# Archer-Daniels-Midland Company (ADM)

> Source: Nexqual · https://nexqual.com/ADM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Archer-Daniels-Midland Company (ADM), nexqual.com/ADM" · informational, not investment advice.

**Price:** USD 79.84 (+0.60% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 79.36 · day 78.18–79.92 · 52w 55.58–88.75 · market cap $38.5B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $82.1B, net income $1.77B (2.2% margin), free cash flow $1.68B (SEC filings).
- Valuation: P/E 21.7x (avg 16.9x at the last 3 fiscal year-ends), net debt $6.51B.
- 2 of 80 tracked superinvestors hold ADM (13F, Q2 2026): 0 new, 0 added, 1 reduced, 1 unchanged.
- Total return with dividends: 1Y +31.5% vs S&P 500 +14.9%; 5Y +38.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 1.59, revenue estimate $23.5B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $85.2B | $102B | $93.9B | $85.5B | $80.3B | $82.1B |
| Gross profit | $5.99B | $7.57B | $7.51B | $5.78B | $5.03B | — |
| Net income | $2.71B | $4.34B | $3.48B | $1.80B | $1.08B | $1.77B |
| EPS (diluted) | $4.79 | $7.71 | $6.43 | $3.65 | $2.23 | — |
| Free cash flow | $5.43B | $2.16B | $2.97B | $1.23B | $4.20B | $1.68B |
| Gross margin | 7.0% | 7.5% | 8.0% | 6.8% | 6.3% | — |
| Net margin | 3.2% | 4.3% | 3.7% | 2.1% | 1.3% | 2.2% |
| Revenue growth | +32.5% | +19.1% | -7.5% | -8.9% | -6.2% | — |
| Cash + short-term investments | $943M | $1.04B | $1.37B | $857M | $1.05B | — |
| Total debt | $8.58B | $8.68B | $8.26B | $8.25B | $7.61B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 21.7x · P/S 0.5x · EV/Sales 0.6x · P/FCF 22.9x · P/B 1.6x · FCF yield 4.36% · Earnings yield 4.60% · Dividend yield (paid, TTM) 2.60% · Net debt $6.51B · EV $45.0B
P/E at fiscal year-ends: Dec 2025 25.8x, Dec 2024 13.8x, Dec 2023 11.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold ADM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Thomas Gayner | Markel Group | 0.88% | $115M | Unchanged |
| Dodge & Cox Funds | Dodge & Cox | 0.57% | $1.08B | Reduced -10.0% |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | JP Morgan | Target lowered | Underweight | $77 → $75 |
| 2026-08-17 | UBS | Reiterated | Buy | $95 |
| 2026-08-05 | BMO Capital | Target raised | Market Perform | $77 → $82 |
| 2026-08-05 | Barclays | Target raised | Equal-Weight | $85 → $90 |
| 2026-08-05 | Morgan Stanley | Upgrade | Underweight → Equal-Weight | $60 → $79 |
| 2026-07-20 | Morgan Stanley | Target raised | Underweight | $58 → $60 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +31.5% | +38.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +31.6% | +6.8% |
| Volatility (annualized) | 27.6% | 29.1% |
| Max drawdown | -12.3% (Jul 2026→Aug 2026) | -52.3% (Nov 2022→Mar 2025) |

## Peers (Farm Products)
TSN (Tyson Foods, Inc.) USD 57.07 +2.09% · BG (Bunge Limited) USD 103.15 +0.90% · CALM (Cal-Maine Foods, Inc.) USD 63.83 +5.31% · AGRO (Adecoagro S.A.) USD 9.83 +3.69% · DMC (Del Monte Corporation) USD 29.93 +7.28% · DOLE (Dole plc) USD 13.52 +3.13%

## More
Full page: https://nexqual.com/ADM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Ag Services and Oilseeds | $2.20B | 9.7% | +9.6% |
| Carbohydrate Solutions | $2.18B | 9.6% | -2.3% |
| Nutrition | $1.90B | 8.4% | -4.6% |
| Total revenue | $22.68B | 100% | — |
The lines above cover 27.7% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Starchesandsweeteners | $1.50B | 6.6% | -2.3% |
| Human Nutrition | $1.12B | 4.9% | -3.7% |
| Ag Services | $1.11B | 4.9% | +8.7% |
| Refined Productsand Other | $953.0M | 4.2% | +6.5% |
| Animal Nutrition | $784.0M | 3.5% | -5.8% |
| Vantage Corn Processors | $677.0M | 3.0% | -2.2% |
| Crushing | $132.0M | 0.6% | +53.5% |
| Total revenue | $22.68B | 100% | — |
The lines above cover 27.7% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $31.18B | 38.8% | -7.1% |
| Switzerland | $17.79B | 22.2% | -10.5% |
| Other Foreign | $15.23B | 19.0% | -3.0% |
| Cayman Islands | $6.09B | 7.6% | +8.7% |
| Brazil | $3.36B | 4.2% | +0.1% |
| Mexico | $2.74B | 3.4% | -14.6% |
| United Kingdom | $2.12B | 2.6% | -3.2% |
| Canada | $1.77B | 2.2% | -14.0% |
| Total revenue | $80.27B | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "Outlook 3 : • ADM now expects 2026 adjusted EPS 1,2 of approximately $5.15 to $5.60, up from the prior adjusted EPS 1,2 guidance range of $4.15 to $4.70 • The updated outlook reflects expected year-over-year earnings improvement in ADM's crushing and ethanol businesses, as the Company expects to continue capitalizing on the constructive margin environment through disciplined execution."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.59 | $1.28 | +24.9% | $23.49B | 7 |
| Next quarter (ends 2026-12-31) | $1.37 | $1.32 | +4.4% | $22.86B | 7 |
| Current fiscal year (ends 2026-12-31) | $5.53 | $4.61 | +19.8% | $86.83B | 9 |
| Next fiscal year (ends 2027-12-31) | $5.67 | $5.41 | +4.7% | $91.23B | 11 |