AGCO Corporation (AGCO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-27.2%

$82.65

vs $113.55 price

Levered DCF

$54.21

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.44

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.69×	-16.43×	7.75×	11.64×	9.73×	18.12×	73.57×	15.38×
P/B	1.82×	1.86×	1.95×	2.66×	2.55×	2.59×	2.06×	1.5×
P/S	0.77×	0.6×	0.63×	0.82×	0.78×	0.85×	0.65×	0.47×
EV / EBITDA	9.62×	155.93×	5.92×	7.83×	7.56×	9.74×	12.37×	7.86×
Gross margin	24.8%	24.4%	25.9%	23.4%	22.5%	21.8%	21.3%	20.7%
Operating margin	6.9%	8.4%	12.0%	10.4%	9.1%	6.9%	5.9%	5.5%
Net margin	7.2%	-3.6%	8.1%	7.0%	8.1%	4.7%	1.4%	3.1%
Current ratio	1.39×	1.34×	1.46×	1.4×	1.45×	1.3×	1.29×	1.28×
Debt / equity	0.63×	0.74×	0.33×	0.41×	0.47×	0.58×	0.52×	0.51×
Interest coverage	10.52×	6.11×	25.21×	28.73×	39.91×	25.43×	18.53×	9.3×
Dividend yield	1.1%	3.9%	5.0%	3.9%	4.1%	0.6%	0.8%	1.1%
Payout ratio	11.9%	-64.3%	39.0%	45.4%	40.0%	11.2%	38.3%	16.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.0%	-11.3%	25.2%	22.9%	26.3%	14.3%	4.4%	9.7%
Return on invested capital	8.4%	12.6%	20.4%	15.9%	15.5%	8.0%	4.3%	7.3%
Return on assets	6.1%	-3.8%	10.3%	8.8%	9.8%	5.0%	1.6%	3.7%
Free cash flow yield	9.5%	4.3%	6.4%	4.3%	4.7%	8.1%	7.2%	8.9%
Earnings yield	9.4%	-6.1%	12.9%	8.6%	10.3%	5.5%	2.1%	6.5%
Enterprise value	$9.6B	$9.1B	$10B	$11.1B	$9.5B	$8.4B	$7B	$5.5B
Net debt / EBITDA	1.83×	36.93×	0.55×	0.56×	0.59×	0.73×	1.89×	1.64×
Cash conversion cycle (days)	124	119	117	103	97	91	92	86