The Andersons, Inc. (ANDE) 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

-28.7%

$45.59

vs $63.97 price

Levered DCF

$59.61

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.65

Safe zone

Rating

B+

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	18.92×	12.1×	19.18×	8.99×	12.41×	106.57×	45.14×	20.33×
P/B	1.45×	1.01×	1.51×	0.98×	1.2×	0.85×	0.85×	0.96×
P/S	0.16×	0.12×	0.13×	0.07×	0.1×	0.1×	0.1×	0.28×
EV / EBITDA	8.55×	4.71×	5.75×	5.12×	5.92×	11.11×	8.84×	8.95×
Gross margin	6.5%	6.1%	5.6%	3.9%	3.5%	5.0%	6.3%	9.8%
Operating margin	1.2%	1.7%	2.3%	1.2%	0.1%	0.3%	1.0%	1.5%
Net margin	0.9%	1.0%	0.7%	0.8%	0.8%	0.1%	0.2%	1.4%
Current ratio	1.41×	1.65×	1.72×	1.37×	1.37×	1.25×	1.35×	1.23×
Debt / equity	0.84×	0.64×	0.52×	0.76×	1.09×	1.43×	1.33×	0.82×
Interest coverage	2.72×	5.86×	7.25×	3.59×	0.48×	0.74×	1.33×	1.67×
Dividend yield	1.5%	1.9%	1.3%	2.1%	1.8%	2.8%	2.7%	2.2%
Payout ratio	28.1%	23.0%	25.1%	18.8%	22.8%	298.4%	120.8%	44.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.7%	8.3%	7.9%	10.9%	9.7%	0.8%	1.9%	4.7%
Return on invested capital	4.6%	6.1%	11.6%	6.6%	0.6%	0.5%	1.6%	2.0%
Return on assets	2.6%	2.8%	2.6%	2.8%	2.3%	0.2%	0.5%	1.7%
Free cash flow yield	-3.1%	13.2%	41.0%	12.5%	-10.3%	-21.8%	9.4%	-40.9%
Earnings yield	5.3%	8.3%	5.2%	11.1%	8.1%	0.9%	2.2%	4.9%
Enterprise value	$2.8B	$1.7B	$2B	$2B	$2.2B	$2.2B	$2.1B	$1.5B
Net debt / EBITDA	2.93×	0.87×	0.06×	2.06×	2.51×	6.91×	5.31×	4.06×
Cash conversion cycle (days)	37	33	22	33	43	45	38	55