Loading…
Maker of John Deere agricultural equipment (tractors, combines), construction machinery and precision-ag technology.
Maker of John Deere agricultural equipment (tractors, combines), construction machinery and precision-ag technology.
Sells equipment through independent dealers, finances customers through its credit arm, and increasingly sells software subscriptions for precision-farming features. Demand for farm machinery follows crop income, and large-farm equipment in the Americas matters most to profit.
Moat: wide (brand, distribution, installed base). Iconic brand, a dense dealer network and precision-ag data lock in a large installed equipment base.
Headquarters: Moline, Illinois, USA · Founded: 1837 · Employees: 73,100
Size Deere & (DE) is a United States Industrials company (Trucks/Construction/Farm Machinery) with a market value of $181B, the 66th largest of 3,117 United States companies the cockpit tracks. Shares closed at $671.65 on 6 Nov 2026.
Performance Over six months the shares gained 17.1%, against -1.2% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 6 in its peer set.
Growth Revenue grew 8.0% over the last twelve months (peer median +13.2%); the operating margin is 20.0% (peer median 17.5%).
Valuation It trades at 32.0× forward earnings against a peer median of 18.8× (most expensive of 6).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +11 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 above its cost of capital (8.3% WACC).
Backlog Backlog (remaining performance obligations) was $1.87B at 2 Aug 2026, up 3% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit Deere & has 63 bonds outstanding ($39.8B), rated A by the agencies and trading like AA at a weighted spread of 43 bp.
Short interest Short interest is 1.9% of the free float (15 Oct 2026).
Next results Next results expected around 25 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $48.0B | $45.6B | $51.6B | $61.2B | $52.5B |
| Revenue growth | — | -12% | -16% | +17% | — |
| Gross profit | $17.6B | $17.5B | $20.8B | $23.5B | $17.2B |
| EBITDA | $11.9B | $11.5B | $14.7B | $17.3B | $11.7B |
| Net income | $4.87B | $5.03B | $7.10B | $10.2B | $7.13B |
| Free cash flow | $3.23B | $3.23B | $4.43B | $4.12B | $911M |
| Capital expenditure | $4.02B | $4.23B | $4.80B | $4.47B | $3.79B |
| Total debt | $64.2B | $64.2B | $65.5B | $63.7B | $52.2B |
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 |
|---|---|---|---|---|---|---|
| Deere & DE | $181B | +17% | +8% | 20% | 32.0× | 16.2% |
| CNH Industrial CNH | $14.3B | +5% | +1% | 13% | 21.1× | 7.4% |
| AGCO AGCO | $7.61B | -6% | +1% | 6% | 17.1× | 10.5% |
| Caterpillar CAT | $257B | -38% | +20% | 19% | 18.8× | 18.0% |
| Kubota 6326.T | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% |
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 | DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.9% | +1.0% | highest of 6 |
| 6-month return | +17.1% | -1.2% | highest of 6 |
| Distance from 52-week high | -6.9% | -15.9% | highest of 6 |
| Revenue growth (TTM) | +8.0% | +13.2% | 3rd lowest of 6 |
| Operating margin | 20.0% | 17.5% | 2nd highest of 6 |
| Forward P/E | 32.0× | 18.8× | most expensive of 6 |
| Growth the price implies (Req g, 7 yrs) | 16.2% | 13.3% | 3rd most demanding of 6 |
| Growth delivered (Del g) | +5.1% | +8.1% | lowest of 6 |
| Hurdle (Req g minus delivered) | +11.0 pp | +6.4 pp | most demanding of 6 |
| ROIC minus cost of capital | +0.9 pp | +3.5 pp | 3rd lowest of 6 |
| EV / EBITDA | 19.7× | 14.5× | 2nd most expensive of 6 |
| Net debt / EBITDA | 4.5× | 2.2× | most indebted of 6 |
| Bond spread | 43 bp | 76 bp | tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Deere & DE | United States | $181B | +17% | +8% | 20% | 32.0× | 16.2% | +5.1% |
| Caterpillar CAT | United States | $257B | -38% | +20% | 19% | 18.8× | 18.0% | +10.1% |
| Volvo VOLV-A.ST | Sweden | $65.2B | -1% | -3% | 12% | 14.7× | 5.4% | +7.2% |
| Paccar PCAR | United States | $53.7B | -11% | -1% | 11% | 15.4× | 11.2% | +8.7% |
| Wabtec WAB | United States | $47.6B | +7% | +13% | 18% | 23.8× | 17.0% | +8.1% |
| Sandvik SAND.ST | Sweden | $45.8B | -1% | +14% | 20% | 21.0× | 13.3% | +6.9% |
Deere & has 63 bonds outstanding with $39.8B face value. The agencies rate it A; its bonds trade like AA. Weighted yield 5.06%, a spread of 43 bp over government bonds.
Deere & reported $1.87B of remaining performance obligations at 2 Aug 2026, up 3% from a year earlier and up 1% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.