Industrials · Agricultural & Farm Machinery · US stock · price as of 16 Oct 2026
Key indicators
Price
$641.86
52-week range
$440.52 – $719.50
Market cap
$173.8B
P/E (trailing)
35.7×
EV / EBITDA
15.6×
Free-cash-flow yield
3.5%
Dividend yield
1.0%
Revenue (last 12 months)
$48.0B
Revenue growth (3y a year)
−4.6%
Operating margin
19.5%
Return on invested capital
19.2%
Net debt / EBITDA
0.7×
Fair value
Blended fair value$591.88 range $559 – $635
Versus priceFair−8% to fair value
Peer multiples
$568.28
Fundamentals-adjusted multiple
$571.46
10-year DCF (market-scaled)
$635.90
Earnings power value (floor, not blended)
$259.40
Model uncertainty
Medium
X-Ray Score
44/ 100 · Medium confidence · ahead of 23% of sector peers
Valuation46
Growth21
Profitability56
Financial health42
Dividends55
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Deere makes agricultural machinery, turf equipment and construction and forestry equipment under the John Deere name. Farmers, contractors, landscapers and forestry companies use its tractors, combines, sprayers, excavators and mowers, mostly bought through a network of independent dealers. The company also develops precision agriculture technology and offers financing to customers and dealers through its financial services arm.
Deere earns revenue from equipment shipments, parts and services, and its financial services business. Sales for the last twelve months came to $48.0 billion, though revenue growth over the last three years was -4.6% a year, a decline. The operating margin is 19.5%, and the business earns a profit of 19% on the capital invested in it. It has net debt of 0.7 times EBITDA. A dividend is paid, with a yield of 1.0%.
StocksXray gives Deere & Co an X-Ray Score of 44 out of 100 (medium confidence), ahead of 23% of the S&P 500 stocks in its sector. Its strongest lens is profitability (56) and its weakest is growth (21).
Our fair value blend is $591.88 (range $559.01 to $635.18). At $641.86 the stock trades 8% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Deere & Co (DE)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$320.72
$376.51
$346.96
$397.74
$456.42
$641.86
Market cap
$100.7B
$115.3B
$101.9B
$110.2B
$124.0B
$173.8B
P/E
16.9×
16.2×
10.0×
15.5×
24.7×
35.7×
EV / revenue
3.1×
2.3×
1.8×
2.3×
2.8×
3.8×
EV / EBITDA
13.6×
10.8×
7.5×
10.4×
11.1×
15.6×
Price / free cash flow
14.6×
32.3×
14.4×
14.5×
20.3×
28.9×
Free-cash-flow yield
6.8%
3.1%
7.0%
6.9%
4.9%
3.5%
Price / book
5.5×
5.7×
4.7×
4.8×
4.8×
6.2×
Dividend yield
1.13%
1.16%
1.46%
1.48%
1.42%
1.01%
Fundamentals checklist ● 1 Good · ● 7 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.2%Average
Free-cash-flow yield3.5%Bad
Risk models
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)−7.4%Bad
Free-cash-flow growth (3y)19.6%Average
Revenue growth (3y)−4.6%Bad
Growth consistency40%Bad
Balance sheet
Net debt / EBITDA0.7×Good
Interest cover3.2×Bad
Valuation
Fair value vs price0.9×Average
EBIT / EV yield5.1%Average
Profitability
Return on invested capital19.2%Average
Operating margin19.5%Average
XStocksXray
Deere & Co (DE)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
44,024
52,577
61,251
51,716
45,684
47,982
Gross profit
–
–
–
–
–
–
Operating income
8,012
9,508
12,958
9,039
9,427
9,339
Net income
5,963
7,131
10,166
7,100
5,027
4,873
Diluted EPS ($)
18.99
23.28
34.63
25.62
18.50
17.98
Free cash flow
6,878
3,565
7,091
7,591
6,099
6,021
Gross margin
–
–
–
–
–
–
Operating margin
18.2%
18.1%
21.2%
17.5%
20.6%
19.5%
Net margin
13.5%
13.6%
16.6%
13.7%
11.0%
10.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
84,114
90,030
104,087
107,320
105,996
107,607
Cash
8,017
4,774
7,458
7,324
8,276
8,928
Total debt
43,807
12,592
17,939
13,533
13,796
17,115
Equity
18,431
20,262
21,785
22,836
25,950
27,990
Dividend per share ($)
3.61
4.36
5.05
5.88
6.48
6.48
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Apr 2025
Jul 2025
Nov 2025
Feb 2026
May 2026
Aug 2026
Revenue ($M)
12,763
12,018
12,394
9,611
13,369
12,608
Growth vs a year earlier
−16.2%
−8.6%
+11.2%
+13.0%
+4.7%
+4.9%
Net income ($M)
1,804
1,289
1,065
656
1,773
1,379
Diluted EPS ($)
6.64
4.75
–
2.42
6.55
5.10
XStocksXray
Deere & Co (DE)
Peers in Agricultural & Farm Machinery
Company
X-Ray
DE · Deere & Co
44
Market Compass outlook for Industrials: Neutral (45/100). It blends regime history, macro sensitivity, momentum and valuation.
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.