NYSE · Industrials

Deere & Company

DE · Farm & Heavy Construction Machinery

$578.39

▲ 1.13 (0.2%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Deere & Company at $578.39.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability B

Gross Profit Margin 36.5%

Operating Margin 18.8%

Net Income Margin 11.3%

Fin. Health D

Years to Pay Off Debt 12.8 yrs

Working Capital vs Long-Term Debt -$1.1B

Working Capital $42.4B

Valuation F

Margin of Safety 0.0%

Price-to-Book 6.02x

Cash Flow C

Free Cash Flow $3.2B

CapEx % of Net Income 84.1%

Owner Earnings $11.5B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $156.2B

Enterprise Value $195.6B

P/E (TTM) 32.64

Dividend Yield 1.12%

Exchange NYSE

Key Margins

Gross Profit 36.5%

Operating Margin 18.8%

Net Margin 11.3%

Company Info

Sector Industrials

Industry Farm & Heavy Construction Machinery

Employees 73100

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Deere & Company at $578.39.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $578.39, the stock trades at a 189% premium to its Graham Number of $199.98. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Deere & Company

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	36.5% ▼	38.6%	37.0%	30.7%	N/A
Operating Margin %	18.8% ▼	22.6%	24.2%	17.6%	N/A
Net Income %	11.3% ▼	14.1%	16.9%	13.9%	N/A
Diluted EPS	18.50 ▼	25.62	34.63	23.28	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$106.0B	$107.3B	$104.1B	$90.0B	N/A
Total Debt	$64.2B ↓	$65.5B	$63.7B	$52.2B	N/A
Working Capital	$42.4B ▲	$41.7B	$38.6B	$33.6B	N/A
Years to Pay Debt	12.78	9.22	6.27	7.32	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$3.2B ▼	$4.4B	$4.1B	$911M	N/A
Owner Earnings	$11.5B	$14.0B	$16.6B	$12.8B	N/A
CapEx % of Net Income	84.1%	67.6%	44.0%	53.1%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	11,469	17,060	-13,231	61,571
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	11,599,000	14,597,000	17,536,000	11,804,000
Total Unusual Items	57,000	75,000	-60,000	280,000
Total Unusual Items Excluding Goodwill	57,000	75,000	-60,000	280,000
Net Income From Continuing Operation Net Minority Interest	5,027,000	7,100,000	10,166,000	7,131,000
Reconciled Depreciation	2,229,000	2,118,000	2,004,000	1,895,000
Reconciled Cost Of Revenue	27,066,000	29,779,000	36,791,000	34,484,000
EBITDA	11,656,000	14,672,000	17,476,000	12,084,000
EBIT	9,427,000	12,554,000	15,472,000	10,189,000
Net Interest Income	-3,170,000	-3,348,000	-2,453,000	-1,062,000
Interest Expense	3,170,000	3,348,000	2,453,000	1,062,000
Normalized Income	4,981,469	7,042,060	10,212,769	6,912,571
Net Income From Continuing And Discontinued Operation	5,027,000	7,100,000	10,166,000	7,131,000
Total Expenses	36,249,000	39,091,000	45,657,000	42,256,000
Diluted Average Shares	271,700	277,100	293,600	306,300
Basic Average Shares	270,900	276,000	292,200	304,500
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	5,027,000	7,100,000	10,166,000	7,131,000
Net Income Common Stockholders	5,027,000	7,100,000	10,166,000	7,131,000
Net Income	5,027,000	7,100,000	10,166,000	7,131,000
Minority Interests	29,000	12,000	11,000	1,000
Net Income Including Noncontrolling Interests	4,998,000	7,088,000	10,155,000	7,130,000
Net Income Continuous Operations	4,998,000	7,088,000	10,155,000	7,130,000
Earnings From Equity Interest Net Of Tax		-24,000	7,000	10,000	21,000
Tax Provision	1,259,000	2,094,000	2,871,000	2,007,000
Pretax Income	6,257,000	9,206,000	13,019,000	9,127,000
Other Income Expense	1,011,000	1,127,000	881,000	1,163,000
Other Non Operating Income Expenses	954,000	1,052,000	941,000	883,000
Special Income Charges	9,000	19,000	33,000	72,000
Gain On Sale Of Ppe		19,000	33,000	72,000	65,000
Other Special Charges	-9,000	-19,000	-33,000	-72,000
Gain On Sale Of Security	48,000	56,000	-93,000	208,000
Net Non Operating Interest Income Expense	-3,170,000	-3,348,000	-2,453,000	-1,062,000
Interest Expense Non Operating	3,170,000	3,348,000	2,453,000	1,062,000
Operating Income	8,416,000	11,427,000	14,591,000	9,026,000
Operating Expense	7,879,000	8,068,000	7,715,000	6,704,000
Other Operating Expenses	402,000	397,000	376,000	320,000
Depreciation Amortization Depletion Income Statement	925,000	874,000	853,000	827,000
Depreciation And Amortization In Income Statement	925,000	874,000	853,000	827,000
Depreciation Income Statement	925,000	874,000	853,000	827,000
Research And Development	2,311,000	2,290,000	2,177,000	1,912,000
Selling General And Administration	4,241,000	4,507,000	4,309,000	3,645,000
General And Administrative Expense	4,241,000	4,507,000	4,309,000	3,645,000
Other Gand A	4,663,000	4,840,000	4,595,000	3,863,000
Insurance And Claims			309,000	267,000	235,000
Salaries And Wages	-422,000	-333,000	-286,000	-218,000
Gross Profit	16,295,000	19,495,000	22,306,000	15,730,000
Cost Of Revenue	28,370,000	31,023,000	37,942,000	35,552,000
Total Revenue	44,665,000	50,518,000	60,248,000	51,282,000
Operating Revenue	44,665,000	50,518,000	60,248,000	51,282,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	266,079	264,679	254,847	237,659
Ordinary Shares Number	270,352	271,752	281,584	298,772
Share Issued	536,431	536,431	536,431	536,431
Net Debt	55,621,000	57,836,000	55,928,000	47,104,000
Total Debt	64,250,000	65,463,000	63,692,000	52,201,000
Tangible Book Value	20,400,000	17,374,000	16,302,000	14,985,000
Invested Capital	89,847,000	87,996,000	85,171,000	72,140,000
Working Capital	42,447,000	41,707,000	38,587,000	33,611,000
Net Tangible Assets	20,400,000	17,374,000	16,302,000	14,985,000
Capital Lease Obligations	353,000	303,000	306,000	323,000
Common Stock Equity	25,950,000	22,836,000	21,785,000	20,262,000
Total Capitalization	69,494,000	66,065,000	60,262,000	53,858,000
Total Equity Gross Minority Interest	26,007,000	22,925,000	21,886,000	20,357,000
Minority Interest	57,000	89,000	101,000	95,000
Stockholders Equity	25,950,000	22,836,000	21,785,000	20,262,000
Gains Losses Not Affecting Retained Earnings	-3,032,000	-3,706,000	-3,114,000	-3,056,000
Other Equity Adjustments	-3,032,000	-3,706,000	-3,114,000	-3,056,000
Treasury Stock	36,362,000	35,349,000	31,335,000	24,094,000
Retained Earnings	59,676,000	56,402,000	50,931,000	42,247,000
Capital Stock	5,668,000	5,489,000	5,303,000	5,165,000
Common Stock	5,668,000	5,489,000	5,303,000	5,165,000
Total Liabilities Net Minority Interest	79,989,000	84,395,000	82,201,000	69,673,000
Total Non Current Liabilities Net Minority Interest	47,534,000	48,435,000	44,419,000	39,196,000
Other Non Current Liabilities	235,000	217,000	2,140,000	182,000
Derivative Product Liabilities	389,000	582,000	1,130,000	1,231,000
Employee Benefits	2,932,000	3,929,000	2,152,000	3,692,000
Non Current Pension And Other Postretirement Benefit Plans	1,355,000	2,004,000	1,833,000	2,164,000
Non Current Deferred Liabilities	434,000	478,000	520,000	495,000
Non Current Deferred Taxes Liabilities	434,000	478,000	520,000	495,000
Long Term Debt And Capital Lease Obligation	43,544,000	43,229,000	38,477,000	33,596,000
Long Term Capital Lease Obligation					40,000
Long Term Debt	43,544,000	43,229,000	38,477,000	33,596,000
Current Liabilities	32,455,000	35,960,000	37,782,000	30,477,000
Other Current Liabilities		1,827,000	1,130,000	1,231,000	228,000
Current Deferred Liabilities	1,371,000	1,239,000	1,127,000	956,000
Current Deferred Revenue	1,371,000	1,239,000	1,127,000	956,000
Current Debt And Capital Lease Obligation	20,706,000	22,234,000	25,215,000	18,605,000
Current Capital Lease Obligation	353,000	303,000	306,000	323,000
Current Debt	20,353,000	21,931,000	24,909,000	18,282,000
Other Current Borrowings	15,484,000	17,546,000	15,326,000	13,177,000
Commercial Paper	4,218,000	4,008,000	9,100,000	4,703,000
Current Notes Payable	651,000	377,000	483,000	402,000
Pensionand Other Post Retirement Benefit Plans Current	120,000	133,000	2,152,000	111,000
Payables And Accrued Expenses	10,258,000	10,527,000	11,440,000	10,805,000
Current Accrued Expenses	5,331,000	5,553,000	5,705,000	4,925,000
Interest Payable	524,000	455,000	434,000	288,000
Payables	4,927,000	4,974,000	5,735,000	5,880,000
Other Payable	334,000	356,000	316,000	377,000
Dueto Related Parties Current	10,000	6,000	6,000	11,000
Dividends Payable	443,000	405,000	388,000	343,000
Total Tax Payable	1,155,000	1,509,000	1,558,000	1,255,000
Income Tax Payable			1,558,000	1,255,000	1,075,000
Accounts Payable	2,985,000	2,698,000	3,467,000	3,894,000
Total Assets	105,996,000	107,320,000	104,087,000	90,030,000
Total Non Current Assets	31,094,000	29,653,000	27,718,000	25,942,000
Other Non Current Assets	736,000	700,000	411,000	358,000
Defined Pension Benefit	3,273,000	2,921,000	3,007,000	3,730,000
Non Current Deferred Assets	2,701,000	2,498,000	2,240,000	1,207,000
Non Current Deferred Taxes Assets	2,284,000	2,086,000	1,814,000	824,000
Non Current Accounts Receivable	1,935,000	2,288,000	1,953,000	1,783,000
Financial Assets	393,000	357,000	292,000	373,000
Investments And Advances	510,000	122,000	126,000	117,000
Long Term Equity Investment	510,000	122,000	126,000	117,000
Investmentsin Associatesat Cost	510,000	122,000	126,000	117,000
Goodwill And Other Intangible Assets	5,550,000	5,462,000	5,483,000	5,277,000
Other Intangible Assets	1,362,000	1,503,000	1,583,000	1,590,000
Goodwill	4,188,000	3,959,000	3,900,000	3,687,000
Net PPE	15,996,000	15,305,000	14,206,000	13,097,000
Accumulated Depreciation	-12,011,000	-11,161,000	-10,517,000	-10,024,000
Gross PPE	28,007,000	26,466,000	24,723,000	23,121,000
Construction In Progress	2,280,000	2,455,000	2,478,000	2,160,000
Other Properties	11,900,000	11,328,000	10,559,000	10,093,000
Machinery Furniture Equipment	7,684,000	7,125,000	6,613,000	6,208,000
Buildings And Improvements	5,679,000	5,168,000	4,735,000	4,386,000
Land And Improvements	464,000	390,000	338,000	274,000
Current Assets	74,902,000	77,667,000	76,369,000	64,088,000
Hedging Assets Current	72,000	254,000	667,000	709,000
Assets Held For Sale Current		2,944,000
Restricted Cash	257,000	193,000	162,000	167,000
Prepaid Assets	259,000	238,000	167,000	185,000
Inventory	7,508,000	7,199,000	8,219,000	8,539,000
Inventories Adjustments Allowances	-2,721,000	-2,687,000	-2,365,000	-2,500,000
Other Inventories	102,000	106,000	59,000	44,000
Finished Goods	5,769,000	5,364,000	5,435,000	5,363,000
Work In Process	956,000	930,000	1,010,000	1,190,000
Raw Materials	3,402,000	3,486,000	4,080,000	4,442,000
Receivables	57,119,000	58,361,000	58,750,000	48,980,000
Receivables Adjustments Allowances	-69,000	-66,000
Other Receivables	51,406,000	53,032,000	51,008,000	42,570,000
Duefrom Related Parties Current	396,000	3,000	3,000	0
Accounts Receivable	5,386,000	5,392,000	7,739,000	6,410,000
Allowance For Doubtful Accounts Receivable	-69,000	-66,000	-35,000	-36,000
Gross Accounts Receivable	5,386,000	5,392,000	7,774,000	6,446,000
Cash Cash Equivalents And Short Term Investments	9,687,000	8,478,000	8,404,000	5,508,000
Other Short Term Investments	1,411,000	1,154,000	946,000	734,000
Cash And Cash Equivalents	8,276,000	7,324,000	7,458,000	4,774,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	3,231,000	4,429,000	4,121,000	911,000
Repurchase Of Capital Stock	-1,138,000	-4,007,000	-7,216,000	-3,597,000
Repayment Of Debt	-12,264,000	-13,232,000	-7,913,000	-8,445,000
Issuance Of Debt	13,161,000	18,096,000	15,429,000	10,358,000
Issuance Of Capital Stock				63,000	148,000
Capital Expenditure	-4,228,000	-4,802,000	-4,468,000	-3,788,000
Interest Paid Supplemental Data	3,080,000	3,298,000	2,227,000	1,101,000
Income Tax Paid Supplemental Data	1,647,000	2,518,000	3,578,000	1,940,000
End Cash Position	8,533,000	7,633,000	7,620,000	4,941,000
Beginning Cash Position	7,633,000	7,620,000	4,941,000	8,125,000
Effect Of Exchange Rate Changes	77,000	-37,000	31,000	-224,000
Changes In Cash	823,000	50,000	2,648,000	-2,960,000
Financing Cash Flow	-4,579,000	-2,717,000	2,808,000	826,000
Cash Flow From Continuing Financing Activities	-4,579,000	-2,717,000	2,808,000	826,000
Net Other Financing Charges	-79,000	-113,000	-73,000	-29,000
Cash Dividends Paid	-1,720,000	-1,605,000	-1,427,000	-1,313,000
Common Stock Dividend Paid	-1,720,000	-1,605,000	-1,427,000	-1,313,000
Net Common Stock Issuance	-1,138,000	-4,007,000	-7,216,000	-3,597,000
Common Stock Payments	-1,138,000	-4,007,000	-7,216,000	-3,597,000
Common Stock Issuance				63,000	148,000
Net Issuance Payments Of Debt	-1,642,000	3,008,000	11,524,000	5,765,000
Net Short Term Debt Issuance	-2,539,000	-1,856,000	4,008,000	3,852,000
Short Term Debt Issuance			4,008,000	3,852,000	818,000
Net Long Term Debt Issuance	897,000	4,864,000	7,516,000	1,913,000
Long Term Debt Payments	-12,264,000	-13,232,000	-7,913,000	-8,445,000
Long Term Debt Issuance	13,161,000	18,096,000	15,429,000	10,358,000
Investing Cash Flow	-2,057,000	-6,464,000	-8,749,000	-8,485,000
Cash Flow From Continuing Investing Activities	-2,057,000	-6,464,000	-8,749,000	-8,485,000
Net Other Investing Changes	572,000	-3,368,000	-5,875,000	-6,121,000
Net Investment Purchase And Sale	-217,000	-223,000	-305,000	-171,000
Sale Of Investment	486,000	832,000	186,000	79,000
Purchase Of Investment	-703,000	-1,055,000	-491,000	-250,000
Net Business Purchase And Sale	-101,000		-82,000	-498,000	-244,000
Purchase Of Business	-101,000		-82,000	-498,000	-244,000
Net PPE Purchase And Sale	-2,311,000	-2,873,000	-2,487,000	-1,695,000
Sale Of PPE	1,917,000	1,929,000	1,981,000	2,093,000
Purchase Of PPE	-4,228,000	-4,802,000	-4,468,000	-3,788,000
Operating Cash Flow	7,459,000	9,231,000	8,589,000	4,699,000
Cash Flow From Continuing Operating Activities	7,459,000	9,231,000	8,589,000	4,699,000
Change In Working Capital	-443,000	-181,000	-3,337,000	-4,315,000
Change In Other Working Capital	-1,001,000	-350,000	-193,000	-874,000
Change In Payables And Accrued Expense	-251,000	-1,040,000	830,000	1,133,000
Change In Inventory	-275,000	788,000	279,000	-2,091,000
Change In Receivables	1,084,000	421,000	-4,253,000	-2,483,000
Changes In Account Receivables	1,084,000	421,000	-4,253,000	-2,483,000
Other Non Cash Items	475,000	-143,000	252,000	16,000
Stock Based Compensation	151,000	208,000	130,000	85,000
Provisionand Write Offof Assets	296,000	310,000	-16,000	192,000
Asset Impairment Charge	41,000	125,000	191,000	88,000
Deferred Tax	-288,000	-294,000	-790,000	-66,000
Deferred Income Tax	-288,000	-294,000	-790,000	-66,000
Depreciation Amortization Depletion	2,229,000	2,118,000	2,004,000	1,895,000
Depreciation And Amortization	2,229,000	2,118,000	2,004,000	1,895,000
Operating Gains Losses				-326,000	2,000
Earnings Losses From Equity Investments				-326,000	2,000
Net Income From Continuing Operations	4,998,000	7,088,000	10,155,000	7,130,000

These metrics estimate what Deere & Company is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$199.98

Margin of Safety

Market Cap ÷ Company Value

2.67

P/B Ratio

6.02

Warren's Owner Earnings

$11.5B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$44.7B

vs > $1.5B revenue

✅ Strong Financial Condition

2.31x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.12%

vs Uninterrupted dividends

❌ Earnings Growth

-20.5% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

32.6x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

6.02x P/B (P/E×P/B: 196.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-18.83

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$346.20

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	84.1%	67.6%	44.0%	53.1%	N/A
Repurchase of Capital Stock	-$1.1B	-$4.0B	-$7.2B	-$3.6B	N/A
Free Cash Flow	$3.2B ▼	$4.4B ▲	$4.1B ▲	$911M •	N/A •
Warren's Owner Earnings	$11.5B	$14.0B	$16.6B	$12.8B	N/A

Peers & Industry

No auto-detected peers for Farm & Heavy Construction Machinery. You can manually compare DE against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.17%

Low — management has little skin in the game

Return on Equity (ROE)

19.4%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

4.7%

Fair — average asset utilization

Share Buybacks (Latest Year)

$1.1B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-1.9% YoY

Debt is declining — management is deleveraging

Leadership Team

John May II

Chairman, President & CEO

Age 56

Pay: $8,282,891

0.165% of net income

Deanna Kovar

President of Worldwide Ag & Turf Div, Production and Precision Ag and Americas and Australia

Age 46

Pay: $2,926,661

0.058% of net income

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	8.36%	22,583,185
Blackrock Inc.	7.00%	18,909,249
State Street Corporation	3.88%	10,485,949
JPMORGAN CHASE & CO	3.56%	9,612,147
Capital World Investors	3.55%	9,592,004
Price (T.Rowe) Associates Inc	2.85%	7,692,877
FMR, LLC	2.24%	6,040,187
Geode Capital Management, LLC	2.07%	5,600,552

⚠️ Very high debt-to-equity — leverage risk

Risk Analysis

Beta (Market Risk)

0.97

Low volatility — more stable than the market

Short Interest

1.7% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

3.76x

High leverage — significant financial risk

Current Ratio

2.25x

Strong liquidity — Graham approved

52-Week Price Range

Low: $433.00 Current: $578.39 High: $674.19

Currently at 60% of 52-week range

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