# Deere & Company (DE)

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

**Price:** USD 643.62 (+1.11% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 636.54 · day 626.78–644.75 · 52w 454.5–721.22 · market cap $174B · NYQ

## Key facts
- Last four reported quarters (through Aug 2, 2026): revenue $48.0B, net income $4.87B (10.2% margin), free cash flow $6.02B (SEC filings).
- Valuation: P/E 35.6x (avg 17.2x at the last 3 fiscal year-ends).
- 7 of 80 tracked superinvestors hold DE (13F, Q2 2026): 0 new, 1 added, 2 reduced, 4 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $23.4M; 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 2.16 on a 1–5 scale) (25 analysts), mean target USD 694.01 (range 500–813.18).
- Total return with dividends: 1Y +38.7% vs S&P 500 +14.9%; 5Y +101.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-25, EPS estimate USD 4.06, revenue estimate $10.4B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $44.0B | $52.6B | $61.3B | $51.7B | $45.7B | $48.0B |
| Operating income | $8.01B | $9.51B | $13.0B | $9.04B | — | — |
| Net income | $5.96B | $7.13B | $10.2B | $7.10B | $5.03B | $4.87B |
| EPS (diluted) | $18.99 | $23.28 | $34.63 | $25.62 | $18.50 | — |
| Free cash flow | $6.88B | $3.56B | $7.09B | $7.59B | $6.10B | $6.02B |
| Operating margin | 18.2% | 18.1% | 21.2% | 17.5% | — | — |
| Net margin | 13.5% | 13.6% | 16.6% | 13.7% | 11.0% | 10.2% |
| Revenue growth | +23.9% | +19.4% | +16.5% | -15.6% | -11.7% | — |
| Cash + short-term investments | $8.02B | $4.77B | $7.46B | $7.32B | $8.28B | — |
| Total debt | $43.8B | — | — | — | — | — |
Fiscal years end Nov. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 2, 2026)
P/E 35.6x · P/S 3.6x · P/FCF 28.8x · P/B 6.2x · FCF yield 3.47% · Earnings yield 2.81% · Dividend yield (paid, TTM) 1.01% · Buyback yield (TTM) 0.40%
P/E at fiscal year-ends: Nov 2025 25.1x, Oct 2024 15.8x, Oct 2023 10.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold DE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Gates | Gates Foundation Trust | 6.56% | $2.26B | Unchanged |
| Thomas Gayner | Markel Group | 4.24% | $557M | Unchanged |
| Robert Vinall | RV Capital GmbH | 0.83% | $3.2M | Unchanged |
| First Eagle Investment | First Eagle Investment Management | 0.57% | $341M | Added +0.7% |
| Bill Nygren | Oakmark Funds | 0.26% | $199M | Reduced -39.6% |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $8.0M | Unchanged |
| Mairs & Power | Mairs & Power Funds | <0.01% | $353K | Reduced -2.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 3 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 |
|---|---|---|---|---|---|---|---|
| 2026-08-31 | Campbell Ryan D | Pres WWC&F and Pwr Systems | 4,860 | $3.2M | 15.2% | Yes (adopted March 3, 2026) | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-24 | Campbell Ryan D | Pres WWC&F and Pwr Systems | 7,839 | $5.1M | 22.4% | Yes (adopted March 3, 2026) | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-21 | Campbell Ryan D | Pres WWC&F and Pwr Systems | 23,260 | $15.1M | 46.1% | Yes (adopted March 3, 2026) | Too little history (no open-market trades in 2024 or 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 2.16 on a 1–5 scale), 25 analysts; mean target USD 694.01 (low 500, high 813.18).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-08 | JP Morgan | Target raised | Neutral | $585 → $625 |
| 2026-09-03 | Evercore ISI Group | Upgrade | In-Line → Outperform | $632 → $813 |
| 2026-08-31 | Raymond James | Target raised | Outperform | $700 → $730 |
| 2026-08-31 | Baird | Upgrade | Neutral → Outperform | $640 → $800 |
| 2026-08-24 | Truist Securities | Target lowered | Buy | $812 → $804 |
| 2026-08-24 | DA Davidson | Target raised | Buy | $685 → $760 |
| 2026-08-24 | Barclays | Target raised | Overweight | $640 → $675 |
| 2026-08-24 | RBC Capital | Reiterated | Outperform | $752 |
| 2026-08-21 | Citigroup | Target raised | Neutral | $610 → $650 |
| 2026-08-21 | JP Morgan | Target raised | Neutral | $570 → $585 |
| 2026-08-21 | UBS | Target lowered | Buy | $732 → $728 |
| 2026-08-21 | Oppenheimer | Target raised | Outperform | $680 → $685 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +38.7% | +101.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +38.8% | +15.0% |
| Volatility (annualized) | 32.7% | 30.2% |
| Max drawdown | -19.9% (Feb 2026→May 2026) | -31.6% (Apr 2022→Jul 2022) |

## Peers (Farm & Heavy Construction Machinery)
CAT (Caterpillar, Inc.) USD 704.05 -4.89% · PCAR (PACCAR Inc.) USD 109.59 -0.57% · CNH (CNH Industrial N.V.) USD 11.58 +0.52% · OSK (Oshkosh Corporation (Holding Co) USD 134.29 -0.91% · AGCO (AGCO Corporation) USD 106.17 +0.90% · FSS (Federal Signal Corporation) USD 115.54 -0.99%

## More
Full page: https://nexqual.com/DE · 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)


Other companies that name DE in their own reports (relationship from DE's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Loma Negra Compania Industrial Argentina Sociedad Anonima (LOMA) | 20-F 2026-04-28 | "He is also co-founder and Managing Partner of Pampa Capital, a private equity firm founded in 2002, where he has led the acquisition, scaling, and divestiture of companies in the agro-industrial secto…" |
| supplier | Mayville Engineering Company, Inc. (MEC) | 10-K 2026-03-04 | "For example, we provide John Deere, a leading customer, with 2025 net sales accounting for 10.0% of our total revenue, with over 3,000 SKUs across over 65 individual John Deere platforms including the…" |
| competitor | CNH Industrial N.V. (CNH) | 10-K 2026-02-26 | "Our principal competitors in the agricultural equipment market are Deere & Company, AGCO Corporation, Claas Group, Kubota Tractor Corporation, Argo Tractors S.p.A., Same Deutz Fahr Group and Mahindra." |
| supplier | TITAN INTERNATIONAL INC (TWI) | 10-K 2026-02-26 | "Customers including AGCO Corporation, Caterpillar Inc., CNH Global N.V., Deere & Company, Hitachi, Ltd., Kubota Corporation, Liebherr, and Volvo have helped sustain Titan's market leading position in …" |
| supplier | Otter Tail Corp (OTTR) | 10-K 2026-02-18 | "Our customers include some of the largest vehicle and equipment manufacturers operating in the U.S., including Caterpillar Inc., CNH Industrial N.V., Cummins Inc., Deere & Company, Honda Motor Co., Ka…" |
| competitor | CATERPILLAR INC (CAT) | 10-K 2026-02-13 | "Examples of global competitors include CASE (part of CNH Industrial N.V.), Deere Construction & Forestry (part of Deere & Company), Doosan Bobcat (Part of Doosan Group), Hitachi Construction Machinery…" |
| competitor | AGCO CORP /DE (AGCO) | 10-K 2026-02-13 | "Our two principal competitors on a worldwide basis are Deere & Company and CNH Industrial N.V." |

## Revenue by business segment (quarter ended 2026-08-02)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Production & Precision Agriculture | $4.10B | 32.5% | -6.5% | $527.0M | 12.9% |
| Construction & Forestry | $3.69B | 29.3% | +18.0% | $436.0M | 11.8% |
| Small Agriculture & Turf | $3.45B | 27.3% | +11.6% | $622.0M | 18.0% |
| Financial Services | $1.50B | 11.9% | -2.5% | $271.0M | 18.0% |
| Total revenue | $12.61B | 100% | — | $1.86B | 14.7% |

## Revenue by product line (quarter ended 2026-08-02)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $11.00B | 87.2% | +6.2% |
| — Production Agriculture (part of Product) | $3.92B | 31.1% | -6.3% |
| — Small Agriculture (part of Product) | $2.42B | 19.2% | +10.8% |
| — Construction Equipment (part of Product) | $1.56B | 12.3% | +28.9% |
| — Financial Service (part of Product) | $1.35B | 10.7% | -5.1% |
| — Turf (part of Product) | $875.0M | 6.9% | +15.1% |
| — Compact Construction Equipment (part of Product) | $572.0M | 4.5% | +16.5% |
| — Forestry (part of Product) | $283.0M | 2.2% | -3.1% |
| Roadbuilding | $1.15B | 9.1% | +13.1% |
| Other | $256.0M | 2.0% | +8.9% |
| Total revenue | $12.61B | 100% | — |
The lines above cover 98.4% of total revenue.

## Revenue by region (quarter ended 2026-08-02)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $6.81B | 54.0% | +13.4% |
| Western Europe | $1.87B | 14.8% | -7.8% |
| Latin America | $1.26B | 10.0% | -13.8% |
| Asia Africa Oceania & Middle East | $1.23B | 9.8% | +13.1% |
| Canada | $947.0M | 7.5% | +5.8% |
| Central Europe & Commonwealth Of Independent States | $484.0M | 3.8% | -9.7% |
| Total revenue | $12.61B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $4.06 | $4.50 | -9.7% | $10.35B | 16 |
| Next quarter (ends 2027-01-31) | $3.25 | $3.31 | -1.9% | $8.57B | 12 |
| Current fiscal year (ends 2026-10-31) | $18.11 | $18.13 | -0.1% | $41.12B | 21 |
| Next fiscal year (ends 2027-10-31) | $22.99 | $22.73 | +1.2% | $44.64B | 21 |