ADM Farm Products
Archer-Daniels-Midland Company
Archer-Daniels-Midland is a Chicago-based agricultural supply chain manager and processor: it buys crops from thousands of farmers worldwide, moves and stores them, and processes oilseeds, corn, and wheat into vegetable oils, protein meal, sweeteners, starches, ethanol, and food and animal-nutrition ingredients. FY2025 revenue was $80.3 billion, but its business is high-volume and low-margin — net earnings were $1.1 billion. It reports three segments: Ag Services and Oilseeds (77% of revenue), Carbohydrate Solutions (13%), and Nutrition (9%), and owns 22.5% of Singapore-listed Wilmar International. Results fell for a third straight year in 2025 as total segment operating profit dropped 23% to $3.2 billion.
Last updated
Analysis last edited: October 4, 2026 · Financial data fetched: October 3, 2026 15:09 (SEC EDGAR) · Source 10-K filed: February 17, 2026
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
Company profile
- Legal name
- Archer-Daniels-Midland Co
- Headquarters
- CHICAGO, IL
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: ADM
- Industry
- Farm Products
- CIK
- 7084
- Website
- https://www.adm.com/ ↗
- IR page
- https://investors.adm.com/ ↗
Workforce (as of FY2025 year-end)
Employees
41,496
Source: Form 10-K (FY2025) cover page and business description
02
Earnings calendar
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q3 FY2026
Quarter end: September 2026. In past years, Q3 results were released 24–36 days after quarter end (Nov 4, 2025; Nov 5, 2024; Oct 24, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–36 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q2 FY2026 | Jun 30, 2026 | Aug 4, 2026 (+35 days) | Aug 4, 2026 10-Q (+35 days) |
| Q1 FY2026 | Mar 31, 2026 | May 5, 2026 (+35 days) | May 5, 2026 10-Q (+35 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 3, 2026 (+34 days) | Feb 17, 2026 10-K (+48 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 4, 2025 (+35 days) | Nov 4, 2025 10-Q (+35 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 5, 2025 (+36 days) | Aug 5, 2025 10-Q (+36 days) |
| Q1 FY2025 | Mar 31, 2025 | May 6, 2025 (+36 days) | May 6, 2025 10-Q (+36 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 4, 2025 (+35 days) | Feb 20, 2025 10-K (+51 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 5, 2024 (+36 days) | Nov 18, 2024 10-Q (+49 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 30, 2024 (+30 days) | Jul 30, 2024 10-Q (+30 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | Apr 30, 2024 10-Q (+30 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 22, 2024 (+22 days) | Mar 12, 2024 10-K (+72 days) |
| Q3 FY2023 | Sep 30, 2023 | Oct 24, 2023 (+24 days) | Oct 24, 2023 10-Q (+24 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. Fiscal years are labeled by the calendar year in which they end.
03
Flagship products & services
Ag Services and Oilseeds
Vegetable oils and protein meal
Examples: Soybean, canola, sunflower, and cottonseed oil and meal
Used by food, feed, energy, and industrial customers.
Carbohydrate Solutions
Sweeteners, starches, flour, and ethanol
Examples: Syrups, glucose, dextrose, wheat flour, ethanol
From corn and wheat milling.
Nutrition
Human and animal nutrition ingredients
Examples: Natural flavors and colors, plant-based proteins, emulsifiers, fibers, animal feed, pet food
ADM's highest-value ingredients business.
Products are from the FY2025 Form 10-K's Item 1.
04
Recent strategic focus
FY2025 results and restructuring, from the 10-K.
Impairments and restructuring
FY2025 included $257M of impairments tied to its investment strategy for startup companies, a $179M impairment of previously capitalized software, and $40M of legal reserve charges, all treated as specified items.
Source: Form 10-K (FY2025) MD&A
Cash flow rebound
Operating cash flow rose to $5.5B while capital expenditures fell to $1.2B; ADM also acquired a non-GMO crush facility in Hungary (Vandamme) for $125M.
Source: SEC EDGAR XBRL; Form 10-K (FY2025) acquisitions note
Capex ÷ D&A (FY2025)
1.06x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,248M ÷ $1,181M = 1.06x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
0.3%
formularesearch & development expense ÷ revenue × 100
e.g.$246M ÷ $80,269M × 100 = 0.3%
M&A spend (5-year total)
$2.64B
Latest year: $108M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.17B in FY2021 to $1.25B in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
05
Key figures at a glance
FY2021–FY2025, 5 years.
Revenue (FY2025)
$80.27B
As reported in the 10-K
Revenue CAGR (4 years)
-1.5%▼caution
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($80,269M ÷ $85,249M) ^ (1÷4) − 1 = -1.5%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
4.8%▼caution
5-year average: 11.5%
As reported in the 10-K
P/B (FY2025 end)
—
formulaP/E × EPS ÷ BVPS (= period-end share price ÷ book value per share)
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▼
Revenue grew -1.5% a year over 4 years (a shrinking trend)
From $85.25B in FY2021 to $80.27B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Equity ratio is 43.4% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 5 of 5 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 11.5% over 5 years (latest: 4.8%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
06
Business model
Ag Services and Oilseeds
Originates, merchandises, transports, and stores agricultural raw materials, and crushes oilseeds (soybeans, canola, sunflower seed, and others) into vegetable oils and protein meal for food, feed, energy, and industrial customers.
01 what it draws on
Inputs & resources
- Crops bought from thousands of farmers
- Trucks, railcars, barges, and ocean vessels
- Crushing and refining plants
02 what it does
Activities
- Origination and global trading of grains and oilseeds
- Oilseed crushing and oil refining
03 who it serves
Customers
- Food, feed, energy (biodiesel), and industrial customers
- Affiliates such as Wilmar, SoyVen, Olenex, and Stratas Foods, to which ADM supplies raw materials
04 how money comes in
How it earns
- Commodity sales and processing margins
Ag Services and Oilseeds: how it makes money
- Revenue was $61.6B in FY2025, down from $66.5B.
- Segment operating profit fell 34% to $1.61B (from $2.45B), on lower Global Trade results from negative freight timing and lower trading results, and lower sales volumes.
Carbohydrate Solutions
Wet and dry milling of corn and wheat into sweeteners, starches, syrups, glucose, wheat flour, and dextrose — some of which feed fermentation into ethanol and other products.
01 what it draws on
Inputs & resources
- Corn and wheat
- Mills and fermentation plants
02 what it does
Activities
- Corn wet and dry milling
- Wheat milling
- Ethanol production
03 who it serves
Customers
- Food and beverage makers
- Fuel blenders (ethanol)
04 how money comes in
How it earns
- Ingredient and ethanol sales
Carbohydrate Solutions: how it makes money
- Revenue was $10.7B in FY2025.
- Segment operating profit fell 12% to $1.21B, on lower wet-mill ethanol and starch margins and higher manufacturing costs.
Nutrition
Makes and sells ingredients for human nutrition (plant-based proteins, natural flavors and colors, emulsifiers, fibers) and animal nutrition (complete feed, premixes, pet food).
01 what it draws on
Inputs & resources
- Innovation centers on three continents
- Intellectual property (over 95% of ADM's $579M of trademarks, recipes, and patents sit in this segment)
02 what it does
Activities
- Formulating flavors, colors, proteins, and specialty ingredients
- Producing animal feed and pet food
03 who it serves
Customers
- Food, beverage, and supplement makers
- Livestock, aquaculture, and pet food producers
04 how money comes in
How it earns
- Ingredient and feed sales
Nutrition: how it makes money
- Revenue was $7.5B in FY2025 (Human Nutrition $4.2B, Animal Nutrition $3.3B).
- Segment operating profit rose 8% to $417M, led by higher flavors volumes and margins in North America.
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Ag Services and Oilseeds
61,571 (77%)profit 1,614 · margin 2.6%
Carbohydrate Solutions
10,737 (13%)profit 1,211 · margin 11.3%
Nutrition
7,512 (9%)profit 417 · margin 5.6%
Source: Form 10-K (FY2025) — MD&A, revenues and segment operating profit Profit is segment operating profit, which ADM describes as a non-GAAP measure (earnings before income taxes adjusted for other businesses, corporate costs, and specified items). ADM's income statement has no operating income line, so the ROIC section can't be computed.
07
Where it earns
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 39% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
31,175 (39%)Switzerland
17,793 (22%)Cayman Islands
6,093 (8%)Brazil
3,358 (4%)Mexico
2,741 (3%)United Kingdom
2,115 (3%)Canada
1,767 (2%)Other foreign
15,227 (19%)
Source: Form 10-K (FY2025) — segment note, geographic information Revenue is attributed to the country of the ADM subsidiary that makes the sale, not where the customer is — which is why trading hubs such as Switzerland and the Cayman Islands appear.
08
Contract structure
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
ADM's revenue comes from selling commodities and processed products whose prices move with global agricultural markets. Profit depends on margins between crop costs and product prices, freight, and trading results rather than on long-term contracts. The 10-K notes seasonal financing arrangements with farmers, advanced at planting and repaid at harvest.
- Spot / one-off transaction
Commodity and processed-product sales
Most of FY2025 revenue
Typical term: Priced off global commodity markets
Revenue moved from $101.6B (FY2022) to $80.3B (FY2025).
- Short-term contract
Ingredients (Nutrition)
About 9% of FY2025 revenue ($7.5B)
Typical term: Sales of flavors, colors, proteins, and feed
Less tied to commodity prices than the other segments.
09
Alliances & capital ties
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Capital tie / equity stake
Wilmar International
22.5%
A Singapore-listed agribusiness group headquartered in Asia (packaged oils and foods, oil palm, oilseed crushing, sugar, biodiesel, and more). ADM is also a supplier of raw materials to Wilmar.
Source: Form 10-K (FY2025) — Item 1
Joint venture
Joint ventures in oilseeds and milling
ADM holds equity interests in entities including Pacificor, SoyVen, Olenex, Edible Oils Limited, Stratas Foods (oilseeds), Hungrana, Almidones Mexicanos, Red Star Yeast (carbohydrates), and Matsutani (nutrition).
Source: Form 10-K (FY2025) — Item 1
10
Customers & suppliers
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
ADM sells to food, feed, fuel, industrial, and consumer products companies worldwide, and supplies raw materials to affiliates such as Wilmar, SoyVen, Olenex, Edible Oils Limited, and Stratas Foods.
Named by the company
No unaffiliated customer is named; the 10-K says no material part of the business depends on a single customer or very few customers.
What the filings disclose
- ADM supplies raw materials to Wilmar (22.5% owned), SoyVen, Olenex, Edible Oils Limited, and Stratas Foods. (Form 10-K (FY2025), Item 1)
Suppliers
ADM's main inputs are agricultural commodities bought from thousands of farmers around the world, plus fruits, vegetables, and nuts for flavor and color extracts.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- A significant majority of raw materials are agricultural commodities whose availability and price depend on weather, plantings, government programs, and global demand. (Form 10-K (FY2025), Item 1)
- ADM has seasonal financing arrangements with farmers in some countries, advanced at planting and repaid at harvest. (Form 10-K (FY2025), Item 1)
11
Competitors & peers
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
ADM's 10-K says it competes on price, foreign exchange rates, quality, global supply, and alternative products; its Nutrition business competes with ingredient suppliers, contract manufacturers, global consumer goods companies, and private-label brands. No company is named.
Competitors named in the 10-K
ADM's 10-K doesn't name competitors.
Peer group the company chose
Peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
ADM's compensation committee uses the S&P 100 Index as its peer group. The proxy says ADM does “not have a direct competitor—in terms of size, focus or business mix—in the public markets,” so it considers a broad range of large companies instead.
Source: Proxy statement (DEF 14A, filed 2026-03-26) — Compensation Discussion and Analysis, peer groupCompany names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
12
M&A history
Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.
ADM says acquisitions, alongside internal capabilities, expand its ability to serve customers across segments. Recent deals have been small; the 10-K doesn't name the businesses acquired in 2024 ($927M net of cash).
Cash spent on acquisitions, FY2021–FY2025: $2.64B
2025 (FY2025)
Vandamme Hungaria
$125M cash
A 700 metric ton per day non-genetically modified crush and extraction facility in Hungary.
- Stated purpose (company)
- The 10-K doesn't state a separate rationale.
2024 (FY2024)
Businesses acquired in 2024 (not named)
$927M, net of cash acquired
Not itemized in the FY2025 10-K.
- Stated purpose (company)
- Not stated in the FY2025 10-K.
ADM's fiscal year is the calendar year.
13
Five years of financials
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
| Line item | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|
| Income statement ($M) | |||||
| Revenue | 85,249 | 101,556 | 93,935 | 85,530 | 80,269 |
| Pretax income | 3,313 | 5,233 | 4,294 | 2,255 | 1,255 |
| Net income (attributable) | 2,709 | 4,340 | 3,483 | 1,800 | 1,078 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 19.1% | -7.5% | -8.9% | -6.2% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 3.2% | 4.3% | 3.7% | 2.1% | 1.3% |
| Balance sheet ($M) | |||||
| Total assets | 56,136 | 59,774 | 54,631 | 53,271 | 52,389 |
| Total equity | 22,508 | 24,317 | 24,145 | 22,178 | 22,740 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 9,539 | 9,180 | 8,365 | 10,157 | 8,410 |
| Equity ratio | 40.1% | 40.7% | 44.2% | 41.6% | 43.4% |
| ROE | 12.0% | 18.5% | 14.4% | 7.8% | 4.8% |
| Cash flow ($M) | |||||
| Operating CF | 6,595 | 3,478 | 4,460 | 2,790 | 5,452 |
| Investing CF | -2,669 | -1,400 | -1,496 | -2,702 | -1,017 |
| Financing CF | -1,118 | -2,499 | -4,604 | -1,530 | -2,887 |
| Free cash flowcalccash flow from operations − capital expenditures | 5,426 | 2,159 | 2,966 | 1,227 | 4,204 |
| Cash and equivalents | 943 | 1,037 | 1,368 | 611 | 1,015 |
| Per share & other | |||||
| EPS ($) | 4.79 | 7.71 | 6.43 | 3.65 | 2.23 |
| Dividend per share ($) | 1.48 | 1.60 | 1.80 | 2.00 | 2.04 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 30.9% | 20.8% | 28.0% | 54.8% | 91.5% |
| P/E (x) | 14.1 | 12.0 | 11.2 | 13.8 | 25.8 |
Figures without a "calc" tag are as reported in the Form 10-K (five-year selected financial data and the consolidated financial statements), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
14
Is ROIC above WACC?
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
15
What the price implies (DCF)
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (FY2025)
-5.6%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.4% − 11.9%
Past FCF growth (FY2021–FY2025)
-6.2%
Compound annual rate, 4 years
Past revenue growth (FY2021–FY2025)
-1.5%
Compound annual rate, 4 years
Inputs (FY2025): free cash flow $4.2B (operating CF − capex); enterprise value $35.19B = market cap $27.79B + debt $8.41B − cash and short-term investments $1.02B; r = WACC of 6.4% using this page’s default assumptions (β 0.47, risk-free 4.0%, market premium 5.5%).
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$35.03B
FCF $4.2B ÷ (6.4% − -5.6%)
Theoretical ÷ actual enterprise value
1.00x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.4% | 5.4% | 6.4% | 7.4% | 8.4% |
|---|---|---|---|---|---|
| 0% | 2.72x | 2.21x | 1.87x | 1.61x | 1.42x |
| 2% | 4.98x | 3.51x | 2.72x | 2.21x | 1.87x |
| 4% | 29.87x | 8.53x | 4.98x | 3.51x | 2.72x |
| 6% | — | — | 29.87x | 8.53x | 4.98x |
| 8% | — | — | — | — | 29.87x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap and enterprise value use the fiscal year-end price, not today’s.
16
Earnings quality
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.22x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -8.3%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 14 → 14 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-17
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaperiod-end receivables ÷ revenue × 365
formulaperiod-end inventory ÷ revenue × 365
termsInventory · Revenue (net sales)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$5,452M ÷ $1,078M = 5.06x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaperiod-end receivables ÷ revenue × 365
e.g.$3,021M ÷ $80,269M × 365 = 14 days
17
Strengths & weaknesses
Strengths
1. A global origination, logistics, and processing network
ADM buys from thousands of farmers and owns or leases trucks, railcars, barges, and ocean vessels, with consolidated subsidiaries in more than 75 countries.
Evidence: Form 10-K (FY2025) Item 1 and MD&A
2. No dependence on any single customer
The 10-K states that no material part of the business depends on a single customer or very few customers.
Evidence: Form 10-K (FY2025) Item 1
3. Strong cash flow in 2025 and a long dividend record
Operating cash flow rose to $5.5B in FY2025 from $2.8B, and the dividend per share rose every year from $1.48 (FY2021) to $2.04 (FY2025).
Evidence: SEC EDGAR XBRL
Weaknesses
1. Three years of falling earnings
Net earnings fell from $4.3B (FY2022) to $1.1B (FY2025), and total segment operating profit fell 23% in FY2025 alone.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025) MD&A
2. Thin margins
FY2025 earnings before income taxes were $1.3B on $80.3B of revenue, under 2%.
Evidence: SEC EDGAR XBRL
3. Accounting and governance overhang
An investigation into intersegment sales, announced in January 2024, led to a material weakness in internal controls (since remediated) and to securities and derivative lawsuits; the court denied motions to dismiss the class action in March 2025.
Evidence: Form 10-K (FY2025) Item 9A and legal proceedings note
18
What draws investors to it
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
25.8x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
3.55%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
91%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
15.1%
(Operating CF − capex) ÷ market cap
1. Earnings near a cyclical low
Diluted EPS fell from $7.71 (FY2022) to $2.23 (FY2025) as processing and trading margins compressed, which is why the P/E at FY2025 year-end (about 26x) was much higher than in earlier years (11–14x).
- What has to hold
- Crush, ethanol, and trading margins recover from FY2025 levels.
- The other side
- The 10-K lists many drivers outside ADM's control — weather, crops, global demand, and government policy — so a recovery isn't assured.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025) Item 1A
2. Steady dividend
The dividend per share rose every year from $1.48 (FY2021) to $2.04 (FY2025); free cash flow (operating cash flow minus capex) was $4.2B in FY2025 against about $1.0B of dividends.
- What has to hold
- Operating cash flow stays well above the dividend; it was only $2.8B in FY2024.
- The other side
- Dividends were about 91% of GAAP diluted EPS in FY2025 ($2.04 vs. $2.23).
Evidence: SEC EDGAR XBRL
3. Essential role in the food system
ADM handles crops from origination to processing and serves food, feed, fuel, and industrial markets, with no material dependence on any single customer.
- What has to hold
- Global demand for food, feed, and fuel keeps growing.
- The other side
- Many products are price-competitive global commodities subject to substitution, so scale doesn't guarantee margins.
Evidence: Form 10-K (FY2025) Item 1 and Item 1A
Dividend yield, payout ratio, P/E, and FCF yield above use the fiscal year-end share price, not today's price.
19
Resilience
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.6x
$1.02B vs. $1.8B
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
4.3x
$4.2B vs. $987M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -8.9% in FY2024 ($93.94B → $85.53B) | Not yet, as of FY2025 |
Covers only the 5 fiscal years on record (FY2021–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Liquidity
At FY2025 year-end ADM had lines of credit, including receivables securitization programs, totaling $12.3B, of which $9.4B was unused; $5.1B supported commercial paper programs with $715M outstanding.
Source: Form 10-K (FY2025), MD&A Liquidity
Working capital swings with crop prices
Commodity prices directly affect working capital needs, and inventories peak after the northern hemisphere harvest; operating cash flow ranged from $2.8B to $6.6B over FY2021–FY2025.
Source: Form 10-K (FY2025), Item 1; SEC EDGAR XBRL
Customer spread
No material part of the business depends on a single customer or very few customers.
Source: Form 10-K (FY2025), Item 1 · See Customers & suppliers
Global footprint
Consolidated subsidiaries in more than 75 countries and about 41,500 employees across North America, Latin America, EMEA, and APAC.
Source: Form 10-K (FY2025), Item 1 and MD&A
Captive insurance
Its subsidiary Agrinational insures property, casualty, marine, medical, and other risks of the company and participates in third-party reinsurance.
Source: Form 10-K (FY2025), Item 1
20
Risks (including geopolitical)
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring).
Geopolitical risk highlights
- [3]Conflicts and trade disruptions
- 1Demand & macro
Commodity prices, weather, and crop supply
- Company disclosure (summarized from the 10-K)
- The 10-K says the availability and price of agricultural commodities depend on weather, plantings, government programs, global demand, and production — factors beyond ADM's control that directly affect its working capital and margins.
- Company’s stated mitigation
- Not stated in the 10-K.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Government policy, including biofuels and trade
- Company disclosure (summarized from the 10-K)
- The 10-K lists laws, regulations, and mandates globally — including biofuels policies, trade flow restrictions, and tax laws — as factors that could affect results and strategy.
- Company’s stated mitigation
- Not stated in the 10-K.
- This site’s assessment
- Impact High / Likelihood Med
- 3Geopolitical
Conflicts and trade disruptions
- Company disclosure (summarized from the 10-K)
- The 10-K cites international conflicts such as the Russia-Ukraine war, maritime piracy, and governments working with competitors on trade flows.
- Company’s stated mitigation
- Not stated in the 10-K.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Competition & technology shift
Capacity and price competition
- Company disclosure (summarized from the 10-K)
- Many products are global commodities subject to substitution; competitors adding or restarting capacity, currency moves, and industry consolidation (including by state-owned players) affect pricing.
- Company’s stated mitigation
- Managing unit costs and efficiency through technology and productivity, according to the 10-K.
- This site’s assessment
- Impact Med / Likelihood High
- 5Governance & quality
Litigation from the intersegment-sales investigation
- Company disclosure (summarized from the 10-K)
- A securities class action and derivative suits followed the January 2024 investigation; the 10-K says ADM can't estimate a reasonably possible loss for the class action.
- Company’s stated mitigation
- ADM says it intends to vigorously defend the claims; the related material weakness has been remediated.
- This site’s assessment
- Impact Med / Likelihood Med
- 6Disaster
Operational disruptions
- Company disclosure (summarized from the 10-K)
- The 10-K lists business disruption risks; prior-year results included insurance claims for incidents at its Decatur East and West facilities.
- Company’s stated mitigation
- Captive insurance subsidiary Agrinational and third-party reinsurance.
- This site’s assessment
- Impact Med / Likelihood Low
21
What to watch going forward
- Whether segment operating profit stabilizes after falling 23% in FY2025.
- U.S. biofuels policy and its effect on oilseed crush and ethanol margins.
- Progress of the securities class action and derivative suits.
- Nutrition segment growth, ADM's higher-value business.
- Results from its 22.5% stake in Wilmar.
22
Source documents
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 4, 2026 · Financial data fetched: October 3, 2026 15:09 (SEC EDGAR) · Source 10-K filed: February 17, 2026
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Archer-Daniels-Midland Company’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.