Deere & Co DE

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsUnited States of America

Last close 675.48 USD on Nov 1, 2026, +46.2% year to date

Quant rating

Quant rating C Rank 219 of 486 in Industrials

Growth C 269 of 486
Valuation D 444 of 486
Quality C 246 of 486
Revisions C 197 of 486
Momentum A 72 of 486

Wall Street consensus Buy (2.19)Average target 681.82 USD +0.9%

Historical valuation

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

Key data

Market cap: 182.1B
Enterprise value: 237.1B
52-week range: 455.51 – 721.09
3-year range: 344.84 – 721.09
Dividend yield: 0.96%
Beta (5 years): 0.90
Shares outstanding: 270M
Next earnings: Nov 25, 2026

About the company

Deere & Company is engaged in the delivery of agricultural, construction and forestry equipment. Its segments include production and precision agriculture (PPA), small agriculture and turf (SAT), construction and forestry (CF), and financial services (FS). PPA segment defines, develops and delivers global equipment and technology solutions for production-scale growers of large grains, small grains, cotton and sugarcane. SAT segment defines, develops and delivers global equipment and technology solutions for dairy and livestock producers, high-value and small acreage crop producers, and turf and utility customers. CF segment defines, develops and delivers a range of machines and technology solutions organized along the earthmoving, forestry and roadbuilding production systems. FS segment finances sales and leases by John Deere dealers of new and used production and precision agriculture equipment and others. Its products include John Deere Autonomous 8R Tractor and E-Power Backhoe.

Growth and profitability fiscal year ends October 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	45,675	51,640	61,218	52,179	43,932	–
Revenue growth	−11.6%	−15.6%	17.3%	18.8%	23.6%	5.1%
EPS (basic, normalized)	18.50	25.62	34.69	23.28	18.99	–
EPS growth	−27.8%	−26.1%	49.0%	22.6%	–	–
Gross margin	37.2%	39.3%	37.5%	31.7%	32.7%	35.7%
Net margin	11.0%	13.7%	16.6%	13.7%	13.6%	13.7%
ROE	20.6%	31.8%	48.4%	36.9%	38.0%	35.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	8,928
Current ratio	–
Long-term debt (mil)	40,626
Net debt (mil)	54,959
Total equity (mil)	27,990
Net debt / equity	1.96x
Net debt / EBITDA	6.48x

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	45,675	−11.6%	5.2x	8,486	−21.8%	27.9x	18.50	−27.8%	36.5x
2026	41,124	−10.0%	5.8x	7,364	−13.2%	32.2x	18.10	−2.2%	37.3x
2027	44,796	+8.9%	5.3x	8,683	+17.9%	27.3x	22.72	+25.5%	29.7x
2028	48,513	+8.3%	4.9x	10,480	+20.7%	22.6x	27.88	+22.7%	24.2x

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	41,124	0.0%	−0.7%	0.0%	18.10	−0.1%	0.0%	+1.1%
2027	44,796	0.0%	+0.4%	−0.5%	22.72	+0.2%	+0.2%	−1.0%
2028	48,513	−0.3%	−1.2%	−2.5%	27.88	+0.4%	−3.0%	−4.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	13,610	11,387	9,275	6,809	11,171	10,357	10,579	8,001	11,778	10,999
Sales mean (mil)	13,281	10,841	9,335	7,698	10,792	10,311	9,846	7,686	11,535	10,730
Surprise	+2.5%	+5.0%	−0.6%	−11.5%	+3.5%	+0.4%	+7.4%	+4.1%	+2.1%	+2.5%
EPS reported	8.53	6.29	4.55	3.19	6.64	4.93	3.93	2.42	6.55	5.10
EPS mean	7.86	5.63	3.87	3.11	5.58	4.63	3.85	2.05	5.70	4.70
Surprise	+8.5%	+11.7%	+17.7%	+2.6%	+19.0%	+6.5%	+2.1%	+18.1%	+14.9%	+8.5%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

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
DE Deere & Co	182.1B	6.48x	11.0%	6.51x	37.3x	29.7x	32.2x	27.3x
CAT Caterpillar Inc	286.3B	2.87x	13.1%	13.33x	22.8x	19.2x	18.4x	15.7x
ETN Eaton Corporation PLC	143.7B	2.91x	14.9%	7.09x	27.2x	22.9x	20.9x	17.8x
PH Parker-Hannifin Corporation	113.5B	1.43x	17.0%	7.36x	25.3x	22.8x	17.9x	16.4x
EMR Emerson Electric Co	92.0B	2.13x	12.7%	4.51x	25.1x	22.7x	18.7x	17.4x
VRT Vertiv Holdings Co	89.5B	−0.36x	13.0%	16.27x	33.0x	24.1x	24.5x	17.5x
Mean		2.58x	13.6%	9.18x	28.5x	23.6x	22.1x	18.7x
Median		2.50x	13.1%	7.23x	26.3x	22.8x	19.8x	17.5x

Technical analysis

1M−1.8%
3M+5.8%
1Y+45.9%
3Y+94.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Deere & Co, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	45,675	51,640	61,218	52,179	43,932	35,540
Cost of revenue	28,682	31,323	38,251	35,638	29,561	23,910
Gross profit	16,993	20,317	22,967	16,541	14,371	11,630
Selling, general & administrative expenses	4,483	4,702	4,595	3,852	3,383	3,342
Research & development	2,311	2,257	2,177	1,912	1,587	1,589
Depreciation/amortization	925	874	853	827	983	1,083
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	188	154	18.0	192	−8.0	562
Other operating expenses	−340	−276	−237	−165	−77.0	−100
Operating income	9,426	12,606	15,561	9,923	8,503	5,154
Net interest income (expense)	−3,178	−3,419	−2,575	−868	−993	−1,247
Gain (loss) on sale of assets	9.0	19.0	33.0	72.0	92.0	−24.0
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	6,257	9,206	13,019	9,127	7,602	3,883
Provision for taxes	1,259	2,094	2,871	2,007	1,658	1,082
Minority interest	29.0	12.0	11.0	1.0	−2.0	−2.0
Equity in affiliates	0	−24.0	7.0	10.0	21.0	−48.0
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	5,027	7,100	10,166	7,131	5,963	2,751
Extraordinary items	–	–	–	–	–	–
Net income	5,027	7,100	10,166	7,131	5,963	2,751
EBIT, normalized	9,614	12,793	15,579	10,115	8,495	5,716
EBITDA, normalized	11,843	15,091	17,727	12,127	10,545	7,834
Basic EPS, normalized	18.50	25.62	34.69	23.28	18.99	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Deere & Co, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	8,276	7,324	7,458	4,774	8,017	7,066
Receivables	14,551	16,594	17,697	14,838	10,632	10,125
Total inventory	7,406	7,093	8,160	8,495	6,781	4,999
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	15,996	15,305	14,079	12,978	14,425	13,439
Goodwill	4,188	3,959	3,900	3,687	3,291	3,081
Intangibles	1,362	1,503	1,583	1,590	1,275	1,327
Long-term investments	1,921	1,276	1,072	851	903	834
Note receivable	44,575	44,309	43,673	36,634	33,799	29,750
Other long-term assets	37,954	40,968	39,780	34,290	30,421	26,660
Total assets	105,996	107,320	104,087	90,030	84,114	75,091
Liabilities
Accounts payable	2,995	2,704	3,473	3,905	3,267	2,172
Payable/accrued	445	420	–	–	–	–
Accrued expenses	7,311	7,823	8,589	8,375	5,616	4,705
Short-term debt	11,465	12,816	16,578	10,816	7,171	6,294
Current portion of long-term debt	8,927	9,148	8,356	7,487	8,353	6,970
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	43,544	43,229	38,477	33,596	32,888	32,734
Minority interest	57.0	89.0	101	95.0	3.0	7.0
Other liabilities	36,445	41,166	43,724	36,077	32,792	29,413
Total liabilities	80,046	84,484	82,302	69,768	65,683	62,154
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	5,668	5,489	5,303	5,165	5,054	4,895
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	59,676	56,402	50,931	42,247	36,449	31,646
Treasury stock	−36,362	−35,349	−31,335	−24,094	−20,533	−18,065
Other equity	−3,032	−3,706	−3,114	−3,056	−2,539	−5,539
Total equity	25,950	22,836	21,785	20,262	18,431	12,937
Total liabilities & shareholders' equity	105,996	107,320	104,087	90,030	84,114	75,091

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Deere & Co, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	4,998	7,088	10,155	7,130	5,965	2,753
Depreciation, depletion & amortization	2,229	2,118	2,004	1,895	2,050	2,118
Deferred taxes	−288	−294	−790	−66.0	−441	−11.0
Non-cash items	488	643	305	39.0	128	402
Changes in working capital	32.0	−324	−3,085	−4,299	24.0	2,221
Cash from operations	7,459	9,231	8,589	4,699	7,726	7,483
Investing activities
Capital expenditures	−4,228	−4,802	−4,468	−3,788	−2,580	−2,656
Other investing cash flows	2,171	−1,662	−4,281	−4,697	−3,170	−663
Cash from investing	−2,057	−6,464	−8,749	−8,485	−5,750	−3,319
Financing activities
Financing cash flow items	−79.0	−113	−73.0	−92.0	−98.0	−133
Cash dividends paid	−1,720	−1,605	−1,427	−1,313	−1,040	−956
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,780	−999	4,308	2,231	60.0	109
Cash from financing	−4,579	−2,717	2,808	826	−1,078	−980
Foreign exchange effects	77.0	−37.0	31.0	−224	55.0	32.0
Net change in cash	900	13.0	2,679	−3,184	953	3,216
Free cash flow	3,231	4,429	4,121	911	5,146	4,827

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.