Adecoagro S.A. (AGRO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.2	$0.13	-35.0%	—	$531M	—
Q1 26	$0.07	$0.28	+300.0%	—	$398.7M	—
Q4 25	-$0.09	-$0.15	-66.7%	—	$415.9M	—
Q2 25	$0.26	-$0.18	-169.2%	—	$382.1M	—
Q1 25	-$0.09	$0.18	+300.0%	—	$325.5M	—
Q4 24	$0.46	$0.16	-65.2%	—	$374.2M	—
Q3 24	$0.69	$0.19	-72.5%	—	$471.5M	—
Q3 23	—	$0.83	—	—	$385.8M	—
Q1 23	—	$0.36	—	—	$246.3M	—
Q4 22	$0.2	$0.16	-20.0%	—	$371.6M	—
Q3 22	—	$0.43	—	—	$386.1M	—
Q2 22	—	$0.4	—	—	$383.7M	—
Q1 22	—	$0.13	—	—	$206.4M	—
Q4 21	—	$0.52	—	—	$334.2M	—
Q3 21	—	$0.32	—	—	$325.6M	—
Q2 21	—	-$0.12	—	—	$289.8M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.05	—	—	$1.4B	—
FY24	—	$0.9	—	—	$1.5B	—
FY23	—	$2.11	—	—	$1.3B	—
FY22	—	$0.98	—	—	$1.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$869.2M	$933.2M	$793.2M	$887.1M	$817.8M	$1.1B	$1.3B	$1.3B	$1.5B	$1.4B
YoY change	+28.9%	+7.36%	-15%	+11.8%	-7.82%	+37.5%	+19.9%	-3.62%	+16.9%	-6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	869.2M	933.2M	793.2M	887.1M	817.8M	1.1B	1.3B	1.3B	1.5B	1.4B
Cost of revenue	559M	694.7M	594.7M	600.8M	482.2M	640.1M	882.1M	883.5M	1.1B	1.1B
Gross profit	310.3M	238.5M	198.6M	286.4M	335.6M	484.2M	465.6M	415.4M	434.8M	351.3M
Gross margin	35.7%	25.6%	25%	32.3%	41%	43.1%	34.5%	32%	28.6%	24.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	131.4M	144.5M	133.7M	148.1M	131.1M	117.7M	157.9M	143.1M	172.1M	189.7M
Operating expenses	130.9M	146.1M	135.3M	150.8M	126.5M	118.6M	152.4M	148.1M	162.3M	192.2M
Operating income	176.6M	81.7M	49.1M	116.9M	188M	291.7M	240.9M	207.5M	186.8M	66.4M
Operating margin	20.3%	8.76%	6.19%	13.2%	23%	25.9%	17.9%	16%	12.3%	4.65%
Non-operating income, net	-104.7M	-17.5M	-5.7M	-122.8M	-137.1M	-53.9M	-19.3M	86.2M	-85.2M	20.2M
Pretax income	27.2M	10M	-24.3M	21.2M	13.4M	174.6M	135.4M	305.4M	35.1M	-6.9M
Income tax	12.9M	-5M	-1M	20.8M	12.3M	43.8M	26.8M	78.7M	-57M	-174K
Net income	14.3M	15M	-23.2M	342K	1.1M	130.7M	108.6M	226.7M	92.1M	-6.8M
Net margin	1.64%	1.6%	-2.93%	0.04%	0.13%	11.6%	8.06%	17.5%	6.06%	-0.47%
EBITDA	307.6M	230.8M	182.9M	433.2M	404M	529.4M	490.2M	565.4M	498.2M	355M
EPS	0.02	0.08	-0.21	-0.01	0	1.18	0.98	2.11	0.9	-0.05
Diluted EPS	0.02	0.08	-0.21	-0.01	0	1.18	0.98	2.1	0.9	-0.05

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	385.8M	263.9M	261.8M	411.4M	471.5M	374.2M	325.5M	382.1M	304.2M	415.9M	398.7M	531M
Cost of revenue	256.2M	229.4M	151.3M	294.4M	353.3M	285.1M	251.5M	307.5M	197.4M	320.1M	280.1M	357.8M
Gross profit	129.6M	34.5M	110.5M	117M	118.2M	89.1M	74.1M	74.6M	106.8M	95.8M	118.6M	173.2M
Gross margin	33.6%	13.1%	42.2%	28.4%	25.1%	23.8%	22.8%	19.5%	35.1%	23%	29.7%	32.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	59.5M	24.3M	35.5M	73.3M	70.9M	-22.4M	46.4M	78.3M	53.6M	51.5M	59M	97.9M
Operating expenses	61.4M	22.8M	33.2M	51.7M	88.5M	-48.7M	50.9M	68.9M	49.9M	48.8M	64.5M	81.2M
Operating income	68.1M	8.1M	61.4M	65.3M	29.7M	52.1M	5.5M	5.7M	56.9M	12.7M	27.9M	92M
Operating margin	17.7%	3.05%	23.5%	15.9%	6.29%	13.9%	1.7%	1.49%	18.7%	3.05%	6.99%	17.3%
Non-operating income, net	17.4M	95.7M	-17.3M	-27.1M	-7.5M	-83.3M	32.4M	-5.7M	-712K	3.5M	78.8M	-6.5M
Pretax income	89M	109.1M	60.3M	-47.6M	23.3M	-857K	15.5M	-15.7M	6.4M	-13M	71.9M	34.7M
Income tax	13.6M	26.9M	12.9M	-57.4M	4.5M	-17M	-3.2M	1.3M	-63K	1.8M	28.1M	9.4M
Net income	75.4M	82.2M	47.3M	9.9M	18.7M	16.2M	18.7M	-17M	6.4M	-14.8M	43.8M	25.2M
Net margin	19.5%	31.1%	18.1%	2.4%	3.97%	4.32%	5.75%	-4.46%	2.11%	-3.57%	11%	4.75%
EBITDA	187.4M	81.1M	151.7M	161.5M	115.3M	119.5M	51.2M	87.3M	140.2M	90.4M	102.6M	206.7M
EPS	0.71	—	0.45	0.09	0.19	—	0.18	-0.18	0.07	-0.1	0.28	0.17
Diluted EPS	0.71	—	0.45	0.09	0.19	—	0.18	-0.18	0.07	-0.1	0.28	0.17

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.2B	1.2B	812.2M	981.4M	798.7M	853.2M	912.6M	1.2B	967.6M	—	1.5B
Enterprise value	1.7B	1.8B	1.4B	1.9B	1.6B	1.7B	2B	2.1B	1.9B	—	3.6B
Shares outstanding	119.9M	120.1M	116.7M	117.3M	117.5M	111.1M	110.1M	107.1M	102.6M	142.6M	142.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	87.2	83	—	2.9K	746.4	6.53	8.4	5.24	10.5	—	26.7
P/S	1.43	1.33	1.02	1.11	0.98	0.76	0.68	0.92	0.64	—	0.89
P/B	1.75	1.82	0.73	0.95	0.83	0.81	0.78	0.94	0.69	—	0.84
EV/EBITDA	5.6	7.76	7.66	4.33	4.03	3.25	4.14	3.77	3.77	—	8.68
EV/Sales	1.98	1.92	1.77	2.11	1.99	1.53	1.5	1.64	1.24	—	2.21
Earnings yield	1.15%	1.21%	—	0.03%	0.13%	15.3%	11.9%	19.1%	9.52%	—	3.75%
FCF yield	9.64%	2.79%	0.3%	5.72%	10%	15.9%	15.3%	16.1%	6.72%	—	-8.83%
PEG	—	—	—	—	—	—	—	—	—	—	-0.13

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	35.7%	25.6%	25%	32.3%	41%	43.1%	34.5%	32%	28.6%	24.6%	32.6%
Operating margin	20.3%	8.76%	6.19%	13.2%	23%	25.9%	17.9%	16%	12.3%	4.65%	17%
Net margin	1.64%	1.6%	-2.93%	0.04%	0.13%	11.6%	8.06%	17.5%	6.06%	-0.47%	3%
ROE	2%	2.19%	-2.1%	0.03%	0.11%	12.5%	9.33%	17.9%	6.54%	-0.38%	3.69%
ROA	0.95%	0.91%	-1.02%	0.01%	0.04%	5.06%	3.49%	7.16%	2.96%	-0.13%	2.47%
ROIC	7.8%	6.63%	2.9%	0.1%	0.84%	11.4%	8.48%	6.97%	8.06%	1.98%	2.94%
Return on tangible assets	0.98%	0.93%	-1.05%	0.01%	0.04%	5.19%	3.58%	7.29%	3.03%	-0.14%	1.28%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.71	2.44	2.38	1.78	2.13	2.13	1.67	2.14	2.54	1.38	1.73
Quick ratio	0.96	1.5	1.58	1.15	1.34	0.97	0.84	1.2	1.19	0.82	0.89
Debt / equity	0.89	1.2	0.78	1.15	1.21	1.02	1.16	1.01	0.8	1.09	1.24
Debt / assets	0.42	0.5	0.38	0.47	0.47	0.41	0.43	0.41	0.36	0.37	0.44
Net debt / EBITDA	1.55	2.38	3.22	2.06	2.06	1.63	2.27	1.67	1.83	4.41	3.76
Interest coverage	1.56	1.19	0.49	1.3	1.19	3.11	2.67	5.24	1.48	0.94	1.54
Effective tax rate	47.5%	0%	0%	98.4%	92%	25.1%	19.8%	25.8%	0%	0%	39.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	7.25	7.77	6.8	7.57	6.96	10.1	12.2	12.1	14.8	10	13.5
EPS (basic)	0.02	0.08	-0.21	-0.01	0	1.18	0.98	2.11	0.9	-0.05	-0.05
EPS (diluted)	0.02	0.08	-0.21	-0.01	0	1.18	0.98	2.1	0.9	-0.05	0.38
Book value per share	5.94	5.68	9.5	8.77	8.21	9.43	10.6	11.8	13.7	12.6	12.1
FCF per share	1	0.29	0.02	0.48	0.68	1.22	1.27	1.79	0.63	0.3	0.36
Cash per share	1.32	2.24	2.34	2.48	2.86	1.8	2.1	3.17	2.06	2.69	2.29
Capex per share	1.06	1.63	1.49	2.08	1.27	1.69	1.86	1.91	2.29	0	0

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	14.6%	21%	21.9%	27.5%	18.2%	16.7%	15.2%	15.7%	15.4%	0.01%	0%
Capex / operating cash flow	125.7%	91.8%	99.1%	133.3%	131.4%	64.8%	51.3%	37.3%	67.2%	0.05%	0.02%
Payout ratio	0%	0%	0%	0%	0%	0%	32.2%	15.4%	38%	-517.8%	77.9%
Dividend yield	0%	0%	0%	0%	0%	0%	3.84%	2.94%	3.62%	—	2.41%

Yield

2.41%

trailing twelve months

Frequency

Semi-annual

Last dividend

$0.121

ex-dividend May 4, 2026

Payout ratio

78%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
May 4, 2026	$0.121
May 2, 2025	$0.175
Nov 12, 2024	$0.174
May 13, 2024	$0.1682
Nov 8, 2023	$0.1649
May 8, 2023	$0.1626
Nov 1, 2022	$0.1602
Apr 29, 2022	$0.1571

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$385.8M	$263.9M	$261.8M	$411.4M	$471.5M	$374.2M	$325.5M	$382.1M	$304.2M	$415.9M	$398.7M	$531M
YoY change	-0.07%	-29%	+6.3%	+2.12%	+22.2%	+41.8%	+24.3%	-7.13%	-35.5%	+11.1%	+22.5%	+39%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	158.6M	269.2M	273.6M	290.3M	336.3M	199.8M	230.7M	339.8M	211.2M	383.1M
Receivables	157.5M	52.3M	66M	51.5M	54.6M	60.7M	77.4M	87.6M	86.5M	186.9M
Inventory	248.6M	265.6M	222.2M	229.9M	284.4M	415.3M	509.8M	460.4M	540.2M	580.5M
Total current assets	568.2M	689.5M	660.8M	649.1M	766.6M	761.8M	1B	1.1B	1B	1.4B
Property, plant & equipment	509.1M	502M	1.1B	1.3B	1.2B	1.2B	1.4B	1.4B	1.3B	1.5B
Goodwill & intangibles	34.5M	34.4M	55.8M	67.4M	53.9M	62.7M	72.2M	55M	74.5M	507.8M
Total assets	1.5B	1.6B	2.3B	2.5B	2.5B	2.6B	3.1B	3.2B	3.1B	5.2B
Accounts payable	92.2M	82.8M	94.5M	90.6M	110.7M	152M	193.1M	140.9M	173.2M	226.6M
Short-term debt	205.1M	154.9M	143.6M	229.9M	194M	157.3M	334.2M	260M	153.9M	273M
Total current liabilities	332.5M	282.4M	277.8M	364.4M	359.2M	357.4M	610.9M	494.1M	400.3M	1B
Long-term debt	430.3M	663.1M	718.5M	954.8M	972.9M	907.2M	1B	1B	967.7M	1.7B
Total liabilities	784.1M	962.1M	1.2B	1.5B	1.5B	1.5B	1.9B	1.9B	1.7B	3.5B
Shareholders' equity	712.3M	683M	1.1B	1B	963.7M	1B	1.2B	1.3B	1.4B	1.8B
Total debt	635.4M	818M	862.1M	1.2B	1.2B	1.1B	1.3B	1.3B	1.1B	1.9B
Net debt	476.8M	548.8M	588.5M	894.4M	830.6M	864.7M	1.1B	943.7M	910.3M	1.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	389.7M	339.8M	181.6M	198.9M	213.6M	211.2M	239M	205.7M	365.5M	383.1M	172.5M	302.5M
Receivables	128.9M	87.6M	112.2M	109.4M	160.1M	86.5M	161.1M	119.9M	105.4M	186.9M	176.2M	184.6M
Inventory	568.2M	460.4M	599.8M	610.9M	583.3M	540.2M	523.6M	505.5M	600.7M	580.5M	629.6M	658.4M
Total current assets	1.2B	1.1B	1B	1B	1.1B	1B	1.1B	1B	1.4B	1.4B	1.2B	1.4B
Property, plant & equipment	1.4B	1.4B	1.5B	1.4B	1.4B	1.3B	1.4B	1.4B	1.4B	1.5B	1.6B	1.5B
Goodwill & intangibles	78.9M	55M	70.3M	73.3M	76.4M	74.5M	77.4M	74.8M	70.8M	507.8M	515.6M	513.7M
Total assets	3.4B	3.2B	3.2B	3.1B	3.2B	3.1B	3.4B	3.3B	3.6B	5.2B	5.2B	5.2B
Accounts payable	135.3M	140.9M	137.8M	136M	138.2M	173.2M	148.7M	183.9M	169M	226.6M	179.6M	152.7M
Short-term debt	401.6M	260M	150.6M	207.6M	223.6M	153.9M	310.4M	269.4M	233M	273M	400.4M	496.3M
Total current liabilities	636.6M	494.1M	350.2M	422.5M	444.8M	400.3M	555.4M	531.1M	486.1M	1B	715.4M	787.5M
Long-term debt	1.1B	1B	1B	968.6M	990.1M	967.7M	964.7M	999.2M	1.4B	1.7B	1.8B	1.8B
Total liabilities	2.1B	1.9B	1.8B	1.7B	1.8B	1.7B	1.9B	1.9B	2.2B	3.5B	3.3B	3.4B
Shareholders' equity	1.3B	1.3B	1.4B	1.4B	1.4B	1.4B	1.5B	1.4B	1.4B	1.8B	1.9B	1.9B
Total debt	1.5B	1.3B	1.2B	1.2B	1.2B	1.1B	1.3B	1.3B	1.6B	1.9B	2.2B	2.3B
Net debt	1.1B	943.7M	1.1B	1B	1B	910.3M	1.1B	1.1B	1.3B	1.6B	2B	2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	14.3M	15M	-23.2M	342K	1.1M	130.7M	108.6M	226.7M	92.1M	-6.8M
Depreciation & amortization	127.5M	151M	154.3M	219.6M	182.7M	218.1M	254.4M	274.1M	304M	271.5M
Stock-based compensation	4.8M	5.6M	4.7M	4.7M	4.3M	6.4M	10.2M	8.6M	6.7M	11.9M
Change in working capital	-93.6M	10.2M	-55.7M	-31.3M	-90.1M	-165.2M	-30M	-42.5M	-83.2M	-26.3M
Operating cash flow	100.9M	213.2M	175.4M	183.1M	113.4M	290.6M	400.1M	548.2M	348.9M	308.5M
Capital expenditure	-126.8M	-195.7M	-173.8M	-244M	-149M	-188.3M	-205.1M	-204.3M	-234.6M	-139K
Investing cash flow	-125M	-197.4M	-179.5M	-248.2M	-138.9M	-178.2M	-292M	-171.9M	-236.3M	-693.6M
Dividends paid	0	0	0	0	0	0	-35M	-35M	-35M	-35M
Share repurchases	-4.8M	-38.4M	-15.7M	-4.3M	-4.4M	-66.5M	-36.8M	-26.2M	-66.9M	-10.2M
Financing cash flow	-405.7M	47M	-161.5M	-115.4M	-227.4M	-578M	-173.6M	-573.8M	-489.4M	578.1M
Net change in cash	-429.9M	62.7M	-165.6M	-180.6M	-252.9M	-465.6M	-65.5M	-197.4M	-376.8M	193M
Free cash flow	120.1M	34.7M	2.4M	56.1M	80.1M	135.7M	139.8M	191.5M	65M	42.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	6.4M	-14.8M	43.8M	25.2M
Depreciation & amortization	—	—	—	—	—	—	—	—	83.4M	66.9M	72.9M	105.9M
Stock-based compensation	—	—	—	—	—	—	—	—	-314K	316K	1.9M	2.3M
Change in working capital	—	—	—	—	—	—	—	—	-70.5M	87.5M	-1.1M	-20.4M
Operating cash flow	—	—	—	—	—	—	—	—	30.1M	169.8M	-2.6M	125M
Capital expenditure	—	—	—	—	—	—	—	—	-43K	-1K	-4K	-23K
Investing cash flow	0	-72.4M	-3.6M	-30.1M	0	-14.2M	-44.2M	-28.5M	-100.9M	-700.6M	-347.7M	20.3M
Dividends paid	—	—	—	—	—	—	—	—	0	-17.5M	0	-17.5M
Share repurchases	—	—	—	—	—	—	—	—	0	0	0	0
Financing cash flow	—	—	—	—	—	—	—	—	207.5M	131.5M	188.4M	25.9M
Net change in cash	0	-72.4M	-3.6M	-30.1M	0	-14.2M	-44.2M	-28.5M	136.7M	-399.3M	-161.9M	171.2M
Free cash flow	—	—	—	—	—	—	—	—	-22.6M	94.8M	-89.9M	70M

Adecoagro S.A. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement