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Deere & CompanyWide moat

DE — overall economic moat

Investment snapshot
Wide moat→ Holding steadyConfidenceHighValuationExpensive
Strongest advantageAbout 2,050 independent North American dealer locations backed by a captive bank and precision technology on more than 520 million acres; the equipment business earned a 21.7% operating return on its assets at the bottom of the cycle
Greatest threatA farm downturn that deepens or lasts, with large-ag industry sales still guided down 15-20%, while a ten-year FTC order opens the dealers' repair tools to independent shops
Key metricEquipment OROA (21.7% in FY2025) and fiscal 2026 net income against the $4.75-5.00bn guide
Verdict: Deere is a better business than its consolidated accounts show. The bank inside it holds two thirds of the assets and drags the reported return on capital to about 6%, while the equipment business earned about 21% on its operating assets in a year of below-trough sales. The moat, built on independent dealers, a lender in the yard and a lead in precision technology, held through a halving of profit, though the FTC order now opens the repair bay to rivals. At about 38 times trailing earnings, after a 52% rise in a year with earnings flat, the price already assumes the recovery management is forecasting.
📈 DE valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Deere & Company makes machines that plant, spray and harvest crops, and construction and roadbuilding equipment that builds the roads the harvest travels on. John Deere has manufactured agricultural equipment since 18371. It sells through independent dealers, about 2,050 locations in the U.S. and Canada and dealers and distributors in over 100 countries2, and lends to the people who buy from them.

Deere net sales and revenues ($bn)28.9FY201529.7FY201739.3FY201944.0FY202161.3FY202351.7FY202445.7FY202548.0TTM Aug2026Deere Forms 10-K FY2016 and FY2025 selected data; trailing twelve months from Q3 FY2026 release
A doubling to the 2023 peak, then a quarter given back.

Net sales and revenues were $45,684 million in the fiscal year to 2 November 20253. Equipment net sales were $38,917 million: production and precision agriculture $17,311 million, construction and forestry $11,382 million and small agriculture and turf $10,224 million4. Finance and interest income, earned mostly by Deere's captive bank, was $5,748 million5. The United States produced 52.5% of revenue6. Net income was $5,027 million, or $18.50 a diluted share7.

That was half of the peak. In fiscal 2023 Deere earned $10,166 million on $61,251 million of revenue8; net income has fallen 50.6% since9. Farmers deferred purchases as crop prices fell and interest rates rose, and the large-machine segment's U.S. sales fell 44%10.

The accounts hide the quality of the business. A bank with $70,021 million of assets sits inside the group11, so consolidated return on invested capital was 6.34%12. The equipment business alone earned an operating return on operating assets of 21.7% in what its compensation committee calls a year of "below trough sales"13.

The latest quarter, to 2 August 2026, brought net income of $1,379 million, up 7%14, and guidance raised to $4.75 billion to $5.00 billion for the year15. In July Deere settled the FTC's right-to-repair suit with a ten-year order to share repair tools with independent shops16. At $687.00 on 2 October 2026 the market value was $185.23 billion17, about 38 times trailing earnings18.

Deere was a much smaller company a decade ago. Net sales and revenues were $28,862.8 million in fiscal 2015 and $26,644.0 million in fiscal 2016, with net income of $1,940.0 million and $1,523.9 million19. Total assets have since risen from $57,918 million to $105,996 million, most of it in the finance arm20. Deere has one class of stock and no controlling holder; the largest owners at the 2026 record date were Cascade Investment with 8.74%, Vanguard with 8.01% and BlackRock with 6.36%21. It employed about 73,100 people at the fiscal 2025 year end, 27,000 of them in the U.S.22.

The verdict: a wide moat built on dealers, financing and technology, at the bottom of a cycle and priced for the recovery. What would falsify it is the trough return. An operating return on equipment assets below 18% at the bottom of a cycle would end the claim of a structurally better Deere.

The number that tests this moat
Reported
Revenue, and where it comes from
$45.68bn in FY2025 (-11.7%): Production & Precision Ag $17.31bn, Construction & Forestry $11.38bn, Small Ag & Turf $10.22bn, finance and interest income $5.75bn, other income $1.02bn; U.S. 52.5%

No customer disclosed; the swing factor is large farm machines (45% of equipment sales). Watch PPA sales growth (-6% in Q3 FY2026) and the FY2026 guide of $4.75-5.00bn net income.

Source: Deere & Company Form 10-K, FY2025 ↗
Moat scorecardHow ratings work →
Switching costs7/10
Network effects5/10
Pricing power7/10
Hard to replicate9/10
Disruption resistance6/10
Overall durability8/10

Switching costs are real but not contractual: a farmer's dealer, financing, field data and trained operators all favour staying with Deere, and the FTC order weakens the repair part of that. Network effects are modest, coming from the dealer density and the connected-acre data rather than from users. Pricing power is visible in positive price realization at the bottom of the cycle, partly supported by incentives and subsidised credit. The dealer network and captive bank are very hard to replicate. Disruption resistance is moderate: technology start-ups and data rules could loosen the hold, and Deere has so far bought its small rivals. Durability sits in the wide band.

Dig deeper
DIG DEEPER 01
The Revenue Lines
Deere's four revenue lines are three equipment segments that rise and fall with the cycle and a bank that earned more as they earned less.
DIG DEEPER 02
The Moat
Deere earns about 21% on its equipment assets even at the trough, but its own bank drags the consolidated return to about 6%.
DIG DEEPER 03
Competitors
Deere dominates its farm rivals, challenges Caterpillar in construction, must now equip independent repair shops, and loses every downturn to the…
DIG DEEPER 04
Major Clients
Deere has no customer worth naming; its concentration is the North American farm economy, where 89% of its loans sit.
✦ Future bets — beyond today's moat
✦ FUTURE BET 01
The Future Bets
Deere's future bets are a called bottom, a push to charge for technology as a service, a mixed-fleet software purchase and a construction upturn, all…
⚠ Threats to the moat
⚠ THREAT 01
Thirty-Eight Times the Bottom
Deere trades at about 38 times trough earnings, 18 times its 2023 peak, after a 52% rise in a year with earnings flat.
⚠ THREAT 02
Farm Incomes Decide the Order Book
Deere's largest segment rises and falls with farm profits, and its own outlook still has U.S. large-ag industry sales down 15-20% in fiscal 2026.
◆ What the market may be missing
◆ THE VARIANT VIEW
What the Market Isn't Pricing In
Deere's fiscal 2026 profit floor is being held up by small tractors and construction, not by the large farm machines the market is waiting on.
◆ THE VARIANT VIEW
Inside the Latest Quarter (Q3 FY2026)
Deere's third quarter beat on price, small tractors and construction, while large-machine sales still fell 6%.
References
  1. ReportedJohn Deere has manufactured agricultural equipment since 1837.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - Item 1 business: dealers, distribution, parts, used-equipment trade-ins, sales incentives and manufacturing. — FY2025 · publ. 18 December 2025 · source ↗
  2. ReportedIt sells through independent dealers, about 2,050 locations in the U.S. and Canada and dealers and distributors in over 100 countries, and lends to the people who buy from them.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - human capital: employees, unions and the UAW agreement, and the selected-data employee series. — FY2025 · publ. 18 December 2025 · source ↗
  3. ReportedNet sales and revenues were $45,684 million in the fiscal year to 2 November 2025.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - selected financial data, MD&A and the supplemental consolidating data for equipment operations and financial services. — FY2025 · publ. 18 December 2025 · source ↗
  4. ReportedEquipment net sales were $38,917 million: production and precision agriculture $17,311 million, construction and forestry $11,382 million and small agriculture and turf $10,224 million.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - segment net sales and operating profit (Note 27), revenue by product line and geography (Note 5), backlog and goodwill. — FY2025 · publ. 18 December 2025 · source ↗
  5. ReportedFinance and interest income, earned mostly by Deere's captive bank, was $5,748 million.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - Financial Services: John Deere Capital Corporation, financing receivables, credit quality, interest-free periods, the support agreement and Banco John Deere. — FY2025 · publ. 18 December 2025 · source ↗
  6. Moat Explorer calcThe United States produced 52.5% of revenue.
    Moat Explorer calculation from Deere & Company reported figures ($ millions unless stated; fiscal years end on the Sunday nearest 31 October). Cycle: net income FY2025 over FY2023 5,027 / 10,166 - 1 = -50.6%; net sales and revenues 45,684 / 61,251 - 1 = -25.4%; FY2025 over FY2024 45,684 / 51,716 - 1 = -11.7%; equipment net sales 38,917 / 55,565 - 1 = -30.0%; Production & Precision Ag sales 17,311 / 26,790 - 1 = -35.4%, FY2025 over FY2024 17,311 / 20,834 - 1 = -16.9%; Small Ag & Turf 10,224 / 13,980 - 1 = -26.9%; Construction & Forestry 11,382 / 14,795 - 1 = -23.1%; PPA operating profit 2,671 / 6,996 - 1 = -61.8%; PPA sales 2020-2023 26,790 / 12,962 = 2.07 times, more than double; PPA U.S. net sales and revenues 7,753 / 13,917 - 1 = -44.3%; U.S. net sales and revenues 23,974 / 34,105 - 1 = -29.7%; Latin America 5,607 / 8,197 - 1 = -31.6%; production agriculture product line 16,960 / 26,450 - 1 = -35.9%; roadbuilding 3,552 / 3,794 - 1 = -6.4%; roadbuilding over Construction & Forestry net sales 3,552 / 11,382 = 31.2%. Construction & Forestry product lines FY2023 to FY2025: construction 4,570 / 6,842 - 1 = -33.2%; compact construction 1,922 / 2,451 - 1 = -21.6%; forestry 1,124 / 1,429 - 1 = -21.3%; roadbuilding -6.4%. Segment margins (operating profit over segment net sales): PPA 2020 1,969 / 12,962 = 15.2%; 2021 3,334 / 16,509 = 20.2%; 2022 4,386 / 22,002 = 19.9%; 2023 6,996 / 26,790 = 26.1%; 2024 4,514 / 20,834 = 21.7%; 2025 2,671 / 17,311 = 15.4%. SAT 2020 1,000 / 9,363 = 10.7%; 2021 2,045 / 11,860 = 17.2%; 2022 1,949 / 13,381 = 14.6%; 2023 2,472 / 13,980 = 17.7%; 2024 1,627 / 10,969 = 14.8%; 2025 1,207 / 10,224 = 11.8%. CF 2020 590 / 8,947 = 6.6%; 2021 1,489 / 11,368 = 13.1%; 2022 2,014 / 12,534 = 16.1%; 2023 2,695 / 14,795 = 18.2%; 2024 2,009 / 12,956 = 15.5%; 2025 1,028 / 11,382 = 9.0%. Equipment operations operating profit 2,671 + 1,207 + 1,028 = 4,906 (FY2025), 4,514 + 1,627 + 2,009 = 8,150 (FY2024), 6,996 + 2,472 + 2,695 = 12,163 (FY2023); equipment operating margin 4,906 / 38,917 = 12.6%, 8,150 / 44,759 = 18.2%, 12,163 / 55,565 = 21.9%; first nine months FY2026 (1,372 + 1,538 + 1,134 = 4,044) / 30,779 = 13.1%; Q3 FY2026 527 + 622 + 436 = 1,585 against Q3 FY2025 580 + 485 + 237 = 1,302, an increase of 283. Nine-month operating profit change: PPA 1,372 / 2,066 - 1 = -33.6%; SAT 1,538 / 1,182 - 1 = +30.1%; CF 1,134 / 681 - 1 = +66.5%. PPA share of segment operating profit FY2023 6,996 / 12,958 = 54.0%; FY2025 2,671 / 6,020 = 44.4%. FS segment operating profit 1,114 / 795 - 1 = +40.1%. Equipment gross margin (net sales less consolidated cost of sales): FY2023 55,565 - 37,715 = 17,850, / 55,565 = 32.1%; FY2024 (44,759 - 30,775) / 44,759 = 31.2%; FY2025 38,917 - 28,159 = 10,758, / 38,917 = 27.6%. Equipment share of net sales and revenues 38,917 / 45,684 = 85.2% (FY2025); 55,565 / 61,251 = 90.7% (FY2023). Financial Services band (total net sales and revenues less equipment net sales): 2020 35,540 - (12,962 + 9,363 + 8,947 = 31,272) = 4,268; 2021 44,024 - (16,509 + 11,860 + 11,368 = 39,737) = 4,287; 2022 52,577 - (22,002 + 13,381 + 12,534 = 47,917) = 4,660; 2023 61,251 - 55,565 = 5,686; 2024 51,716 - 44,759 = 6,957; 2025 45,684 - 38,917 = 6,767 = finance and interest income 5,748 + other income 1,019; share of revenue 6,767 / 45,684 = 14.8% (FY2025), 5,686 / 61,251 = 9.3% (FY2023). Financial Services share of consolidated assets 70,021 / 105,996 = 66.1%; share of net income 890 / 5,027 = 17.7%; return on equity 890 / ((7,069 + 7,454) / 2 = 7,262) = 12.3%; Financial Services borrowings 13,382 + 6,595 + 34,788 = 54,765; consolidated borrowings 13,796 + 6,596 + 43,544 = 63,936; FS share 54,765 / 63,936 = 85.7%; Financial Services equity over assets 7,069 / 70,021 = 10.1%, about a tenth (debt to equity 8.6 to 1). Interest compensation to Financial Services 414 / 687 - 1 = -39.7%. Financing receivables 44,575 (about $44.6bn) / 23,702 = 1.88 times. Write-offs six months FY2026 150 / 44,575 = 0.3%. Equipment operations: net debt 9,171 - 6,557 = 2,614 (FY2025); 2,614 / 4,137 = 0.63 years of net income, less than eight months; return on invested capital estimate FY2025 (4,137 + 372 x 0.8 = 4,435) / (18,887 + 9,171 - 6,557 = 21,501) = 20.6%; FY2024 (6,404 + 396 x 0.8 = 6,721) / (15,389 + 7,516 - 5,740 = 17,165) = 39.2%; 20% tax on interest is an approximation. Equipment operations cash flow 5,100 / 11,919 - 1 = -57.2%. Costs and people: R&D over equipment net sales 2,177 / 55,565 = 3.9% (FY2023), 2,290 / 44,759 = 5.1% (FY2024), 2,311 / 38,917 = 5.9% (FY2025), 1,704 / 30,779 = 5.5% (nine months FY2026); nine-month R&D 1,704 / 1,631 - 1 = +4.5%; R&D at the FY2023 ratio 38,917 x 3.9% = about 1,520, difference 2,311 - 1,520 = about 790, about 2 points of 38,917. Employees 82,956 - 73,146 = 9,810, about 9,800, 9,810 / 82,956 = 11.8%. Tariff cost about 600 / 4,906 = 12.2% of equipment operating profit; 1,100 / 4,906 = 22%, about a fifth. Trade receivables 7,723 / 6,103 - 1 = +26.5%. Wirtgen first-year operating profit 116 / 5,327 = 2.2%; CF operating profit 1,028 / 5,327 = 19.3%, about a fifth; CF goodwill 3,051 / 4,188 = 72.9%. Tenna goodwill 286 / 439 = 65%. Backlog CF 3.8 / 2.2 - 1 = +73%. Engaged acres per connected machine 520 million / 1.2 million = about 433. Capital returns: cash returned FY2023 dividends paid 1,427 + repurchases 7,216 = 8,643; FY2025 1,720 + 1,138 = 2,858; 2,858 / 8,643 - 1 = -66.9%; diluted shares 271.7 / 316.6 - 1 = -14.2%; dividend payout 6.48 / 18.50 = 35.0%. Fiscal 2016 net margin 1,523.9 / 26,644.0 = 5.7%. Diluted EPS FY2025 over FY2023 18.50 / 34.63 - 1 = -46.6%. Equipment segment identifiable assets 8,787 + 3,987 + 7,792 = 20,566, over Financial Services 70,021 = 29.4%, less than a third. Valuation: trailing twelve months to 2 August 2026 net sales and revenues 45,684 - 33,290 + 35,589 = 47,983; net income 5,027 - 3,962 + 3,808 = 4,873; diluted EPS 18.50 - 14.57 + 14.06 = 17.99; P/E 185,230 / 4,873 = 38.0; P/S 185,230 / 47,983 = 3.86; market value over FY2023 net income 185,230 / 10,166 = 18.2 times; market value change since FY2025 year end 185,230 / 124,792 - 1 = +48.4%; trailing net income 4,873 / 5,027 - 1 = -3.1%; analyst target 691.83 / 687.00 - 1 = +0.7%; Deere over CNH and AGCO 185.23 / (16.67 + 8.03 = 24.70) = 7.5 times; Deere over Caterpillar 185.23 / 388.62 = 47.7%, about half; Caterpillar over Deere 388.62 / 185.23 = 2.1 times. Year-end P/E and P/S: 2015 24.15bn / 1,940 = 12.45, / 28,863 = 0.837; 2016 32.65 / 1,524 = 21.42, / 26,644 = 1.225; 2017 50.49 / 2,159 = 23.39, / 29,738 = 1.698; 2018 47.52 / 2,368 = 20.07, / 37,358 = 1.272; 2019 54.28 / 3,253 = 16.69, / 39,258 = 1.383; 2020 84.31 / 2,751 = 30.65, / 35,540 = 2.372; 2021 106.137 / 5,963 = 17.80, / 44,024 = 2.411; 2022 119.777 / 7,131 = 16.80, / 52,577 = 2.278; 2023 104.011 / 10,166 = 10.23, / 61,251 = 1.698; 2024 111.610 / 7,100 = 15.72, / 51,716 = 2.158; 2025 124.792 / 5,027 = 24.82, / 45,684 = 2.732. Guidance: fiscal 2026 net income midpoints (4,000 + 4,750) / 2 = 4,375 (November 2025); (4,500 + 5,000) / 2 = 4,750 (February and May 2026); (4,750 + 5,000) / 2 = 4,875, $4.875bn (August 2026); 4,875 / 5,027 - 1 = -3.0%; nine months 3,808 / 4,875 = 78.1%; implied fourth quarter 4,750 - 3,808 = 942 to 5,000 - 3,808 = 1,192. U.S. share of net sales and revenues 23,974 / 45,684 = 52.5% (FY2025), 34,105 / 61,251 = 55.7% (FY2023) - cycle, costs, people, capital returns and geography. — FY2015-Q3 FY2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Deere & Company Forms 10-K, 10-Q, results releases, the 2026 proxy statement, the Q3 FY2026 call, and stockanalysis.com market data; each operand is stated in the source line.
  7. ReportedNet income was $5,027 million, or $18.50 a diluted share.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - selected financial data, MD&A and the supplemental consolidating data for equipment operations and financial services. — FY2025 · publ. 18 December 2025 · source ↗
  8. ReportedIn fiscal 2023 Deere earned $10,166 million on $61,251 million of revenue; net income has fallen 50.6% since.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - selected financial data, MD&A and the supplemental consolidating data for equipment operations and financial services. — FY2025 · publ. 18 December 2025 · source ↗
  9. Moat Explorer calcIn fiscal 2023 Deere earned $10,166 million on $61,251 million of revenue; net income has fallen 50.6% since.
    Moat Explorer calculation from Deere & Company reported figures ($ millions unless stated; fiscal years end on the Sunday nearest 31 October). Cycle: net income FY2025 over FY2023 5,027 / 10,166 - 1 = -50.6%; net sales and revenues 45,684 / 61,251 - 1 = -25.4%; FY2025 over FY2024 45,684 / 51,716 - 1 = -11.7%; equipment net sales 38,917 / 55,565 - 1 = -30.0%; Production & Precision Ag sales 17,311 / 26,790 - 1 = -35.4%, FY2025 over FY2024 17,311 / 20,834 - 1 = -16.9%; Small Ag & Turf 10,224 / 13,980 - 1 = -26.9%; Construction & Forestry 11,382 / 14,795 - 1 = -23.1%; PPA operating profit 2,671 / 6,996 - 1 = -61.8%; PPA sales 2020-2023 26,790 / 12,962 = 2.07 times, more than double; PPA U.S. net sales and revenues 7,753 / 13,917 - 1 = -44.3%; U.S. net sales and revenues 23,974 / 34,105 - 1 = -29.7%; Latin America 5,607 / 8,197 - 1 = -31.6%; production agriculture product line 16,960 / 26,450 - 1 = -35.9%; roadbuilding 3,552 / 3,794 - 1 = -6.4%; roadbuilding over Construction & Forestry net sales 3,552 / 11,382 = 31.2%. Construction & Forestry product lines FY2023 to FY2025: construction 4,570 / 6,842 - 1 = -33.2%; compact construction 1,922 / 2,451 - 1 = -21.6%; forestry 1,124 / 1,429 - 1 = -21.3%; roadbuilding -6.4%. Segment margins (operating profit over segment net sales): PPA 2020 1,969 / 12,962 = 15.2%; 2021 3,334 / 16,509 = 20.2%; 2022 4,386 / 22,002 = 19.9%; 2023 6,996 / 26,790 = 26.1%; 2024 4,514 / 20,834 = 21.7%; 2025 2,671 / 17,311 = 15.4%. SAT 2020 1,000 / 9,363 = 10.7%; 2021 2,045 / 11,860 = 17.2%; 2022 1,949 / 13,381 = 14.6%; 2023 2,472 / 13,980 = 17.7%; 2024 1,627 / 10,969 = 14.8%; 2025 1,207 / 10,224 = 11.8%. CF 2020 590 / 8,947 = 6.6%; 2021 1,489 / 11,368 = 13.1%; 2022 2,014 / 12,534 = 16.1%; 2023 2,695 / 14,795 = 18.2%; 2024 2,009 / 12,956 = 15.5%; 2025 1,028 / 11,382 = 9.0%. Equipment operations operating profit 2,671 + 1,207 + 1,028 = 4,906 (FY2025), 4,514 + 1,627 + 2,009 = 8,150 (FY2024), 6,996 + 2,472 + 2,695 = 12,163 (FY2023); equipment operating margin 4,906 / 38,917 = 12.6%, 8,150 / 44,759 = 18.2%, 12,163 / 55,565 = 21.9%; first nine months FY2026 (1,372 + 1,538 + 1,134 = 4,044) / 30,779 = 13.1%; Q3 FY2026 527 + 622 + 436 = 1,585 against Q3 FY2025 580 + 485 + 237 = 1,302, an increase of 283. Nine-month operating profit change: PPA 1,372 / 2,066 - 1 = -33.6%; SAT 1,538 / 1,182 - 1 = +30.1%; CF 1,134 / 681 - 1 = +66.5%. PPA share of segment operating profit FY2023 6,996 / 12,958 = 54.0%; FY2025 2,671 / 6,020 = 44.4%. FS segment operating profit 1,114 / 795 - 1 = +40.1%. Equipment gross margin (net sales less consolidated cost of sales): FY2023 55,565 - 37,715 = 17,850, / 55,565 = 32.1%; FY2024 (44,759 - 30,775) / 44,759 = 31.2%; FY2025 38,917 - 28,159 = 10,758, / 38,917 = 27.6%. Equipment share of net sales and revenues 38,917 / 45,684 = 85.2% (FY2025); 55,565 / 61,251 = 90.7% (FY2023). Financial Services band (total net sales and revenues less equipment net sales): 2020 35,540 - (12,962 + 9,363 + 8,947 = 31,272) = 4,268; 2021 44,024 - (16,509 + 11,860 + 11,368 = 39,737) = 4,287; 2022 52,577 - (22,002 + 13,381 + 12,534 = 47,917) = 4,660; 2023 61,251 - 55,565 = 5,686; 2024 51,716 - 44,759 = 6,957; 2025 45,684 - 38,917 = 6,767 = finance and interest income 5,748 + other income 1,019; share of revenue 6,767 / 45,684 = 14.8% (FY2025), 5,686 / 61,251 = 9.3% (FY2023). Financial Services share of consolidated assets 70,021 / 105,996 = 66.1%; share of net income 890 / 5,027 = 17.7%; return on equity 890 / ((7,069 + 7,454) / 2 = 7,262) = 12.3%; Financial Services borrowings 13,382 + 6,595 + 34,788 = 54,765; consolidated borrowings 13,796 + 6,596 + 43,544 = 63,936; FS share 54,765 / 63,936 = 85.7%; Financial Services equity over assets 7,069 / 70,021 = 10.1%, about a tenth (debt to equity 8.6 to 1). Interest compensation to Financial Services 414 / 687 - 1 = -39.7%. Financing receivables 44,575 (about $44.6bn) / 23,702 = 1.88 times. Write-offs six months FY2026 150 / 44,575 = 0.3%. Equipment operations: net debt 9,171 - 6,557 = 2,614 (FY2025); 2,614 / 4,137 = 0.63 years of net income, less than eight months; return on invested capital estimate FY2025 (4,137 + 372 x 0.8 = 4,435) / (18,887 + 9,171 - 6,557 = 21,501) = 20.6%; FY2024 (6,404 + 396 x 0.8 = 6,721) / (15,389 + 7,516 - 5,740 = 17,165) = 39.2%; 20% tax on interest is an approximation. Equipment operations cash flow 5,100 / 11,919 - 1 = -57.2%. Costs and people: R&D over equipment net sales 2,177 / 55,565 = 3.9% (FY2023), 2,290 / 44,759 = 5.1% (FY2024), 2,311 / 38,917 = 5.9% (FY2025), 1,704 / 30,779 = 5.5% (nine months FY2026); nine-month R&D 1,704 / 1,631 - 1 = +4.5%; R&D at the FY2023 ratio 38,917 x 3.9% = about 1,520, difference 2,311 - 1,520 = about 790, about 2 points of 38,917. Employees 82,956 - 73,146 = 9,810, about 9,800, 9,810 / 82,956 = 11.8%. Tariff cost about 600 / 4,906 = 12.2% of equipment operating profit; 1,100 / 4,906 = 22%, about a fifth. Trade receivables 7,723 / 6,103 - 1 = +26.5%. Wirtgen first-year operating profit 116 / 5,327 = 2.2%; CF operating profit 1,028 / 5,327 = 19.3%, about a fifth; CF goodwill 3,051 / 4,188 = 72.9%. Tenna goodwill 286 / 439 = 65%. Backlog CF 3.8 / 2.2 - 1 = +73%. Engaged acres per connected machine 520 million / 1.2 million = about 433. Capital returns: cash returned FY2023 dividends paid 1,427 + repurchases 7,216 = 8,643; FY2025 1,720 + 1,138 = 2,858; 2,858 / 8,643 - 1 = -66.9%; diluted shares 271.7 / 316.6 - 1 = -14.2%; dividend payout 6.48 / 18.50 = 35.0%. Fiscal 2016 net margin 1,523.9 / 26,644.0 = 5.7%. Diluted EPS FY2025 over FY2023 18.50 / 34.63 - 1 = -46.6%. Equipment segment identifiable assets 8,787 + 3,987 + 7,792 = 20,566, over Financial Services 70,021 = 29.4%, less than a third. Valuation: trailing twelve months to 2 August 2026 net sales and revenues 45,684 - 33,290 + 35,589 = 47,983; net income 5,027 - 3,962 + 3,808 = 4,873; diluted EPS 18.50 - 14.57 + 14.06 = 17.99; P/E 185,230 / 4,873 = 38.0; P/S 185,230 / 47,983 = 3.86; market value over FY2023 net income 185,230 / 10,166 = 18.2 times; market value change since FY2025 year end 185,230 / 124,792 - 1 = +48.4%; trailing net income 4,873 / 5,027 - 1 = -3.1%; analyst target 691.83 / 687.00 - 1 = +0.7%; Deere over CNH and AGCO 185.23 / (16.67 + 8.03 = 24.70) = 7.5 times; Deere over Caterpillar 185.23 / 388.62 = 47.7%, about half; Caterpillar over Deere 388.62 / 185.23 = 2.1 times. Year-end P/E and P/S: 2015 24.15bn / 1,940 = 12.45, / 28,863 = 0.837; 2016 32.65 / 1,524 = 21.42, / 26,644 = 1.225; 2017 50.49 / 2,159 = 23.39, / 29,738 = 1.698; 2018 47.52 / 2,368 = 20.07, / 37,358 = 1.272; 2019 54.28 / 3,253 = 16.69, / 39,258 = 1.383; 2020 84.31 / 2,751 = 30.65, / 35,540 = 2.372; 2021 106.137 / 5,963 = 17.80, / 44,024 = 2.411; 2022 119.777 / 7,131 = 16.80, / 52,577 = 2.278; 2023 104.011 / 10,166 = 10.23, / 61,251 = 1.698; 2024 111.610 / 7,100 = 15.72, / 51,716 = 2.158; 2025 124.792 / 5,027 = 24.82, / 45,684 = 2.732. Guidance: fiscal 2026 net income midpoints (4,000 + 4,750) / 2 = 4,375 (November 2025); (4,500 + 5,000) / 2 = 4,750 (February and May 2026); (4,750 + 5,000) / 2 = 4,875, $4.875bn (August 2026); 4,875 / 5,027 - 1 = -3.0%; nine months 3,808 / 4,875 = 78.1%; implied fourth quarter 4,750 - 3,808 = 942 to 5,000 - 3,808 = 1,192. U.S. share of net sales and revenues 23,974 / 45,684 = 52.5% (FY2025), 34,105 / 61,251 = 55.7% (FY2023) - cycle, costs, people, capital returns and geography. — FY2015-Q3 FY2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Deere & Company Forms 10-K, 10-Q, results releases, the 2026 proxy statement, the Q3 FY2026 call, and stockanalysis.com market data; each operand is stated in the source line.
  10. Moat Explorer calcFarmers deferred purchases as crop prices fell and interest rates rose, and the large-machine segment's U.S. sales fell 44%.
    Moat Explorer calculation from Deere & Company reported figures ($ millions unless stated; fiscal years end on the Sunday nearest 31 October). Cycle: net income FY2025 over FY2023 5,027 / 10,166 - 1 = -50.6%; net sales and revenues 45,684 / 61,251 - 1 = -25.4%; FY2025 over FY2024 45,684 / 51,716 - 1 = -11.7%; equipment net sales 38,917 / 55,565 - 1 = -30.0%; Production & Precision Ag sales 17,311 / 26,790 - 1 = -35.4%, FY2025 over FY2024 17,311 / 20,834 - 1 = -16.9%; Small Ag & Turf 10,224 / 13,980 - 1 = -26.9%; Construction & Forestry 11,382 / 14,795 - 1 = -23.1%; PPA operating profit 2,671 / 6,996 - 1 = -61.8%; PPA sales 2020-2023 26,790 / 12,962 = 2.07 times, more than double; PPA U.S. net sales and revenues 7,753 / 13,917 - 1 = -44.3%; U.S. net sales and revenues 23,974 / 34,105 - 1 = -29.7%; Latin America 5,607 / 8,197 - 1 = -31.6%; production agriculture product line 16,960 / 26,450 - 1 = -35.9%; roadbuilding 3,552 / 3,794 - 1 = -6.4%; roadbuilding over Construction & Forestry net sales 3,552 / 11,382 = 31.2%. Construction & Forestry product lines FY2023 to FY2025: construction 4,570 / 6,842 - 1 = -33.2%; compact construction 1,922 / 2,451 - 1 = -21.6%; forestry 1,124 / 1,429 - 1 = -21.3%; roadbuilding -6.4%. Segment margins (operating profit over segment net sales): PPA 2020 1,969 / 12,962 = 15.2%; 2021 3,334 / 16,509 = 20.2%; 2022 4,386 / 22,002 = 19.9%; 2023 6,996 / 26,790 = 26.1%; 2024 4,514 / 20,834 = 21.7%; 2025 2,671 / 17,311 = 15.4%. SAT 2020 1,000 / 9,363 = 10.7%; 2021 2,045 / 11,860 = 17.2%; 2022 1,949 / 13,381 = 14.6%; 2023 2,472 / 13,980 = 17.7%; 2024 1,627 / 10,969 = 14.8%; 2025 1,207 / 10,224 = 11.8%. CF 2020 590 / 8,947 = 6.6%; 2021 1,489 / 11,368 = 13.1%; 2022 2,014 / 12,534 = 16.1%; 2023 2,695 / 14,795 = 18.2%; 2024 2,009 / 12,956 = 15.5%; 2025 1,028 / 11,382 = 9.0%. Equipment operations operating profit 2,671 + 1,207 + 1,028 = 4,906 (FY2025), 4,514 + 1,627 + 2,009 = 8,150 (FY2024), 6,996 + 2,472 + 2,695 = 12,163 (FY2023); equipment operating margin 4,906 / 38,917 = 12.6%, 8,150 / 44,759 = 18.2%, 12,163 / 55,565 = 21.9%; first nine months FY2026 (1,372 + 1,538 + 1,134 = 4,044) / 30,779 = 13.1%; Q3 FY2026 527 + 622 + 436 = 1,585 against Q3 FY2025 580 + 485 + 237 = 1,302, an increase of 283. Nine-month operating profit change: PPA 1,372 / 2,066 - 1 = -33.6%; SAT 1,538 / 1,182 - 1 = +30.1%; CF 1,134 / 681 - 1 = +66.5%. PPA share of segment operating profit FY2023 6,996 / 12,958 = 54.0%; FY2025 2,671 / 6,020 = 44.4%. FS segment operating profit 1,114 / 795 - 1 = +40.1%. Equipment gross margin (net sales less consolidated cost of sales): FY2023 55,565 - 37,715 = 17,850, / 55,565 = 32.1%; FY2024 (44,759 - 30,775) / 44,759 = 31.2%; FY2025 38,917 - 28,159 = 10,758, / 38,917 = 27.6%. Equipment share of net sales and revenues 38,917 / 45,684 = 85.2% (FY2025); 55,565 / 61,251 = 90.7% (FY2023). Financial Services band (total net sales and revenues less equipment net sales): 2020 35,540 - (12,962 + 9,363 + 8,947 = 31,272) = 4,268; 2021 44,024 - (16,509 + 11,860 + 11,368 = 39,737) = 4,287; 2022 52,577 - (22,002 + 13,381 + 12,534 = 47,917) = 4,660; 2023 61,251 - 55,565 = 5,686; 2024 51,716 - 44,759 = 6,957; 2025 45,684 - 38,917 = 6,767 = finance and interest income 5,748 + other income 1,019; share of revenue 6,767 / 45,684 = 14.8% (FY2025), 5,686 / 61,251 = 9.3% (FY2023). Financial Services share of consolidated assets 70,021 / 105,996 = 66.1%; share of net income 890 / 5,027 = 17.7%; return on equity 890 / ((7,069 + 7,454) / 2 = 7,262) = 12.3%; Financial Services borrowings 13,382 + 6,595 + 34,788 = 54,765; consolidated borrowings 13,796 + 6,596 + 43,544 = 63,936; FS share 54,765 / 63,936 = 85.7%; Financial Services equity over assets 7,069 / 70,021 = 10.1%, about a tenth (debt to equity 8.6 to 1). Interest compensation to Financial Services 414 / 687 - 1 = -39.7%. Financing receivables 44,575 (about $44.6bn) / 23,702 = 1.88 times. Write-offs six months FY2026 150 / 44,575 = 0.3%. Equipment operations: net debt 9,171 - 6,557 = 2,614 (FY2025); 2,614 / 4,137 = 0.63 years of net income, less than eight months; return on invested capital estimate FY2025 (4,137 + 372 x 0.8 = 4,435) / (18,887 + 9,171 - 6,557 = 21,501) = 20.6%; FY2024 (6,404 + 396 x 0.8 = 6,721) / (15,389 + 7,516 - 5,740 = 17,165) = 39.2%; 20% tax on interest is an approximation. Equipment operations cash flow 5,100 / 11,919 - 1 = -57.2%. Costs and people: R&D over equipment net sales 2,177 / 55,565 = 3.9% (FY2023), 2,290 / 44,759 = 5.1% (FY2024), 2,311 / 38,917 = 5.9% (FY2025), 1,704 / 30,779 = 5.5% (nine months FY2026); nine-month R&D 1,704 / 1,631 - 1 = +4.5%; R&D at the FY2023 ratio 38,917 x 3.9% = about 1,520, difference 2,311 - 1,520 = about 790, about 2 points of 38,917. Employees 82,956 - 73,146 = 9,810, about 9,800, 9,810 / 82,956 = 11.8%. Tariff cost about 600 / 4,906 = 12.2% of equipment operating profit; 1,100 / 4,906 = 22%, about a fifth. Trade receivables 7,723 / 6,103 - 1 = +26.5%. Wirtgen first-year operating profit 116 / 5,327 = 2.2%; CF operating profit 1,028 / 5,327 = 19.3%, about a fifth; CF goodwill 3,051 / 4,188 = 72.9%. Tenna goodwill 286 / 439 = 65%. Backlog CF 3.8 / 2.2 - 1 = +73%. Engaged acres per connected machine 520 million / 1.2 million = about 433. Capital returns: cash returned FY2023 dividends paid 1,427 + repurchases 7,216 = 8,643; FY2025 1,720 + 1,138 = 2,858; 2,858 / 8,643 - 1 = -66.9%; diluted shares 271.7 / 316.6 - 1 = -14.2%; dividend payout 6.48 / 18.50 = 35.0%. Fiscal 2016 net margin 1,523.9 / 26,644.0 = 5.7%. Diluted EPS FY2025 over FY2023 18.50 / 34.63 - 1 = -46.6%. Equipment segment identifiable assets 8,787 + 3,987 + 7,792 = 20,566, over Financial Services 70,021 = 29.4%, less than a third. Valuation: trailing twelve months to 2 August 2026 net sales and revenues 45,684 - 33,290 + 35,589 = 47,983; net income 5,027 - 3,962 + 3,808 = 4,873; diluted EPS 18.50 - 14.57 + 14.06 = 17.99; P/E 185,230 / 4,873 = 38.0; P/S 185,230 / 47,983 = 3.86; market value over FY2023 net income 185,230 / 10,166 = 18.2 times; market value change since FY2025 year end 185,230 / 124,792 - 1 = +48.4%; trailing net income 4,873 / 5,027 - 1 = -3.1%; analyst target 691.83 / 687.00 - 1 = +0.7%; Deere over CNH and AGCO 185.23 / (16.67 + 8.03 = 24.70) = 7.5 times; Deere over Caterpillar 185.23 / 388.62 = 47.7%, about half; Caterpillar over Deere 388.62 / 185.23 = 2.1 times. Year-end P/E and P/S: 2015 24.15bn / 1,940 = 12.45, / 28,863 = 0.837; 2016 32.65 / 1,524 = 21.42, / 26,644 = 1.225; 2017 50.49 / 2,159 = 23.39, / 29,738 = 1.698; 2018 47.52 / 2,368 = 20.07, / 37,358 = 1.272; 2019 54.28 / 3,253 = 16.69, / 39,258 = 1.383; 2020 84.31 / 2,751 = 30.65, / 35,540 = 2.372; 2021 106.137 / 5,963 = 17.80, / 44,024 = 2.411; 2022 119.777 / 7,131 = 16.80, / 52,577 = 2.278; 2023 104.011 / 10,166 = 10.23, / 61,251 = 1.698; 2024 111.610 / 7,100 = 15.72, / 51,716 = 2.158; 2025 124.792 / 5,027 = 24.82, / 45,684 = 2.732. Guidance: fiscal 2026 net income midpoints (4,000 + 4,750) / 2 = 4,375 (November 2025); (4,500 + 5,000) / 2 = 4,750 (February and May 2026); (4,750 + 5,000) / 2 = 4,875, $4.875bn (August 2026); 4,875 / 5,027 - 1 = -3.0%; nine months 3,808 / 4,875 = 78.1%; implied fourth quarter 4,750 - 3,808 = 942 to 5,000 - 3,808 = 1,192. U.S. share of net sales and revenues 23,974 / 45,684 = 52.5% (FY2025), 34,105 / 61,251 = 55.7% (FY2023) - segments, product lines, margins and backlog. — FY2015-Q3 FY2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Deere & Company Forms 10-K, 10-Q, results releases, the 2026 proxy statement, the Q3 FY2026 call, and stockanalysis.com market data; each operand is stated in the source line.
  11. ReportedA bank with $70,021 million of assets sits inside the group, so consolidated return on invested capital was 6.34%.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - Financial Services: John Deere Capital Corporation, financing receivables, credit quality, interest-free periods, the support agreement and Banco John Deere. — FY2025 · publ. 18 December 2025 · source ↗
  12. Third-party estimateA bank with $70,021 million of assets sits inside the group, so consolidated return on invested capital was 6.34%.
    stockanalysis.com, Deere & Company ratios by fiscal year: market value at fiscal year end 106,137 (FY2021), 119,777, 104,011, 111,610, 124,792 (FY2025), $ millions; P/E 17.80, 16.80, 10.23, 15.72, 24.82; return on invested capital 11.05%, 11.78%, 13.91%, 8.88%, 6.34%; return on equity 38.02%, 36.76%, 48.08%, 31.64%, 20.43%. — FY2021-FY2025 · publ. October 2026 · source ↗
  13. ReportedThe equipment business alone earned an operating return on operating assets of 21.7% in what its compensation committee calls a year of "below trough sales".
    Deere & Company proxy statement (DEF 14A), 2026 - OROA of 21.7% and OROS of 12.6% in fiscal 2025 at 76% of mid-cycle, the OROA target grid against fiscal 2015, the 25% LTIC reduction for below-threshold relative TSR, and holders of more than 5%: Cascade Investment 8.74%, Vanguard 8.01%, BlackRock 6.36%. — FY2025 · publ. 14 January 2026 · source ↗
  14. ReportedThe latest quarter, to 2 August 2026, brought net income of $1,379 million, up 7%, and guidance raised to $4.75 billion to $5.00 billion for the year.
    Deere & Company third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - net income, segment results, the industry and segment outlook for fiscal 2026 and net income guidance of $4.75-5.00 billion. — Q3 FY2026 · publ. 20 August 2026 · source ↗
  15. ReportedThe latest quarter, to 2 August 2026, brought net income of $1,379 million, up 7%, and guidance raised to $4.75 billion to $5.00 billion for the year.
    Deere & Company third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - net income, segment results, the industry and segment outlook for fiscal 2026 and net income guidance of $4.75-5.00 billion. — Q3 FY2026 · publ. 20 August 2026 · source ↗
  16. ReportedIn July Deere settled the FTC's right-to-repair suit with a ten-year order to share repair tools with independent shops.
    Federal Trade Commission press release, 8 July 2026 - settlement with Deere & Company and plaintiff states requiring Deere for ten years to provide farmers and independent repair providers with the repair resources it provides to authorized dealers. — July 2026 · publ. 8 July 2026 · source ↗
  17. Third-party estimateAt $687.00 on 2 October 2026 the market value was $185.23 billion, about 38 times trailing earnings.
    stockanalysis.com, Deere & Company quote page, close of 2 October 2026: $687.00, market value $185.23bn, dividend $6.48 (0.94%), 52-week range $433.00-$721.22, 25 analysts with an average target of $691.83. — October 2026 · publ. 2 October 2026 · source ↗
  18. Moat Explorer calcAt $687.00 on 2 October 2026 the market value was $185.23 billion, about 38 times trailing earnings.
    Moat Explorer calculation from Deere & Company reported figures ($ millions unless stated; fiscal years end on the Sunday nearest 31 October). Cycle: net income FY2025 over FY2023 5,027 / 10,166 - 1 = -50.6%; net sales and revenues 45,684 / 61,251 - 1 = -25.4%; FY2025 over FY2024 45,684 / 51,716 - 1 = -11.7%; equipment net sales 38,917 / 55,565 - 1 = -30.0%; Production & Precision Ag sales 17,311 / 26,790 - 1 = -35.4%, FY2025 over FY2024 17,311 / 20,834 - 1 = -16.9%; Small Ag & Turf 10,224 / 13,980 - 1 = -26.9%; Construction & Forestry 11,382 / 14,795 - 1 = -23.1%; PPA operating profit 2,671 / 6,996 - 1 = -61.8%; PPA sales 2020-2023 26,790 / 12,962 = 2.07 times, more than double; PPA U.S. net sales and revenues 7,753 / 13,917 - 1 = -44.3%; U.S. net sales and revenues 23,974 / 34,105 - 1 = -29.7%; Latin America 5,607 / 8,197 - 1 = -31.6%; production agriculture product line 16,960 / 26,450 - 1 = -35.9%; roadbuilding 3,552 / 3,794 - 1 = -6.4%; roadbuilding over Construction & Forestry net sales 3,552 / 11,382 = 31.2%. Construction & Forestry product lines FY2023 to FY2025: construction 4,570 / 6,842 - 1 = -33.2%; compact construction 1,922 / 2,451 - 1 = -21.6%; forestry 1,124 / 1,429 - 1 = -21.3%; roadbuilding -6.4%. Segment margins (operating profit over segment net sales): PPA 2020 1,969 / 12,962 = 15.2%; 2021 3,334 / 16,509 = 20.2%; 2022 4,386 / 22,002 = 19.9%; 2023 6,996 / 26,790 = 26.1%; 2024 4,514 / 20,834 = 21.7%; 2025 2,671 / 17,311 = 15.4%. SAT 2020 1,000 / 9,363 = 10.7%; 2021 2,045 / 11,860 = 17.2%; 2022 1,949 / 13,381 = 14.6%; 2023 2,472 / 13,980 = 17.7%; 2024 1,627 / 10,969 = 14.8%; 2025 1,207 / 10,224 = 11.8%. CF 2020 590 / 8,947 = 6.6%; 2021 1,489 / 11,368 = 13.1%; 2022 2,014 / 12,534 = 16.1%; 2023 2,695 / 14,795 = 18.2%; 2024 2,009 / 12,956 = 15.5%; 2025 1,028 / 11,382 = 9.0%. Equipment operations operating profit 2,671 + 1,207 + 1,028 = 4,906 (FY2025), 4,514 + 1,627 + 2,009 = 8,150 (FY2024), 6,996 + 2,472 + 2,695 = 12,163 (FY2023); equipment operating margin 4,906 / 38,917 = 12.6%, 8,150 / 44,759 = 18.2%, 12,163 / 55,565 = 21.9%; first nine months FY2026 (1,372 + 1,538 + 1,134 = 4,044) / 30,779 = 13.1%; Q3 FY2026 527 + 622 + 436 = 1,585 against Q3 FY2025 580 + 485 + 237 = 1,302, an increase of 283. Nine-month operating profit change: PPA 1,372 / 2,066 - 1 = -33.6%; SAT 1,538 / 1,182 - 1 = +30.1%; CF 1,134 / 681 - 1 = +66.5%. PPA share of segment operating profit FY2023 6,996 / 12,958 = 54.0%; FY2025 2,671 / 6,020 = 44.4%. FS segment operating profit 1,114 / 795 - 1 = +40.1%. Equipment gross margin (net sales less consolidated cost of sales): FY2023 55,565 - 37,715 = 17,850, / 55,565 = 32.1%; FY2024 (44,759 - 30,775) / 44,759 = 31.2%; FY2025 38,917 - 28,159 = 10,758, / 38,917 = 27.6%. Equipment share of net sales and revenues 38,917 / 45,684 = 85.2% (FY2025); 55,565 / 61,251 = 90.7% (FY2023). Financial Services band (total net sales and revenues less equipment net sales): 2020 35,540 - (12,962 + 9,363 + 8,947 = 31,272) = 4,268; 2021 44,024 - (16,509 + 11,860 + 11,368 = 39,737) = 4,287; 2022 52,577 - (22,002 + 13,381 + 12,534 = 47,917) = 4,660; 2023 61,251 - 55,565 = 5,686; 2024 51,716 - 44,759 = 6,957; 2025 45,684 - 38,917 = 6,767 = finance and interest income 5,748 + other income 1,019; share of revenue 6,767 / 45,684 = 14.8% (FY2025), 5,686 / 61,251 = 9.3% (FY2023). Financial Services share of consolidated assets 70,021 / 105,996 = 66.1%; share of net income 890 / 5,027 = 17.7%; return on equity 890 / ((7,069 + 7,454) / 2 = 7,262) = 12.3%; Financial Services borrowings 13,382 + 6,595 + 34,788 = 54,765; consolidated borrowings 13,796 + 6,596 + 43,544 = 63,936; FS share 54,765 / 63,936 = 85.7%; Financial Services equity over assets 7,069 / 70,021 = 10.1%, about a tenth (debt to equity 8.6 to 1). Interest compensation to Financial Services 414 / 687 - 1 = -39.7%. Financing receivables 44,575 (about $44.6bn) / 23,702 = 1.88 times. Write-offs six months FY2026 150 / 44,575 = 0.3%. Equipment operations: net debt 9,171 - 6,557 = 2,614 (FY2025); 2,614 / 4,137 = 0.63 years of net income, less than eight months; return on invested capital estimate FY2025 (4,137 + 372 x 0.8 = 4,435) / (18,887 + 9,171 - 6,557 = 21,501) = 20.6%; FY2024 (6,404 + 396 x 0.8 = 6,721) / (15,389 + 7,516 - 5,740 = 17,165) = 39.2%; 20% tax on interest is an approximation. Equipment operations cash flow 5,100 / 11,919 - 1 = -57.2%. Costs and people: R&D over equipment net sales 2,177 / 55,565 = 3.9% (FY2023), 2,290 / 44,759 = 5.1% (FY2024), 2,311 / 38,917 = 5.9% (FY2025), 1,704 / 30,779 = 5.5% (nine months FY2026); nine-month R&D 1,704 / 1,631 - 1 = +4.5%; R&D at the FY2023 ratio 38,917 x 3.9% = about 1,520, difference 2,311 - 1,520 = about 790, about 2 points of 38,917. Employees 82,956 - 73,146 = 9,810, about 9,800, 9,810 / 82,956 = 11.8%. Tariff cost about 600 / 4,906 = 12.2% of equipment operating profit; 1,100 / 4,906 = 22%, about a fifth. Trade receivables 7,723 / 6,103 - 1 = +26.5%. Wirtgen first-year operating profit 116 / 5,327 = 2.2%; CF operating profit 1,028 / 5,327 = 19.3%, about a fifth; CF goodwill 3,051 / 4,188 = 72.9%. Tenna goodwill 286 / 439 = 65%. Backlog CF 3.8 / 2.2 - 1 = +73%. Engaged acres per connected machine 520 million / 1.2 million = about 433. Capital returns: cash returned FY2023 dividends paid 1,427 + repurchases 7,216 = 8,643; FY2025 1,720 + 1,138 = 2,858; 2,858 / 8,643 - 1 = -66.9%; diluted shares 271.7 / 316.6 - 1 = -14.2%; dividend payout 6.48 / 18.50 = 35.0%. Fiscal 2016 net margin 1,523.9 / 26,644.0 = 5.7%. Diluted EPS FY2025 over FY2023 18.50 / 34.63 - 1 = -46.6%. Equipment segment identifiable assets 8,787 + 3,987 + 7,792 = 20,566, over Financial Services 70,021 = 29.4%, less than a third. Valuation: trailing twelve months to 2 August 2026 net sales and revenues 45,684 - 33,290 + 35,589 = 47,983; net income 5,027 - 3,962 + 3,808 = 4,873; diluted EPS 18.50 - 14.57 + 14.06 = 17.99; P/E 185,230 / 4,873 = 38.0; P/S 185,230 / 47,983 = 3.86; market value over FY2023 net income 185,230 / 10,166 = 18.2 times; market value change since FY2025 year end 185,230 / 124,792 - 1 = +48.4%; trailing net income 4,873 / 5,027 - 1 = -3.1%; analyst target 691.83 / 687.00 - 1 = +0.7%; Deere over CNH and AGCO 185.23 / (16.67 + 8.03 = 24.70) = 7.5 times; Deere over Caterpillar 185.23 / 388.62 = 47.7%, about half; Caterpillar over Deere 388.62 / 185.23 = 2.1 times. Year-end P/E and P/S: 2015 24.15bn / 1,940 = 12.45, / 28,863 = 0.837; 2016 32.65 / 1,524 = 21.42, / 26,644 = 1.225; 2017 50.49 / 2,159 = 23.39, / 29,738 = 1.698; 2018 47.52 / 2,368 = 20.07, / 37,358 = 1.272; 2019 54.28 / 3,253 = 16.69, / 39,258 = 1.383; 2020 84.31 / 2,751 = 30.65, / 35,540 = 2.372; 2021 106.137 / 5,963 = 17.80, / 44,024 = 2.411; 2022 119.777 / 7,131 = 16.80, / 52,577 = 2.278; 2023 104.011 / 10,166 = 10.23, / 61,251 = 1.698; 2024 111.610 / 7,100 = 15.72, / 51,716 = 2.158; 2025 124.792 / 5,027 = 24.82, / 45,684 = 2.732. Guidance: fiscal 2026 net income midpoints (4,000 + 4,750) / 2 = 4,375 (November 2025); (4,500 + 5,000) / 2 = 4,750 (February and May 2026); (4,750 + 5,000) / 2 = 4,875, $4.875bn (August 2026); 4,875 / 5,027 - 1 = -3.0%; nine months 3,808 / 4,875 = 78.1%; implied fourth quarter 4,750 - 3,808 = 942 to 5,000 - 3,808 = 1,192. U.S. share of net sales and revenues 23,974 / 45,684 = 52.5% (FY2025), 34,105 / 61,251 = 55.7% (FY2023) - valuation, peers and guidance. — FY2015-Q3 FY2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Deere & Company Forms 10-K, 10-Q, results releases, the 2026 proxy statement, the Q3 FY2026 call, and stockanalysis.com market data; each operand is stated in the source line.
  19. ReportedNet sales and revenues were $28,862.8 million in fiscal 2015 and $26,644.0 million in fiscal 2016, with net income of $1,940.0 million and $1,523.9 million.
    Deere & Company Form 10-K for fiscal 2016 - net sales and revenues of $28,862.8 million and net income of $1,940.0 million in fiscal 2015, and $26,644.0 million and $1,523.9 million in fiscal 2016. — FY2015-FY2016 · publ. December 2016 · source ↗
  20. ReportedTotal assets have since risen from $57,918 million to $105,996 million, most of it in the finance arm.
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - selected financial data, MD&A and the supplemental consolidating data for equipment operations and financial services. — FY2025 · publ. 18 December 2025 · source ↗
  21. ReportedDeere has one class of stock and no controlling holder; the largest owners at the 2026 record date were Cascade Investment with 8.74%, Vanguard with 8.01% and BlackRock with 6.36%.
    Deere & Company proxy statement (DEF 14A), 2026 - OROA of 21.7% and OROS of 12.6% in fiscal 2025 at 76% of mid-cycle, the OROA target grid against fiscal 2015, the 25% LTIC reduction for below-threshold relative TSR, and holders of more than 5%: Cascade Investment 8.74%, Vanguard 8.01%, BlackRock 6.36%. — FY2025 · publ. 14 January 2026 · source ↗
  22. ReportedIt employed about 73,100 people at the fiscal 2025 year end, 27,000 of them in the U.S..
    Deere & Company Form 10-K for fiscal 2025 (year ended 2 November 2025), $ millions - human capital: employees, unions and the UAW agreement, and the selected-data employee series. — FY2025 · publ. 18 December 2025 · source ↗
Sources
Generated October 5, 2026