DE
SP100NYSEDeere & Company
Industrials · Farm & Heavy Construction Machinery · United States
Deere & Company engages in the manufacture and distribution of various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides four-wheel-drive track and row crop tractors, harvesters, cotton pickers and strippers, sugarcane harvesters and loaders, soil preparation, tillage, seeding, and crop care equipment, as well as application equipment, including sprayers and nutrient management, soil preparation machinery, and related attachments and service parts. The Small Agriculture and Turf segment offers specialty, utility, and compact tractors; self-propelled forage harvesters and attachments; rotary mowers, hay and forage equipment, and utility vehicles; turf and utility equipment, including riding lawn, commercial mowing, and golf course equipment, and utility vehicles, as well as implements for mowing, tilling, snow and debris handling, aerating, residential, commercial, golf, and sports turf care applications. The Construction and Forestry segment provides backhoe loaders, crawler dozers and loaders, four-wheel-drive loaders, excavators, motor graders, articulated dump trucks, skid-steer loaders, milling machines, recyclers, slipform and asphalt pavers, surface miners, compactors, tandem, static rollers, mobile crushers and screens, mobile and stationary asphalt plants, and log harvesters; and road building and rehabilitation equipment. The Financial Services segment finances sales and leases agriculture and turf, and construction and forestry equipment. It also offers wholesale financing to dealers of the foregoing equipment; and extended equipment warranties. Deere & Company has a strategic partnership with Tarter USA to develop and produce flex wing rotary cutters. The company was founded in 1837 and is headquartered in Moline, Illinois.
www.deere.com ↗Shares trade at a premium 35.2× trailing earnings, easing to 27.2× on forward estimates. Profitability shows a net margin of 10.1% and return on equity of 18.3%. Leverage is high at 4.6× net debt/EBITDA. Revenue grew -11.1% year-on-year. It yields 1.0% in dividends. The mean analyst target of USD646.51 sits 4.1% above the current price (Buy, 23 analysts).
business model
Deere & Company manufactures and sells agricultural, construction, and forestry equipment, along with turf and precision-agriculture technology, and provides financing through John Deere Financial. It sells primarily through independent dealer networks and increasingly monetizes digital and autonomous farming solutions. Revenue is cyclical, tied to farm income and construction activity.
revenue segments
Reporting segments are Production & Precision Agriculture (large tractors, combines, precision tech), Small Agriculture & Turf (compact tractors, turf equipment), Construction & Forestry (earthmoving, roadbuilding, forestry machines), and Financial Services (retail and wholesale financing). The agriculture segments typically generate the largest share of sales.
key dependencies
Demand depends on crop prices, farm income, commodity cycles, interest rates affecting equipment financing, and construction and infrastructure spending. The business relies on its dealer network, component and steel supply chains, and continued investment in precision-ag and autonomy technology.
competitors
Key competitors include CNH Industrial (Case IH, New Holland), AGCO (Fenn, Massey Ferguson), and Kubota in agriculture; and Caterpillar, Komatsu, and Volvo in construction and forestry. It also faces emerging precision-agriculture and autonomy entrants.
moat
Deere's moat rests on its strong brand, extensive dealer and service network, large installed base, precision-agriculture technology and data ecosystem, switching costs, and financing arm that supports sales. Scale in R&D and manufacturing reinforces its leadership.
risks
Risks include the cyclicality of agriculture and construction, dependence on volatile crop prices and farm income, interest-rate sensitivity in its finance unit, right-to-repair regulation and litigation, tariffs and input-cost inflation, and competition in autonomy and precision tech.
Financials & metrics
as of 26 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $44.66B | $50.52B | $60.25B | $51.28B | — |
| Cost of revenue | $28.37B | $31.02B | $37.94B | $35.55B | — |
| Gross profit | $16.30B | $19.50B | $22.31B | $15.73B | — |
| Operating expense | $7.88B | $8.07B | $7.71B | $6.70B | — |
| R&D | $2.31B | $2.29B | $2.18B | $1.91B | — |
| Operating income | $8.42B | $11.43B | $14.59B | $9.03B | — |
| Interest expense | $3.17B | $3.35B | $2.45B | $1.06B | — |
| Pretax income | $6.26B | $9.21B | $13.02B | $9.13B | — |
| Tax provision | $1.26B | $2.09B | $2.87B | $2.01B | — |
| Net income | $5.03B | $7.10B | $10.17B | $7.13B | — |
| EBITDA | $11.66B | $14.67B | $17.48B | $12.08B | — |
| Diluted EPS | $18.50 | $25.62 | $34.63 | $23.28 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $106.00B | $107.32B | $104.09B | $90.03B | — |
| Current assets | $74.90B | $77.67B | $76.37B | $64.09B | — |
| Cash & equivalents | $8.28B | $7.32B | $7.46B | $4.77B | — |
| Inventory | $7.51B | $7.20B | $8.22B | $8.54B | — |
| Total liabilities | $79.99B | $84.39B | $82.20B | $69.67B | — |
| Current liabilities | $32.45B | $35.96B | $37.78B | $30.48B | — |
| Total debt | $64.25B | $65.46B | $63.69B | $52.20B | — |
| Long-term debt | $43.54B | $43.23B | $38.48B | $33.60B | — |
| Shareholders' equity | $25.95B | $22.84B | $21.79B | $20.26B | — |
| Retained earnings | $59.68B | $56.40B | $50.93B | $42.25B | — |
| Working capital | $42.45B | $41.71B | $38.59B | $33.61B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $7.46B | $9.23B | $8.59B | $4.70B | — |
| Investing cash flow | -$2.06B | -$6.46B | -$8.75B | -$8.48B | — |
| Financing cash flow | -$4.58B | -$2.72B | $2.81B | $826.00M | — |
| Capital expenditure | -$4.23B | -$4.80B | -$4.47B | -$3.79B | — |
| Free cash flow | $3.23B | $4.43B | $4.12B | $911.00M | — |
| Dividends paid | -$1.72B | -$1.60B | -$1.43B | -$1.31B | — |
| Share buybacks | -$1.14B | -$4.01B | -$7.22B | -$3.60B | — |
| End cash position | $8.53B | $7.63B | $7.62B | $4.94B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
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