Deere & Co. (DE) intrinsic value & 10-year financials
Deere & Co. (DE) has a Graham intrinsic value of $614.49 per share. At $641.86 on Oct 17, 2026, the stock trades 4% above that value. Over the last 10 fiscal years revenue grew 6.2% a year to $45.7B, with an average return on invested capital of 22.7%.
- Graham intrinsic value
- $614.49
- Share price (Oct 17, 2026)
- $641.86
- Price vs Graham value
- 4% above
- Market cap
- $174.4B
- Revenue (FY2025)
- $45.7B
- Revenue growth (10-yr CAGR)
- 6.2%
- ROIC (10-yr avg)
- 22.7%
- Free cash flow (FY2025)
- $6.1B
DE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $45.7B | $5.0B | $18.50 | $6.1B | — | 30.2% |
| FY2024 | $51.7B | $7.1B | $25.62 | $7.6B | 17.5% | 46.6% |
| FY2023 | $61.3B | $10.2B | $34.63 | $7.1B | 21.2% | 67.6% |
| FY2022 | $52.6B | $7.1B | $23.28 | $3.6B | 18.1% | 25.2% |
| FY2021 | $44.0B | $6.0B | $18.99 | $6.9B | 18.2% | 15.3% |
| FY2020 | $35.5B | $2.8B | $8.69 | $6.7B | 12.1% | 8.1% |
| FY2019 | $39.3B | $3.3B | $10.15 | $2.3B | 11.2% | 9.7% |
| FY2018 | $37.4B | $2.4B | $7.24 | $923.9M | 12.0% | 8.5% |
| FY2017 | $29.7B | $2.2B | $6.68 | $1.6B | 11.9% | 9.4% |
| FY2016 | $26.6B | $1.5B | $4.81 | $3.1B | 9.7% | 6.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Deere & Company has demonstrated mature, steady growth, with revenue compounding at 6.2% annually over the past decade.
Deere & Company has earned high returns on invested capital, averaging 22.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Deere & Company shows that management has aggressively returned capital to shareholders by retiring 14.2% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Deere & Company is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $614.49 per share.