2.46	-0.3	-35	-35	-35
Cash from financing	92.4	-182	70.2	-20.9	-37.9	-53.9	-303	-23.6	-209	-274
Exchange rate effect	-27.4	7.97	-8.34	-18.1	-18	-35.3	-6.82	-16.3	-5.48	48.7
Net change in cash	113	-48.3	119	22.6	34.6	81.3	-130	47.2	115	-177
Free cash flow	3.72	123	38.6	11.4	69.7	88.6	149	152	193	68.1
Income taxes paid	0.23	1.15	2.86	1.87	2.28	2.09	2.2	8.12	1.34	7.29

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. Valuation uses the share price of $10.43 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	28.6%	Gross profit / revenue.
Operating margin	12.0%	Operating income / revenue.
EBITDA margin	24.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	2.3%	Pre-tax income / revenue.
Net margin	6.1%	Net income / revenue.
FCF margin	4.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.6%	Cash from operations / revenue.
Effective tax rate	-162.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.9%	Net income / average total assets.
Return on invested capital (ROIC)	7.7%	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%.
Capex / revenue	17.1%	Capital expenditures / revenue.
D&A / revenue	12.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	11.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.5%	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	8.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-24.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-13.1%	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	8.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-7.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-3.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-59.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-10.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-57.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-7.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-24.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-2.0%	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	0.4%	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	-64.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-23.0%	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	-0.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	11.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.6%	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	6.7%	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	-1.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.4%	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	4.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.54x	Current assets / current liabilities.
Quick ratio	1.06x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.53x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.57x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	25.0%	Total debt / total assets.
Liabilities / assets	54.8%	Total liabilities / total assets.
Net debt	$568.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.53x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.10x	Operating income / interest expense.
Working capital	$614.7M	Current assets - current liabilities.
Tangible book value	$1.37B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.48x	Revenue / average total assets.
Fixed asset turnover	0.98x	Revenue / average property, plant and equipment.
Inventory turnover	4.39x	Cost of revenue / average inventory.
Days inventory	83 days	365 x average inventory / cost of revenue.
Receivables turnover	7.74x	Revenue / average receivables.
Days sales outstanding	47 days	365 x average receivables / revenue.
Days payables	61 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	70 days	Days inventory + days sales outstanding - days payables.
FCF conversion	73.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	79.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.90	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.
EPS, basic	$0.90	Net income per basic share, as reported (split-adjusted).
Payout ratio	37.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	51.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	98.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.51B	Share price x shares outstanding.
Enterprise value	$2.07B	Market cap + total debt - cash - short-term investments.
P/E	16.3x	Market cap / net income. Only when net income is positive.
P/S	0.99x	Market cap / revenue.
P/B	1.10x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.10x	Market cap / tangible book value, when positive.
P/FCF	22.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.58x	Market cap / cash from operations, when positive.
EV/Sales	1.37x	Enterprise value / revenue.
EV/EBIT	11.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.58x	Enterprise value / EBITDA, when both are positive.
EV/FCF	30.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.5%	Free cash flow / market cap.
Earnings yield	6.1%	Net income / market cap (the inverse of P/E).
Dividend yield	2.3%	Dividends paid over the period / market cap.
Shareholder yield	6.8%	(Dividends paid + share buybacks) / market cap.

What was Adecoagro S.A.'s revenue in fiscal 2024?

Adecoagro S.A. reported revenue of $1.52B for fiscal 2024, 16.9% higher than the year before.

Was Adecoagro S.A. profitable in fiscal 2024?

Yes. Net income was $92.3M, a net margin of 6.1%.

How much free cash flow did Adecoagro S.A. generate in fiscal 2024?

Cash from operations of $328.3M minus capital expenditures of $260.2M left free cash flow of $68.1M.

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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