# The Andersons, Inc. (ANDE)

> Source: Nexqual · https://nexqual.com/ANDE · data as of 2026-10-23 15:27 UTC · cite as "Nexqual, The Andersons, Inc. (ANDE), nexqual.com/ANDE" · informational, not investment advice.

**Price:** USD 64.6 (-0.77% today) · US market open, as of October 23, 2026 at 15:27 UTC; quotes may be delayed. Prev close 65.1 · day 64.41–65.4 · 52w 44.63–82.11 · market cap $2.19B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $10.9B, net income $177M (1.6% margin), free cash flow $56.9M (SEC filings).
- Valuation: P/E 12.4x (avg 17.0x at the last 3 fiscal year-ends), net debt $520M.
- Earnings quality: non-operating income $124M vs operating income null over the last four quarters; P/E excluding non-operating income ≈30.2x (estimate: non-operating income taxed at the company's 15.9% effective rate).
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $5.6M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (3 analysts), mean target USD 86.67 (range 80–90).
- Total return with dividends: 1Y +40.4% vs S&P 500 +14.8%; 5Y +106.1% vs S&P 500 +77.6%.
- Next earnings: 2026-11-03, EPS estimate USD 1.11, revenue estimate $2.90B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $12.6B | $17.3B | $14.8B | $11.3B | $11.0B | $10.9B |
| Gross profit | $593M | $684M | $745M | $694M | $714M | — |
| Net income | $104M | $131M | $101M | $114M | $95.7M | $177M |
| EPS (diluted) | $3.07 | $3.81 | $2.94 | $3.32 | — | — |
| Free cash flow | -$127M | $179M | $796M | $182M | -$56.1M | $56.9M |
| Gross margin | 4.7% | 3.9% | 5.1% | 6.2% | 6.5% | — |
| Net margin | 0.8% | 0.8% | 0.7% | 1.0% | 0.9% | 1.6% |
| Revenue growth | +56.4% | +37.4% | -14.9% | -23.7% | -2.2% | — |
| Cash + short-term investments | $216M | $115M | $644M | $562M | $98.3M | — |
| Total debt | $633M | $603M | $591M | $644M | $623M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 12.4x · P/E ex non-operating (est.) ≈30.2x · P/S 0.2x · EV/Sales 0.3x · P/FCF 38.6x · P/B 1.7x · FCF yield 2.59% · Earnings yield 8.08% · Dividend yield (paid, TTM) 1.24% · Net debt $520M · EV $2.71B
P/E at fiscal year-ends: Dec 2025 19.1x, Dec 2024 12.2x, Dec 2023 19.6x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
8 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-22 | Bowe Patrick E. | Director | 3,534 | $285K | 4.5% | Yes | Too little history (no open-market trades in 2025) |
| 2026-06-04 | Rex Anne G | VP, Strategy, Planning and Dev | 1,827 | $134K | 7.7% | Yes | Too little history (no open-market trades in 2024) |
| 2026-05-05 | Bowe Patrick E. | Director | 16,466 | $1.3M | 17.4% | Yes | Too little history (no open-market trades in 2025) |
| 2026-04-30 | Bowe Patrick E. | Director | 19,100 | $1.5M | 16.8% | Yes | Too little history (no open-market trades in 2025) |
| 2026-04-29 | Bowe Patrick E. | Director | 900 | $70K | 0.8% | Yes | Too little history (no open-market trades in 2025) |
| 2026-04-23 | Bowe Patrick E. | Director | 2,407 | $185K | 2.1% | Yes | Too little history (no open-market trades in 2025) |
| 2026-04-21…2026-04-22 | Bowe Patrick E. | Director | 12,593 | $958K | 9.7% | Yes | Too little history (no open-market trades in 2025) |
| 2026-04-06 | Bowe Patrick E. | Director | 15,000 | $1.1M | 10.4% | Yes | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 3 analysts; mean target USD 86.67 (low 80, high 90).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-05 | BMO Capital | Target raised | Outperform | $75 → $90 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +40.4% | +106.1% |
| S&P 500 (SPY) | +14.8% | +77.6% |
| Per year | +40.5% | +15.6% |
| Volatility (annualized) | 35.2% | 38.6% |
| Max drawdown | -21.2% (Jul 2026→Aug 2026) | -47.6% (Apr 2022→Sep 2022) |

## Peers (Food Distribution)
UNFI (United Natural Foods, Inc.) USD 46.2 -2.28% · CHEF (The Chefs' Warehouse, Inc.) USD 106.13 -1.08% · AVO (Mission Produce, Inc.) USD 11.61 -1.78% · PFGC (Performance Food Group Company) USD 95.38 -2.56% · USFD (US Foods Holding Corp.) USD 101.58 -2.37% · SYY (Sysco Corporation) USD 82.05 -2.29%

## More
Full page: https://nexqual.com/ANDE · 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

## Supply chain and relationships (SEC annual reports)

Named in ANDE's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/821026/000082102626000010/ande-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Skyland Grain | "Gross profit increased by $33.9 million from the prior year with $76.0 million of the increase as a result of additional Skyland gross profit, which was partially offset by reduced results from our legacy asset and merch…" |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Agribusiness | $2.11B | 68.2% | -12.5% |
| Renewables | $984.6M | 31.8% | +36.5% |
| Specialty and primary nutrients | $384.8M | 12.4% | +1.9% |
| Other | $77.7M | 2.5% | +45.7% |
| Premium ingredients | $60.1M | 1.9% | -0.3% |
| Propane and fuels | $32.9M | 1.1% | -25.1% |
| Total revenue | $3.10B | 100% | — |
The lines above cover 117.9% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.50B | 80.7% | +3.0% |
| Other | $390.9M | 12.6% | -19.8% |
| CANADA | $144.0M | 4.6% | +8.1% |
| Mexico | $63.4M | 2.0% | -29.2% |
| Total revenue | $3.10B | 100% | — |

## Company outlook (8-K filed 2026-08-03)

- "Cash spent on capital projects in the quarter totaled $76 million, driven by ongoing investments in our facilities and strategic growth initiatives."
- "We anticipate a full-year adjusted effective rate of approximately 14% - 18%."
- "ET, to discuss its performance and provide its outlook for the remainder of 2026."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.11 | $0.98 | +12.5% | $2.90B | 3 |
| Next quarter (ends 2026-12-31) | $1.78 | $1.92 | -7.5% | $3.00B | 3 |
| Current fiscal year (ends 2026-12-31) | $6.15 | $5.47 | +12.4% | $11.62B | 3 |
| Next fiscal year (ends 2027-12-31) | $6.40 | $5.96 | +7.3% | $11.94B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±11.3%; last 8 reports averaged ±8.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 50.2% | ±11.3% |
| 2026-12-18 | 56 | 43.1% | ±13.5% |
| 2027-03-19 | 147 | 41.2% | ±20.7% |
| 2027-06-17 | 237 | 40.5% | ±25.7% |