At a glance
Deere & Company is worth $180.00B, about 36 times its fiscal 2025 earnings. Revenue fell 11.7% to $45.68B in fiscal 2025, with 11.0% kept as profit; over 5 years it has grown 5.2% a year. It pays a 0.97% dividend yield, raised every year for at least 5 years, and returned $25.60B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +46.3% over the past year with dividends reinvested and +14.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 37.4% in the 2020 crash (S&P 500: 33.7%) and 33.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 5 months after the lows.
The business in plain English
Deere & Company has made farm equipment since 1837. It builds tractors, harvesters, sprayers, planters, hay equipment, riding mowers, golf course equipment, and construction machines such as excavators, dozers and motor graders. Deere relies on independent dealers to get its products to customers, though it also builds some lawn equipment for The Home Depot and Lowe's. Deere increasingly adds technology to its machines, such as satellite guidance, sensors and the John Deere Operations Center, a digital system that tracks each machine's location, use and maintenance.
In fiscal 2025, which ended November 2, 2025, equipment net sales were $38.9 billion across three segments. Production & Precision Agriculture, which serves large-scale growers of grain, cotton and sugarcane, made up 45%. Construction & Forestry contributed 29%. Small Agriculture & Turf, which serves dairy and livestock farms, smaller growers, and lawn and golf customers, contributed 26%. A fourth segment, John Deere Financial, provides loans, leases and extended warranties to customers and dealers, and brought in about $6.3 billion of revenue.
Total revenue was $45.7 billion. The United States supplied 52.5%, followed by Western Europe at 14.3%, Latin America at 12.3% and Canada at 8.2%. Demand rises and falls with farm income, which depends on crop prices, harvests, interest rates and government policy.
Price history
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DE +46.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $38.92B | 85.2% |
| Turf | $2.73B | 6% |
| Compact Construction Equipment | $1.92B | 4.2% |
| Forestry | $1.12B | 2.5% |
| Other | $1.02B | 2.2% |
By business segment
| Production And Precision Agriculture Segment | $17.75B | 38.9% |
| Construction And Forestry Segment | $11.65B | 25.5% |
| Small Agriculture And Turf Segment | $10.46B | 22.9% |
| Financial Services Segment | $6.29B | 13.8% |
By geography
| US | $23.97B | 52.5% |
| Western Europe | $6.55B | 14.3% |
| Latin America | $5.61B | 12.3% |
| Asia Africa Oceania And Middle East | $4.24B | 9.3% |
| CA | $3.73B | 8.2% |
| Central Europe And Commonwealth Of Independent States | $1.57B | 3.4% |
Latest results
- In Q3 FY2026 (ended Aug 2, 2026), revenue was $12.61B, up 4.9% from a year earlier, and net income was $1.38B (+7.0%).
- For fiscal 2025, revenue was $45.68B (-11.7% year over year; +5.2% a year from FY2020 to FY2025) with a 11% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.2% good |
|---|---|
| Free cash flow margin | 13.4% good |
| Return on equity (FY2025) | 19.4% good |
| Return on assets (FY2025) | 4.7% watch |
| Net cash (cash minus debt) | $-8.19B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $35.54B | $2.75B | $6.66B |
| FY2021 | $44.02B | $5.96B | $6.88B |
| FY2022 | $52.58B | $7.13B | $3.56B |
| FY2023 | $61.25B | $10.17B | $7.09B |
| FY2024 | $51.72B | $7.10B | $7.59B |
| FY2025 | $45.68B | $5.03B | $6.10B |
Valuation snapshot
| Market value | $180.00B |
|---|---|
| P/E ratio | 36.1 |
| Dividend yield | 0.97% |
Rank among 1514 US companies
Market value at each year end
Deere &’s market value went from $32.65B at the end of 2016 to $180.00B on Nov 2, 2026, about 5.5 times as much; since the end of 2025 it is up 43%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $180.00B | +43.0% |
| 2025 | $125.91B | +9.4% |
| 2024 | $115.07B | +2.7% |
| 2023 | $112.07B | -12.4% |
| 2022 | $127.87B | +21.3% |
| 2021 | $105.41B | +25.0% |
| 2020 | $84.31B | +55.3% |
| 2019 | $54.28B | +14.2% |
| 2018 | $47.52B | -5.9% |
| 2017 | $50.49B | +54.6% |
| 2016 | $32.65B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DE price data to Nov 2, 2026 | +44.5% | +46.3% | +23.0% | +14.9% | +24.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +44.5% |
| 2025 | +11.4% |
| 2024 | +7.5% |
| 2023 | -5.5% |
| 2022 | +26.6% |
| 2021 | +28.9% |
| 2020 | +57.9% |
| 2019 | +18.3% |
| 2018 | -2.9% |
| 2017 | +54.8% |
| 2016 | +38.9% |
| 2015 | -11.3% |
| 2014 | -0.6% |
| 2013 | +8.2% |
| 2012 | +14.3% |
| 2011 | -5.0% |
| 2010 | +56.3% |
| 2009 | +44.9% |
| 2008 | -58.0% |
| 2007 | +98.7% |
| 2006 | +42.3% |
| 2005 | -6.6% |
| 2004 | +16.3% |
| 2003 | +44.4% |
| 2002 | +7.1% |
| 2001 | -2.5% |
| 2000 | +8.1% |
| 1999 | +34.9% |
| 1998 | -42.3% |
| 1997 | +46.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 65.2% over that stretch · deepest drop along the way 73.3%, back to its old high 22.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 32.6% over that stretch · deepest drop along the way 37.4%, back to its old high 3.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 4.2% over that stretch · deepest drop along the way 33.8%, back to its old high 4.6 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 26 sales ($50.4M), 26 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jan 8, 2026 | John C II May Chairman & CEO | sell (plan) | $7.8M |
| Aug 21, 2026 | Ryan D Campbell Pres WWC&F and Pwr Systems | sell (plan) | $7.5M |
| Jan 8, 2026 | John C II May Chairman & CEO | sell (plan) | $6.2M |
| Jan 14, 2026 | Cory J Reed Pres, Life Sol Cust Sup & S.M. | sell (plan) | $6.1M |
| Aug 21, 2026 | Ryan D Campbell Pres WWC&F and Pwr Systems | sell (plan) | $4.4M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.04% | Mar 31, 2026 |
ETFs with the most weight in DE
| VEGI iShares MSCI Agriculture Producers ETF | 25.68% |
| KROP Global X AgTech & Food Innovation ETF | 13.74% |
| FTAG First Trust Indxx Global Agriculture ETF | 10.05% |
| FTWO Strive Natural Resources and Security ETF | 9.59% |
| MOO VanEck Agribusiness ETF | 7.83% |
| NITE Nightview Fund NITE | 5.24% |
| HAP VanEck Natural Resources ETF | 4.89% |
| DVAL BrandywineGLOBAL - Dynamic US Large Cap Value ETF | 4.74% |
What could go wrong
- A farm downturn hits sales hard. Deere's sales rise and fall with farm income, crop prices and interest rates. In fiscal 2025, weak farm conditions cut revenue 11.7% and net income 29.2%, and Deere expected some pressure to persist.
- Tariffs raise costs and threaten exports. Nearly 80% of Deere's U.S. sales are assembled domestically; the rest come mainly from Europe, Mexico, India and Japan. U.S. tariffs raised its costs in fiscal 2025, and retaliatory tariffs can hurt exports.
- Its lending arm adds credit and funding risk. John Deere Financial funds a significant share of equipment sales. Higher interest rates, tighter credit markets or struggling borrowers raise its costs and losses; write-offs of unpaid balances were elevated in fiscal 2025.
- Big technology bets may not pay off. Deere is investing in precision farming, automation, autonomy and AI under its Smart Industrial strategy. Technical or regulatory limits, or products that disappoint, could leave those costs without the expected payoff.
- Connected machines could be hacked or misused. Much of Deere's equipment connects to its Operations Center software. A security breach or unauthorized control of machine systems could disrupt customers' work, expose data and damage trust in the brand.
- Heavy reliance on independent dealers. Deere sells mainly through independent dealers. If those dealers struggle with sales, finances or operations, Deere's own sales and revenue can suffer.
Recent events
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change
For income and retirement investors
Deere's dividend yield was 1.01% as of October 27, 2026, so income is modest. The dividend per share has risen five fiscal years in a row, from $3.04 in fiscal 2020 to $6.48 in fiscal 2025. Fiscal 2025 dividends used 34% of net income and 28% of free cash flow (cash left after running and investing in the business). Buybacks, or repurchases of its own shares, totaled $18.5 billion from fiscal 2021 through 2025, against $7.1 billion in dividends, and the share count fell about 12% between late 2021 and August 2026. Buybacks slowed to $1.1 billion in fiscal 2025.
Downturns have hit the stock hard. It lost 73.3% in the 2008 financial crisis and needed about 22 months after its March 2009 low to regain its prior peak. It fell 37.4% in the 2020 COVID crash and 33.8% in 2022, recovering within about five months each time. Single stocks carry more risk than diversified funds.
Questions investors ask
How does John Deere make money?
Deere makes most of its money by selling machinery, and it also earns money by financing that machinery. In the fiscal year ended November 2, 2025, revenue was $45.7 billion. Large-farm equipment (the Production & Precision Agriculture segment) brought in 38.9%, Construction & Forestry 25.5%, and Small Agriculture & Turf, which includes lawn, golf and hay equipment, 22.9%. John Deere Financial, which offers loans, leases and extended warranties, added 13.8%. The U.S. accounted for 52.5% of revenue.
Does Deere raise its dividend every year?
It raised its regular dividend every year from fiscal 2020 to fiscal 2025, a 5-year streak, taking it from $3.04 to $6.48 per share. That works out to about 16.3% a year on average. Dividends paid took 34.2% of fiscal 2025 net income, a moderate share. The yield was 1.01% as of October 27, 2026, so the stock pays only modest income. Past increases do not guarantee future ones, especially during a farm downturn.
Why did Deere's profits fall?
Mainly because of a farm downturn. Net income fell from $10.2 billion in fiscal 2023 to $5.0 billion in fiscal 2025, and revenue fell from $61.3 billion to $45.7 billion. Deere's annual report says weak markets in fiscal 2025 brought lower sales volumes, heavier use of sales incentives and elevated write-offs of unpaid balances, while new tariffs added costs. The quarter ended August 2, 2026 showed some improvement: revenue rose 4.9% and net income rose 7% from a year earlier.
Is Deere stock overvalued?
It looks pricey compared with its past earnings, largely because those earnings shrank. As of October 27, 2026, Deere traded at 34.6 times its fiscal 2025 earnings per share of $18.50. This price-to-earnings (P/E) ratio is the share price divided by a year of profit per share. Earnings per share were $34.63 in fiscal 2023, so the high ratio partly reflects the farm slump. The share price had risen 38.5% year to date, so the price may already reflect hopes of a profit recovery.
How much can Deere stock fall in a crash?
It can fall a long way. In the 2008 financial crisis, its share price dropped 73.3% from its January 14, 2008 peak to its March 2, 2009 low. It then took about 22.4 months from that low to get back to its old peak. It fell 37.4% in the 2020 COVID crash but recovered in 3.8 months. In the 2022 bear market it ended up 4.2% over the broader market's decline, yet it still dropped 33.8% between April and July along the way.