Deere & Co (DE)
Industrials · Agricultural & Farm Machinery · US stock · S&P 500 component
$643.62
▲ +7.08 (1.11%)
Fair valueFair
$562 −12.7% to fair value
$281fair band $478–$681$843
Day's range
$626.78 – $644.75
52-week range
$454.50 – $721.22
About Deere & Co
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%. On the site's X-Ray Score it receives 43 out of 100.
Price chart
52-wk range $454.50 – $721.22Volume 850,959Daily, split-adjusted
Vitals
Market cap$174.2B
52-week range$454.50 – $721.22
Volume (last day)850,959
P/E (TTM)35.8
EBIT / EV yield5.1%
Free-cash-flow yield3.5%
Dividend yield1.0%
Revenue (TTM)$48.0B
Net income (TTM)$4.9B
Operating margin19.5%
Return on capital19.2%
Debt incl. leases$17.5B
Cash & securities$8.9B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$562middle half of models $568 – $617
Fair
−12.7% to fair value
Average of the 14 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $644
Undervalued < $478Fair $478 – $681Overvalued > $681
P/E multiple
$594
P/B multiple
$633
P/S multiple
$578
EV/EBITDA multiple
$647
EV/EBIT multiple
$565
EV/revenue multiple
$587
10-year DCF, EBITDA exit
$617
5-year DCF, EBITDA exit
$621
10-year DCF, revenue exit
$615
5-year DCF, revenue exit
$617
10-year DCF, growth exit
$479
5-year DCF, growth exit
$451
Dividend discount, stable · not used
$217
Dividend discount, multi-stage
$288
Earnings power value
$577
Growth the price implies
15.4%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
42/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield5.1%
Free-cash-flow yield3.5%
Fair value vs price0.9×
Growth
Weak
21/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-4.6%
EPS growth (3y)-7.4%
Growth consistency40%
Profitability
Fair
56/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital19.2%
Operating margin19.5%
Financial health
Weak
42/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA0.7×
Interest cover3.2×
Dividends
Fair
56/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.0%
Dividends vs free cash flow29%
Dividend growth9.4%
Quarterly results: last 6 quarters
-16.2%
Apr '25
-8.6%
Jul '25
+11.2%
Nov '25
+13.0%
Feb '26
+4.7%
May '26
+4.9%
Aug '26
Revenue against the same quarter a year earlier. Latest quarter revenue $12.6B, diluted EPS $5.10.
SWOT analysis: Deere & Co
Strengthsinside the company
- Return on invested capital is 19.2%, against a median of 14.9% for sector peers.
Weaknessesinside the company
- Revenue has fallen 4.6% a year over three years while sector peers grew 5.6%.
- Earnings per share have declined 7.4% a year over three years.
Opportunitiesvaluation and setting
- Dividends use only 29% of free cash flow, which leaves room to raise them.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Revenue growth slowed to -11.7% last year from -4.6% a year over three years.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare DE with peers and sector
Medians of 80 Industrials peers and of 80 Industrials stocks in our universe.
Largest peers (X-Ray Score): CAT 43, GE 49, RTX 51, GEV 50, UNP 45, BA 35.
| Metric | DE | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 43 | 51 | 51 |
| Valuation | 42 | 48 | 48 |
| Growth | 21 | 51 | 51 |
| Profitability | 56 | 50 | 50 |
| Financial health | 42 | 49 | 49 |
| Dividends | 56 | 53 | 53 |
Sector leaders: highest X-Ray Score in Industrials
DE ranks #63 of 81 in Industrials by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for DE
Each factor is rated by where DE stands among the 81 Industrials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 1 Good · 12 Average · 6 Bad of 19
Growth: 0 · 0 · 3
Profitability: 0 · 4 · 0
Financial strength: 1 · 1 · 1
Valuation: 0 · 3 · 2
Cash flow: 0 · 4 · 0
| Factor | DE | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −4.6% | Bad beats 8% | +5.6% | – | – |
| Revenue growth, last year | −11.7% | Bad beats 3% | +4.5% | +16.5% | ▼ Worse |
| EPS growth, 3 years a year | −7.4% | Bad beats 17% | +5.7% | – | – |
| Profitability | |||||
| Operating margin | 19.5% | Average beats 66% | 17.5% | 18.2% | ≈ In line |
| Net margin | 10.2% | Average beats 36% | 12.8% | 13.6% | ▼ Worse |
| Return on invested capital | 19.2% | Average beats 62% | 14.9% | – | – |
| Return on equity | 17.4% | Average beats 40% | 23.7% | 32.4% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | 0.7x | Good beats 82% | 1.8x | 0.7x | ≈ In line |
| Interest cover | 3.2x | Bad beats 3% | 21.4x | 5.3x | ▼ Worse |
| Piotroski F-score | 6 / 9 | Average beats 41% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 35.8x | Bad beats 22% | 28.9x | 17.0x | ▼ Worse |
| Price / book | 6.2x | Average beats 50% | 6.2x | 4.9x | ▼ Worse |
| Price / sales | 3.6x | Average beats 48% | 3.5x | 2.3x | ▼ Worse |
| EV / EBITDA | 15.6x | Average beats 66% | 18.5x | 11.2x | ▼ Worse |
| Free cash flow yield | 3.5% | Bad beats 29% | 3.8% | 6.4% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 12.5% | Average beats 42% | 13.8% | 13.4% | ≈ In line |
| Cash from operations / net income | 1.49 | Average beats 58% | 1.39 | 1.30 | ▲ Better |
| Free cash flow growth, 3 years a year | +19.6% | Average beats 65% | +14.5% | – | – |
| Accruals (lower is better) | −2.2% | Average beats 35% | −3.2% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 2 Good · ● 5 Average · ● 6 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldBad
Risk models
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Average
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Net debt / EBITDAGood
Interest coverBad
Valuation
Fair value vs priceBad
EBIT / EV yieldGood
Profitability
Return on invested capitalAverage
Operating marginAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 43/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $44.0B | $52.6B | $61.3B | $51.7B | $45.7B |
| Operating income | $8.0B | $9.5B | $13.0B | $9.0B | $9.4B |
| Net income | $6.0B | $7.1B | $10.2B | $7.1B | $5.0B |
| Operating cash flow | $7.7B | $4.7B | $8.6B | $9.2B | $7.5B |
| Operating margin | 18.2% | 18.1% | 21.2% | 17.5% | 20.6% |
| Free cash flow | $6.9B | $3.6B | $7.1B | $7.6B | $6.1B |
| Diluted EPS | $18.99 | $23.28 | $34.63 | $25.62 | $18.50 |
Fiscal years, from SEC filings.
Technical summary
Daily
Neutral
6 bullish · 4 neutral · 6 bearish
Weekly
Strongly bullish
9 bullish · 1 neutral · 2 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 638.6 | Bullish |
| EMA 10 | 643.4 | Bullish |
| SMA 20 | 657.1 | Bearish |
| EMA 20 | 651.6 | Bearish |
| SMA 50 | 656.9 | Bearish |
| EMA 50 | 650.2 | Bearish |
| SMA 100 | 628.0 | Bullish |
| EMA 100 | 631.3 | Bullish |
| SMA 200 | 597.5 | Bullish |
| EMA 200 | 597.5 | Bullish |
Oscillators (daily)
| RSI (14) | 45.70 | Neutral |
| MACD (12, 26) | -8.29 | Bearish |
| Momentum (12) | -5.74 | Bearish |
| Stochastic %K (14) | 34.24 | Neutral |
| Williams %R (14) | -65.76 | Neutral |
| CCI (20) | -65.63 | Neutral |
Pivot points (classic, last session)
S3 614.0 | S2 620.4 | S1 632.0 | Pivot 638.4 | R1 650.0 | R2 656.4 | R3 668.0 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
6.48 USD
Yield on today's price
1.01%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.6200 | |
| 1.6200 | |
| 1.6200 | |
| 1.6200 | |
| 1.6200 | |
| 1.6200 | |
| 1.6200 | |
| 1.6200 | |
| 1.4700 | |
| 1.4700 | |
| 1.4700 | |
| 1.4700 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold DE
| ETF | Share of the fund |
|---|---|
| ARKX ARK Space Exploration & Innovation | 5.41% |
| PAVE Global X U.S. Infrastructure Developme... | 2.86% |
| XLI Industrial Select Sector SPDR | 2.77% |
| GRNY Fundstrat Granny Shots US Large Cap | 2.39% |
| FIDU Fidelity MSCI Industrials Index | 2.05% |
| VIS Vanguard Industrials | 1.97% |
| IYJ iShares U.S. Industrials | 1.75% |
| NULV Nuveen ESG Large-Cap Value | 1.56% |
The eight funds with the largest weight in DE among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
DE stock splits
DE has split its stock 2 times since 1995. The latest was a 2-for-1 split on 4 Dec 2007.
Full DE stock split history →DE SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
8-KSEC EDGAR
Director or officer change
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.