Explain this page
Arphra AIPlain-English read on Archer-Daniels-Midland Company’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +7.02% | +7.45% | +8.00% | +6.76% | +6.27% | +7.12% | +6.93% | +7.12% | +6.82% |
| Operating margin | +3.51% | +4.15% | +4.32% | +2.42% | +1.77% | +2.80% | +2.78% | +2.84% | +2.85% |
| EBITDA margin | +5.37% | +6.56% | +6.39% | +4.80% | +3.80% | +5.07% | +4.87% | +5.05% | +4.92% |
| EBIT margin | +4.20% | +5.54% | +5.26% | +3.46% | +2.33% | +3.78% | +3.75% | +3.65% | +3.62% |
| Pre-tax margin | +3.89% | +5.15% | +4.57% | +2.64% | +1.56% | +2.94% | +2.91% | +3.01% | +2.98% |
| Net margin | +3.18% | +4.27% | +3.71% | +2.10% | +1.34% | +2.35% | +2.37% | +2.43% | +2.40% |
| Cost structure | |||||||||
| Cost of revenue / sales | +92.98% | +92.55% | +92.00% | +93.24% | +93.73% | +92.28% | +94.08% | +92.55% | +93.31% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +3.51% | +3.31% | +3.68% | +4.33% | +4.50% | +4.18% | +4.26% | +4.28% | +4.17% |
| Effective tax rate | +17.45% | +16.59% | +19.28% | +21.11% | +14.50% | +17.77% | +18.53% | +17.85% | +17.42% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +11.90% | +17.63% | +14.24% | +8.02% | +4.68% | +8.54% | +8.48% | +8.64% | +8.76% |
| Return on assets (ROA) | +4.83% | +7.26% | +6.38% | +3.38% | +3.11% | +4.37% | +4.36% | +4.45% | +4.49% |
| Return on capital (ROC) | +8.98% | +12.07% | +11.91% | +6.10% | +4.53% | +7.24% | +7.12% | +7.16% | +7.42% |
| Return on invested capital (ROIC) | +8.12% | +12.43% | +10.23% | +5.30% | +3.43% | +6.07% | +6.07% | +6.11% | +6.24% |
| Asset turnover | +151.86% | +169.90% | +171.94% | +160.56% | +231.60% | +186.31% | +184.01% | +183.28% | +187.40% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +3.18% | +4.27% | +3.71% | +2.10% | +1.34% | +2.35% | +2.37% | +2.43% | +2.40% |
| Asset turnover (× revenue / assets) | +151.86% | +169.90% | +171.94% | +160.56% | +231.60% | +186.31% | +184.01% | +183.28% | +187.40% |
| Equity multiplier (× assets / equity) | +246.57% | +242.83% | +223.30% | +237.49% | +150.51% | +195.16% | +194.62% | +194.13% | +194.89% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 1.52 | 1.70 | 1.72 | 1.61 | 2.32 | 1.86 | 1.84 | 1.83 | 1.87 |
| Fixed-asset turnover | 7.87 | 9.21 | 8.02 | 7.01 | 7.18 | — | — | — | — |
| Inventory turnover | 5.47 | 6.36 | 7.23 | 6.89 | — | — | — | — | — |
| Receivables turnover | 14.77 | 13.42 | 14.46 | 14.37 | — | — | — | — | — |
| Payables turnover | 12.41 | 12.04 | 13.69 | 14.41 | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 24.71 | 27.20 | 25.24 | 25.39 | — | — | — | — | — |
| Days inventory outstanding (DIO) | 66.68 | 57.36 | 50.50 | 52.96 | — | — | — | — | — |
| Days payables outstanding (DPO) | 29.42 | 30.30 | 26.66 | 25.33 | — | — | — | — | — |
| Cash conversion cycle | 61.98 | 54.26 | 49.08 | 53.02 | 0.00 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 2.43 | 0.80 | 1.28 | 1.55 | 5.06 | 2.05 | 2.07 | 2.07 | 2.04 |
| FCF / Net income | 2.00 | 0.50 | 0.85 | 0.68 | 3.90 | 1.42 | 1.39 | 1.38 | 1.40 |
| FCF margin | +6.36% | +2.13% | +3.16% | +1.43% | +5.24% | +3.34% | +3.28% | +3.35% | +3.36% |
| OCF margin | +7.74% | +3.42% | +4.75% | +3.26% | +6.79% | +4.81% | +4.90% | +5.02% | +4.89% |
| CapEx / Revenue | +1.37% | +1.30% | +1.59% | +1.83% | +1.55% | +1.66% | +1.70% | +1.62% | +1.68% |
| CapEx / D&A | 1.17 | 1.28 | 1.41 | 1.37 | 1.06 | — | — | — | — |
| Stock-based comp / Revenue | +0.19% | +0.14% | +0.12% | +0.09% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 4.79 | 7.71 | 6.43 | 3.65 | 2.23 | 4.60 | 5.29 | 5.49 | 4.92 |
| EPS · basic | 4.80 | 7.72 | 6.44 | 3.66 | 2.23 | 4.65 | 5.30 | 5.50 | 4.92 |
| Book value / share | 40.22 | 43.72 | 45.14 | 45.50 | 47.58 | 49.26 | 52.25 | 55.46 | 47.65 |
| Tangible BV / share | 28.30 | 32.10 | 33.44 | 31.77 | 33.64 | 49.26 | 52.25 | 55.46 | 47.65 |
| Sales / share | 150.62 | 180.38 | 173.31 | 173.49 | 165.85 | 179.12 | 187.11 | 197.33 | 174.02 |
| Operating CF / share | 11.65 | 6.18 | 8.23 | 5.66 | 11.26 | 8.62 | 9.18 | 9.91 | 8.50 |
| Free cash flow / share | 9.59 | 3.83 | 5.47 | 2.49 | 8.69 | 5.99 | 6.15 | 6.61 | 5.84 |
| Dividends / share | 1.47 | 1.60 | 1.80 | 2.00 | 2.04 | 2.09 | 2.16 | 2.19 | 1.93 |
| Payout ratio | +30.79% | +20.71% | +28.05% | +54.72% | +91.56% | +49.70% | +48.84% | +45.65% | +46.29% |
| Retention ratio | +69.21% | +79.29% | +71.95% | +45.28% | +8.44% | +50.30% | +51.16% | +54.35% | +53.71% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +19.13% | -7.50% | -8.95% | -6.15% | +7.65% | +5.08% | +4.42% | -10.64% | -0.08% |
| Gross profit · YoY | — | +26.44% | -0.75% | -23.09% | -12.89% | +22.31% | +2.15% | +7.41% | -14.46% | -0.45% |
| Profit | ||||||||||
| Operating income · YoY | — | +40.73% | -3.68% | -48.93% | -31.27% | +69.90% | +4.24% | +6.93% | -10.45% | -2.65% |
| EBITDA · YoY | — | +45.54% | -9.87% | -31.63% | -25.69% | +43.65% | +1.03% | +8.16% | -12.83% | -1.15% |
| Net income · YoY | — | +60.21% | -19.75% | -48.32% | -40.11% | +88.21% | +6.00% | +7.03% | -11.77% | -3.54% |
| Operating | ||||||||||
| EBIT · YoY | — | +57.32% | -12.22% | -40.07% | -36.95% | +74.89% | +4.15% | +1.75% | -11.29% | -1.90% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +60.96% | -16.60% | -43.23% | -38.90% | +106.35% | +15.01% | +3.77% | -10.42% | +0.34% |
| EPS · basic · YoY | — | +60.83% | -16.58% | -43.17% | -39.07% | +108.51% | +13.90% | +3.84% | -10.45% | +0.32% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $10.58B | $10.29B | $9.6B | $11.54B | $8.41B | $9.64B | $10.08B | $11.04B | $9.36B |
| Net debt | $9.64B | $9.25B | $8.23B | $10.93B | $7.4B | $8.63B | $9.07B | $9.94B | $8.42B |
| Net debt / EBITDA | 2.11 | 1.39 | 1.37 | 2.66 | 2.43 | 1.97 | 2.05 | 2.08 | 2.02 |
| Debt / equity | 0.46 | 0.42 | 0.39 | 0.51 | 0.37 | 0.41 | 0.40 | 0.41 | 0.40 |
| Debt / assets | +18.85% | +17.21% | +17.57% | +21.66% | +24.26% | +20.78% | +20.44% | +21.34% | +20.71% |
| Equity / assets | +40.56% | +41.18% | +44.78% | +42.11% | +66.44% | +51.24% | +51.38% | +51.51% | +51.31% |
| Coverage | |||||||||
| EBITDA / interest expense | 16.11 | 16.44 | 9.19 | 5.81 | 4.98 | 6.67 | 6.30 | 6.56 | 6.42 |
| Operating income / interest | 10.54 | 10.40 | 6.21 | 2.93 | 2.33 | 3.69 | 3.59 | 3.70 | 3.72 |
| Interest expense | $284M | $405M | $653M | $706M | $612M | $656.4M | $702.21M | $728.89M | $649.18M |
| Liquidity | |||||||||
| Current ratio | 1.45 | 1.46 | 1.60 | 1.39 | 11.20 | — | — | — | — |
| Quick ratio | 0.31 | 0.36 | 0.42 | 0.34 | 1.31 | — | — | — | — |
| Cash ratio | 0.04 | 0.04 | 0.07 | 0.03 | 1.27 | — | — | — | — |
| Working capital | $9.96B | $11.22B | $11.11B | $7.78B | $8.14B | — | — | — | — |
| Working capital / revenue | +11.68% | +11.05% | +11.82% | +9.10% | +10.14% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).