Detailed financial statements for AGCO Corporation (AGCO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
AGCO Corporation operates as a global manufacturer and distributor of essential agricultural machinery and associated replacement components. The company's diverse product portfolio includes a range of tractors: high-horsepower models designed for large-scale operations such as row crop cultivation, soil preparation, planting, land leveling, seeding, and commercial hay production; utility tractors catering to the needs of small to medium-sized farms, as well as specialized se...
Analysis Summary
AGCO Corporation reported revenue of $10.08B in the most recent fiscal year, growing at a 5-year CAGR of 2.0%. Net income reached $726.5M, with a 11.2% 5-year CAGR.
Trailing-twelve-month margins: gross margin 25.0%, operating margin 6.6%, net margin 5.2%. Free cash flow grew at 3.4% CAGR over 5 years.
At the current price of $116.19, AGCO trades at a P/E of 15.83 and an ROE of 12.45%. Market capitalisation stands at $8.1B.
Balance sheet quality for AGCO: current ratio of 1.4, net debt of $1.82B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $740.2M represents 102% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.41B | $8.31B | $9.35B | $9.04B | $9.15B | $11.14B | $12.65B | $14.41B | $11.66B | $10.08B |
| Cost of Revenue | $5.95B | $6.60B | $7.42B | $7.12B | $7.16B | $8.63B | $9.70B | $10.67B | $8.82B | $7.59B |
| Gross Profit | $1.46B | $1.71B | $1.93B | $1.92B | $1.99B | $2.51B | $2.96B | $3.74B | $2.84B | $2.50B |
| Research & Development | $296.1M | $323.1M | $355.2M | $343.4M | $342.6M | $405.8M | $444.2M | $548.8M | $493.0M | $487.7M |
| Selling, General & Admin | $867.9M | $956.9M | $1.06B | $1.05B | $1.02B | $1.09B | $1.19B | $1.45B | $1.37B | $1.31B |
| Operating Expenses | $1.16B | $1.28B | $1.42B | $1.39B | $1.36B | $1.49B | $1.63B | $2.00B | $1.87B | $1.80B |
| Operating Income | $299.3M | $427.8M | $517.1M | $533.6M | $633.1M | $1.01B | $1.32B | $1.73B | $977.2M | $698.7M |
| EBITDA | $542.9M | $615.7M | $705.8M | $561.9M | $858.9M | $1.25B | $1.42B | $1.69B | $58.6M | $996.0M |
| Interest Expense | $63.4M | $52.1M | $55.6M | $28.8M | $24.9M | $25.4M | $46.0M | $68.8M | $160.0M | $66.4M |
| Pre-tax Income | $252.4M | $322.9M | $394.6M | $303.6M | $607.5M | $1.01B | $1.17B | $1.40B | -$387.2M | $641.6M |
| Income Tax | $92.2M | $133.6M | $110.9M | $180.8M | $187.7M | $108.4M | $296.6M | $230.4M | $98.4M | -$77.4M |
| Net Income | $160.1M | $186.4M | $285.5M | $125.2M | $427.1M | $897.0M | $889.6M | $1.17B | -$424.8M | $726.5M |
| EPS | $1.97 | $2.34 | $3.62 | $1.05 | $5.69 | $11.93 | $11.92 | $15.66 | $-5.69 | $9.76 |
| EPS (Diluted) | $1.96 | $2.32 | $3.58 | $1.04 | $5.65 | $11.85 | $11.88 | $15.64 | $-5.69 | $9.75 |
| Shares Outstanding (Diluted) | $81.7M | $80.2M | $79.7M | $77.0M | $75.6M | $75.7M | $74.9M | $74.9M | $74.7M | $74.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $2.48B | $2.92B | $2.34B | $2.61B |
| Gross Profit | $620.3M | $741.1M | $581.4M | $645.9M |
| Operating Income | $156.5M | $276.8M | $92.8M | $151.9M |
| EBITDA | $445.9M | $262.5M | $137.8M | $209.4M |
| Net Income | $305.7M | $95.5M | $55.0M | $77.2M |
| EPS | $4.10 | $1.30 | $0.76 | $1.08 |
| EPS (Diluted) | $4.09 | $1.29 | $0.76 | $1.08 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $429.7M | $367.7M | $326.1M | $429.6M | $1.11B | $882.2M | $787.5M | $595.0M | $612.0M | $861.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $890.4M | $1.02B | $880.3M | $800.5M | $856.0M | $991.5M | $1.22B | $1.61B | $1.27B | $1.08B |
| Inventory | $1.51B | $1.87B | $1.91B | $2.08B | $1.97B | $2.59B | $3.19B | $3.44B | $2.73B | $2.71B |
| Total Current Assets | $3.17B | $3.63B | $3.54B | $3.73B | $4.37B | $5.01B | $5.74B | $6.34B | $5.14B | $5.20B |
| Property, Plant & Equipment | $1.36B | $1.49B | $1.37B | $1.60B | $1.67B | $1.62B | $1.76B | $2.10B | $1.99B | $2.16B |
| Goodwill | $1.38B | $1.54B | $1.50B | $1.30B | $1.31B | $1.28B | $1.31B | $1.33B | $1.82B | $1.90B |
| Intangible Assets | $607.3M | $649.0M | $573.1M | $501.7M | $455.6M | $392.2M | $364.4M | $308.8M | $728.9M | $673.0M |
| Total Assets | $7.17B | $7.97B | $7.63B | $7.76B | $8.50B | $9.18B | $10.10B | $11.42B | $11.19B | $11.93B |
| Accounts Payable | $722.6M | $917.5M | $865.9M | $914.8M | $855.1M | $1.08B | $1.39B | $1.21B | $813.0M | $951.0M |
| Short-term Debt | $85.4M | $95.4M | $210.6M | $153.4M | $359.7M | $92.9M | $196.0M | $15.0M | $415.2M | $117.7M |
| Total Current Liabilities | $2.14B | $2.65B | $2.77B | $2.88B | $3.36B | $3.45B | $4.09B | $4.34B | $3.83B | $3.73B |
| Long-term Debt | $1.61B | $1.62B | $1.28B | $1.19B | $1.26B | $1.41B | $1.26B | $1.38B | $2.23B | $2.45B |
| Total Liabilities | $4.33B | $4.88B | $4.63B | $4.85B | $5.49B | $5.74B | $6.22B | $6.76B | $7.15B | $7.36B |
| Retained Earnings | $4.11B | $4.25B | $4.48B | $4.44B | $4.76B | $5.18B | $5.65B | $6.36B | $5.64B | $6.05B |
| Total Equity | $2.78B | $3.03B | $2.93B | $2.85B | $2.98B | $3.42B | $3.88B | $4.66B | $3.74B | $4.27B |
| Total Debt | $1.70B | $1.71B | $1.49B | $1.49B | $1.74B | $1.62B | $1.59B | $1.53B | $2.78B | $2.69B |
| Net Debt | $1.27B | $1.35B | $1.16B | $1.06B | $630.6M | $737.4M | $798.7M | $931.6M | $2.16B | $1.82B |
| Working Capital | $1.02B | $977.1M | $770.7M | $844.6M | $1.01B | $1.56B | $1.65B | $2.00B | $1.31B | $1.47B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $884.1M | $861.8M | $514.9M | $573.4M |
| Total Assets | $12.47B | $11.93B | $12.04B | $11.88B |
| Total Liabilities | $7.67B | $7.36B | $7.45B | $7.51B |
| Total Equity | $4.49B | $4.27B | $4.30B | $4.08B |
| Total Debt | $2.97B | $2.69B | $115.9M | $111.9M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $160.2M | $189.3M | $283.7M | $122.8M | $419.8M | $901.5M | $874.7M | $1.17B | -$485.6M | $726.5M |
| Depreciation & Amortization | $274.6M | $279.8M | $289.9M | $272.0M | $272.0M | $281.8M | $269.6M | $288.1M | $332.2M | $327.6M |
| Stock-based Compensation | $18.1M | $38.2M | $46.3M | $41.3M | $37.6M | $27.4M | $34.0M | $46.4M | $18.4M | $28.4M |
| Change in Working Capital | -$93.7M | $40.2M | -$33.2M | $61.2M | $194.8M | -$451.2M | -$293.5M | -$112.7M | $29.5M | $495.6M |
| Operating Cash Flow | $369.5M | $577.6M | $595.9M | $695.9M | $896.5M | $682.9M | $838.2M | $1.10B | $689.9M | $988.1M |
| Capital Expenditure | -$201.0M | -$203.9M | -$203.3M | -$273.4M | -$269.9M | -$269.8M | -$388.3M | -$518.1M | -$393.3M | -$247.9M |
| Acquisitions | -$400.1M | -$293.9M | -$5.8M | -$3.1M | $26.3M | -$32.2M | -$107.3M | -$9.8M | -$1.26B | $235.0M |
| Stock Repurchased | -$212.5M | -$6.9M | -$184.3M | -$130.0M | -$55.0M | -$135.0M | -$20.6M | -$53.0M | -$22.0M | -$250.0M |
| Dividends Paid | -$42.5M | -$44.5M | -$47.1M | -$48.0M | -$48.0M | -$358.5M | -$404.3M | -$457.4M | -$273.1M | -$86.5M |
| Free Cash Flow | $168.5M | $373.7M | $392.6M | $422.5M | $626.6M | $413.1M | $449.9M | $585.0M | $296.6M | $740.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $71.0M | $763.6M | -$410.4M | $165.4M |
| Capital Expenditure | -$68.9M | -$88.6M | -$44.6M | -$57.2M |
| Free Cash Flow | $2.1M | $675.0M | -$455.0M | $108.2M |
| Dividends Paid | -$21.6M | -$21.6M | -$21.0M | -$21.0M |
| Stock-based Compensation | $7.1M | $3.4M | $10.4M | $17.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +12.1% | +12.6% | -3.3% | +1.2% | +21.7% | +13.6% | +13.9% | -19.1% | -13.5% | |
| Net Income Growth (YoY) | +16.4% | +53.2% | -56.1% | +241.1% | +110.0% | -0.8% | +31.7% | -136.3% | +271.0% | |
| EPS Growth (YoY) | +18.8% | +54.7% | -71.0% | +441.9% | +109.7% | -0.1% | +31.4% | -136.3% | +271.5% | |
| Shares Change (YoY) | -1.8% | -0.6% | -3.4% | -1.8% | +0.1% | -1.1% | +0.0% | -0.3% | -0.3% | |
| FCF Growth (YoY) | +121.8% | +5.1% | +7.6% | +48.3% | -34.1% | +8.9% | +30.0% | -49.3% | +149.6% | |
| Gross Margin | 19.7% | 20.6% | 20.7% | 21.3% | 21.8% | 22.5% | 23.4% | 25.9% | 24.4% | 24.8% |
| Operating Margin | 4.0% | 5.2% | 5.5% | 5.9% | 6.9% | 9.1% | 10.4% | 12.0% | 8.4% | 6.9% |
| EBITDA Margin | 7.3% | 7.4% | 7.5% | 6.2% | 9.4% | 11.2% | 11.2% | 11.7% | 0.5% | 9.9% |
| Net Margin | 2.2% | 2.2% | 3.1% | 1.4% | 4.7% | 8.1% | 7.0% | 8.1% | -3.6% | 7.2% |
| FCF Margin | 2.3% | 4.5% | 4.2% | 4.7% | 6.8% | 3.7% | 3.6% | 4.1% | 2.5% | 7.3% |
| Effective Tax Rate | 36.5% | 41.4% | 28.1% | 59.6% | 30.9% | 10.7% | 25.3% | 16.4% | -25.4% | -12.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.06 | $4.66 | $4.93 | $5.49 | $8.29 | $5.46 | $6.01 | $7.81 | $3.97 | $9.94 |
| Dividends Per Share | $0.52 | $0.55 | $0.59 | $0.62 | $0.63 | $4.74 | $5.40 | $6.11 | $3.66 | $1.16 |
| Shares Outstanding (Basic) | $81.4M | $79.5M | $78.8M | $76.2M | $75.0M | $75.2M | $74.6M | $74.8M | $74.6M | $74.4M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 12.45% |
| Return on Invested Capital | 6.52% |
| Return on Assets | 4.49% |
| Gross Margin | 25.01% |
| Operating Margin | 6.55% |
| Net Margin | 5.15% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 1.32 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.53 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 29.37 | 30.53 | 15.38 | 73.57 | 18.12 | 9.73 | 11.64 | 7.75 | -16.43 | 10.69 |
| P/B | 1.70 | 1.87 | 1.50 | 2.06 | 2.59 | 2.55 | 2.66 | 1.95 | 1.86 | 1.82 |
| P/S | 0.64 | 0.68 | 0.47 | 0.65 | 0.85 | 0.78 | 0.82 | 0.63 | 0.60 | 0.77 |
| Gross Margin | 19.7% | 20.6% | 20.7% | 21.3% | 21.8% | 22.5% | 23.4% | 25.9% | 24.4% | 24.8% |
| Operating Margin | 4.0% | 5.2% | 5.5% | 5.9% | 6.9% | 9.1% | 10.4% | 12.0% | 8.4% | 6.9% |
| Net Margin | 2.2% | 2.2% | 3.1% | 1.4% | 4.7% | 8.1% | 7.0% | 8.1% | -3.6% | 7.2% |
Related companies: IESC · OSK · PRIM · PSN · SAIA · SSD · TFII
Explore sector: Industrials · Agricultural - Machinery
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