Deere & Company

DENYSE

$639.40

Last price · USD

Market cap: $173.7B
P/E: 34.6x
EV / EBITDA: 19.7x
P/S: 3.9x
FCF yield: 1.9%
Div. yield: 0.99%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Deere & Company balance sheet

Annual · USD millions except per-share data · 47 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	8,276	7,324	7,458	4,774	8,017	+0.8%
Short-term investments	1,411	1,154	946	734	728	+18.0%
Cash & short-term investments	9,687	8,478	8,404	5,508	8,745	+2.6%
Net receivables	57,119	58,361	58,750	48,980	42,693	+7.5%
Accounts receivable	5,317	5,326	7,739	6,410	4,208	+6.0%
Other receivables	51,802	53,032	51,008	42,570	38,458	+7.7%
Inventory	7,508	7,199	8,219	8,539	6,836	+2.4%
Prepaids	259	238	167	185	193	+7.6%
Other current assets	329	3,391	829	876	121	+28.4%
Total current assets	74,902	77,667	76,369	64,088	58,588	+6.3%
Non-current assets
Property, plant & equipment (net)	16,152	15,446	14,206	13,097	13,213	+5.1%
Goodwill	4,188	3,959	3,900	3,687	3,291	+6.2%
Intangible assets	1,362	1,503	1,583	1,590	1,557	-3.3%
Goodwill & intangible assets	5,550	5,462	5,483	5,277	4,848	+3.4%
Long-term investments	510	122	126	117	175	+30.7%
Tax assets	2,284	2,086	1,814	824	1,037	+21.8%
Other non-current assets	6,598	6,537	6,089	6,627	6,253	+1.4%
Total non-current assets	31,094	29,653	27,718	25,942	25,526	+5.1%
Total assets	105,996	107,320	104,087	90,030	84,114	+6.0%
Current liabilities
Accounts payable	2,985	2,698	3,467	3,894	3,173	-1.5%
Other payables	1,942	2,276	2,268	1,986	1,863	+1.0%
Total payables	4,927	4,974	5,735	5,880	5,036	-0.5%
Short-term debt	20,353	21,931	24,909	18,282	15,501	+7.0%
Capital lease obligations (current)	353	303	306	323	302	+4.0%
Tax payables	0	1,509	1,558	1,255	933	—
Deferred revenue	1,371	1,239	1,127	956	991	+8.5%
Other current liabilities	120	2,409	1,130	1,342	228	-14.8%
Total current liabilities	32,455	36,409	38,912	31,708	26,341	+5.4%
Non-current liabilities
Long-term debt	43,544	43,229	38,477	33,596	32,888	+7.3%
Capital lease obligations (non-current)	0	0	0	30	40	—
Deferred tax liabilities (non-current)	434	478	520	495	576	-6.8%
Other non-current liabilities	3,556	4,279	4,292	3,874	5,835	-11.6%
Total non-current liabilities	47,534	47,986	43,289	37,965	39,339	+4.8%
Capital lease obligations	353	303	306	353	342	+0.8%
Total debt	63,936	65,463	63,692	52,201	48,731	+7.0%
Total liabilities	79,989	84,395	82,201	69,673	65,680	+5.1%
Stockholders' equity
Common stock	5,668	5,489	5,303	5,165	5,054	+2.9%
Retained earnings	59,676	56,402	50,931	42,247	36,449	+13.1%
Treasury stock	(36,362)	(35,349)	(31,335)	(24,094)	(20,533)	—
Accumulated other comprehensive income (loss)	(3,032)	(3,706)	(3,114)	(3,056)	(2,539)	—
Total stockholders' equity	25,950	22,836	21,785	20,262	18,431	+8.9%
Total equity	26,007	22,925	21,886	20,357	18,434	+9.0%
Minority interest	57	89	101	95	3	+108.8%
Total liabilities & equity	105,996	107,320	104,087	90,030	84,114	+6.0%
Additional fields
Accrued Expenses	5,331	5,553	5,705	4,925	4,283	+5.6%
Net Debt	55,660	58,139	56,234	47,427	40,714	+8.1%
Total Investments	1,921	1,276	1,072	851	903	+20.8%

Deere & Company

DENYSE

$639.40

Last price · USD

Market cap: $173.7B
P/E: 34.6x
EV / EBITDA: 19.7x
P/S: 3.9x
FCF yield: 1.9%
Div. yield: 0.99%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

Deere & Company balance sheet

Annual · USD millions except per-share data · 47 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	8,276	7,324	7,458	4,774	8,017	+0.8%
Short-term investments	1,411	1,154	946	734	728	+18.0%
Cash & short-term investments	9,687	8,478	8,404	5,508	8,745	+2.6%
Net receivables	57,119	58,361	58,750	48,980	42,693	+7.5%
Accounts receivable	5,317	5,326	7,739	6,410	4,208	+6.0%
Other receivables	51,802	53,032	51,008	42,570	38,458	+7.7%
Inventory	7,508	7,199	8,219	8,539	6,836	+2.4%
Prepaids	259	238	167	185	193	+7.6%
Other current assets	329	3,391	829	876	121	+28.4%
Total current assets	74,902	77,667	76,369	64,088	58,588	+6.3%
Non-current assets
Property, plant & equipment (net)	16,152	15,446	14,206	13,097	13,213	+5.1%
Goodwill	4,188	3,959	3,900	3,687	3,291	+6.2%
Intangible assets	1,362	1,503	1,583	1,590	1,557	-3.3%
Goodwill & intangible assets	5,550	5,462	5,483	5,277	4,848	+3.4%
Long-term investments	510	122	126	117	175	+30.7%
Tax assets	2,284	2,086	1,814	824	1,037	+21.8%
Other non-current assets	6,598	6,537	6,089	6,627	6,253	+1.4%
Total non-current assets	31,094	29,653	27,718	25,942	25,526	+5.1%
Total assets	105,996	107,320	104,087	90,030	84,114	+6.0%
Current liabilities
Accounts payable	2,985	2,698	3,467	3,894	3,173	-1.5%
Other payables	1,942	2,276	2,268	1,986	1,863	+1.0%
Total payables	4,927	4,974	5,735	5,880	5,036	-0.5%
Short-term debt	20,353	21,931	24,909	18,282	15,501	+7.0%
Capital lease obligations (current)	353	303	306	323	302	+4.0%
Tax payables	0	1,509	1,558	1,255	933	—
Deferred revenue	1,371	1,239	1,127	956	991	+8.5%
Other current liabilities	120	2,409	1,130	1,342	228	-14.8%
Total current liabilities	32,455	36,409	38,912	31,708	26,341	+5.4%
Non-current liabilities
Long-term debt	43,544	43,229	38,477	33,596	32,888	+7.3%
Capital lease obligations (non-current)	0	0	0	30	40	—
Deferred tax liabilities (non-current)	434	478	520	495	576	-6.8%
Other non-current liabilities	3,556	4,279	4,292	3,874	5,835	-11.6%
Total non-current liabilities	47,534	47,986	43,289	37,965	39,339	+4.8%
Capital lease obligations	353	303	306	353	342	+0.8%
Total debt	63,936	65,463	63,692	52,201	48,731	+7.0%
Total liabilities	79,989	84,395	82,201	69,673	65,680	+5.1%
Stockholders' equity
Common stock	5,668	5,489	5,303	5,165	5,054	+2.9%
Retained earnings	59,676	56,402	50,931	42,247	36,449	+13.1%
Treasury stock	(36,362)	(35,349)	(31,335)	(24,094)	(20,533)	—
Accumulated other comprehensive income (loss)	(3,032)	(3,706)	(3,114)	(3,056)	(2,539)	—
Total stockholders' equity	25,950	22,836	21,785	20,262	18,431	+8.9%
Total equity	26,007	22,925	21,886	20,357	18,434	+9.0%
Minority interest	57	89	101	95	3	+108.8%
Total liabilities & equity	105,996	107,320	104,087	90,030	84,114	+6.0%
Additional fields
Accrued Expenses	5,331	5,553	5,705	4,925	4,283	+5.6%
Net Debt	55,660	58,139	56,234	47,427	40,714	+8.1%
Total Investments	1,921	1,276	1,072	851	903	+20.8%