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Deere & Company key statistics and ratios

In fiscal 2025, Deere & Company had return on equity of 20.6%, a net margin of 11.0% and debt equal to 53.2% of equity. 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.

Fiscal year2009Oct 20092010Oct 20102011Oct 20112012Oct 20122013Oct 20132014Oct 20142015Nov 20152016Oct 20162017Oct 20172018Oct 20182019Nov 20192020Nov 20202021Oct 20212022Oct 20222023Oct 20232024Oct 20242025Nov 2025LTMAug 2026
Operating margin7.0%13.1%14.3%14.1%15.7%14.5%10.9%9.8%12.0%12.0%11.2%12.1%18.2%18.1%21.2%17.5%——
Net margin3.8%7.2%8.7%8.5%9.4%8.8%6.7%5.7%7.3%6.3%8.3%7.7%13.5%13.6%16.6%13.7%11.0%10.2%
Free-cash-flow margin4.7%5.8%4.0%−0.4%5.5%6.9%10.6%11.7%5.4%2.5%5.8%18.7%15.6%6.8%11.6%14.7%13.4%12.5%
Return on equity18.1%33.6%42.8%44.9%41.4%32.7%24.5%23.0%26.9%22.7%28.7%22.6%38.0%36.9%48.4%31.8%20.6%18.1%
Return on assets2.1%4.4%6.1%5.9%6.1%5.2%3.3%2.6%3.5%3.5%4.5%3.7%7.5%8.2%10.5%6.7%4.7%4.6%
Asset turnover0.560.620.700.690.650.600.480.460.480.550.550.480.550.600.630.490.430.45
Debt to equity360.9%267.3%249.4%328.2%210.2%268.9%352.7%363.5%270.9%241.3%264.9%319.4%237.7%62.1%82.3%59.3%53.2%61.1%
Interest cover (operating income ÷ interest)1.5x4.2x6.0x6.5x8.0x7.9x4.6x3.4x4.0x3.7x3.0x3.5x8.1x9.0x5.3x2.7x——
Effective tax rate34.3%38.4%33.7%35.0%35.5%33.9%30.2%31.5%30.8%42.4%20.8%27.9%21.8%22.0%22.1%22.7%20.1%24.8%
R&D as % of revenue4.2%4.0%3.8%4.0%3.9%4.0%4.9%5.2%4.6%4.4%4.5%4.6%3.6%3.6%3.6%4.4%5.1%5.0%
SG&A as % of revenue12.0%11.4%9.9%9.5%9.5%9.1%10.0%10.5%10.4%9.2%9.0%9.8%7.7%7.3%7.5%9.4%10.2%9.7%
Capital spending as % of revenue3.9%2.9%3.3%3.6%3.1%2.9%2.4%2.4%2.0%2.4%2.9%2.3%1.9%2.2%2.4%3.2%3.0%2.6%
Free cash flow ÷ net income123.4%81.5%45.3%−4.9%59.3%78.4%158.0%205.1%74.2%39.1%70.5%242.2%115.3%50.0%69.8%106.9%121.3%123.6%
Dividends ÷ net income54.2%25.9%21.2%22.8%21.3%24.9%42.1%50.0%35.4%34.0%29.0%34.8%17.4%18.4%14.0%22.6%34.2%36.0%
Dividends and buybacks ÷ free cash flow44.2%55.4%178.0%—109.0%142.0%117.0%30.9%48.1%190.5%95.8%25.6%52.0%137.7%121.9%73.9%46.9%40.7%

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

0 of 0 checks passed · August 2, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Deere & Company'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

62 /100

Moderate moat

How hard Deere &'s competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Net income has been a median 4.7% of total assets over 10 years.

  • Pricing power 8 / 20

    Gross margin has been a median 21.1%, moving by 1.8 percentage points (standard deviation) across 10 years.

  • Durability 13 / 20

    Operating margin has been a median 12.1%; its worst year was 9.8%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 10 of 10 years, at a median 11.0% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 14.1% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

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

Compare with peers

Head to head: CNH vs DEAGCO vs DEDE vs TTC

More: Agricultural & Farm Machinery stocks compared, Industrials sector, rankings of US companies

Figures from Deere & Company's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Deere & Company.