NYSE : AGRO
Adecoagro S.A. — Financial statements
Consumer Staples · Farm Products · Luxembourg
Last price 9.69 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.40B
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Financial statements
Adecoagro S.A. (AGRO) reported revenue of 1.65B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.65B | 1.43B | 1.52B | 1.30B | 1.35B | 1.12B |
| Cost of Revenue | 1.22B | 1.15B | 1.16B | 922.57M | 899.89M | 660.55M |
| Gross Profit | 427.48M | 275.37M | 361.51M | 376.30M | 447.84M | 463.81M |
| Selling, General & Admin | 262.48M | 234.24M | 213.46M | 166.94M | 185.03M | 140.55M |
| Other Operating Expenses | -3.43M | -11.99M | -53.97M | 5.29M | 23.68M | 40.52M |
| Operating Expenses | 259.05M | 222.25M | 159.49M | 172.23M | 208.71M | 181.06M |
| Operating Income | 168.43M | 53.12M | 202.03M | 204.07M | 239.13M | 282.74M |
| Interest Expense | -166.04M | -109.30M | -73.81M | -72.11M | -81.15M | -79.04M |
| Interest & Investment Income | 37.78M | 26.98M | 16.05M | 7.13M | 5.78M | 4.08M |
| Currency Exchange Gain (Loss) | 62.91M | 5.83M | -37.57M | 90.93M | 19.28M | 18.94M |
| Other Non Operating Income (Expenses) | -34.28M | -24.75M | -51.88M | 37.87M | -58.34M | -44.38M |
| EBT Excluding Unusual Items | 68.80M | -48.12M | 54.81M | 267.90M | 124.69M | 182.34M |
| Merger & Restructuring Charges | -193.00K | |||||
| Gain (Loss) on Sale of Assets | 5.78M | 4.25M | 3.64M | 11.08M | 3.72M | -387.00K |
| Asset Writedown | 14.01M | 25.63M | -9.11M | 26.41M | -2.96M | -4.33M |
| Other Unusual Items | -14.26M | 10.11M | -3.07M | |||
| Pretax Income | 99.88M | -6.93M | 35.09M | 305.39M | 135.36M | 174.55M |
| Income Tax Expense | 39.25M | -174.00K | -57.02M | 78.67M | 26.76M | 43.84M |
| Earnings From Continuing Operations | 60.63M | -6.76M | 92.10M | 226.72M | 108.61M | 130.72M |
| Minority Interest in Earnings | -11.15M | -1.59M | 239.00K | -430.00K | -468.00K | -48.00K |
| Net Income | 49.48M | -8.35M | 92.34M | 226.29M | 108.14M | 130.67M |
| Net Income to Common | 49.48M | -8.35M | 92.34M | 226.29M | 108.14M | 130.67M |
| Shares Outstanding (Basic) | 121.95M | 102.09M | 102.60M | 107.09M | 110.08M | 115.15M |
| Shares Outstanding (Diluted) | 122.13M | 102.09M | 103.07M | 107.49M | 110.44M | 115.61M |
| EPS (Basic) | 0.41 | -0.08 | 0.90 | 2.11 | 0.98 | 1.13 |
| EPS (Diluted) | 0.40 | -0.08 | 0.90 | 2.10 | 0.98 | 1.13 |
| Free Cash Flow | 54.28M | 44.26M | 66.19M | 192.77M | 143.15M | 137.59M |
| Free Cash Flow Per Share | 0.44 | 0.43 | 0.64 | 1.79 | 1.30 | 1.19 |
| Dividend Per Share | 0.35 | 0.34 | 0.33 | 0.32 | ||
| Gross Margin | 25.91% | 19.29% | 23.80% | 28.97% | 33.23% | 41.25% |
| Operating Margin | 10.21% | 3.72% | 13.30% | 15.71% | 17.74% | 25.15% |
| Profit Margin | 3.00% | -0.58% | 6.08% | 17.42% | 8.02% | 11.62% |
| Free Cash Flow Margin | 3.29% | 3.10% | 4.36% | 14.84% | 10.62% | 12.24% |
| EBITDA | 420.30M | 249.36M | 426.38M | 402.73M | 430.17M | 450.47M |
| EBITDA Margin | 25.47% | 17.46% | 28.07% | 31.01% | 31.92% | 40.06% |
| D&A For EBITDA | 251.87M | 196.24M | 224.36M | 198.66M | 191.04M | 167.73M |
| EBIT | 168.43M | 53.12M | 202.03M | 204.07M | 239.13M | 282.74M |
| EBIT Margin | 10.21% | 3.72% | 13.30% | 15.71% | 17.74% | 25.15% |
| Effective Tax Rate | 39.30% | 25.76% | 19.77% | 25.11% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 302.46M | 383.15M | 211.24M | 339.78M | 230.65M | 199.77M |
| Short-Term Investments | 28.04M | 89.83M | ||||
| Cash & Short-Term Investments | 330.51M | 472.98M | 211.24M | 339.78M | 230.65M | 199.77M |
| Accounts Receivable | 200.49M | 186.85M | 86.53M | 87.64M | 77.44M | 60.70M |
| Other Receivables | 81.33M | 112.49M | 72.79M | 41.65M | 55.17M | 56.65M |
| Receivables | 281.82M | 299.34M | 159.32M | 129.28M | 132.61M | 117.35M |
| Inventory | 658.36M | 580.53M | 540.19M | 460.38M | 509.84M | 415.35M |
| Prepaid Expenses | 27.62M | 21.01M | 18.04M | 6.95M | 6.88M | 9.40M |
| Restricted Cash | 11.00K | 1.36M | 21.00K | |||
| Other Current Assets | 62.98M | 45.24M | 86.21M | 119.26M | 141.67M | 19.91M |
| Total Current Assets | 1.36B | 1.42B | 1.02B | 1.06B | 1.02B | 761.80M |
| Property, Plant & Equipment | 3.48B | 3.44B | 1.96B | 1.98B | 1.96B | 1.70B |
| Goodwill | 230.31M | 227.77M | 20.24M | 14.31M | 18.54M | 16.63M |
| Other Intangible Assets | 26.52M | 26.11M | 16.99M | 13.21M | 17.58M | 14.71M |
| Long-Term Deferred Tax Assets | 24.39M | 23.72M | 15.51M | 9.78M | 8.76M | 10.32M |
| Other Long-Term Assets | 120.85M | 112.95M | 82.26M | 92.45M | 85.94M | 77.12M |
| Total Assets | 5.25B | 5.25B | 3.11B | 3.16B | 3.11B | 2.58B |
| Accounts Payable | 152.71M | 226.57M | 173.16M | 140.95M | 193.13M | 151.98M |
| Accrued Expenses | 51.30M | 53.25M | 42.23M | 46.84M | 38.83M | 31.92M |
| Short-Term Debt | 82.00K | 4.39M | 48.06M | 11.77M | ||
| Current Portion of Long-Term Debt | 440.04M | 213.01M | 99.55M | 202.72M | 231.71M | 100.40M |
| Current Portion of Leases | 56.30M | 59.96M | 54.35M | 52.94M | 54.43M | 45.14M |
| Current Income Taxes Payable | 41.86M | 31.92M | 3.47M | 5.02M | 422.00K | 1.62M |
| Other Current Liabilities | 45.31M | 441.72M | 27.55M | 41.20M | 44.27M | 14.61M |
| Total Current Liabilities | 787.53M | 1.03B | 400.32M | 494.05M | 610.85M | 357.43M |
| Long-Term Debt | 1.58B | 1.38B | 680.00M | 697.84M | 727.98M | 705.49M |
| Long-Term Leases | 260.67M | 296.64M | 287.68M | 325.57M | 283.55M | 201.72M |
| Long-Term Deferred Tax Liabilities | 716.07M | 728.63M | 330.34M | 376.33M | 301.41M | 265.85M |
| Other Long-Term Liabilities | 27.82M | 24.81M | 8.45M | 5.45M | 21.41M | 4.09M |
| Total Liabilities | 3.37B | 3.46B | 1.71B | 1.90B | 1.95B | 1.53B |
| Common Stock | 221.81M | 221.81M | 167.07M | 167.07M | 167.07M | 183.57M |
| Additional Paid-In Capital | 841.64M | 876.09M | 659.40M | 743.81M | 793.17M | 851.06M |
| Retained Earnings | 568.08M | 509.73M | 518.06M | 418.79M | 202.34M | 115.73M |
| Treasury Stock | -5.34M | -7.94M | -16.99M | -8.06M | -4.79M | -16.91M |
| Comprehensive Income & Other | 114.24M | 55.65M | 41.60M | -92.48M | -31.70M | -121.74M |
| Total Common Equity | 1.74B | 1.66B | 1.37B | 1.23B | 1.13B | 1.01B |
| Minority Interest | 138.16M | 136.95M | 38.95M | 36.52M | 37.55M | 36.11M |
| Shareholders' Equity | 1.88B | 1.79B | 1.41B | 1.27B | 1.16B | 1.05B |
| Total Liabilities & Equity | 5.25B | 5.25B | 3.11B | 3.16B | 3.11B | 2.58B |
| Total Debt | 2.33B | 1.95B | 1.12B | 1.28B | 1.35B | 1.06B |
| Net Cash (Debt) | -2.00B | -1.48B | -910.34M | -943.68M | -1.12B | -864.74M |
| Net Cash Per Share | -16.41 | -14.46 | -8.83 | -8.78 | -10.10 | -7.48 |
| Filing Date Shares Outstanding | 144.31M | 142.58M | 100.05M | 106.01M | 108.19M | 111.10M |
| Total Common Shares Outstanding | 144.31M | 142.58M | 100.05M | 106.01M | 108.19M | 111.10M |
| Working Capital | 573.76M | 392.59M | 614.68M | 561.62M | 412.17M | 404.37M |
| Book Value Per Share | 12.06 | 11.61 | 13.68 | 11.59 | 10.41 | 9.11 |
| Tangible Book Value | 1.48B | 1.40B | 1.33B | 1.20B | 1.09B | 980.38M |
| Tangible Book Value Per Share | 10.28 | 9.83 | 13.31 | 11.34 | 10.07 | 8.82 |
| Land | 722.58M | 724.88M | 676.76M | 694.20M | 727.59M | 711.26M |
| Buildings | 1.91B | 1.86B | 622.91M | 527.98M | 526.46M | 435.19M |
| Machinery | 1.27B | 1.22B | 1.15B | 1.08B | 893.17M | 803.19M |
| Construction In Progress | 159.24M | 136.34M | 26.93M | 20.81M | 79.09M | 81.37M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 49.48M | -8.35M | 92.34M | 226.29M | 108.14M | 130.67M |
| Depreciation & Amortization | 325.66M | 269.13M | 302.22M | 272.75M | 254.38M | 216.93M |
| Other Amortization | 3.44M | 2.33M | 1.80M | 1.35M | 1.20M | |
| Loss (Gain) From Sale of Assets | -5.78M | -4.25M | -3.64M | -11.08M | -3.72M | 387.00K |
| Asset Writedown & Restructuring Costs | -25.69M | -16.74M | 41.68M | 7.04M | -41.97M | -6.98M |
| Loss (Gain) From Sale of Investments | -1.79M | -1.79M | 9.35M | -3.50M | 2.38M | -512.00K |
| Stock-Based Compensation | 4.16M | 11.90M | 6.68M | 8.58M | 10.23M | 6.41M |
| Other Operating Activities | 105.11M | 83.48M | 57.35M | 4.26M | 127.42M | 162.40M |
| Change in Accounts Receivable | 13.49M | -57.22M | -68.30M | 3.68M | -60.75M | -40.45M |
| Change in Inventory | -28.44M | 25.83M | -35.77M | -35.80M | 41.75M | -95.22M |
| Change in Accounts Payable | -130.54M | -3.05M | -100.35M | -43.92M | -64.50M | -1.50M |
| Change in Other Net Operating Assets | 10.75M | 7.24M | 24.97M | 5.26M | -3.33M | -24.67M |
| Operating Cash Flow | 319.85M | 308.52M | 328.33M | 434.91M | 370.03M | 348.66M |
| Capital Expenditures | -265.57M | -264.26M | -262.14M | -242.13M | -226.87M | -211.07M |
| Sale of Property, Plant & Equipment | 4.46M | 4.67M | 2.33M | 4.09M | 2.77M | 2.95M |
| Cash Acquisitions | -1.08B | -676.02M | -16.18M | -3.19M | 1.12M | |
| Divestitures | 3.29M | 3.29M | 23.26M | 33.24M | 19.88M | 18.11M |
| Sale (Purchase) of Intangibles | -1.95M | -2.04M | -1.19M | -1.29M | -3.35M | -1.93M |
| Investment in Securities | 44.98M | -17.42M | 14.51M | 35.61M | -98.01M | |
| Other Investing Activities | 41.18M | 28.83M | 7.85M | 62.12M | 5.20M | 16.73M |
| Investing Cash Flow | -1.25B | -922.94M | -231.56M | -111.55M | -299.26M | -175.22M |
| Short-Term Debt Issued | 279.90M | 169.90M | 448.53M | 347.93M | 286.12M | |
| Long-Term Debt Issued | 870.61M | 126.76M | 7.74M | 41.08M | 30.97M | |
| Total Debt Issued | 1.47B | 1.15B | 296.66M | 456.27M | 389.01M | 317.09M |
| Short-Term Debt Repaid | -256.34M | -239.95M | -420.28M | -192.65M | -328.46M | |
| Long-Term Debt Repaid | -317.88M | -204.23M | -128.20M | -105.19M | -170.70M | |
| Lease Payments | -101.85M | -103.94M | -98.48M | -104.10M | -91.17M | -62.27M |
| Total Debt Repaid | -597.36M | -574.22M | -444.17M | -548.48M | -297.83M | -499.16M |
| Net Debt Issued (Repaid) | 874.12M | 576.28M | -147.52M | -92.21M | 91.17M | -182.07M |
| Issuance of Common Stock | 304.00M | 303.73M | 99.00K | 214.00K | 2.12M | |
| Repurchase of Common Stock | -10.21M | -66.89M | -26.24M | -36.84M | -66.46M | |
| Common Dividends Paid | -35.00M | -35.00M | -35.00M | -35.00M | -35.00M | |
| Other Financing Activities | -82.77M | -49.03M | -24.70M | -55.51M | -45.03M | -54.60M |
| Financing Cash Flow | 1.06B | 785.77M | -274.00M | -208.74M | -23.57M | -303.13M |
| Foreign Exchange Rate Adjustments | -6.88M | 558.00K | 48.70M | -5.48M | -16.30M | -6.82M |
| Net Cash Flow | 121.86M | 171.91M | -128.54M | 109.13M | 30.89M | -136.52M |
| Free Cash Flow | 54.28M | 44.26M | 66.19M | 192.77M | 143.15M | 137.59M |
| Free Cash Flow Margin | 3.29% | 3.10% | 4.36% | 14.84% | 10.62% | 12.24% |
| Free Cash Flow Per Share | 0.44 | 0.43 | 0.64 | 1.79 | 1.30 | 1.19 |
| Levered Free Cash Flow | -128.34M | 346.63M | 52.06M | 155.56M | -20.69M | 42.02M |
| Unlevered Free Cash Flow | -24.56M | 414.94M | 98.19M | 200.63M | 30.03M | 91.42M |
| Free Cash Flow After Leases | -47.57M | -59.69M | -32.29M | 88.68M | 51.98M | 75.32M |
| Cash Interest Paid | 71.84M | 48.71M | 24.63M | 55.48M | 44.79M | 53.59M |
| Cash Income Tax Paid | 25.17M | 2.41M | 7.29M | 1.34M | 8.12M | 2.20M |
| Change in Working Capital | -134.74M | -27.20M | -179.45M | -70.79M | -86.83M | -161.84M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.40B | 1.12B | 950.89M | 1.18B | 907.33M | 865.46M |
| Enterprise Value | 3.40B | 2.43B | 2.01B | 2.34B | 2.15B | 1.86B |
| Last Close Price | 9.69 | 7.86 | 8.97 | 10.24 | 7.39 | 6.63 |
| PE Ratio | 23.93 | 10.30 | 5.23 | 8.39 | 6.62 | |
| Forward PE | 6.53 | 13.60 | 6.62 | 7.34 | 6.72 | 5.92 |
| PS Ratio | 0.85 | 0.79 | 0.63 | 0.91 | 0.67 | 0.77 |
| PB Ratio | 0.80 | 0.63 | 0.68 | 0.94 | 0.78 | 0.83 |
| P/TBV Ratio | 0.94 | 0.80 | 0.71 | 0.98 | 0.83 | 0.88 |
| P/FCF Ratio | 25.76 | 25.35 | 14.37 | 6.14 | 6.34 | 6.29 |
| P/OCF Ratio | 4.37 | 3.64 | 2.90 | 2.72 | 2.45 | 2.48 |
| PEG Ratio | 9.87 | 9.87 | 9.87 | 9.87 | 9.87 | |
| EV/Sales Ratio | 2.06 | 1.70 | 1.32 | 1.80 | 1.59 | 1.65 |
| EV/EBITDA Ratio | 8.10 | 9.73 | 4.70 | 5.80 | 5.00 | 4.12 |
| EV/EBIT Ratio | 20.20 | 45.67 | 9.93 | 11.45 | 8.99 | 6.57 |
| EV/FCF Ratio | 62.68 | 54.81 | 30.30 | 12.12 | 15.02 | 13.50 |
| Debt / Equity Ratio | 1.24 | 1.09 | 0.80 | 1.01 | 1.16 | 1.02 |
| Debt / EBITDA Ratio | 4.73 | 6.05 | 2.22 | 2.69 | 2.73 | 2.13 |
| Debt / FCF Ratio | 43.01 | 44.05 | 16.94 | 6.66 | 9.40 | 7.74 |
| Net Debt / Equity Ratio | 1.07 | 0.82 | 0.65 | 0.75 | 0.96 | 0.82 |
| Net Debt / EBITDA Ratio | 4.77 | 5.92 | 2.13 | 2.34 | 2.59 | 1.92 |
| Net Debt / FCF Ratio | 36.92 | 33.36 | 13.75 | 4.89 | 7.79 | 6.29 |
| Asset Turnover | 0.39 | 0.34 | 0.48 | 0.41 | 0.47 | 0.44 |
| Inventory Turnover | 2.10 | 2.06 | 2.31 | 1.90 | 1.95 | 1.89 |
| Quick Ratio | 0.78 | 0.75 | 0.93 | 0.95 | 0.59 | 0.89 |
| Current Ratio | 1.73 | 1.38 | 2.54 | 2.14 | 1.68 | 2.13 |
| Return on Equity (ROE) | 3.69% | -0.42% | 6.89% | 18.67% | 9.82% | 13.00% |
| Return on Assets (ROA) | 2.47% | 0.79% | 4.02% | 4.07% | 5.25% | 6.98% |
| Return on Invested Capital (ROIC) | 2.64% | 1.90% | 8.92% | 6.75% | 9.16% | 11.42% |
| Return on Capital Employed (ROCE) | 3.80% | 1.30% | 7.40% | 7.60% | 9.60% | 12.70% |
| Earnings Yield | 4.18% | -0.74% | 9.71% | 19.12% | 11.92% | 15.10% |
| FCF Yield | 3.88% | 3.94% | 6.96% | 16.29% | 15.78% | 15.90% |
| Dividend Yield | 3.61% | 3.68% | 3.06% | 3.91% | 4.07% | |
| Payout Ratio | 59.90% | 37.90% | 15.47% | 32.37% | ||
| Buyback Yield / Dilution | -21.27% | 0.95% | 4.12% | 2.67% | 4.47% | 1.78% |
| Total Shareholder Return | -17.66% | 0.95% | 7.80% | 5.73% | 8.38% | 5.86% |