Adecoagro S.A. is a South American agricultural and agro-industrial company with operations primarily in Argentina, Brazil, and Uruguay. The company cultivates a variety of crops, including soybeans, corn, wheat, and rice, alongside operating dairy farms and producing fertilizers. Additionally, Adecoagro manages large-scale sugarcane plantations in Brazil, which it processes into sugar, ethanol, and renewable electricity.
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 1,529,783 | 1,633,551 | 1,388,567 | 1,541,372 |
| Cost of Sales | 1,178,507 | 1,198,715 | 973,180 | 1,075,747 |
| Gross Profit | 351,276 | 434,836 | 415,387 | 465,625 |
| Selling, General & Administrative Expenses | 283,256 | 257,362 | 199,412 | 227,802 |
| Other Operating Expenses | (26,285) | (4,824) | (25,590) | (11,977) |
| Operating Profit | 94,305 | 182,298 | 241,565 | 249,800 |
| Interest and Investment Income | 35,105 | 16,808 | 157,100 | 25,308 |
| Interest Expense | (127,134) | (166,441) | (122,087) | (137,600) |
| Non-Operating Income | (9,209) | 2,421 | 28,816 | (2,144) |
| Total Non-Operating Income | (101,238) | (147,212) | 63,829 | (114,436) |
| Income Before Provision for Income Taxes | (6,933) | 35,086 | 305,394 | 135,364 |
| Provision for Income Taxes | (174) | (57,015) | 78,673 | 26,758 |
| Consolidated Net Income | (6,759) | 92,101 | 226,721 | 108,606 |
| Net Income Attributable to Minority Interests and Other | — | — | — | 468 |
| Net Income Attributable to Common Shareholders | (6,759) | 92,101 | 226,721 | 108,138 |
| Basic EPS | -0.08 | 0.90 | 2.11 | 0.98 |
| Diluted EPS | -0.08 | 0.90 | 2.10 | 0.98 |
| Basic Weighted Average Shares Outstanding | 102,094 | 102,604 | 107,092 | 110,079 |
| Diluted Weighted Average Shares Outstanding | 102,435 | 103,069 | 107,493 | 110,440 |
| Shares Outstanding | 142,577 | 100,054 | 106,006 | 108,191 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 383,150 | 211,244 | 339,781 | 230,653 |
| Short-Term Investments | 89,826 | 46,097 | 62,637 | 98,571 |
| Total Cash and Cash Equivalents | 472,976 | 257,341 | 402,418 | 329,224 |
| Accounts Receivable | 364,350 | 213,356 | 179,055 | 183,820 |
| Total Trade Receivables | 364,350 | 213,356 | 179,055 | 183,820 |
| Inventories | 580,527 | 540,191 | 460,382 | 509,844 |
| Other Current Assets | 1,243 | 4,114 | 13,819 | 134 |
| Total Current Assets | 1,419,096 | 1,015,002 | 1,055,674 | 1,023,022 |
| Net Property, Plant & Equipment | 3,399,344 | 1,922,435 | 1,956,278 | 1,925,536 |
| Net Intangible Assets | 253,875 | 37,231 | 27,519 | 36,120 |
| Other Long-Term Assets | 176,483 | 140,220 | 125,423 | 124,177 |
| Total Assets | 5,248,798 | 3,114,888 | 3,164,894 | 3,108,855 |
| Accounts Payable | 673,160 | 206,907 | 190,730 | 242,397 |
| Accrued Expenses | 38,782 | 32,735 | 37,357 | 29,964 |
| Current Portion of Long-Term Debt | 213,088 | 99,551 | 207,106 | 279,769 |
| Current Portion of Leases | 59,959 | 54,351 | 52,941 | 54,431 |
| Other Current Liabilities | 41,513 | 6,775 | 5,920 | 4,292 |
| Total Current Liabilities | 1,026,502 | 400,319 | 494,054 | 610,853 |
| Long-Term Debt | 1,379,921 | 680,005 | 697,843 | 727,983 |
| Leases | 296,643 | 287,679 | 325,569 | 283,549 |
| Other Long-Term Liabilities | 753,441 | 338,784 | 381,780 | 322,827 |
| Total Long-Term Liabilities | 2,430,005 | 1,306,468 | 1,405,192 | 1,334,359 |
| Total Liabilities | 3,456,507 | 1,706,787 | 1,899,246 | 1,945,212 |
| Common Stock | 221,808 | 167,073 | 167,073 | 167,073 |
| Treasury Stock | (7,940) | (16,989) | (8,062) | (4,792) |
| Additional Paid-in Capital | 929,023 | 718,237 | 804,038 | 853,535 |
| Accumulated Other Comprehensive Income | 2,721 | (17,235) | (152,710) | (92,067) |
| Retained Earnings | 509,730 | 518,064 | 418,789 | 202,342 |
| Total Common Shareholders' Equity | 1,655,342 | 1,369,150 | 1,229,128 | 1,126,091 |
| Minority Interests and Other | 136,949 | 38,951 | 36,520 | 37,552 |
| Total Shareholders' Equity | 1,792,291 | 1,408,101 | 1,265,648 | 1,163,643 |
| Total Liabilities and Shareholders' Equity | 5,248,798 | 3,114,888 | 3,164,894 | 3,108,855 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | (6,759) | 92,101 | 226,721 | 108,606 |
| Depreciation & Amortization | 271,468 | 304,024 | 274,103 | 254,379 |
| Share-Based Compensation Expense | 11,896 | 6,680 | 8,581 | 10,227 |
| Other Adjustments | 61,528 | 112,259 | (2,370) | 91,762 |
| Changes in Trade Receivables | (57,221) | (68,299) | 3,683 | (60,753) |
| Changes in Inventories | 25,832 | (35,772) | (35,803) | 41,751 |
| Changes in Accounts Payable | (3,053) | (100,346) | (43,925) | (64,502) |
| Changes in Accrued Expenses | 2,137 | 4,093 | 15,674 | 7,681 |
| Changes in Income Taxes Payable | (2,414) | (7,285) | (1,342) | (8,118) |
| Changes in Other Operating Activities | 5,104 | 20,876 | (10,415) | (11,007) |
| Cash from Operating Activities | 308,518 | 328,331 | 434,907 | 370,026 |
| Capital Expenditure | (264,259) | (262,139) | (242,134) | (226,872) |
| Proceeds from Sale of Property, Plant & Equipment | 7,966 | 25,591 | 37,336 | 12,649 |
| Purchases of Intangible Assets | (2,043) | (1,190) | (1,291) | (3,350) |
| Purchases of Investments | (312,996) | (47,886) | (106,897) | (98,010) |
| Proceeds from Sale of Investments | 295,577 | 62,396 | 142,507 | — |
| Payments for Business Acquisitions | (676,018) | (16,184) | (3,193) | 1,120 |
| Proceeds from Business Divestments | — | — | — | 10,000 |
| Other Investing Activities | 28,829 | 7,847 | 62,120 | 5,199 |
| Cash from Investing Activities | (922,944) | (231,565) | (111,552) | (299,264) |
| Issuance of Short-Term Debt | 279,900 | 169,901 | 448,532 | 347,928 |
| Repayments of Short-Term Debt | (256,340) | (239,947) | (420,276) | (192,648) |
| Net Issuance / (Repayments) of Short-Term Debt | 23,560 | (70,046) | 28,256 | 155,280 |
| Issuance of Long-Term Debt | 870,606 | 126,757 | 7,739 | 41,082 |
| Repayments of Long-Term Debt | (213,936) | (105,749) | (24,105) | (14,012) |
| Net Issuance / (Repayments) of Long-Term Debt | 656,670 | 21,008 | (16,366) | 27,070 |
| Issuance of Common Shares | 303,732 | 99 | 214 | 2,124 |
| Repurchases of Common Shares | (10,210) | (66,887) | (26,242) | (36,844) |
| Net Issuance / (Repurchases) of Common Shares | 293,522 | (66,788) | (26,028) | (34,720) |
| Common Share Dividends Paid | (35,000) | (35,000) | (35,000) | (35,000) |
| Other Financing Activities | (152,978) | (123,174) | (159,605) | (136,203) |
| Cash from Financing Activities | (785,774) | (274,000) | (208,743) | (23,573) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 558 | 48,697 | (5,484) | (16,302) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 171,348 | (177,234) | 114,612 | 47,189 |
| Metric | Value |
|---|---|
| Market Cap | $1.13B |
| P/E | -96.71x |
| P/S | 0.74x |
| EV/EBITDA | 7.50x |
| Return on Equity | -0.4% |
| Return on Invested Capital | 2.7% |
| Current Ratio | 1.38x |
| Dividend Yield | 4.3% |
| Free Cash Flow Margin | 2.9% |
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $419M | +19.7% | 5.4% | $23M |
| Q4 2025 | $433M | +11.9% | 6.5% | $28M |
| Q3 2025 | $354M | -26.2% | 16.1% | $57M |
| Q2 2025 | $393M | -13.0% | 1.4% | $6M |
| Q1 2025 | $350M | — | 1.0% | $4M |
| Q4 2024 | $387M | — | 12.3% | $48M |
| Q3 2024 | $479M | — | 6.2% | $30M |
| Q2 2024 | $451M | — | 14.5% | $65M |