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Processes and trades agricultural commodities—oilseeds, corn, wheat—into food, feed and industrial ingredients globally.
Processes and trades agricultural commodities—oilseeds, corn, wheat—into food, feed and industrial ingredients globally.
Earns by buying crops from farmers, then crushing, milling and shipping them for a margin, so profit depends on the gap between crop and product prices (the crush margin) and on moving grain through its storage and shipping network. Biofuel feedstock follows energy policy. It is one of a handful of firms alongside Cargill, Bunge and Louis Dreyfus that dominate grain trade.
Moat: narrow (scale, distribution, installed base). Global grain-handling and processing network scale is expensive to replicate.
Headquarters: Chicago, Illinois, US · Founded: 1902 · Employees: 41,496
Size Archer Daniels Midland (ADM) is a United States Consumer Staples company (Agricultural Commodities/Milling) with a market value of $33.3B, the 333rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $69.97 on 6 Nov 2026.
Performance Over six months the shares fell 9.3%, against -1.3% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 8 in its peer set.
Growth Revenue grew 1.0% over the last twelve months (peer median +6.3%); the operating margin is 2.8% (peer median 3.3%).
Valuation It trades at 12.0× forward earnings against a peer median of 19.2× (3rd cheapest of 6).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.9 points below its cost of capital (7.4% WACC).
Credit Archer Daniels Midland has 17 bonds outstanding ($7.38B), rated A by the agencies and trading like AA- at a weighted spread of 64 bp.
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $84.1B | $80.3B | $85.5B | $94.0B | $102B |
| Revenue growth | — | -6% | -9% | -8% | — |
| Gross profit | $6.16B | $4.11B | $5.56B | $6.28B | $7.01B |
| EBITDA | $3.55B | $1.98B | $3.35B | $3.94B | $4.71B |
| Net income | $2.48B | $1.08B | $1.80B | $3.48B | $4.34B |
| Free cash flow | $346M | $4.20B | $1.23B | $2.97B | $2.16B |
| Capital expenditure | $1.13B | $1.25B | $1.56B | $1.49B | $1.32B |
| Total debt | $10.1B | $9.76B | $11.5B | $9.60B | $10.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Archer Daniels Midland ADM | $33.3B | -9% | +1% | 3% | 12.0× | 8.0% |
| Bunge Global BG | $19.0B | -20% | +55% | 4% | 9.2× | n/a |
| Ingredion INGR | $5.78B | -15% | -1% | 12% | 9.7× | -7.8% |
| Wilmar International F34.SI | $14.5B | -19% | +6% | 3% | 10.2× | n/a |
| Andersons ANDE | $1.87B | -23% | -4% | 1% | 8.7× | n/a |
| Tate & Lyle TATE.L | $3.34B | +53% | +16% | 9% | 15.2× | 10.8% |
| Darling Ingredients DAR | $7.92B | -20% | +16% | 9% | 7.3× | 9.0% |
| Green Plains GPRE | $927M | -27% | -22% | 7% | 7.4× | -1.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ADM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.1% | +4.8% | 2nd lowest of 8 |
| 6-month return | -9.3% | -1.3% | 4th lowest of 8 |
| Distance from 52-week high | -21.2% | -18.6% | 4th lowest of 8 |
| Revenue growth (TTM) | +1.0% | +6.3% | 3rd lowest of 8 |
| Operating margin | 2.8% | 3.3% | 3rd lowest of 8 |
| Forward P/E | 12.0× | 19.2× | 3rd cheapest of 6 |
| Growth the price implies (Req g, 7 yrs) | 8.0% | -0.1% | most demanding of 4 |
| Growth delivered (Del g) | +4.5% | +16.3% | 2nd lowest of 4 |
| Hurdle (Req g minus delivered) | +3.4 pp | -12.8 pp | most demanding of 4 |
| ROIC minus cost of capital | -0.9 pp | +0.3 pp | 4th lowest of 8 |
| Net debt / EBITDA | 1.2× | 4.1× | least indebted of 4 |
| Bond spread | 64 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Archer Daniels Midland ADM | United States | $33.3B | -9% | +1% | 3% | 12.0× | 8.0% | +4.5% |
| Muyuan Foods 2714.HK | Hong Kong | $33.4B | -12% | -14% | -4% | n/a | n/a | n/a |
| Inner Mongolia Yili Industrial 600887.SS | China | $29.3B | +15% | +2% | 9% | 19.2× | -0.1% | +3.7% |
| Bunge Global BG | United States | $19.0B | -20% | +55% | 4% | 9.2× | n/a | n/a |
| Wen's Foodstuff 300498.SZ | China | $16.7B | +2% | -5% | -4% | n/a | n/a | n/a |
| Wilmar International F34.SI | Singapore | $14.5B | -19% | +6% | 3% | 10.2× | n/a | n/a |
| Guangdong Haid 002311.SZ | China | $12.1B | -1% | +8% | 3% | 21.1× | -1.1% | +16.3% |
| SalMar SALM.OL | Norway | $8.35B | +5% | +14% | 19% | 22.2× | 3.5% | +16.3% |
Archer Daniels Midland has 17 bonds outstanding with $7.38B face value. The agencies rate it A; its bonds trade like AA-. Weighted yield 5.51%, a spread of 64 bp over government bonds.