DEDEERE & CO

Farm Machinery & Equipment

Revenue: $45.7B; 12% YoY
Operating margin: —
EBITDA: —
Market cap: $182.6B
Employees: 73,100; $625K revenue each
Net debt / EBITDA: —; $23.5B net debt
AI in 10-K: 4.0; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
148% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
38% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
4% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$625K · 78th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.0 per 10K words · 78th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$182.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$56M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$44.0B	$52.6B	$61.3B	$51.7B	$45.7B	12%
Operating income	$8.0B	$9.5B	$13.0B	$9.0B	—
Net income	$6.0B	$7.1B	$10.2B	$7.1B	$5.0B	29%
Operating cash flow	$7.7B	$4.7B	$8.6B	$9.2B	$7.5B	19%
Capex	$848M	$1.1B	$1.5B	$1.6B	$1.4B	17%
Stock-based comp	$82M	$85M	$130M	$208M	$151M	27%
Buybacks	$2.5B	$3.6B	$7.2B	$4.0B	$1.1B	72%
Dividends	$1.0B	$1.3B	$1.4B	$1.6B	$1.7B	7.2%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jul 22, 2022	CASCADE INVESTMENT, L.L.C.	SC 13D/A	6.5%	Passive
Aug 6, 2021	CASCADE INVESTMENT, L.L.C.	SC 13D/A	8.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $56M · 27
Net: −$56M

Pay vs performance

No pay-versus-performance disclosure yet.