olivLaw · US equity research
Agroz Inc. AGRZ
Agricultural Production-Crops · SIC 0100 · Vertical: Agricultural Production-Crops (SIC 0100)
Agroz Inc. is a vertically integrated agricultural technology company that designs, builds, operates and sells indoor CEA vertical farms and sells fresh produce. Total revenue for fiscal 2025 reached MYR 73.1 million, a strong increase, but concentrated in a few large customers, so future development is worth monitoring.
At the close of 04 Nov 2026, Agroz Inc. (AGRZ) stock was 1.92 USD (−1.03% on the day), with market capitalisation 42.0 m USD, P/E 48.0 on diluted EPS of 0.04 USD over the last 12 months, beta -0.18, 52-week range 1.92–84.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 26.4
- oversold (≤ 30)
- Bollinger (20, 2)
- 1.64 – 4.26
- in the lower half of the band · %B 0.11 · band width 88.6%
- SMA 50 / 200
- 3.72 / 6.68
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.48 / -0.42
- MACD below 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
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −43.6% | −1.1% | −42.5 pp | — |
| 3 months | −69.5% | −0.5% | −69.1 pp | — |
| 6 months | −73.7% | +4.4% | −78.1 pp | — |
| Year to date | −87.5% | +12.3% | −99.8 pp | — |
| 1 year | −96.0% | +13.5% | −109.5 pp | −24.3% |
| 3 years | unavailable | +76.4% | unavailable | −30.8% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
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.
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | unavailable | 9.1 m |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | unavailable | unavailable | 785.8 k |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | 0.04 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | 8.6% |
| Free cash flow | unavailable | unavailable | 188.8 k |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 87.4 k USD
- Financial debt
- 11.9 k USD
- Net debt
- -75.5 k USD
- Equity
- 3.1 m USD
- Total assets
- 11.4 m USD
- Debt / equity
- 0.00x
- Current ratio
- 1.29x
- ROE
- unavailable
- ROA
- 6.9%
- FCF margin
- 2.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2024 | Source (latest year) |
|---|---|---|
| Revenue | 9.1 m | SEC (XBRL)· 22 May 2025verified |
| Cost of revenue | 5.8 m | SEC (XBRL)· 22 May 2025verified |
| Gross profit | 3.3 m | SEC (XBRL)· 22 May 2025verified |
| Operating income | 1.8 m | SEC (XBRL)· 22 May 2025verified |
| Depreciation & amortisation | 181.8 k | SEC (XBRL)· 22 May 2025verified |
| EBITDA | 2.0 m ≈ | SEC (XBRL)· 22 May 2025derived |
| Interest expense | 374.4 k | SEC (XBRL)· 22 May 2025verified |
| Pre-tax income | 1.4 m | SEC (XBRL)· 22 May 2025verified |
| Income tax | 634.0 k | SEC (XBRL)· 22 May 2025verified |
| Net income | 785.8 k | SEC (XBRL)· 22 May 2025verified |
| Diluted EPS | 0.04 | SEC (XBRL)· 22 May 2025verified |
| Weighted average diluted shares | 20.0 m | SEC (XBRL)· 22 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2024 | Source (latest year) |
|---|---|---|
| Cash | 87.4 k | SEC (XBRL)· 22 May 2025verified |
| Receivables | 8.0 m | SEC (XBRL)· 22 May 2025verified |
| Current assets | 8.4 m | SEC (XBRL)· 22 May 2025verified |
| Property, plant & equipment, net | 50.4 k | SEC (XBRL)· 22 May 2025verified |
| Total assets | 11.4 m | SEC (XBRL)· 22 May 2025verified |
| Accounts payable | 694.8 k | SEC (XBRL)· 22 May 2025verified |
| Short-term debt | 3.0 k | SEC (XBRL)· 22 May 2025verified |
| Long-term debt | 8.9 k | SEC (XBRL)· 22 May 2025verified |
| Current liabilities | 6.5 m | SEC (XBRL)· 22 May 2025verified |
| Total liabilities | 8.4 m | SEC (XBRL)· 22 May 2025verified |
| Equity | 3.1 m | SEC (XBRL)· 22 May 2025verified |
| Shares outstanding at year end | 20.4 m | SEC (XBRL)· 22 May 2025verified |
Cash flow · USD
| Line | 2024 | Source (latest year) |
|---|---|---|
| Operating cash flow | 210.6 k | SEC (XBRL)· 22 May 2025verified |
| Capex | 21.8 k | SEC (XBRL)· 22 May 2025verified |
| Free cash flow | 188.8 k ≈ | SEC (XBRL)· 22 May 2025derived |
| Investing cash flow | -1.5 m | SEC (XBRL)· 22 May 2025verified |
| Financing cash flow | 1.4 m | SEC (XBRL)· 22 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 43 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 42.0 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Balance sheet73
- Valuation2
- Quality68
Estimated value range
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: 0.41 – 0.67 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 · input data missing
- Peers: EV/EBITDA0.52 – 0.64 (Mid 0.60)3 companies used · median multiple 6.6x · quartiles 5.7x – 7.0xAGRO, DMC, DOLE
- Peers: P/E0.41 – 0.67 (Mid 0.65)5 companies used · median multiple 16.4x · quartiles 10.3x – 16.8xAGRO, CTVA, DMC, DOLE, VFF
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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
Neutral profile · Score 43/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 33.1% | 100 (vs peers) | 14% |
| Net margin · Quality | 8.6% | 82 (vs peers) | 9% |
| FCF conversion · Quality | 24.0% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.0x | 100 (on a fixed band) | 14% |
| Interest coverage · Balance sheet | 4.8x | 51 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.3x | 41 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 48.0x | 0 (vs peers) | 14% |
| EV/EBITDA · Valuation | 21.2x | 0 (on a fixed band) | 14% |
| FCF yield · Valuation | 0.4% | 6 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet73/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality68/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation2/100 · 3/3 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
Agroz Inc. (AGRZ). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 9.1 m USD in 2024; net margin 8.6%; ROE 25.6%; net debt/EBITDA -0.0x.
The estimated value range is 0.47–0.66 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 0.63 USD, the price of 1.92 USD leaves a potential of -67.3% (value / price − 1) and a margin of safety of -205.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 43/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 33.1%
- Net margin: 8.6%
- Net debt / EBITDA: -0.0x
What contradicts it
- FCF conversion: 24.0%
- P/E (TTM): 48.0x
- EV/EBITDA: 21.2x
- FCF yield: 0.4%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Agricultural Production-Crops (SIC 0100) · same industry (4-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CTVACorteva, Inc. | 8.2 bn | 8.1 | 4.0% | 5.7% | +2.9% | +21% / +81% |
| DMCDel Monte Corporation | 1.4 bn | 16.8 | 4.0% | 1.9% | +1.0% | −21% / +26% |
| AGROAdecoagro S.A. | 1.3 bn | 10.3 | 7.1% | 6.1% | +16.9% | +14% / −19% |
| DOLEDole plc | 1.3 bn | 21.9 | 4.5% | 0.6% | +8.2% | −4% / +20% |
| VFFVillage Farms International, Inc. | 358.3 m | 16.4 | 7.6% | 9.8% | +10.2% | −26% / +271% |
| LMNRLimoneira Company | 190.7 m | — | -25.7% | -33.0% | −16.6% | −24% / −31% |
| AGRZAgroz Inc. | 42.0 m | 48.0 | 25.6% | 8.6% | unavailable | −96% / unavailable |
| LOCLLocal Bounti Corporation | 22.1 m | — | — | -130.5% | +26.8% | −61% / −73% |
| TULPBloomia Holdings, Inc. | 10.9 m | — | -87.9% | -23.2% | unavailable | −40% / −54% |
| SEEDOrigin Agritech Limited | 8.6 m | — | — | -58.4% | −20.6% | −49% / −64% |
| EDBLEdible Garden AG Incorporated | 1.4 m | — | -197.1% | -51.0% | −7.6% | −100% / −100% |
| LNDBrasilAgro – Brazilian Agricultural Real Estate Company | — | — | 6.3% | 15.7% | +13.8% | −12% / −32% |
1- and 3-year price returns: for AGRZ 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
Scenarios are not available. input data missing
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.
In brief
Agroz Inc. is a vertically integrated agricultural technology company that designs, builds, operates and sells indoor CEA vertical farms and sells fresh produce. Total revenue for fiscal 2025 reached MYR 73.1 million, a strong increase, but concentrated in a few large customers, so future development is worth monitoring.
SWOT
Strengths
- Vertical integration across design, operation and fresh produce sales, with the proprietary Agroz OS system.
- Technology partnerships with Microsoft and a strategic partnership with a major Malaysian retail chain.
- myGAP.PF certification for the EduFarm and recognition by international and national bodies.
Weaknesses
- Limited operating history and dependence on a few large customers for a significant share of revenue.
- High start-up costs and dependence on energy, which could affect profitability.
- The range of crops that can be produced in CEA farms is restricted, which limits expansion.
Opportunities
- Expansion of the CEA market in Southeast Asia and rising demand for clean, local produce.
- Selling fully operational farms to new clients and expanding the EduFarm concept.
- Leveraging the Agroz Copilot AI assistant launched in October 2025.
Threats
- Entry of larger competitors with stronger financial resources and distribution.
- Regulatory changes for agricultural products and shifts in consumer preferences.
- Supply chain disruptions and rising energy and materials costs.
Risks
- Limited operating historyhigh
The company has a short history, which makes it difficult to evaluate forecasts and growth prospects.
- Customer concentrationhigh
Revenue is concentrated in a few customers, and losing an important client could affect results.
- Start-up and energy costsmedium
Initial investment and high energy costs could affect profitability and the going concern, according to the document.
- Regulation and consumer preferencesmedium
New regulation of agricultural products or changes in consumer behaviour could affect sales.
- Cybersecurity riskmedium
The company was informed of a ransomware incident at a representative that may have included confidential company data.
Investment thesis
What would need to be true (bull case)
- Strong growth in fresh produce sales in 2025 shows that demand for the company's products could expand.
- Vertical integration and the proprietary Agroz OS system could provide a technology advantage that is hard to replicate.
- Certifications and retail partnerships could facilitate expansion into new markets in the region.
What would break the thesis
- Revenue depends on a few large customers, and a one-off project contributed significantly to 2025 results.
- The short operating history and high costs could make profitability difficult to sustain over the long term.
- Larger competitors with superior resources could intensify pressure on prices and margins.
What to watch
- Development of fresh produce revenue and customer countnext 10-K
- Whether construction revenue recurs after the one-off 2025 project2026
- Trend in gross margin under energy cost pressurenext 10-K
- Results of the Agroz Copilot assistant and expansion of Agroz OS2026
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.
The business
Agroz earns revenue from four main sources: designing and constructing indoor CEA vertical farms, operating and managing them for clients, selling fully operational farms and selling fresh produce. The company integrates its own Agroz OS system, which combines automated equipment and software, including a proprietary ERP and an AI assistant launched in October 2025. Activity is concentrated in Malaysia, where the company operates a 10,021 square foot farm in Kota Damansara and an EduFarm at AEON Mall Alpha Angle.
Fresh produce revenue grew in 2025 on higher sales volumes to wholesale distributors and supermarket chains, and the product range expanded toward premium varieties. Farm solution revenue in 2025 came almost entirely from construction, a one-off project with a recurring customer, which shows that these revenues depend on market opportunities and contract negotiations.
The company says its growing system uses only a small fraction of the water and nutrients of conventional agriculture and that crops are grown without pesticides, consistent with the myGAP.PF certification obtained for the EduFarm in June 2024. These claims are presented by the company and were not independently verified from the analysed source.
Segments
Fresh produce
Sales of vegetables grown in farms operated by Agroz made up most of revenue in 2025, at MYR 48.7 million, compared with MYR 20.0 million in 2024. The company has increased the number of varieties sold and supplies distributors and chains such as AEON and Village Grocer.
Operation and management
Operating and managing farms for clients began generating revenue in 2024, and the farms run by the company include the Kota Damansara farm and the EduFarm in the AEON mall. The company did not break out revenue for this segment separately in the analysed document.
Market context
The company describes the CEA and vertical farming market as developing, both globally and in Southeast Asia, with Malaysia as the starting point. The sector is still new and subject to many uncertainties, and the entry of new participants could change competitive conditions.
Demand depends on consumer preferences for clean, pesticide-free produce, as well as disposable income and confidence in food safety. CEA farms are limited to a restricted range of crops, which keeps staple grains outside this production model.
Trends
- Automation and artificial intelligencetailwind
Integrating automation, data analytics and AI tools into farm operations could reduce the need for manual labour and raise yields. If these technologies prove effective at commercial scale, the company's technology edge could become more visible.
- Demand for local and sustainable foodtailwind
Consumer interest in locally grown produce with lower transport emissions and no pesticides could support demand for urban farms. Preferences may change, however, and the company acknowledges that its varieties may not remain popular.
- Energy and materials costsheadwind
The cost of electricity for LED lighting and climate control, along with steel and glass prices, could add pressure on margins, especially if supply chains are disrupted. Companies in the sector could be affected differently by these developments.
- Customer concentrationmixed
A significant share of revenue comes from a small number of customers, so losing a major client could have a visible effect on results. This can be both a relationship advantage and a concentration risk.
Competitive position
The document acknowledges that the agricultural technology and vertical farming market has many competitors, including companies with large mega-farms, established distribution networks and advanced food preservation technologies. Some competitors have longer operating histories, greater brand recognition and considerably larger financial resources.
The company says that, by vertically integrating design, operation and fresh produce, no other actor in Malaysia or Southeast Asia holds this status to its knowledge. This claim was not independently verified, and competition could increase pressure on prices and margins.
- Vertical farm and controlled-environment agriculture providers
The document refers in general to competitors with large farms and greater financial resources, without naming them.
- Companies with established distribution networks
Competitors with consolidated logistics and distribution chains that can respond more quickly in the market.
- New technology entrants in the sector
The company anticipates other companies entering the agricultural technology sector, without identifying them.
- Conventional vegetable producers
Traditional agricultural production remains the main alternative for consumers and distributors.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Annual report (foreign issuer)28 Sept 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)30 Jun 2026
- Current report (foreign issuer)29 May 2026
- Current report (foreign issuer)19 May 2026
- Current report (foreign issuer)18 May 2026
- Current report (foreign issuer)30 Apr 2026
- Current report (foreign issuer)16 Apr 2026
- Current report (foreign issuer)18 Feb 2026
- Current report (foreign issuer)13 Feb 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Agroz Inc. · 28 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.