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Employees: 2,821
Size ForFarmers (FFARM.AS) is a Netherlands Consumer Staples company (Agricultural Commodities/Milling) with a market value of $537M, the 54th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €5.36 on 6 Nov 2026.
Performance Over six months the shares fell 17.8%, against -5.8% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 6.6% over the last twelve months (peer median +2.0%); the operating margin is 3.3% (peer median 4.6%).
Valuation It trades at 8.2× forward earnings against a peer median of 12.5× (2nd cheapest of 9).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.7 points above its cost of capital (7.2% WACC).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €3.16B | €3.15B | €2.75B | €2.97B | €3.31B |
| Revenue growth | — | +15% | -8% | -10% | — |
| Gross profit | €366M | €340M | €284M | €258M | €282M |
| EBITDA | €172M | €164M | €113M | €70.2M | €77.0M |
| Net income | €52.6M | €49.9M | €31.4M | -€1.00M | €18.0M |
| Free cash flow | €81.7M | €98.4M | €51.7M | €58.1M | €17.7M |
| Capital expenditure | €53.4M | €51.7M | €28.2M | €34.4M | €35.3M |
| Total debt | n/a | €174M | €160M | €108M | €167M |
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.
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 | FFARM.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.9% | -1.5% | 9th lowest of 21 |
| 6-month return | -17.8% | -5.8% | 5th lowest of 21 |
| Distance from 52-week high | -22.5% | -28.3% | 7th highest of 21 |
| Revenue growth (TTM) | +6.6% | +2.0% | 8th highest of 21 |
| Operating margin | 3.3% | 4.6% | 10th lowest of 21 |
| Forward P/E | 8.2× | 12.5× | 2nd cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | -9.9% | 0.7% | 2nd least demanding of 8 |
| Growth delivered (Del g) | +6.0% | +4.1% | 3rd highest of 8 |
| Hurdle (Req g minus delivered) | -15.9 pp | -4.1 pp | 2nd least demanding of 8 |
| ROIC minus cost of capital | +5.7 pp | -1.8 pp | 3rd highest of 21 |
| EV / EBITDA | 3.8× | 8.7× | cheapest of 10 |
| Net debt / EBITDA | 0.5× | 2.2× | 5th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ForFarmers FFARM.AS | Netherlands | $537M | -18% | +7% | 3% | 8.2× | -9.9% | +6.0% |
| Jiangsu Yike Food 301116.SZ | China | $538M | -28% | +6% | 0% | 42.0× | n/a | n/a |
| Wanxiang Doneed 600371.SS | China | $544M | +41% | -13% | -11% | n/a | n/a | n/a |
| Shiyue Daotian 9676.HK | Hong Kong | $545M | -35% | +26% | 7% | 8.4× | n/a | n/a |
| Kadoya Sesame Mills 2612.T | Japan | $550M | +94% | -2% | 10% | n/a | 0.9% | +5.0% |
| WELLNEO SUGAR 2117.T | Japan | $555M | +2% | +8% | 10% | n/a | -10.2% | +20.9% |
| Triveni Engineering and Industries TRIVENI.NS | India | $561M | -4% | +2% | 8% | 11.0× | n/a | n/a |
| Inghams ING.AX | Australia | $563M | +13% | +2% | 4% | 12.7× | -1.2% | +3.9% |
| Baiyang Investment 002696.SZ | China | $569M | +62% | +25% | 0% | n/a | n/a | n/a |
| Baotou Huazi Industry 600191.SS | China | $582M | -37% | +56% | 5% | n/a | n/a | n/a |
| Solbar Ningbo Protein Technology 603231.SS | China | $493M | +1% | +20% | 8% | 14.8× | n/a | n/a |
| Zhanjiang Guolian Aquatic Products 300094.SZ | China | $490M | -8% | -9% | -28% | n/a | 0.7% | -6.6% |
| Gansu Dunhuang Seed 600354.SS | China | $589M | +19% | +9% | 25% | n/a | -4.7% | +4.1% |
| Fujian Tianma Science & Technology 603668.SS | China | $488M | -52% | +6% | -1% | 4.6× | 29.6% | +10.5% |
| Shandong Homey Aquatic Development 600467.SS | China | $486M | -9% | -21% | 14% | n/a | 5.0% | -3.1% |
| Piccadily Agro Industries PICCADIL.NS | India | $607M | -8% | +29% | 20% | n/a | n/a | n/a |
| J-Oil Mills 2613.T | Japan | $474M | +15% | +1% | 2% | 16.1× | n/a | n/a |
| CNFC Overseas Fisheries 000798.SZ | China | $470M | -8% | -2% | -2% | n/a | n/a | n/a |
| Bajaj Hindusthan Sugar BAJAJHIND.NS | India | $470M | -8% | -2% | 1% | n/a | n/a | n/a |
| Royal 002329.SZ | China | $467M | -15% | -2% | -25% | n/a | n/a | n/a |
| Rogers Sugar RSI.TO | Canada | $618M | +2% | -6% | 10% | 12.4× | n/a | n/a |