Adecoagro S.A. (AGRO) 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

+147.8%

$23.54

vs $9.50 price

Levered DCF

$8.41

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.02

Distress zone

Rating

B-

Overall 2 / 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	-96.94×	10.48×	5.26×	8.46×	6.8×	747.25×	-837×	-33.14×
P/B	0.49×	0.71×	0.97×	0.81×	0.87×	0.86×	0.99×	0.76×
P/S	0.57×	0.64×	0.92×	0.68×	0.79×	0.98×	1.11×	1.02×
EV / EBITDA	7.95×	4.55×	3.27×	4.31×	3.61×	6.1×	6.04×	7.44×
Gross margin	24.6%	28.6%	32.0%	34.5%	43.1%	41.0%	32.3%	25.0%
Operating margin	4.7%	12.0%	18.6%	18.5%	24.7%	23.1%	13.7%	19.7%
Net margin	-0.6%	6.1%	17.4%	8.0%	11.6%	0.1%	-0.1%	-3.1%
Current ratio	1.38×	2.54×	2.14×	1.67×	2.13×	2.13×	1.78×	2.38×
Debt / equity	1.18×	0.82×	1.04×	1.2×	1.05×	1.26×	1.2×	0.81×
Interest coverage	0.6×	2.47×	4.54×	3.08×	3.36×	2.5×	1.64×	2.69×
Dividend yield	4.3%	3.6%	2.9%	3.8%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-419.3%	37.9%	15.5%	32.4%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.5%	6.7%	18.4%	9.6%	12.9%	0.0%	-0.1%	-2.3%
Return on invested capital	1.4%	6.4%	6.1%	7.1%	8.7%	0.7%	0.1%	7.0%
Return on assets	-0.2%	3.0%	7.2%	3.5%	5.1%	0.0%	-0.0%	-1.1%
Free cash flow yield	2.5%	6.7%	16.1%	15.3%	15.3%	10.0%	5.7%	0.3%
Earnings yield	-1.0%	9.5%	19.0%	11.9%	14.8%	0.1%	-0.1%	-3.0%
Enterprise value	$2.4B	$1.9B	$2.1B	$2B	$1.7B	$1.6B	$1.9B	$1.4B
Net debt / EBITDA	5.24×	2.2×	1.45×	2.37×	1.78×	3.11×	2.88×	3.13×
Cash conversion cycle (days)	211	162	168	185	199	184	112	112