Total debt has surged to $2.2B as of 2026Q1, driving the debt-to-equity ratio to 1.16 and signaling an increasing reliance on leverage to fund asset expansion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|
| Total Current Assets | 1.24B | 1.42B | 1.02B | 1.06B | 1.02B | 761.8M | 766.57M | 649.07M | 660.83M | 689.45M | 568.16M | 472.72M | 446.39M | 552.76M | 528.36M | 629.85M | 330.06M | 299.13M | 282.77M | 254.45M |
| Cash & Short-Term Investments | 172.53M | 472.98M | 211.24M | 339.78M | 329.22M | 199.77M | 336.28M | 290.28M | 273.63M | 269.19M | 158.57M | 198.89M | 113.8M | 232.15M | 218.81M | 330.55M | 70.27M | 74.81M | 93.36M | 70.69M |
| Cash Only | 172.53M | 383.15M | 211.24M | 339.78M | 230.65M | 199.77M | 336.28M | 290.28M | 273.63M | 269.19M | 158.57M | 198.89M | 113.8M | 232.15M | 218.81M | 330.55M | 70.27M | 74.81M | 93.36M | 70.69M |
| Short-Term Investments | 0 | 89.83M | 0 | 0 | 98.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 292.64M | 299.34M | 159.32M | 129.28M | 133.98M | 117.37M | 117.45M | 65.95M | 73.3M | 101.67M | 127.78M | 80.26M | 139.6M | 61.53M | 44.03M | 115.42M | 96.63M | 100.68M | 55.2M | 69.97M |
| Days Sales Outstanding | 61.11 | 76.53 | 38.29 | 36.33 | 36.29 | 38.1 | 52.42 | 27.14 | 33.73 | 39.76 | 53.65 | 43.44 | 70.48 | 34.84 | 26.58 | 65.27 | 82.74 | 92.32 | 65.74 | 140.17 |
| Inventory | 629.59M | 624.52M | 540.19M | 460.38M | 552.81M | 434.42M | 284.43M | 229.92M | 222.22M | 265.64M | 248.64M | 123.97M | 160.11M | 175.33M | 168.49M | 96.15M | 57.17M | 57.9M | 61.22M | 58.04M |
| Days Inventory Outstanding | 198.72 | 211.76 | 181.88 | 190.2 | 228.74 | 247.72 | 215.29 | 139.69 | 136.39 | 139.58 | 162.36 | 99.64 | 113.53 | 123.58 | 134.72 | 83.63 | 55.87 | 68.11 | 96.06 | 155.51 |
| Other Current Assets | 57.06M | 1.24M | 86.21M | 76.47M | 134K | 836K | 196K | 1.53M | 6.29M | 4.89M | 3.42M | 4.86M | 7.97M | 10.66M | 5.51M | 12.14M | 83.42M | 0 | 0 | 0 |
| Total Non-Current Assets | 3.94B | 3.83B | 2.1B | 2.11B | 2.09B | 1.82B | 1.72B | 1.87B | 1.62B | 917.75M | 887.61M | 897.98M | 1.19B | 1.16B | 1.25B | 1.07B | 1.01B | 970.05M | 745.46M | 690.59M |
| Property, Plant & Equipment | 3.49B | 3.44B | 1.92B | 1.98B | 1.96B | 1.7B | 1.57B | 1.73B | 1.48B | 820.93M | 802.61M | 540.22M | 776.9M | 790.52M | 880.9M | 759.7M | 751.99M | 682.88M | 571.42M | 538.02M |
| Fixed Asset Turnover | 0.54x | 0.42x | 0.79x | 0.66x | 0.69x | 0.66x | 0.52x | 0.51x | 0.54x | 1.14x | 1.08x | 1.25x | 0.93x | 0.82x | 0.69x | 0.85x | 0.57x | 0.58x | 0.54x | 0.34x |
| Goodwill | 230.36M | 227.77M | 20.24M | 14.31M | 18.54M | 16.63M | 14.48M | 20.02M | 21.35M | 12.41M | 13.4M | 13.51M | 20.17M | 24.87M | 31.1M | 34.89M | 26.49M | 0 | 0 | 0 |
| Intangible Assets | 27.43M | 26.11M | 16.99M | 13.21M | 17.58M | 14.71M | 12.45M | 13.66M | 6.56M | 4.78M | 3.85M | 3.15M | 3.61M | 2.47M | 1.78M | 1.87M | 2.16M | 21.86M | 18.11M | 23.21M |
| Long-Term Investments | 76.97M | 29.47M | 41.52M | 59.97M | 51.61M | 48.15M | 83.21M | 76.69M | 76.64M | 21.19M | 16.8M | 24.49M | 2.75M | 3.18M | 14.49M | 4.3M | 27.69M | 27.75M | 7.51M | 8.88M |
| Other Non-Current Assets | 167.27M | 82.8M | 98.7M | 32.49M | 33.19M | 28.04M | 17.72M | 16.93M | 15.36M | 15M | 12.36M | 255.76M | 343.9M | 289.31M | 285.94M | 233.01M | 134.99M | 192.45M | 129.71M | 111.43M |
| Total Assets | 5.19B | 5.25B | 3.11B | 3.16B | 3.11B | 2.58B | 2.48B | 2.52B | 2.28B | 1.61B | 1.46B | 1.37B | 1.64B | 1.71B | 1.78B | 1.7B | 1.34B | 1.27B | 1.03B | 945.05M |
| Asset Turnover | 0.35x | 0.27x | 0.49x | 0.41x | 0.43x | 0.44x | 0.33x | 0.35x | 0.35x | 0.58x | 0.60x | 0.49x | 0.44x | 0.38x | 0.34x | 0.38x | 0.32x | 0.31x | 0.30x | 0.19x |
| Asset Growth % | 140.33% | 68.51% | -1.58% | 1.8% | 20.39% | 4.04% | -1.55% | 10.71% | 41.7% | 10.4% | 6.21% | -16.39% | -4.22% | -3.74% | 4.54% | 26.84% | 5.65% | 23.43% | 8.8% | - |
| Total Current Liabilities | 715.36M | 1.03B | 400.32M | 494.05M | 610.85M | 357.43M | 359.17M | 364.4M | 277.85M | 282.41M | 332.48M | 323.77M | 332.26M | 280.64M | 314.3M | 296.22M | 238.01M | 190.31M | 283.38M | 145.75M |
| Accounts Payable | 179.62M | 226.57M | 173.16M | 140.95M | 193.13M | 151.98M | 110.66M | 90.59M | 94.48M | 82.82M | 81.18M | 47.03M | 83.1M | 84.01M | 88.12M | 68.67M | 30.13M | 36.99M | 33.44M | 33.4M |
| Days Payables Outstanding | 62.68 | 76.82 | 58.3 | 58.23 | 79.91 | 86.66 | 83.76 | 55.04 | 57.99 | 43.52 | 53.01 | 37.8 | 58.93 | 59.22 | 70.46 | 59.73 | 29.45 | 43.51 | 52.47 | 89.51 |
| Short-Term Debt | 341.33M | 273.05M | 99.55M | 207.11M | 334.2M | 157.3M | 157.63M | 188.08M | 143.43M | 154.83M | 205.09M | 239.48M | 207.18M | 147.64M | 184.47M | 157.18M | 138.8M | 103.65M | 224.21M | 97.83M |
| Deferred Revenue (Current) | 53.72M | 21.89M | 0 | 16.35M | 35.75M | 8.71M | 4.75M | 2.98M | 3.81M | 6.72M | 7.76M | 2.84M | 5.64M | 2.9M | 4.53M | 1.72M | 26.02M | 10.3M | 7.51M | 12.79M |
| Other Current Liabilities | 32.88M | 441.85M | 49.75M | 38.39M | 22.08M | 16.27M | 28.52M | 18M | 11.65M | 18.68M | 13.2M | 21.87M | 8.66M | 22.21M | 18.15M | 52.37M | 33.16M | 25.98M | 13.68M | 8.51M |
| Current Ratio | 1.74x | 1.38x | 2.54x | 2.14x | 1.67x | 2.13x | 2.13x | 1.78x | 2.38x | 2.44x | 1.71x | 1.46x | 1.34x | 1.97x | 1.68x | 2.13x | 1.39x | 1.57x | 1.00x | 1.75x |
| Quick Ratio | 0.86x | 0.77x | 1.19x | 1.20x | 0.77x | 0.92x | 1.34x | 1.15x | 1.58x | 1.50x | 0.96x | 1.08x | 0.86x | 1.34x | 1.15x | 1.80x | 1.15x | 1.27x | 0.78x | 1.35x |
| Cash Conversion Cycle | 197.15 | 211.46 | 161.86 | 168.3 | 185.12 | 199.16 | 183.95 | 111.79 | 112.13 | 135.82 | 163 | 105.28 | 125.08 | 99.21 | 90.84 | 89.17 | 109.17 | 116.92 | 109.34 | 206.18 |
| Total Non-Current Liabilities | 2.57B | 2.43B | 1.31B | 1.41B | 1.33B | 1.18B | 1.16B | 1.13B | 891.38M | 679.66M | 451.62M | 504.21M | 536.68M | 576.49M | 437.62M | 309.61M | 379.74M | 321.71M | 106.43M | 182.43M |
| Long-Term Debt | 1.52B | 1.38B | 680M | 697.84M | 727.98M | 705.49M | 813.46M | 780.2M | 718.09M | 663.02M | 430.3M | 483.58M | 491.32M | 511.75M | 353.54M | 203.33M | 250.67M | 203.13M | 4.1M | 62.09M |
| Capital Lease Obligations | 1.22B | 296.64M | 287.68M | 325.57M | 283.55M | 201.72M | 159.44M | 174.57M | 395K | 38K | 102K | 68K | 293K | 411K | 709K | 79K | -5.78M | -280K | 0 | 0 |
| Deferred Tax Liabilities | 2.15B | 728.63M | 330.34M | 376.33M | 301.41M | 265.85M | 182.38M | 165.51M | 168.17M | 10.46M | 14.69M | 15.64M | 39.63M | 57.62M | 75.39M | 92.99M | 111.5M | 107.05M | 94.63M | 109.71M |
| Other Non-Current Liabilities | 24.98M | 24.81M | 8.45M | 5.45M | 21.41M | 4.09M | 4.07M | 7.74M | 4.73M | 16.6M | 6.52M | 20.55M | 5.43M | 2.95M | 7.98M | 8.42M | 11.79M | 11.25M | 7.7M | 10.63M |
| Total Liabilities | 3.29B | 3.46B | 1.71B | 1.9B | 1.95B | 1.53B | 1.52B | 1.49B | 1.17B | 962.07M | 784.09M | 827.98M | 868.94M | 857.13M | 751.91M | 605.83M | 617.75M | 512.02M | 389.81M | 328.18M |
| Total Debt | 2.21B | 1.95B | 1.12B | 1.28B | 1.35B | 1.06B | 1.17B | 1.18B | 862.12M | 817.96M | 635.4M | 723.34M | 698.51M | 660.13M | 539.13M | 360.7M | 389.47M | 306.78M | 228.31M | 159.93M |
| Net Debt | 2.03B | 1.57B | 910.34M | 943.68M | 1.12B | 864.74M | 830.58M | 894.39M | 588.48M | 548.76M | 476.83M | 524.45M | 584.71M | 427.98M | 320.32M | 30.16M | 319.2M | 231.97M | 134.95M | 89.24M |
| Debt / Equity | 1.16x | 1.09x | 0.80x | 1.01x | 1.16x | 1.02x | 1.21x | 1.15x | 0.78x | 1.27x | 0.95x | 1.33x | 0.91x | 0.77x | 0.53x | 0.33x | 0.54x | 0.41x | 0.36x | 0.26x |
| Debt / EBITDA | 5.50x | 5.77x | 2.31x | 2.49x | 2.67x | 2.29x | 3.14x | 3.47x | 2.77x | 2.96x | 2.13x | 3.60x | 3.94x | 5.31x | 4.75x | 2.27x | - | 5.21x | 4.62x | 3.14x |
| Net Debt / EBITDA | 5.07x | 4.64x | 1.87x | 1.83x | 2.21x | 1.86x | 2.23x | 2.62x | 1.89x | 1.99x | 1.60x | 2.61x | 3.30x | 3.45x | 2.82x | 0.19x | - | 3.94x | 2.73x | 1.75x |
| Interest Coverage | 1.33x | 0.94x | 1.48x | 7.09x | 2.67x | 3.22x | 1.11x | 1.22x | 0.40x | 0.91x | 1.43x | 0.70x | 1.31x | 0.25x | 1.28x | 3.13x | -0.68x | 0.83x | 0.47x | 3.29x |
| Total Equity | 1.9B | 1.79B | 1.41B | 1.27B | 1.16B | 1.05B | 963.72M | 1.03B | 1.11B | 645.13M | 671.67M | 542.73M | 770.38M | 854.35M | 1.03B | 1.09B | 723.1M | 757.16M | 638.43M | 616.87M |
| Equity Growth % | 57.99% | 27.28% | 11.26% | 8.77% | 11.05% | 8.73% | -6.33% | -7.15% | 71.77% | -3.95% | 23.76% | -29.55% | -9.83% | -16.73% | -6.29% | 51.41% | -4.5% | 18.6% | 3.5% | - |
| Book Value per Share | 2.65 | 3.50 | 2.73 | 2.35 | 2.11 | 1.81 | 1.64 | 1.75 | 1.88 | 1.06 | 1.09 | 0.89 | 1.27 | 1.39 | 1.68 | 1.86 | 1.25 | 0.66 | 0.63 | 0.83 |
| Total Shareholders' Equity | 1.76B | 1.66B | 1.37B | 1.23B | 1.13B | 1.01B | 925.04M | 988.27M | 1.06B | 639.71M | 664.09M | 535.39M | 762.8M | 854.3M | 1.03B | 1.08B | 708.53M | 757.08M | 593.02M | 567.67M |
| Common Stock | 221.81M | 221.81M | 167.07M | 167.07M | 167.07M | 183.57M | 183.57M | 183.57M | 183.57M | 183.57M | 183.57M | 183.57M | 183.57M | 183.57M | 183.33M | 180.8M | 120M | 697.29M | 628.19M | 476.13M |
| Retained Earnings | 549.87M | 509.73M | 518.06M | 418.79M | 202.34M | 115.73M | 8.67M | 18.73M | 237.19M | 60.98M | 51M | 62.92M | 45.64M | 43.02M | 67.65M | 57.5M | 257K | 45.06M | 45.33M | 64.66M |
| Treasury Stock | -5.4M | -7.94M | -16.99M | -8.06M | -4.79M | -16.91M | -7.63M | -7.95M | -8.74M | -6.97M | -1.86M | -1.94M | -2.84M | -961K | -6K | -4K | 0 | 0 | 0 | 0 |
| Accumulated OCI | 100.6M | -373.29M | 41.6M | -92.48M | -31.7M | -121.74M | -177.18M | -107.83M | -265.08M | -524.66M | -523.09M | -663.47M | -413.36M | -327.75M | -183.28M | -99.73M | 11.27M | 2.57M | -89.77M | 21.51M |
| Minority Interest | 141.43M | 136.95M | 38.95M | 36.52M | 37.55M | 36.11M | 38.68M | 40.61M | 44.51M | 5.42M | 7.58M | 7.33M | 7.59M | 45K | 65K | 14.99M | 14.57M | 80K | 45.41M | 49.19M |
Regional macro and leverage
As reported in recent financial statements, Adecoagro's total assets surged to $5.2B by 2026Q1 from $3.1B in 2024Q4, yet this expansion has been primarily funded through debt rather than retained earnings, signaling a shift toward a more capital-intensive and potentially higher-risk balance sheet structure over time.
The rapid growth in the asset base appears to be driven by significant investments in property, plant, and equipment, which rose to $3.5B. Investors should monitor whether this aggressive capital deployment can generate sufficient returns to offset the associated increase in financial leverage.
Based on the company's reported figures, total debt has climbed from $1.1B in 2024Q4 to $2.2B in 2026Q1, pushing the debt-to-equity ratio to 1.16, which suggests that the firm is increasingly relying on external financing to sustain its industrial milling and land transformation operations.
This rising leverage profile may limit financial flexibility, especially given the inherent volatility of commodity-linked cash flows. The reliance on debt to fund asset growth implies that interest coverage ratios could become a point of concern if operational margins remain under pressure.
According to quarterly filings, the current ratio has tightened from a peak of 2.87 in 2024Q1 to 1.74 by 2026Q1, reflecting a reduction in the relative liquidity cushion available to manage the company's significant working capital requirements and short-term debt obligations during volatile harvest cycles.
While a current ratio of 1.74 remains generally acceptable, the downward trend suggests that the company is consuming cash more rapidly than it is replenishing it through operations. This tightening liquidity buffer may leave the firm with less room to maneuver during periods of adverse commodity price movements.
As indicated by recent balance sheet data, the jump in goodwill from $20.2M in 2024Q4 to $230.4M in 2026Q1 introduces a new layer of impairment risk that could negatively impact equity if the underlying acquisitions fail to meet expected performance targets in the current macro environment.
The sudden increase in intangible assets suggests recent inorganic growth, which may mask the true economic value of the acquired assets. Analysts should investigate whether this goodwill is supported by sustainable cash flow generation or if it represents an overpayment that may require future write-downs.
Quick answers to the most common questions about buying AGRO stock.
As of 2025, Adecoagro S.A. (AGRO) had total assets of $5.25B including $1.42B in current assets.
Adecoagro S.A. (AGRO) carries total debt of $1.95B, offset by $473.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Adecoagro S.A. (AGRO) has total shareholders' equity (book value) of $1.66B ($3.50 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Adecoagro S.A. (AGRO) reported a current ratio of 1.38x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.