At a glance
Archer-Daniels-Midland Company is worth $36.52B, about 34 times its fiscal 2025 earnings. Revenue fell 6.2% to $80.27B in fiscal 2025, with 1.3% kept as profit; over 5 years it has grown 4.5% a year. It pays a 2.73% dividend yield, raised every year for at least 9 years, and returned $11.13B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +28.9% over the past year with dividends reinvested and +6.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.7% in the 2020 crash (S&P 500: 33.7%) and 26.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 4 months after the lows.
The business in plain English
Archer-Daniels-Midland (ADM) stands between farmers and the companies that make food, animal feed and fuel. It purchases crops from thousands of growers around the world, moves them with its own or leased trucks, rail cars, barges and ocean vessels, and processes many of them into ingredients. Because it handles huge volumes of raw commodities, it keeps only a thin slice of each sale: in the fiscal year ended December 31, 2025, revenue was $80.3 billion and net margin (profit as a share of revenue) was 1.3%.
Ag Services and Oilseeds is by far the biggest segment, at 76.7% of fiscal 2025 revenue. It trades, stores and ships grain, and crushes soybeans, canola and other oilseeds into vegetable oil and protein meal. The meal goes mainly into livestock and poultry feed; the oil goes to food makers, renewable diesel producers and others. Soybeans (17% of company revenue), corn (13%) and soybean meal (11%) were ADM's biggest single products. ADM also owns 22.5% of Wilmar International, a Singapore-listed agribusiness group.
Carbohydrate Solutions (13.4%) mills corn and wheat into sweeteners, starches, flour, fuel ethanol and feed. Nutrition (9.4%) makes specialty ingredients such as plant-based proteins, natural flavors and colors, probiotics and pet food. By location, the United States accounted for 38.8% of revenue and Switzerland for 22.2%.
Price history
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ADM +28.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Ag Services and Oilseeds | $61.57B | 76.7% |
| Carbohydrate Solutions | $10.74B | 13.4% |
| Nutrition | $7.51B | 9.4% |
By geography
| United States | $31.18B | 38.8% |
| Switzerland | $17.79B | 22.2% |
| Other Foreign | $15.23B | 19% |
| Cayman Islands | $6.09B | 7.6% |
| Brazil | $3.36B | 4.2% |
| Mexico | $2.74B | 3.4% |
| United Kingdom | $2.12B | 2.6% |
| Canada | $1.77B | 2.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $22.68B, up 7.2% from a year earlier, and net income was $908.0M (+314.6%).
- For fiscal 2025, revenue was $80.27B (-6.2% year over year; +4.5% a year from FY2020 to FY2025) with a 1.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.5% watch |
|---|---|
| Free cash flow margin | 5.2% watch |
| Return on equity (FY2025) | 4.7% weak |
| Return on assets (FY2025) | 2.1% weak |
| Net cash (cash minus debt) | $-6.92B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $64.36B | $1.77B | $-3.21B |
| FY2021 | $85.25B | $2.71B | $5.43B |
| FY2022 | $101.56B | $4.34B | $2.16B |
| FY2023 | $93.94B | $3.48B | $2.97B |
| FY2024 | $85.53B | $1.80B | $1.23B |
| FY2025 | $80.27B | $1.08B | $4.20B |
Valuation snapshot
| Market value | $36.52B |
|---|---|
| P/E ratio | 34 |
| Dividend yield | 2.73% |
Rank among 1514 US companies
Market value at each year end
Archer-Daniels-Midland’s market value went from $26.27B at the end of 2016 to $36.52B on Nov 2, 2026, up 39%; since the end of 2025 it is up 32%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $36.52B | +32.2% |
| 2025 | $27.63B | +14.3% |
| 2024 | $24.18B | -37.2% |
| 2023 | $38.52B | -24.5% |
| 2022 | $51.01B | +34.9% |
| 2021 | $37.81B | +34.8% |
| 2020 | $28.05B | +8.7% |
| 2019 | $25.80B | +12.3% |
| 2018 | $22.97B | +2.5% |
| 2017 | $22.41B | -14.7% |
| 2016 | $26.27B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ADM price data to Nov 2, 2026 | +34.5% | +28.9% | +5.0% | +6.6% | +8.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +34.5% |
| 2025 | +18.3% |
| 2024 | -27.5% |
| 2023 | -20.4% |
| 2022 | +40.0% |
| 2021 | +37.3% |
| 2020 | +12.5% |
| 2019 | +17.1% |
| 2018 | +5.3% |
| 2017 | -9.5% |
| 2016 | +28.4% |
| 2015 | -27.7% |
| 2014 | +22.3% |
| 2013 | +61.9% |
| 2012 | -1.8% |
| 2011 | -2.9% |
| 2010 | -1.9% |
| 2009 | +10.8% |
| 2008 | -36.9% |
| 2007 | +47.3% |
| 2006 | +31.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 21% over that stretch · deepest drop along the way 68%, back to its old high 62.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.3% over that stretch · deepest drop along the way 33.7%, back to its old high 4.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 28.6% over that stretch · deepest drop along the way 26.7%, back to its old high 3.6 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.5% | Mar 31, 2026 |
| STATE STREET CORPORATION | 7% | Dec 31, 2024 |
| Vanguard Portfolio Management | 5.42% | Mar 31, 2026 |
| Wellington Management Group LLP | 3.6% | Mar 31, 2026 |
ETFs with the most weight in ADM
| MOO VanEck Agribusiness ETF | 5.45% |
| VEGI iShares MSCI Agriculture Producers ETF | 4.8% |
| FXG First Trust Consumer Staples AlphaDEX Fund | 3.95% |
| FTXG First Trust Nasdaq Food & Beverage ETF | 3.72% |
| MDPL Monarch Dividend Plus ETF | 3.37% |
| KONG Formidable Fortress ETF | 2.84% |
| GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund | 2.49% |
| RPV Invesco S&P 500® Pure Value ETF | 2.1% |
What could go wrong
- Crop prices and weather beyond its control. ADM's raw materials are farm commodities whose supply and price swing with weather, plantings, government policy and global demand. Fast price moves can hurt results and tie up more cash in inventory.
- Plant shutdowns and river shipping problems. Fires, explosions, equipment failures or storms can shut plants, and some products depend on a single facility in a region. ADM also relies on navigable rivers, so high or low water can disrupt shipping.
- Thin margins and stiff competition. ADM faces significant competition across its markets. Net margin was 1.3% in fiscal 2025, so small changes in costs or product prices can swing profits sharply; net income fell 40.1% that year.
- Limited control over Wilmar and joint ventures. ADM has limited control over its equity stakes, including 22.5% of Wilmar International and several joint ventures. It may have to cut their book value or fail to exit at a good price.
- Cost-cutting plans could fall short. ADM has plans to improve plant performance, make its Nutrition segment more profitable as it grows, and cut overhead and outside spending. These plans depend on many factors and may be delayed or fall short.
- War, piracy and shifting government rules. The Russia-Ukraine conflict, piracy and terrorism can disrupt crop flows and shipping. Changes to farm programs, agricultural rules, tax laws or mandates in many countries could also raise costs or hurt results.
Recent events
- Executive or board change
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
For income and retirement investors
ADM has raised its dividend for at least 9 straight years through fiscal 2025. The dividend grew from $1.44 per share in fiscal 2020 to $2.04 in fiscal 2025, about 7.2% a year, and the yield was 2.68% as of October 28, 2026. Dividends took 91.6% of fiscal 2025 earnings but only 23.5% of free cash flow (cash left after capital spending), which swings widely and was negative in fiscal 2020. ADM spent $6.45 billion repurchasing its own shares over fiscal 2021–2025, none in fiscal 2025, and its share count fell 13.8% from October 2021 to July 2026.
In the 2008 financial crisis, the shares fell 68% and took about 62 months to recover. In the 2020 COVID crash, they dropped 33.7% but recovered in about 4.5 months. In the 2022 bear market, the stock gained 28.6% while the broad market fell, despite a 26.7% dip along the way. Any single stock carries more risk than a diversified fund.
Questions investors ask
How does Archer-Daniels-Midland make money?
ADM earns money by purchasing crops from thousands of farmers, then storing, shipping and processing many of them into ingredients for food, animal feed, fuel and industrial uses. Its Ag Services and Oilseeds segment, which trades grain and crushes soybeans and other oilseeds into oil and meal, produced 76.7% of revenue in fiscal 2025. Carbohydrate Solutions added 13.4% and Nutrition 9.4%. Margins were thin in fiscal 2025: net margin was 1.3% on $80.3 billion of revenue.
Does ADM raise its dividend every year?
Yes, through fiscal 2025. ADM has increased its dividend for at least 9 straight years, and the streak may be longer. Dividends per share rose from $1.44 in fiscal 2020 to $2.04 in fiscal 2025, about 7.2% a year, and the yield was 2.68% as of October 28, 2026. The payout took 91.6% of fiscal 2025 earnings, leaving little cushion if profits stay low, though it was just 23.5% of free cash flow.
What is ADM's P/E ratio?
ADM's price-to-earnings (P/E) ratio, which compares the share price with yearly profit per share, was about 34.6 as of October 28, 2026, based on fiscal 2025 earnings. The figure partly reflects weak earnings: diluted earnings per share fell to $2.23 in fiscal 2025 from $7.71 in fiscal 2022. Profits picked up in the quarter ended June 30, 2026, when net income rose 314.6% from a year earlier to $908 million.
How has ADM stock performed?
Unevenly. Based on share price, ADM gained 29.6% in the year to October 28, 2026, and averaged 6.5% a year over five years and 9.1% a year over ten. It lost 20.4% in 2023 and 27.5% in 2024, then rose 18.3% in 2025. In the 2008 financial crisis it fell 68% and took about 62 months to recover; in the 2020 COVID crash it fell 33.7% and recovered in about 4.5 months.
How much debt does ADM have?
ADM had $8.0 billion of total debt and $1.1 billion of cash and investments as of June 30, 2026, leaving net debt (debt minus cash) of about $6.9 billion. That compares with shareholders' equity (assets minus liabilities) of $23.6 billion. The company calls its business capital-intensive, meaning it needs heavy spending on plants and equipment, and warns that limits on outside financing could hurt results. Crop prices also directly affect how much cash it ties up in inventory.