Latest Ratios: P/E Ratio 34.9x · EV/EBITDA 17.3x · ROE 4.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $37.6B | $27.8B | $24.9B | $39.1B | $52.3B | $38.3B | $28.4B | $26.2B | $23.2B | $22.9B | $27.0B |
| Enterprise Value | $44.9B | $35.2B | $35.8B | $47.4B | $61.5B | $47.9B | $38.8B | $35.2B | $29.6B | $29.6B | $33.3B |
| P/E Ratio → | 34.95 | 25.78 | 13.84 | 11.23 | 12.04 | 14.11 | 16.00 | 19.00 | 12.84 | 14.37 | 21.13 |
| P/S Ratio | 0.47 | 0.35 | 0.29 | 0.42 | 0.51 | 0.45 | 0.44 | 0.41 | 0.36 | 0.38 | 0.43 |
| P/B Ratio | 1.64 | 1.21 | 1.11 | 1.60 | 2.12 | 1.68 | 1.41 | 1.36 | 1.22 | 1.25 | 1.57 |
| P/FCF | 8.93 | 6.62 | 20.30 | 13.20 | 24.21 | 7.05 | — | — | — | 19.73 | 45.50 |
| P/OCF | 6.89 | 5.10 | 8.93 | 8.78 | 15.03 | 5.80 | — | — | — | 10.37 | 18.29 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.44 | 0.42 | 0.50 | 0.61 | 0.56 | 0.60 | 0.54 | 0.46 | 0.49 | 0.53 |
| EV / EBITDA | 17.25 | 13.52 | 11.15 | 9.26 | 11.74 | 12.01 | 14.14 | 13.30 | 10.02 | 12.02 | 13.12 |
| EV / EBIT | 31.57 | 18.86 | 12.10 | 9.59 | 10.93 | 13.39 | 17.45 | 17.69 | 12.22 | 15.27 | 15.74 |
| EV / FCF | — | 8.38 | 29.20 | 15.97 | 28.50 | 8.83 | — | — | — | 25.49 | 56.14 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 6.3% | 6.3% | 6.8% | 8.0% | 7.5% | 7.0% | 6.9% | 6.4% | 6.5% | 5.8% | 5.8% |
| Operating Margin | 1.8% | 1.8% | 2.4% | 4.3% | 4.1% | 3.5% | 2.7% | 2.6% | 3.1% | 2.5% | 2.6% |
| Net Profit Margin | 1.3% | 1.3% | 2.1% | 3.7% | 4.3% | 3.2% | 2.8% | 2.1% | 2.8% | 2.6% | 2.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.7% | 4.7% | 7.7% | 14.2% | 18.3% | 12.6% | 9.0% | 7.2% | 9.7% | 9.0% | 7.3% |
| ROA | 2.5% | 2.5% | 3.3% | 6.1% | 7.5% | 5.1% | 3.8% | 3.3% | 4.5% | 4.0% | 3.2% |
| ROIC | 3.3% | 3.3% | 4.7% | 9.1% | 9.5% | 7.1% | 4.5% | 4.6% | 6.0% | 4.8% | 5.3% |
| ROCE | 4.2% | 4.2% | 6.0% | 11.3% | 12.1% | 9.1% | 5.7% | 5.6% | 7.1% | 5.7% | 6.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.37 | 0.37 | 0.51 | 0.39 | 0.42 | 0.46 | 0.55 | 0.51 | 0.44 | 0.41 | 0.40 |
| Debt / EBITDA | 3.23 | 3.23 | 3.59 | 1.88 | 1.96 | 2.65 | 4.03 | 3.73 | 2.84 | 3.04 | 2.73 |
| Net Debt / Equity | — | 0.32 | 0.49 | 0.34 | 0.38 | 0.42 | 0.52 | 0.47 | 0.34 | 0.36 | 0.37 |
| Net Debt / EBITDA | 2.84 | 2.84 | 3.40 | 1.61 | 1.77 | 2.42 | 3.79 | 3.41 | 2.16 | 2.71 | 2.49 |
| Debt / FCF | — | 1.76 | 8.91 | 2.77 | 4.28 | 1.78 | — | — | — | 5.76 | 10.64 |
| Interest Coverage | 3.05 | 3.05 | 4.19 | 7.57 | 13.90 | 12.60 | 6.94 | 4.94 | 6.64 | 5.86 | 7.27 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 11.20 | 11.20 | 1.39 | 1.60 | 1.46 | 1.45 | 1.50 | 1.55 | 1.75 | 1.59 | 1.60 |
| Quick Ratio | 11.20 | 11.20 | 0.81 | 0.95 | 0.85 | 0.79 | 0.86 | 0.89 | 1.00 | 0.86 | 0.93 |
| Cash Ratio | 1.31 | 1.31 | 0.04 | 0.07 | 0.04 | 0.04 | 0.04 | 0.06 | 0.17 | 0.06 | 0.07 |
| Asset Turnover | — | 2.32 | 1.61 | 1.72 | 1.70 | 1.52 | 1.29 | 1.47 | 1.58 | 1.52 | 1.57 |
| Inventory Turnover | — | — | 6.89 | 7.23 | 6.36 | 5.47 | 5.11 | 6.60 | 6.83 | 6.25 | 6.65 |
| Days Sales Outstanding | — | — | 25.39 | 25.24 | 27.20 | 24.71 | 28.27 | 29.39 | 21.81 | 22.57 | 25.79 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.6% | 3.5% | 4.0% | 2.5% | 1.7% | 2.2% | 2.9% | 3.0% | 3.3% | 3.2% | 2.6% |
| Payout Ratio | 91.6% | 91.6% | 54.7% | 28.1% | 20.7% | 30.8% | 45.7% | 57.2% | 41.9% | 45.8% | 54.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 3.9% | 7.2% | 8.9% | 8.3% | 7.1% | 6.2% | 5.3% | 7.8% | 7.0% | 4.7% |
| FCF Yield | 11.2% | 15.1% | 4.9% | 7.6% | 4.1% | 14.2% | — | — | — | 5.1% | 2.2% |
| Buyback Yield | 0.0% | 0.0% | 9.3% | 6.8% | 2.8% | 0.0% | 0.5% | 0.6% | 0.3% | 3.3% | 3.7% |
| Total Shareholder Yield | 2.6% | 3.5% | 13.3% | 9.3% | 4.5% | 2.2% | 3.3% | 3.6% | 3.6% | 6.5% | 6.3% |
| Shares Outstanding | — | $484M | $493M | $542M | $563M | $566M | $563M | $565M | $567M | $572M | $591M |
Accounting and margin volatility
Based on current market data, ADM trades at a trailing P/E of 34.44, which appears elevated relative to its historical norms and suggests that investors are pricing in a recovery that remains unsupported by the recent 6.15% revenue contraction reported in recent financial filings.
The divergence between the trailing P/E and the forward P/E of 16.68 indicates that the market is heavily discounting current earnings volatility, likely due to the ongoing internal accounting investigation. Investors should monitor whether this valuation discount relative to specialty ingredient peers persists as the company attempts to stabilize its Nutrition segment margins.
As reported in financial statements, ADM's ROIC has trended downward from 1.9% in 2023Q4 to 1.0% in 2026Q1, indicating that the company is struggling to generate adequate returns on its massive asset base during this period of normalized commodity price volatility and reduced trading arbitrage opportunities.
The consistent decay in ROIC suggests that the capital-intensive nature of the global logistics network is becoming a drag on performance when throughput volumes are not optimized. This trend warrants further investigation into whether the company's recent capital allocation toward Nutrition is actually diluting returns compared to its core agricultural processing operations.
According to recent quarterly data, ADM's cash conversion cycle has fluctuated significantly, reaching 54 days in 2026Q1, which highlights the inherent difficulty in managing inventory and receivables within a global agricultural supply chain that is currently experiencing reduced velocity and shifting demand patterns.
The variability in the CCC suggests that the company's ability to convert physical grain into cash is highly sensitive to seasonal harvest cycles and trade finance availability. Investors should be cautious, as any further lengthening of this cycle may indicate that the company is forced to hold inventory longer than desired, increasing carrying costs.
Based on the company's unique business model, the P/E ratio is frequently misapplied by market participants, as it fails to account for the massive non-cash mark-to-market adjustments on derivative hedging contracts that artificially inflate or deflate reported earnings in any given quarter.
Analysts should instead focus on EV/EBITDA or cash-flow-based metrics to strip away the noise created by hedging accounting. Relying on P/E in this context obscures the underlying operational reality of the crush spreads and logistics margins, which are the true drivers of long-term value creation for the firm.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ADM stock.
Archer-Daniels-Midland Company's current P/E ratio is 34.9x. The historical average is 18.2x. This places it at the 93th percentile of its historical range.
Archer-Daniels-Midland Company's current EV/EBITDA is 17.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.8x.
Archer-Daniels-Midland Company's return on equity (ROE) is 4.7%. The historical average is 9.7%.
Based on historical data, Archer-Daniels-Midland Company is trading at a P/E of 34.9x. This is at the 93th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Archer-Daniels-Midland Company's current dividend yield is 2.62% with a payout ratio of 91.6%.
Archer-Daniels-Midland Company has 6.3% gross margin and 1.8% operating margin.
Archer-Daniels-Midland Company's Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.