At a glance
The Andersons Inc is worth $2.18B. Revenue fell 2.2% to $11.01B in fiscal 2025, with 0.9% kept as profit; over 5 years it has grown 6.4% a year. It pays a 1.25% dividend yield, raised every year for at least 9 years, and returned $159.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +37.8% over the past year with dividends reinvested and +15.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.6% in the 2020 crash (S&P 500: 33.7%) and 48.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 17 months after the lows.
The business in plain English
The Andersons is a North American agriculture and renewable fuels company founded in Maumee, Ohio, in 1947. It sits in the middle of the farm supply chain, acting as both supplier and customer to farmers and to end users. It reports two segments. Revenue for the fiscal year ended December 31, 2025, was about $11.0 billion.
Agribusiness produced about $8.26 billion, or 75% of revenue. It trades and transports physical commodities, chiefly corn, wheat and soybeans, including exports. It runs grain elevators (storage and handling sites) in the United States and Canada. Elevator income comes from local cash prices gaining on futures prices, from price gaps between futures contract months, and from storage fees. The segment also supplies fertilizer and specialty plant nutrients. It charges fees for grain marketing and risk-management services.
Renewables produced about $2.75 billion, or 25%. It makes and markets ethanol and co-products from four plants in Iowa, Indiana, Michigan and Ohio. Their combined nameplate (design) capacity is 405 million gallons. The company took full ownership of these plants on July 31, 2025, by acquiring the remaining 49.9% stake. By region, the United States made up 76.6% of fiscal 2025 revenue, Canada 4.7%, Mexico 3% and other markets 15.7%. Margins are thin: net income was 0.9% of revenue.
Price history
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ANDE +37.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Agribusiness | $8.26B | 75% |
| Renewables | $2.75B | 25% |
By geography
| United States | $8.43B | 76.6% |
| Other | $1.73B | 15.7% |
| Canada | $518.8M | 4.7% |
| Mexico | $334.3M | 3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $3.10B, down 1.2% from a year earlier, and net income was $56.6M (+619.9%).
- For fiscal 2025, revenue was $11.01B (-2.2% year over year; +6.4% a year from FY2020 to FY2025) with a 0.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.4% good |
|---|---|
| Free cash flow margin | -0.5% weak |
| Return on equity (FY2025) | 7.7% weak |
| Return on assets (FY2025) | 2.6% weak |
| Net cash (cash minus debt) | $-834.2M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.06B | $7.7M | $-151.6M |
| FY2021 | $12.61B | $104.0M | $-126.8M |
| FY2022 | $17.33B | $131.1M | $178.8M |
| FY2023 | $14.75B | $101.2M | $796.3M |
| FY2024 | $11.26B | $114.0M | $182.3M |
| FY2025 | $11.01B | $95.7M | $-56.1M |
Valuation snapshot
| Market value | $2.18B |
|---|---|
| P/E ratio | — |
| Dividend yield | 1.25% |
Rank among 1514 US companies
Market value at each year end
The Andersons’s market value went from $1.26B at the end of 2016 to $2.18B on Oct 28, 2026, up 73%; since the end of 2025 it is up 21%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.18B | +21.3% |
| 2025 | $1.80B | +30.3% |
| 2024 | $1.38B | -28.9% |
| 2023 | $1.94B | +65.7% |
| 2022 | $1.17B | -9.0% |
| 2021 | $1.29B | +59.4% |
| 2020 | $808.3M | -1.9% |
| 2019 | $824.1M | -2.6% |
| 2018 | $845.9M | -4.4% |
| 2017 | $884.7M | -29.8% |
| 2016 | $1.26B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ANDE price data to Oct 28, 2026 | +22.3% | +37.8% | +10.9% | +15.6% | +7.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +22.3% |
| 2025 | +33.9% |
| 2024 | -28.8% |
| 2023 | +67.0% |
| 2022 | -7.8% |
| 2021 | +61.6% |
| 2020 | +0.8% |
| 2019 | -13.2% |
| 2018 | -2.1% |
| 2017 | -29.0% |
| 2016 | +43.9% |
| 2015 | -39.5% |
| 2014 | -9.9% |
| 2013 | +110.0% |
| 2012 | -0.3% |
| 2011 | +21.5% |
| 2010 | +42.3% |
| 2009 | +59.1% |
| 2008 | -62.8% |
| 2007 | +6.3% |
| 2006 | +97.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 75.2% over that stretch · deepest drop along the way 78%, back to its old high 23.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 11.4% over that stretch · deepest drop along the way 29.6%, back to its old high 7.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.6% over that stretch · deepest drop along the way 48.8%, back to its old high 17.4 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 5 sales ($3.3M), 5 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 30, 2026 | Patrick E. Bowe Director | sell (plan) | $1.5M |
| May 5, 2026 | Patrick E. Bowe Director | sell (plan) | $1.3M |
| Jul 22, 2026 | Patrick E. Bowe Director | sell (plan) | $285K |
| Jun 4, 2026 | Anne G Rex VP, Strategy, Planning and Dev | sell (plan) | $134K |
| Apr 29, 2026 | Patrick E. Bowe Director | sell (plan) | $70K |
Who owns it
Large shareholders (13G filings)
| Dimensional Fund Advisors LP | 7.2% | Mar 31, 2025 |
| Vanguard Portfolio Management | 7.13% | Mar 31, 2026 |
| Vanguard Capital Management | 5% | Jun 30, 2026 |
| First Trust Portfolios L.P. | 0.46% | Sep 30, 2025 |
ETFs with the most weight in ANDE
| PSCC Invesco S&P SmallCap Consumer Staples ETF | 3.27% |
| ACES ALPS Clean Energy ETF | 2.4% |
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 1.28% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.11% |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 0.99% |
| FDLS Inspire Fidelis Multi Factor ETF | 0.96% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.84% |
| SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF | 0.74% |
What could go wrong
- Corn and fuel prices squeeze ethanol margins. Corn is the main ingredient in ethanol. When corn costs rise without a matching rise in gasoline prices, ethanol margins shrink. At some price levels, the plants may have to pause production.
- Hedges are imperfect and can strain cash. The company uses futures and options to offset price swings but cannot hedge every risk, especially local price gaps. Sharp market moves can trigger margin calls (demands for extra collateral) that drain cash.
- Uncertain value of Section 45Z tax credits. Section 45Z is a federal tax credit for low-carbon fuel production. The company faces uncertainty over whether its fuel qualifies and whether it can turn the credits into cash.
- Government policy shapes ethanol and grain demand. Ethanol is governed by rules such as the Renewable Fuel Standard, overseen by the EPA. USDA farm programs and trade policy affect grain volumes and prices. Changes to these could hurt results.
- Weather can disrupt crops and operations. Poor weather, including effects of climate change, can cut the supply and quality of crops, raise their prices and disrupt the company's operations. Cold weather can also push up natural gas costs.
- Debt is large relative to cash. As of June 30, 2026, total debt was about $901 million against about $67 million of cash and investments. Debt can reduce liquidity and make the business harder to run.
Recent events
- Executive or board change
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
The Andersons pays a modest dividend that has risen steadily. Dividends per share have increased for at least nine straight fiscal years, reaching $0.785 in fiscal 2025, up from $0.70 in fiscal 2020 (about 2.3% a year). The fiscal 2025 dividend equaled 28.1% of earnings. Free cash flow (cash left after capital spending) swings widely, though. It was negative in fiscal 2020, 2021 and 2025. The yield was 1.25% as of October 28, 2026. Share repurchases totaled about $32 million over fiscal 2021–2025, but the share count still rose 2.1% from October 2021 to July 2026.
The share price has fallen sharply in past downturns. It dropped 78% in the 2008 financial crisis and needed about 23.5 months after its low to recover. It fell 29.6% in the 2020 COVID crash and 48.8% in 2022, taking about 7 and 17 months, respectively, to recover. Single stocks carry more risk than diversified funds.
Questions investors ask
How does The Andersons make money?
The Andersons makes money mainly by trading, storing and moving crops, and by making ethanol. In the fiscal year ended December 31, 2025, the Agribusiness segment brought in 75% of about $11.0 billion in revenue. It trades corn, wheat and soybeans, runs grain elevators in the United States and Canada, and supplies fertilizer. The Renewables segment brought in the other 25%, from making and marketing ethanol and co-products at four plants. Margins are thin: net income was $95.7 million, or 0.9% of revenue.
Does The Andersons raise its dividend every year?
Yes, so far. Dividends per share have risen for at least nine consecutive fiscal years through 2025, and the streak may be longer. The increases have been small. The dividend grew from $0.70 per share in fiscal 2020 to $0.785 in fiscal 2025, about 2.3% a year. The fiscal 2025 dividend equaled 28.1% of earnings, and the yield was 1.25% as of October 28, 2026. Past increases do not guarantee future ones.
How many ethanol plants does The Andersons own?
The Andersons owns four ethanol plants, in Iowa, Indiana, Michigan and Ohio. Their combined nameplate (design) capacity is 405 million gallons, and the company says they have a history of producing more than that. It took full ownership on July 31, 2025, by acquiring the remaining 49.9% interest in The Andersons Marathon Holdings LLC. That business was then renamed The Andersons Renewables, LLC. The Renewables segment, which also trades ethanol, co-products and other biofuels, made up 25% of fiscal 2025 revenue.
How much debt does The Andersons have?
The Andersons had about $901 million of total debt as of June 30, 2026, against about $67 million of cash and investments. That left net debt of about $834 million. Shareholders' equity was about $1.32 billion. A March 25, 2026, filing reported a major agreement and a new debt or financial obligation. The company's annual report lists its debt as a risk because borrowing can reduce liquidity and make the business harder to run.
How has ANDE stock performed over the long term?
Long-term returns have been positive but very uneven. Based on price data as of October 28, 2026, the stock returned about 15.6% a year over five years and 7.8% a year over ten years. It was up 37.8% over one year. Calendar-year results ranged from a 62.8% loss in 2008 to a 110% gain in 2013. Its deepest drop over about 21 years of price history was 81.7%.