# Deere & Company (DE) — Stock CV

Deere & Company is a $168B industrial company. Revenue grew 8.3% over the last year, it keeps 10¢ of every dollar of sales as profit, and its net debt equals ~47.3 years of free cash flow. It trades at 34.4× earnings — near the highest of its own history.

> Deere is the world's leading manufacturer of agricultural equipment and a major producer of construction machinery.

## Identity

- **Ticker**: DE
- **Sector**: Industrials
- **Industry**: Farm Machinery & Equipment
- **Headquarters**: MOLINE, IL
- **Employees**: 73 100
- **Website**: https://www.deere.com
- **Market cap**: $168B
- **Last price**: $621.96
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $47.9B
- **Net income**: $4.87B
- **Free cash flow**: $1.22B
- **Net debt**: $57.7B
- **P/E**: 34.4
- **Revenue growth (YoY)**: 8.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 37 |
| Growth | 38 |
| Profitability | 65 |
| Health | 41 |
| Quality | 68 |
| Moat | 62 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +8.3% YoY
- [x] Profitable — $4.87B TTM
- [ ] Profit growing — -7.4% YoY
- [x] Generates cash — $1.22B TTM
- [ ] Debt under control — ~47.3y of cash flow to repay
- [x] Established company — $168B market cap
- [x] Not printing shares — -14.2% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 3.0 — safe
- [x] Pays a dividend — yield 1.05%
- [x] Valuation not extreme — P/E 34.4

## Experience (career milestones)

- **FY2023** — Best year on record: $10.2B net income
- **FY2022** — Revenue crossed $50B: $52.6B for the year
- **2017** — Deere & Company signed a definitive agreement to acquire Blue River Technology
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $26.6B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **1999** — Deere introduced the 50 series Maximizer combines
- **1983** — Deere introduced the 4050, 4250, 4450, 4650, and 4850
- **1972** — Deere introduced its new Generation II 'Sound Idea Tractors', the 4030, 4230, 4430
- **1960** — John Deere first began selling the "10" series of tractors
- **1959** — The success of the "10" series John Deere tractors, led by the 4010, helped propel John Deere from a 23% market…
- **1947** — John Deere introduced its first self-propelled combine, model 55
- **1923** — Deere & Company continued to sell tractors under the Waterloo Boy name until 1923
- **1868** — The company was reorganized again in 1868 when it was incorporated as Deere & Company
- **1853** — Deere bought out Tate and Gould's interests in the company in 1853

## Strengths

- Altman Z-Score 3.02 — low bankruptcy-risk zone

## Watch-outs

- Net debt would take ~47.2 years of free cash flow to repay
- Net debt equals ~47.3 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $44.0B | $5.96B | $6.88B |
| FY2022 | $52.6B | $7.13B | $911M |
| FY2023 | $61.2B | $10.2B | $4.12B |
| FY2024 | $51.5B | $7.10B | $4.43B |
| FY2025 | $45.6B | $5.03B | $3.23B |

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Source: https://stockcv.com/DE — derived from company filings; may be delayed or incomplete. Information, not investment advice.