Golden Agri-Resources Ltd GARPY

Consumer StaplesFood & TobaccoSingapore

Last close 19.91 USD on Nov 1, 2026, −5.2% year to date

Quant rating

Quant rating C Rank 100 of 174 in Consumer Staples

Growth C 98 of 174
Valuation B 58 of 174
Quality D 156 of 174
Revisions A 14 of 174
Momentum D 133 of 174

Wall Street consensus Buy (2.00)Average target 0.28 USD −98.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.8B
Enterprise value: 5.4B
52-week range: 19.91 – 26.50
3-year range: 17.50 – 26.50
Dividend yield: 3.73%
Beta (5 years): 0.07
Shares outstanding: 12,838M
Next earnings: Nov 13, 2026

About the company

Golden Agri-Resources Ltd is a fully integrated agribusiness company focused on the technology-driven production and distribution of palm-based products. Its segments include Plantations and palm oil mills; and Palm, laurics and others. The Plantations and palm oil mills segment comprises the products from the upstream business. The Palm, laurics and others segment includes processing and global merchandising of palm and oilseed-based products comprising bulk and branded products, oleochemicals, sugar and other vegetable oils. The Company's activities include cultivating and harvesting oil palm trees; extracting fresh fruit bunches into crude palm oil and palm kernels; processing them into value-added products, such as cooking oil, margarine, shortening, biodiesel and oleochemicals. It also has complementary businesses, such as soybean-based products in China, sunflower-based products in India, and sugar businesses.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	12,951	10,910	9,756	11,439	10,183	–
Revenue growth	18.7%	11.8%	−14.7%	12.3%	43.9%	12.8%
EPS (basic, normalized)	0.03	0.03	0.02	0.06	0.04	–
EPS growth	10.3%	81.2%	−74.2%	63.2%	–	–
Gross margin	14.7%	14.4%	19.0%	26.5%	23.1%	19.5%
Net margin	3.1%	3.3%	2.0%	6.8%	4.7%	4.0%
ROE	7.6%	7.3%	4.0%	16.2%	10.7%	9.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	12,951	+18.7%	0.4x	1,258	−18.5%	4.3x	0.03	+10.3%	622.2x
2026	13,844	+6.9%	0.4x	1,347	+7.1%	4.0x	0.04	+22.2%	509.2x
2027	14,688	+6.1%	0.4x	1,411	+4.8%	3.8x	0.04	0.0%	509.2x
2028	13,671	−6.9%	0.4x	1,318	−6.6%	4.1x	0.04	0.0%	509.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	13,844	0.0%	+32.4%	+32.3%	0.04	0.0%	+30.3%	−2.2%
2027	14,688	0.0%	+34.7%	+34.6%	0.04	0.0%	+30.3%	−2.2%
2028	13,671	0.0%	+26.8%	+26.7%	0.04	0.0%	+30.3%	−2.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	0.01	0.01	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Food & Tobacco

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GARPY Golden Agri-Resources Ltd	2.8B	–	3.1%	0.51x	509.2x	509.2x	4.0x	3.8x
CFEIY China Feihe Ltd	2.9B	–	10.7%	0.79x	97.8x	100.9x	1.7x	1.7x
TR Tootsie Roll Industries, Inc.	2.8B	–	13.7%	2.90x	–	–	–	–
TROLB Tootsie Roll Industries, Inc.	2.8B	–	13.7%	2.90x	–	–	–	–
LYSFY Leroy Seafood Group ASA	2.8B	2.53x	1.1%	1.47x	28.3x	21.8x	7.7x	6.1x
PBH Premium Brands Holdings Corporation	2.7B	5.38x	0.5%	1.60x	13.4x	10.4x	8.8x	7.8x
Mean		3.95x	7.1%	1.70x	162.2x	160.6x	5.5x	4.8x
Median		3.95x	6.9%	1.54x	63.0x	61.4x	5.8x	5.0x

Technical analysis

1M−24.9%
3M−9.9%
1Y−3.3%
3Y+4.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Golden Agri-Resources Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	12,951	10,910	9,756	11,439	10,183	7,078
Cost of revenue	11,052	9,342	7,905	8,413	7,828	5,928
Gross profit	1,900	1,567	1,851	3,026	2,355	1,150
Selling, general & administrative expenses	1,076	918	1,339	1,538	1,568	801
Research & development	–	–	–	–	–	–
Depreciation/amortization	36.0	40.5	38.6	34.9	60.9	44.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	4.3	−33.2	9.9	19.6	−4.3	−13.9
Other operating expenses	0.2	0.2	0.2	0.2	0.2	0.1
Operating income	783	642	463	1,433	730	318
Net interest income (expense)	−126	−90.6	−122	−227	−23.5	−155
Gain (loss) on sale of assets	1.4	0.4	16.5	2.5	1.4	−2.5
Other non-operating income (expense)	5.3	5.7	22.1	26.9	17.8	17.8
Net income before taxes	664	557	379	1,235	726	179
Provision for taxes	221	145	167	388	199	117
Minority interest	−42.1	−47.5	−15.1	−64.4	−50.4	−30.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	400	365	198	782	476	31.8
Extraordinary items	–	–	–	–	–	–
Net income	400	365	198	782	476	31.8
EBIT, normalized	787	609	473	1,452	725	304
EBITDA, normalized	1,161	965	846	1,857	1,090	633
Basic EPS, normalized	0.03	0.03	0.02	0.06	0.04	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Golden Agri-Resources Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,144	1,000	1,135	1,145	666	1,097
Receivables	1,056	1,154	862	920	956	978
Total inventory	2,080	2,267	1,755	1,872	1,655	1,095
Prepaid expenses	265	227	158	214	144	177
Other current assets	10.4	3.4	6.5	7.6	11.6	10.4
Total current assets	4,555	4,651	3,917	4,158	3,432	3,358
Property, plant & equipment	3,907	3,834	3,817	3,820	3,999	4,127
Goodwill	117	117	131	131	134	134
Intangibles	28.3	20.4	26.1	30.7	37.2	57.6
Long-term investments	1,859	1,784	1,537	1,530	1,711	1,092
Note receivable	101	175	161	96.9	128	148
Other long-term assets	97.3	112	128	135	168	211
Total assets	10,665	10,693	9,716	9,902	9,608	9,126
Liabilities
Accounts payable	359	401	341	431	384	339
Payable/accrued	–	–	–	–	–	–
Accrued expenses	220	191	179	201	139	92.4
Short-term debt	1,981	2,044	1,689	1,890	1,841	2,057
Current portion of long-term debt	104	133	150	106	103	172
Other current liabilities	596	440	399	565	468	228
Total current liabilities	3,260	3,208	2,758	3,194	2,935	2,889
Long-term debt	1,446	1,734	1,395	1,140	1,349	1,181
Minority interest	312	276	254	253	215	186
Other liabilities	233	373	384	314	432	625
Total liabilities	5,250	5,591	4,790	4,901	4,931	4,880
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	321	321	321	321	321	321
Additional paid-in capital	1,400	1,400	1,400	1,400	1,400	1,400
Retained earnings (accumulated deficit)	4,248	3,927	3,609	3,506	2,895	2,508
Treasury stock	−39.8	−39.8	−39.8	−39.8	−37.5	−37.5
Other equity	−515	−506	−364	−186	98.7	54.2
Total equity	5,415	5,102	4,926	5,001	4,677	4,246
Total liabilities & shareholders' equity	10,665	10,693	9,716	9,902	9,608	9,126

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Golden Agri-Resources Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	664	557	379	1,235	726	179
Depreciation, depletion & amortization	374	356	373	398	365	329
Deferred taxes	–	–	–	–	–	–
Non-cash items	140	56.4	132	289	63.4	156
Changes in working capital	−3.6	−1,050	−330	−836	−587	79.3
Cash from operations	1,174	−80.2	555	1,085	567	744
Investing activities
Capital expenditures	−419	−327	−315	−197	−204	−186
Other investing cash flows	−125	−268	−290	−509	7.7	−135
Cash from investing	−544	−595	−605	−706	−196	−321
Financing activities
Financing cash flow items	−5.9	65.9	−79.8	−142	−16.6	−7.4
Cash dividends paid	−78.9	−78.2	−108	−196	−115	−51.9
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−454	661	11.7	44.6	−151	−172
Cash from financing	−539	649	−176	−293	−283	−231
Foreign exchange effects	−9.6	−12.7	3.9	−31.8	−1.8	–
Net change in cash	80.9	−39.0	−222	54.7	85.9	192
Free cash flow	754	−407	240	888	363	558

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.