# Deere & Co. (DE)

> Deere makes farm, lawn, construction, roadbuilding, and forestry equipment, and finances purchases of its equipment.

- Exchange: New York Stock Exchange · Sector: Industrials · Industry: Farm and Heavy Construction Machinery
- Headquarters: Moline, Illinois
- Founded: 1837
- Employees: 73,100 (November 2, 2025)
- SEC CIK: 0000315189 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000315189))
- Full page: https://inspectstocks.com/stocks/de
- Data as of: price 2026-09-25; newest filing used 2026-08-27; latest fiscal period ended 2026-08-02

## Grade

**C+** on the growth-and-cash rubric, 3 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | failed | $48B | $61.4B |
| Revenue growing recently | passed | $48B | $45.7B |
| Free cash flow positive | passed | $6B |  |
| Free cash flow growing overall | passed | $6B | $5.8B |
| Free cash flow growing recently | failed | $6B | $6.1B |

Business quality (the + / − mark): 6 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 10.2% |  |
| Healthy profit margin | passed | 10.2% |  |
| Strong operating margin | passed | 27.0% |  |
| Good return on equity | passed | 18.8% |  |
| Debt under control | passed | 0.55 |  |
| Turns sales into cash | passed | 12.5% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $48B |
| Net income, trailing twelve months | $4.9B |
| Free cash flow, trailing twelve months | $6B |
| Net margin | 10.2% |
| Return on equity | 18.8% |
| Debt to equity | 0.55 |
| Diluted EPS, trailing twelve months | $18.00 |
| Share price | $690.46 |
| Market value | $186.2B |
| Price / earnings | 38.4x |
| Price / sales | 3.9x |

## What the business does

Deere makes machinery for crop farms, smaller farms, lawns and golf courses, construction sites, road projects, and forestry work. It also sells technology that helps customers guide equipment, monitor machines, and manage farm or job-site work. Through John Deere Financial, it lends to equipment buyers and dealers and offers leases and other credit products.

### How it makes money

- **Large-scale farm equipment and technology** (32.8% (nine months ended August 2, 2026)) — Sells large tractors, harvesters, planters, sprayers, and related parts and technology, mainly through dealers. The share is based on reported Production & Precision Agriculture segment revenue.
- **Small farm, utility, and turf equipment** (25.4% (nine months ended August 2, 2026)) — Sells smaller tractors, hay and forage machinery, lawn and commercial mowers, utility vehicles, and golf-course equipment through dealers and some mass retailers.
- **Construction, roadbuilding, and forestry equipment** (28.3% (nine months ended August 2, 2026)) — Sells construction machines, roadbuilding machinery, forestry equipment, parts, and related technology through dealers and company-owned sales and service operations in some markets.
- **Equipment financing and other financial services** (12.6% (nine months ended August 2, 2026)) — Earns income from financing and leasing new and used equipment, financing dealer inventories, revolving credit accounts, and extended warranties. The reported segment revenue includes intercompany amounts.

### Products

- **Large-scale agricultural machinery** — Four-wheel-drive and row-crop tractors, combines and other harvesters, cotton pickers, sugarcane machines, planters, tillage equipment, and sprayers used to grow and harvest crops.
- **Small agriculture and hay equipment** — Specialty, utility, and compact tractors; balers; forage harvesters; hay tools; and related attachments for smaller farms, livestock operations, and high-value crops.
- **Lawn, utility, and golf-course equipment** — Riding lawn equipment, commercial mowers, utility vehicles, and machines and tools used to maintain golf courses and other sports turf.
- **Construction and roadbuilding machinery** — Excavators, loaders, dozers, backhoes, graders, dump trucks, and Wirtgen Group machines for paving, milling, compacting, and other road work.
- **Forestry machinery** — Skidders, harvesters, forwarders, feller bunchers, and loaders used to cut, move, and process timber.
- **John Deere Financial products** — Loans and installment payment plans for equipment buyers, leases, credit accounts, dealer inventory financing, and extended equipment warranties.

### Customers

- Large crop-growing businesses that buy tractors, combines, planters, sprayers, and precision farming equipment, usually through dealers.
- Smaller farms, dairy and livestock producers, and growers of crops such as fruit and vegetables that buy smaller tractors, hay equipment, and related tools.
- Homeowners, landscaping businesses, golf courses, and sports facilities that buy lawn, mowing, utility, and turf-maintenance equipment through dealers or, for some products, mass retailers.
- Construction contractors and roadbuilding companies that buy or rent earthmoving, paving, and road-maintenance machinery through dealers or company sales operations.
- Forestry businesses that buy machinery for harvesting and moving timber through dealers and sales operations.
- Equipment dealers that buy machines for resale and use Deere financing to fund the equipment they keep in inventory.

### Competitors

- AGCO Corporation (AGCO) — Agricultural tractors, harvesting machinery, and other farm equipment.
- CNH Industrial N.V. (CNH) — Agricultural and construction equipment.
- Caterpillar Inc. (CAT) — Construction and earthmoving machinery.
- The Toro Company (TTC) — Lawn, turf, and grounds-maintenance equipment.

### What it depends on

- Independent dealers sell and service much of Deere’s equipment and provide customers with parts and support.
- Manufacturing depends on global suppliers of steel, castings, hydraulics, electronics, and other components.
- Demand for farm equipment depends on farm income, crop and livestock prices, crop yields, input costs, weather, and access to credit.
- John Deere Financial depends on funding markets to finance customer and dealer loans and leases; its equipment business is a major source of its customers.
- Connected equipment and digital tools depend on communications networks, software, and secure handling of equipment and customer data.

### What could go wrong

- When farm income or confidence falls because of commodity prices, crop yields, input costs, weather, or interest rates, customers may delay buying Deere’s agricultural equipment.
- Changes in tariffs and trade rules can raise the cost of imported components and equipment, disrupt supply, or make sales across borders harder.
- A significant portion of equipment sales is financed through John Deere Financial, so weaker customer finances, higher funding costs, or changes in credit conditions can affect financing income and loan losses.

## More on this company

- [Overview](https://inspectstocks.com/stocks/de)
- [Financial statements](https://inspectstocks.com/stocks/de/financials)
- [Competitors](https://inspectstocks.com/stocks/de/peers)
- [Earnings](https://inspectstocks.com/stocks/de/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.