Adecoagro S.a. key statistics and ratios

In fiscal 2025, Adecoagro S.a. had return on equity of -0.6%, an operating margin of 6.6%, debt equal to 96.2% of equity and a current ratio of 1.38. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Adecoagro S.a.: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	27.5%	35.7%	25.6%	25.0%	32.3%	41.0%	43.1%	34.5%	32.0%	28.6%	24.6%
Operating margin	14.2%	21.2%	13.9%	19.7%	13.7%	23.1%	24.7%	18.5%	18.6%	12.0%	6.6%
Net margin	−0.8%	1.3%	1.4%	−3.1%	−0.1%	0.1%	11.6%	8.0%	17.4%	6.1%	−0.6%
Free-cash-flow margin	0.6%	14.2%	4.1%	1.4%	7.9%	10.8%	13.3%	11.3%	14.9%	4.5%	3.1%
Return on equity	−1.0%	1.8%	1.9%	−2.8%	−0.1%	0.0%	13.5%	10.1%	19.2%	7.1%	−0.6%
Return on assets	—	0.8%	0.8%	−1.3%	−0.0%	0.0%	5.2%	3.8%	7.2%	2.9%	−0.2%
Asset turnover	—	0.58	0.59	0.40	0.37	0.33	0.44	0.47	0.41	0.48	0.34
Current ratio	—	1.71	2.44	2.38	1.78	2.13	2.13	1.67	2.14	2.54	1.38
Debt to equity	128.2%	90.7%	121.4%	81.1%	98.0%	105.0%	80.8%	89.5%	73.6%	56.9%	96.2%
Interest cover (operating income ÷ interest)	1.9x	3.8x	2.5x	3.3x	2.0x	3.2x	4.4x	5.0x	7.6x	4.5x	1.3x
Effective tax rate	—	47.5%	—	—	98.4%	92.0%	25.1%	19.8%	25.8%	—	—
Capital spending as % of revenue	21.0%	15.2%	21.3%	26.1%	28.5%	20.6%	17.7%	16.2%	18.6%	17.1%	18.5%
Free cash flow ÷ net income	—	>999%	292.1%	—	—	>999%	114.3%	140.8%	85.4%	73.8%	—
Dividends and buybacks ÷ free cash flow	8.6%	3.9%	99.5%	137.4%	6.1%	4.9%	44.5%	24.2%	13.6%	98.2%	23.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 7 checks passed · December 31, 2025

What it owns · $5.2bn

Short-term assets $1.4bnLonger-term assets $3.8bn

What it owes, and who funded it · $5.1bn

Short-term liabilities $1.0bnLonger-term liabilities $2.4bnShareholders' equity $1.7bn

Short-term assets cover short-term liabilities $1.4bn of assets due within a year against $1.0bn of liabilities due within a year.
Short-term assets cover long-term liabilities $1.4bn short-term assets against $2.4bn of longer-dated liabilities.
More cash than debt $383m of cash against $1.4bn of debt.
Debt below 40% of shareholders' equity Debt is 83% of equity.
Debt burden no higher than five years ago Debt to equity moved from 88% to 83% over five years.
A year's operating cash flow covers at least 20% of debt $309m of operating cash flow against $1.4bn of debt.
Operating profit covers interest at least five times over Operating income of $94m against $73m of interest.

From Adecoagro S.a.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Adecoagro S.a.'s SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Adecoagro S.a.