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Farm products · Consumer Defensive · Fiscal year ends Dec 31
Andersons reported revenue of $1.5B in the fiscal year ended Dec 2025, up 9.1% from the year before. Net income was $96M. Operating cash flow of $177M less capital expenditure of $233M left free cash flow of −$56M. Net debt was $525M.
Ranks among the 7 farm products companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,212 | 3,037 | 1,632 | 1,403 | 1,531 |
| Cost of revenue | 12,019 | 16,641 | 14,005 | 10,564 | 10,295 |
| Gross profit | 593 | 684 | 745 | 694 | 714 |
| Net interest incomeBanks | −37.3 | −56.8 | −46.9 | −31.8 | −47.2 |
| Pre-tax income | 161 | 195 | 170 | 201 | 141 |
| Income tax | 29.2 | 39.6 | 37.0 | 30.1 | 22.2 |
| Net income | 104 | 131 | 101 | 114 | 95.7 |
| Diluted EPS | 3.07 | 3.81 | 2.94 | 3.32 | – |
| Diluted shares | 33.9 | 34.4 | 34.4 | 34.3 | 34.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 216 | 115 | 644 | 562 | 98.3 |
| Receivables | 835 | 1,249 | 763 | 765 | 652 |
| Inventory | 1,815 | 1,732 | 1,167 | 1,287 | 1,365 |
| Current assets | 3,372 | 3,466 | 2,807 | 2,850 | 2,376 |
| Net PP&E | 786 | 763 | 693 | 868 | 940 |
| Goodwill | 129 | 129 | 128 | 128 | 128 |
| Total assets | 4,569 | 4,608 | 3,855 | 4,121 | 3,713 |
| Deferred revenue | 358 | 371 | 187 | 194 | 195 |
| Current liabilities | 2,464 | 2,521 | 1,636 | 1,731 | 1,686 |
| Short-term debt | 32.3 | 110 | 27.6 | 36.1 | 63.4 |
| Long-term debt | 600 | 493 | 563 | 608 | 560 |
| Total liabilities | 3,262 | 3,178 | 2,339 | 2,521 | 2,423 |
| Shareholders' equity | 1,072 | 1,199 | 1,283 | 1,366 | 1,245 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −51.1 | 287 | 947 | 332 | 177 |
| Capital expenditure | 75.8 | 108 | 150 | 149 | 233 |
| Free cash flow | −127 | 179 | 796 | 182 | −56.1 |
| Depreciation & amortisation | 179 | 135 | 125 | 128 | 133 |
| Stock-based compensation | 11.0 | 11.2 | 12.9 | 13.6 | 17.0 |
| Acquisitions | 11.4 | 20.2 | 24.7 | 29.2 | 0.0 |
| Share buybacks | 0.0 | 12.7 | 1.7 | 2.3 | 15.4 |
| Dividends paid | 23.7 | 24.6 | 25.4 | 26.3 | 26.8 |
| Dividend per share | 0.70 | 0.72 | 0.74 | 0.77 | 0.79 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 37.3% | −46.3% | −14.0% | 9.1% |
| EPS growth (YoY) | – | 24.1% | −22.8% | 12.9% | – |
| Gross margin | 26.8% | 22.5% | 45.7% | 49.4% | 46.6% |
| Net margin | 4.7% | 4.3% | 6.2% | 8.1% | 6.3% |
| Return on equityBlank when equity is negative | 9.7% | 10.9% | 7.9% | 8.3% | 7.7% |
| Free cash flow margin | −5.7% | 5.9% | 48.8% | 13.0% | −3.7% |
| Cash conversion (CFO ÷ net income) | −0.49x | 2.19x | 9.36x | 2.91x | 1.85x |
| Receivable days | 138 | 150 | 171 | 199 | 156 |
| Inventory days | 55 | 38 | 30 | 44 | 48 |
| Debt ÷ equity | 0.59x | 0.50x | 0.46x | 0.47x | 0.50x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 416 | 487 | −53.3 | 82.5 | 525 |
| Current ratio | 1.37x | 1.37x | 1.72x | 1.65x | 1.41x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.