At a glance
AGCO Corporation is worth $7.04B, about 11 times its fiscal 2025 earnings. Revenue fell 13.5% to $10.08B in fiscal 2025, with 7.2% kept as profit; over 5 years it has grown 2.0% a year. It pays a 1.16% dividend yield, and returned $2.04B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −4.3% over the past year with dividends reinvested and −0.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 46.1% in the 2020 crash (S&P 500: 33.7%) and 36.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 8 months after the lows.
The business in plain English
AGCO makes farm machinery and precision-farming technology. It sells tractors, combines, hay and forage equipment, planters, tillage tools, fertilizer and crop-chemical applicators, and replacement parts under four main brands: Fendt, Massey Ferguson, Valtra and PTx. PTx is its precision-agriculture line, with satellite steering, yield mapping and autonomy tools that help farmers raise yields and cut waste. Many PTx products fit machines of almost any brand, and PTx also sells to other equipment makers.
Most products reach farmers through about 2,800 independent dealers and distributors in roughly 140 countries. AGCO also offers financing for dealers and farmers through joint ventures with Rabobank. Of $10.08 billion in 2025 net sales, tractors made up 66% and replacement parts about 19%. Most machines can be kept running with parts and service for 10 to 20 years.
Europe is AGCO's biggest market by far. The Europe/Middle East segment produced 66.8% of 2025 sales, North America 16.5%, South America 11.1% and Asia/Pacific/Africa 5.6%. In 2024 AGCO formed the PTx Trimble joint venture and sold most of its grain storage and livestock-equipment business. Net sales fell 13.5% in 2025 because of weaker farm demand and that sale. Even so, AGCO earned $726.5 million after a loss in 2024.
Price history
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AGCO -4.3% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Tractors | $6.69B | 66.4% |
| Replacement parts | $1.87B | 18.6% |
| Combines, application equipment and other machinery | $1.51B | 15% |
| Grain storage and protein production systems | $1.3M | 0% |
By business segment
| Europe/ Middle East | $6.74B | 66.8% |
| North America | $1.67B | 16.5% |
| South America | $1.12B | 11.1% |
| Asia/ Pacific/Africa | $564.2M | 5.6% |
By geography
| Other Europe | $1.68B | 16.6% |
| North America | $1.67B | 16.5% |
| United States | $1.23B | 12.2% |
| South America | $1.12B | 11.1% |
| Brazil | $825.1M | 8.2% |
| Finland and Scandinavia | $798.1M | 7.9% |
| Asia/ Pacific/Africa | $564.2M | 5.6% |
| United Kingdom and Ireland | $559.2M | 5.5% |
| Italy | $456.0M | 4.5% |
| Canada | $326.7M | 3.2% |
| Australia and New Zealand | $290.1M | 2.9% |
| Other South America | $279.6M | 2.8% |
| Middle East and Algeria | $278.1M | 2.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.26B, down 8.6% from a year earlier, and net income was $51.7M (-83.1%).
- For fiscal 2025, revenue was $10.08B (-13.5% year over year; +2.0% a year from FY2020 to FY2025) with a 7.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +2.0% watch |
|---|---|
| Operating margin | 5.9% watch |
| Free cash flow margin | 7.3% watch |
| Return on equity (FY2025) | 17% good |
| Return on assets (FY2025) | 6.1% watch |
| Net cash (cash minus debt) | $-2.18B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $9.15B | $427.1M | $626.6M |
| FY2021 | $11.14B | $897.0M | $390.4M |
| FY2022 | $12.65B | $889.6M | $449.9M |
| FY2023 | $14.41B | $1.17B | $585.0M |
| FY2024 | $11.66B | $-424.8M | $296.6M |
| FY2025 | $10.08B | $726.5M | $740.2M |
Valuation snapshot
| Market value | $7.04B |
|---|---|
| P/E ratio | 10.5 |
| Dividend yield | 1.16% |
Rank among 1514 US companies
Market value at each year end
AGCO’s market value went from $4.64B at the end of 2016 to $7.04B on Oct 28, 2026, up 52%; since the end of 2025 it is down 10%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $7.04B | -9.5% |
| 2025 | $7.78B | +11.6% |
| 2024 | $6.98B | -23.2% |
| 2023 | $9.09B | -12.1% |
| 2022 | $10.35B | +19.2% |
| 2021 | $8.68B | +12.4% |
| 2020 | $7.72B | +32.3% |
| 2019 | $5.83B | +33.9% |
| 2018 | $4.36B | -23.3% |
| 2017 | $5.68B | +22.3% |
| 2016 | $4.64B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AGCO price data to Oct 28, 2026 | -1.3% | -4.3% | -0.8% | -0.9% | +9.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -1.3% |
| 2025 | +12.8% |
| 2024 | -20.4% |
| 2023 | -7.9% |
| 2022 | +25.0% |
| 2021 | +16.1% |
| 2020 | +34.8% |
| 2019 | +40.0% |
| 2018 | -21.3% |
| 2017 | +24.5% |
| 2016 | +28.8% |
| 2015 | +1.4% |
| 2014 | -23.0% |
| 2013 | +21.4% |
| 2012 | +14.3% |
| 2011 | -15.2% |
| 2010 | +56.6% |
| 2009 | +37.1% |
| 2008 | -65.3% |
| 2007 | +119.7% |
| 2006 | +86.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 70.7% over that stretch · deepest drop along the way 78.7%, back to its old high 100 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.5% over that stretch · deepest drop along the way 46.1%, back to its old high 4.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 5.3% over that stretch · deepest drop along the way 36.9%, back to its old high 7.6 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 1 open-market purchases ($101K) and 8 sales ($109.8M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 5, 2026 | Tractors & Farm Equipment Ltd 10% owner | sell | $41.5M |
| May 5, 2026 | Tractors & Farm Equipment Ltd 10% owner | sell | $38.1M |
| Aug 5, 2026 | Tractors & Farm Equipment Ltd 10% owner | sell | $15.3M |
| May 5, 2026 | Tractors & Farm Equipment Ltd 10% owner | sell | $14.0M |
| Sep 4, 2026 | Eric P Hansotia Chairman, President and CEO, Director | sell | $338K |
Who owns it
Large shareholders (13G filings)
| T. Rowe Price Associates, Inc. | 6.8% | Jun 30, 2025 |
| Dimensional Fund Advisors LP | 5.3% | Sep 30, 2026 |
ETFs with the most weight in AGCO
| KROP Global X AgTech & Food Innovation ETF | 4.12% |
| MOO VanEck Agribusiness ETF | 1.71% |
| FTAG First Trust Indxx Global Agriculture ETF | 1.61% |
| VEGI iShares MSCI Agriculture Producers ETF | 1.16% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 1.12% |
| TMSL T. Rowe Price Small-Mid Cap ETF | 0.88% |
| ANEW ProShares MSCI Transformational Changes ETF | 0.84% |
| VSDA VictoryShares Dividend Accelerator ETF | 0.55% |
What could go wrong
- Sales rise and fall with farm income. AGCO depends entirely on agriculture. Weak crop prices, costly inputs or bad weather lead farmers to delay buying machines. Industry demand fell in most major markets in 2025, and past downturns caused prolonged slumps.
- Two-thirds of sales come from Europe. Europe and the Middle East produced 66.8% of 2025 sales. That ties results closely to one region's farm economy, and swings in exchange rates can shift reported sales and price competitiveness.
- Farmers need loans to buy equipment. Most sales depend on buyers getting loans, and AGCO also provides financing through joint ventures with Rabobank. Tighter credit, higher rates or smaller government farm subsidies, which matter in Brazil, would mean fewer machines sold.
- Big bet on precision farming technology. AGCO formed the PTx Trimble joint venture in 2024 and is building autonomy and retrofit tools. New technology is costly to develop and may not pay off, and the joint venture may prove hard to integrate.
- Debt and goodwill add balance-sheet risk. Debt was about $2.6 billion against $573 million of cash as of June 30, 2026. Goodwill, the premium paid for acquisitions, can be written down: impairment charges, mainly goodwill, totaled $369.5 million in 2024.
- Deere, CNH and tech start-ups compete hard. Deere & Company and CNH Industrial are AGCO's main global rivals, and regional makers hold big shares in some countries. Falling behind on dealers, pricing, financing or technology could cost AGCO dealers and customers.
Recent events
- Quarterly results released
- Executive or board change
- Executive or board change
- Quarterly results released
- Bylaws or fiscal year changed
- Quarterly results released
- Shareholder vote results
- Executive or board change
- Quarterly results released
- Quarterly results released
For income and retirement investors
AGCO pays a dividend, but the record is uneven. Dividends per share climbed from $0.63 in fiscal 2020 to $6.10 in 2023, then fell to $3.66 in 2024 and $1.16 in 2025, so there is no streak of annual increases. The 2025 payout used about 12% of earnings and of free cash flow (the cash left after running and investing in the business). The yield was 1.16% as of October 28, 2026. AGCO also bought back $250 million of stock in 2025, and its share count fell 7.1% between August 2021 and July 2026.
The stock has fallen hard in downturns. It dropped 78.7% in the 2008 financial crisis and took about 100 months, until July 2017, to recover. It fell 46.1% in the 2020 COVID crash but regained its peak within five months. In 2022 it lost 36.9% before recovering by March 2023. Single stocks carry more risk than diversified funds.
Questions investors ask
How does AGCO make money?
AGCO makes money mainly by selling farm machinery and parts through about 2,800 independent dealers and distributors. Tractors made up 66% of its $10.08 billion in fiscal 2025 net sales, and replacement parts about 19%. The rest came from hay and forage tools, planters, combines, application equipment and PTx precision-farming technology, which works with many other brands' machines. It also offers financing for dealers and farmers through joint ventures with Rabobank.
Does AGCO raise its dividend every year?
No. AGCO pays a dividend, but per-share payouts have not risen every year. They climbed from $0.63 in fiscal 2020 to $6.10 in 2023, then dropped to $3.66 in 2024 and $1.16 in 2025. The 2025 dividend used only about 12% of earnings, and the yield was 1.16% as of October 28, 2026. From fiscal 2021 to 2025, AGCO returned $1.58 billion in dividends and $460 million in buybacks.
Who are AGCO's biggest competitors?
AGCO's two main worldwide competitors are Deere & Company and CNH Industrial. It also faces regional makers with large market shares in single countries, many smaller specialty manufacturers, and technology companies and start-ups moving into farming. AGCO says farmers choose equipment based on dealer quality, product quality and price, brand loyalty, availability, financing terms and service. It competes mainly through its Fendt, Massey Ferguson, Valtra and PTx brands.
Why did AGCO lose money in 2024?
AGCO's 2024 loss came largely from two big charges. It recorded a $507.3 million loss on selling most of its grain and protein business, which made grain storage and livestock equipment. It also took $369.5 million of impairment charges, mainly writing down goodwill (the premium paid for past acquisitions). Net income swung from a $424.8 million loss in 2024 to a $726.5 million profit in 2025, even though sales fell 13.5%. Lower restructuring and overhead costs helped.
How has AGCO stock performed over the long term?
Results have been mixed and bumpy. Based on share price, AGCO returned about 9.7% a year over the 10 years to October 28, 2026. Over five years it lost about 0.9% a year, and over one year it lost 4.3%. The stock fell 78.7% in the 2008 financial crisis and took about 100 months to recover. As of October 28, 2026, it traded at about 10.5 times fiscal 2025 earnings, with a market value near $7.2 billion. Earnings swing widely with the farm cycle.