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olivLaw · US equity research

AGCO Corporation AGCO

Farm Machinery & Equipment · SIC 3523 · Vertical: Industrial machinery and computer equipment (SIC 352x)

112.69USD+1.37% · 1 dayClose 04 Nov 2026

AGCO is a global leader in agricultural machinery and precision agriculture technology, selling under the Fendt, Massey Ferguson, PTx and Valtra brands. Its sales fell in 2025 amid weak industry demand, and its 2026 outlook was lowered, making farm equipment demand a key watch point. Net sales were 10082.0 million USD in fiscal 2025 and about 2.6 billion USD in the second quarter of 2026.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, AGCO Corporation (AGCO) stock was 112.69 USD (+1.37% on the day), with market capitalisation 7.8 bn USD, P/E 29.0 on diluted EPS of 3.88 USD over the last 12 months, dividend yield 1.05%, beta 0.97, 52-week range 98.45–140.49 USD. Latest reported quarter (Q3 2026): revenue of 2.3 bn USD (−8.6% YoY), net income of 51.7 m USD (−83.1% YoY), diluted EPS 0.75 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
7.8 bn USD
shares as of 26 Oct 2026
P/E (TTM)
29.0
Diluted EPS TTM 3.88 · TTM to 30 Sept 2026
E/P (TTM)
3.45%
TTM to 30 Sept 2026
Dividend yield
1.05%
DPS 12m 1.18
Beta (2y)
0.97
Volatility (1y) 37%
52-week range
98.45140.49

Price history

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Technical reading

RSI (14)
56.0
strong (55–70)
Bollinger (20, 2)
99.97 – 113.04
in the upper half of the band · %B 0.97 · band width 12.3%
SMA 50 / 200
114.19 / 116.34
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.52 / -1.84
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−3.0%−1.1%−1.9 pp—
3 months+8.5%−0.5%+9.0 pp—
6 months−6.3%+4.4%−10.7 pp—
Year to date+8.0%+12.3%−4.3 pp—
1 year+7.6%+13.5%−5.9 pp+18.9%
3 years−5.9%+76.4%−82.4 pp+29.5%
5 years−9.7%+63.7%−73.4 pp—
Max drawdown (1y)
−29.9%
13 Feb 2026 → 18 Aug 2026
Max drawdown (5y)
−49.0%
28 Mar 2022 → 08 Apr 2025
Compound annual growth (5y)
−2.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
2.3 bn USD
−8.6% YoY
Net income
51.7 m USD
−83.1% YoY
Diluted EPS
0.75
−81.7% YoY
net / operating
2.3% / 5.1%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue2.9 bn2.1 bn2.6 bn2.5 bn2.9 bn2.3 bn2.6 bn2.3 bn
Cost of revenue2.2 bn1.5 bn2.0 bn1.8 bn2.2 bn1.8 bn2.0 bn1.7 bn
Gross profit688.7 m520.6 m658.6 m646.5 m741.1 m581.4 m645.9 m565.4 m
SG&A323.2 m325.8 m326.4 m340.8 m316.3 m339.1 m335.7 m303.8 m
Operating income-268.8 m49.4 m164.0 m151.6 m230.7 m80.7 m140.7 m116.1 m
Pre-tax income-346.2 m-1.4 m97.3 m344.5 m161.6 m39.0 m108.2 m68.1 m
Income tax-24.2 m2.0 m-205.5 m48.8 m77.3 m4.6 m40.4 m25.2 m
Net income-255.7 m10.5 m314.8 m305.7 m95.5 m55.0 m77.2 m51.7 m
Diluted EPS-3.42 ≈0.144.224.091.29 ≈0.761.080.75
Operating cash flow797.9 m-212.2 m365.7 m ≈71.0 m ≈763.6 m-410.4 m165.4 m ≈26.6 m ≈
Capex114.0 m48.2 m42.2 m ≈68.9 m ≈88.6 m44.6 m57.2 m ≈60.4 m ≈
Dividends paid21.6 m21.6 m21.7 m ≈21.6 m ≈21.6 m21.0 m21.0 m ≈20.7 m ≈
Share repurchases———0 ≈250.0 m——56.7 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 71 percentile of its own 38-quarter history (min 7.7, median 17.8, max 77.2; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue9.4 bn9.0 bn9.1 bn11.1 bn12.7 bn14.4 bn11.7 bn10.1 bn
Revenue YoY+12.6%−3.3%+1.2%+21.7%+13.6%+13.9%−19.1%−13.5%
Net income285.5 m125.2 m427.1 m897.0 m889.6 m1.2 bn-424.8 m726.5 m
Net income YoY+53.2%−56.1%+241.1%+110.0%−0.8%+31.7%−136.3%unavailable
Diluted EPS3.581.635.6511.8511.8715.63-5.699.75
Diluted EPS YoY+54.3%−54.5%+246.6%+109.7%+0.2%+31.7%−136.4%unavailable
net %3.1%1.4%4.7%8.1%7.0%8.1%-3.6%7.2%
Free cash flow392.6 m422.5 m626.6 m390.4 m449.9 m585.0 m296.6 m740.2 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
861.8 m USD
Financial debt
2.4 bn USD
Net debt
1.6 bn USD
Equity
4.3 bn USD
Total assets
11.9 bn USD
Debt / equity
0.57x
Current ratio
1.39x
ROE
18.1%
ROA
6.3%
FCF margin
7.3%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
14.4 bn
2024
11.7 bn
2025
10.1 bn

SEC (XBRL)· 13 Feb 2026verified

Cost of revenue
2023
10.6 bn
2024
8.8 bn
2025
7.5 bn

SEC (XBRL)· 13 Feb 2026verified

Gross profit
2023
3.8 bn
2024
2.9 bn
2025
2.6 bn

SEC (XBRL)· 13 Feb 2026verified

Research & development
2023
420.9 m
2024
381.3 m
2025
374.5 m

SEC (XBRL)· 13 Feb 2026verified

SG&A
2023
1.5 bn
2024
1.4 bn
2025
1.3 bn

SEC (XBRL)· 13 Feb 2026verified

Operating income
2023
1.7 bn
2024
-122.1 m
2025
595.7 m

SEC (XBRL)· 13 Feb 2026verified

Interest expense
2023
68.8 m
2024
—
2025
—

SEC (XBRL)· 27 Feb 2024verified

Pre-tax income
2023
1.3 bn
2024
-433.6 m
2025
602.0 m

SEC (XBRL)· 13 Feb 2026verified

Income tax
2023
230.4 m
2024
98.4 m
2025
-77.4 m

SEC (XBRL)· 13 Feb 2026verified

Net income
2023
1.2 bn
2024
-424.8 m
2025
726.5 m

SEC (XBRL)· 13 Feb 2026verified

Diluted EPS
2023
15.63
2024
-5.69
2025
9.75

SEC (XBRL)· 13 Feb 2026verified

Weighted average diluted shares
2023
74.9 m
2024
74.7 m
2025
74.5 m

SEC (XBRL)· 13 Feb 2026verified

Dividend per share
2023
6.10
2024
3.66
2025
1.16

SEC (XBRL)· 13 Feb 2026verified

Balance sheet · USD

Cash
2023
595.5 m
2024
612.7 m
2025
861.8 m

SEC (XBRL)· 13 Feb 2026verified

Inventories
2023
3.4 bn
2024
2.7 bn
2025
2.7 bn

SEC (XBRL)· 13 Feb 2026verified

Current assets
2023
6.3 bn
2024
5.1 bn
2025
5.2 bn

SEC (XBRL)· 13 Feb 2026verified

Property, plant & equipment, net
2023
—
2024
—
2025
—

SEC (XBRL)· 01 Mar 2023verified

Goodwill
2023
1.3 bn
2024
1.8 bn
2025
1.9 bn

SEC (XBRL)· 13 Feb 2026verified

Intangibles (excl. goodwill)
2023
308.8 m
2024
728.9 m
2025
673.0 m

SEC (XBRL)· 13 Feb 2026verified

Total assets
2023
11.4 bn
2024
11.2 bn
2025
11.9 bn

SEC (XBRL)· 13 Feb 2026verified

Accounts payable
2023
1.2 bn
2024
813.0 m
2025
951.0 m

SEC (XBRL)· 13 Feb 2026verified

Short-term debt
2023
15.0 m
2024
415.2 m
2025
117.7 m

SEC (XBRL)· 13 Feb 2026verified

Long-term debt
2023
1.4 bn
2024
2.2 bn
2025
2.3 bn

SEC (XBRL)· 13 Feb 2026verified

Current liabilities
2023
4.3 bn
2024
3.8 bn
2025
3.7 bn

SEC (XBRL)· 13 Feb 2026verified

Total liabilities
2023
6.8 bn
2024
7.1 bn
2025
7.4 bn

SEC (XBRL)· 13 Feb 2026verified

Equity
2023
4.7 bn
2024
3.7 bn
2025
4.3 bn

SEC (XBRL)· 13 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
1.1 bn
2024
689.9 m
2025
988.1 m

SEC (XBRL)· 13 Feb 2026verified

Capex
2023
518.1 m
2024
393.3 m
2025
247.9 m

SEC (XBRL)· 13 Feb 2026verified

Free cash flow
2023
585.0 m ≈
2024
296.6 m ≈
2025
740.2 m ≈

SEC (XBRL)· 13 Feb 2026derived

Investing cash flow
2023
-545.7 m
2024
-1.7 bn
2025
-28.3 m

SEC (XBRL)· 13 Feb 2026verified

Financing cash flow
2023
-671.7 m
2024
1.0 bn
2025
-729.2 m

SEC (XBRL)· 13 Feb 2026verified

Dividends paid
2023
457.4 m
2024
273.1 m
2025
86.5 m

SEC (XBRL)· 13 Feb 2026verified

Share repurchases
2023
53.0 m
2024
22.0 m
2025
250.0 m

SEC (XBRL)· 13 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-13.5%
computed by olivLawFY 2025
Revenue CAGR 3Y
-7.3%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
2.0%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
-6.5%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
11.2%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
-6.3%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
11.5%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
149.6%
computed by olivLawFY 2025

Profitability

Gross margin
25.0%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
unavailable
input data missing
EBIT margin
5.6%
computed by olivLawTTM to 30 Sept 2026
Net margin
2.8%
computed by olivLawTTM to 30 Sept 2026
FCF margin
2.9%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
6.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
2.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
5.4%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROCE
7.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
30.4%
computed by olivLawTTM to 30 Sept 2026
Payout ratio (FCF)
28.6%
computed by olivLawTTM to 30 Sept 2026

Balance sheet

Net debt
2.3 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.7x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
1.3x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
0.6x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
545.2 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
250.8 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
294.4 m USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
105.4%
computed by olivLawTTM to 30 Sept 2026
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
146 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days payables outstanding
48 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
7.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
10.0 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
27.8x
computed by olivLawTTM to 30 Sept 2026
P/E (TTM)
29.0x
computed by olivLawTTM to 30 Sept 2026
Earnings yield
3.4%
computed by olivLawTTM to 30 Sept 2026
P/B
1.9x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
0.8x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
17.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/Sales
1.0x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
P/FCF
26.4x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
FCF yield
3.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
1.0%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
9.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Risk

Altman Z
2.47
computed by olivLawbalance sheet at 30 Sept 2026

Valuation

olivLaw classification

Unattractive profile

Score: 37 / 100

A scoring methodology on indicators and valuation, not investment advice.

score < 40

Closing price

112.69 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 7.8 bn USD

Key indicators

Market capitalisation
7.8 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
29.0x
computed by olivLawTTM to 30 Sept 2026
P/B
1.9x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
6.5%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
2.8%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
-13.5%
computed by olivLawFY 2025
Dividend yield
1.0%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

33/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 26 Oct 2026
Source: SEC (XBRL)published 29 Oct 2026
verified 3007derived 262

Score by group

  • Valuation24
  • Balance sheet43
  • Quality45
  • Growth0
  • Returns100

Estimated value range

Low
50.29
USD per share
Mid
58.43
USD per share
High
70.30
USD per share
Price: 112.69 USD
The price is above the range
Potential to the central value: -48.2% (value / price − 1)
Margin of safety: -92.9% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 15.24 – 120.10 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E85.34 – 120.10 (Mid 99.37)
    4 companies used · median multiple 25.6x · quartiles 22.0x – 30.9x
    ALG, DE, LNN, TTC
  • Dividend discount (DDM)15.24 – 20.50 (Mid 17.49)
Multiple comparisons use the SIC vertical: Industrial machinery and computer equipment (SIC 352x)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Unattractive profile · Score 37/100

FactorValueScoreWeight used
ROIC · Quality5.4%26 (on a fixed band)14%
Net margin · Quality2.8%20 (vs peers)9%
FCF conversion · Quality105.4%100 (on a fixed band)9%
Revenue CAGR 3Y · Growth-7.3%0 (on a fixed band)11%
EPS CAGR 3Y · Growth-6.3%0 (on a fixed band)11%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.3x43 (on a fixed band)6%
P/E (TTM) · Valuation29.0x4 (on a fixed band)14%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation3.8%47 (on a fixed band)11%
Shareholder yield (distributions) · Returns9.5%100 (on a fixed band)9%
Payout ratio (FCF) · Returns28.6%100 (on a fixed band)6%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial43/100 · 1/3 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality45/100 · 3/3 factors with a value
  • Returns100/100 · 2/2 factors with a value
  • Valuation24/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

AGCO CORP /DE (AGCO). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 10.1 bn USD in 2025; YoY growth -13.5%; net margin 2.8%; ROE 6.5%.

The estimated value range is 50.29–70.30 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 58.43 USD, the price of 112.69 USD leaves a potential of -48.2% (value / price − 1) and a margin of safety of -92.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 37/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • FCF conversion: 105.4%
  • Shareholder yield (distributions): 9.5%
  • Payout ratio (FCF): 28.6%

What contradicts it

  • ROIC: 5.4%
  • Net margin: 2.8%
  • Revenue CAGR 3Y: -7.3%
  • EPS CAGR 3Y: -6.3%
  • P/E (TTM): 29.0x
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Interest coverage, EV/EBITDA.

Versus the vertical median

Industrial machinery and computer equipment (SIC 352x) · same industry group (3-digit SIC) · compared with 5 companies

Multiples and returns vs the median

P/E
29.0x
vertical median 25.6x
above median (+13.4%)
EV/EBITDA
—
vertical median 17.2x
P/S
0.8x
vertical median 1.7x
below median (−56.2%)
P/B
1.9x
vertical median 2.2x
below median (−13.1%)
ROE
6.5%
vertical median 10.7%
below median (−39.1%)
Net margin
2.8%
vertical median 7.6%
below median (−63.9%)
EBIT margin
5.6%
vertical median 8.6%
below median (−34.9%)
Revenue YoY
-13.5%
vertical median -6.0%
below median
Net debt/EBITDA
—
vertical median 1.2x
Dividend yield
1.0%
vertical median 1.2%
below median (−9.7%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
DEDeere & Co182.4 bn37.618.3%10.2%−11.7%+46% / +86%
TTCThe Toro Company10.2 bn28.726.4%7.6%−1.6%+54% / +30%
AGCOAgco Corp7.8 bn29.06.5%2.8%−13.5%+8% / −6%
ALGAlamo Group Inc.1.8 bn22.56.7%4.7%−1.5%−10% / −22%
LNNLindsay Corporation1.1 bn20.510.7%8.8%−6.0%−5% / −8%
ARTWArts Way Manufacturing Co Inc14.6 m—-3.0%-1.6%−6.2%+19% / +36%

1- and 3-year price returns: for AGCO from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
62.89
Total return -43% · Per year -43%
111.74
Total return 0% · Per year 0%
169.09
Total return 51% · Per year 51%
3 years
49.94
Total return -54% · Per year -23%
100.85
Total return -8% · Per year -3%
169.09
Total return 54% · Per year 15%
5 years
39.65
Total return -62% · Per year -17%
91.02
Total return -15% · Per year -3%
169.09
Total return 56% · Per year 9%
What moves the 3-year price the most
  • Exit P/E± 25.21
  • Net margin± 17.65
  • Annual revenue growth± 15.94
  • Annual dilution± 1.48

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).

In brief

AGCO is a global leader in agricultural machinery and precision agriculture technology, selling under the Fendt, Massey Ferguson, PTx and Valtra brands. Its sales fell in 2025 amid weak industry demand, and its 2026 outlook was lowered, making farm equipment demand a key watch point. Net sales were 10082.0 million USD in fiscal 2025 and about 2.6 billion USD in the second quarter of 2026.

SWOT

Strengths

  • Strong internationally recognised brands and a broad network of independent dealers 1.
  • Solid position in precision agriculture through retrofit solutions that work across mixed fleets 1.
  • Financing through joint ventures with Rabobank that supports customer purchases 1.

Weaknesses

  • Full dependence on the cyclical agricultural industry makes results sensitive to demand downturns 1.
  • Most sales come from outside the United States, exposing the company to currency and political risk 1.
  • The sales decline in 2025 and losses in some regions showed sensitivity to the farm cycle 13.

Opportunities

  • Demand for autonomy and digital tools could grow if farmers adopt more technology 1.
  • A recovery in Western European industry demand could support sales over the medium term 3.
  • Growing parts and service for the installed base could help stabilise revenue 1.

Threats

  • Tariffs and retaliatory measures by other countries could reduce sales and market access 2.
  • Weak demand in South America and Brazil could persist if financing stays expensive 3.
  • Strong competition from large groups and technology start-ups could pressure margins 1.

Risks

  • Dependence on the agricultural industryhigh

    All results depend on a cyclical farm sector affected by weather, commodity prices and input costs 1.

  • Tariffs and trade policyhigh

    Changes to US tariffs and retaliation by other countries could raise costs and reduce sales 2.

  • Availability of customer financingmedium

    If financing through Rabobank joint ventures or other lenders becomes costlier, equipment purchases could fall 1.

  • Supply chain disruptionsmedium

    Supplier failures or energy shortages could affect production and deliveries 2.

  • International currency and political exposurelow

    Operations abroad and foreign laws could create losses if rules change 1.

Investment thesis

What would need to be true (bull case)

  • If industry demand recovers, results could benefit from a volume rebound 3.
  • Sales of precision and autonomy technology could support margins over the long term 1.
  • Cost-reduction programmes could improve profitability even with lower revenue 13.

What would break the thesis

  • If demand stays below historical mid-cycle levels, revenue could keep declining 3.
  • Tariffs and retaliatory measures could reduce market access and margins 2.
  • The lowered 2026 outlook signals uncertainty about when demand will recover 3.

What to watch

  • Evolution of adjusted EPS guidance and operating marginQ3 2026
  • IEEPA tariff refunds and the appeal court decision2026
  • Tractor sales trends in North America and BrazilQ3 2026
  • Next annual report and updated figures on demand and financingnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).

The business

AGCO distributes most of its products through approximately 2,800 independent dealers and distributors in approximately 140 countries 1. Its Farmer-First strategy combines high-performance machines with precision agriculture, including brand-agnostic retrofit technologies and autonomous offerings 1. Retail and wholesale financing runs through finance joint ventures with Rabobank, which finance approximately 50% of retail sales of tractors and combines 1.

Segments

Tractors

Tractors accounted for 66% of net sales in 2025, the largest product category 1. The range runs from compact tractors to high-horsepower models for large farms 1.

Replacement parts

Replacement parts rose to 19% of net sales in 2025, supporting revenue when new equipment demand is weak 1. Most products can be maintained with parts and service for 10 to 20 years 1.

Geographic regions

By region, EME was the largest at 6736.7 million USD of net sales in 2025, while North America fell to 1665.5 million USD 1. In the first half of 2026 North American sales rose while Latin America declined 2.

Market context

Demand for agricultural equipment is cyclical and depends on farm income, financing costs and commodity prices 1. In the first half of 2026, industry retail tractor sales fell 11% in Brazil and 9% in North America 3.

Demand remains well below historical mid-cycle levels, and uncertainty around tariffs and input costs could keep pressure on sales 3. Western Europe showed relative stability, with industry tractor sales up 3% in the first half of 2026 3.

Trends

  • Tariffs and trade uncertaintymixed

    US tariffs and possible refunds of IEEPA tariffs create uncertainty over costs and prices, and the outcome depends on evolving legal rulings 2.

  • Pressure on farmer economicsheadwind

    High operating costs and uneven crop economics have delayed equipment investment, which could prolong weak demand 3.

  • Technology and precision agriculturetailwind

    Precision and retrofit autonomy solutions are gaining traction, and wider adoption could support longer-term sales 13.

  • Supply chain and energy strainheadwind

    Conflicts in Ukraine and the Middle East have raised energy, logistics and input costs, and possible gas shortages in Europe could affect production 2.

Competitive position

The agricultural equipment market is highly competitive, with large full-line suppliers, specialty makers and regional players 1. The two principal worldwide competitors are Deere & Company and CNH Industrial N.V. 1. Technology-focused start-ups are also entering the market 1.

Buyers weigh dealer strength, product quality and price, brand loyalty, product availability and financing terms 1. AGCO's dealer network and precision technology offer may be important in that comparison 1.

  • Deere & CompanyDE

    Principal worldwide competitor named in the annual report.

  • CNH Industrial N.V.

    Principal worldwide competitor named in the annual report; US listing not confirmed in the sources.

  • Regional manufacturers

    Producers with significant share in one or several countries, named only generically in the sources.

  • Specialty makers and technology start-ups

    Smaller firms and start-ups entering as technology reshapes agriculture.

News & filings

In the press

The latest news item in our archive is from 31 Aug 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / AGCO Corporation · 13 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / AGCO Corporation · 30 Jul 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / AGCO Corporation · 30 Jul 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.