Deere & CompanyDE
NYSE•Industrials•Farm & Heavy Construction Machinery
Deere & Company engages in the manufacture and distribution of various equipment worldwide. The company operates through four segments: Production and Precision Agriculture, Small Agriculture and Turf, Construction and Forestry, and Financial Services. The Production and Precision Agriculture segment provides four-wheel-drive track and row crop tractors, harvesters, cotton pickers and strippers, sugarcane harvesters and loaders, soil preparation, tillage, seeding, and crop care equipment, as well as application equipment, including sprayers and nutrient management, soil preparation machinery, and related attachments and service parts. The Small Agriculture and Turf segment offers specialty, utility, and compact tractors; self-propelled forage harvesters and attachments; rotary mowers, hay and forage equipment, and utility vehicles; turf and utility equipment, including riding lawn, commercial mowing, and golf course equipment, and utility vehicles, as well as implements for mowing, tilling, snow and debris handling, aerating, residential, commercial, golf, and sports turf care applications. The Construction and Forestry segment provides backhoe loaders, crawler dozers and loaders, four-wheel-drive loaders, excavators, motor graders, articulated dump trucks, skid-steer loaders, milling machines, recyclers, slipform and asphalt pavers, surface miners, compactors, tandem, static rollers, mobile crushers and screens, mobile and stationary asphalt plants, and log harvesters; and road building and rehabilitation equipment. The Financial Services segment finances sales and leases agriculture and turf, and construction and forestry equipment. It also offers wholesale financing to dealers of the foregoing equipment; and extended equipment warranties. Deere & Company has a strategic partnership with Tarter USA to develop and produce flex wing rotary cutters. The company was founded in 1837 and is headquartered in Moline, Illinois.
Deere & Company (DE) reported trailing twelve months revenue of $47.39B as of May 2026, a 4.0% increase year-over-year. Quarterly revenue reached $13.37B, reflecting continued top-line momentum.
Deere & Company generated $4.78B in TTM net income, with quarterly EBITDA of $2.89B. The operating margin contracted from 18.3% to 17.2%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (17.2%) and net margin (13.3%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 14.1% a year ago, reflecting increased costs or interest expense.
DE trades at a P/E of 32.6x (a premium multiple) and a P/S of 3.3x. The price-to-book ratio of 5.7x indicates a significant premium over book value.
The company generated $1.74B in free cash flow over the trailing twelve months, a 16.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $107.00B in total assets with $42.26B in long-term debt against $27.41B in stockholders equity for a debt-to-equity ratio of 1.5. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~13.7% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 24.2% suggests a durable competitive advantage and efficient capital allocation.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 13.9% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.1x on average — earnings are well-supported by cash generation.
D/E ratio is 1.5 — conservative capital structure with low financial risk.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation