Latest Ratios: P/E Ratio 23.7x · EV/EBITDA 12.2x · ROE 6.6%. (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 | $2.3B | $1.8B | $1.4B | $2.0B | $1.2B | $1.3B | $822M | $826M | $849M | $879M | $1.3B |
| Enterprise Value | $3.2B | $2.8B | $1.7B | $2.0B | $2.0B | $2.3B | $2.2B | $2.1B | $1.5B | $1.3B | $1.7B |
| P/E Ratio → | 23.68 | 18.99 | 12.20 | 19.57 | 9.18 | 12.61 | 106.57 | 45.96 | 20.47 | 21.34 | 109.02 |
| P/S Ratio | 0.21 | 0.17 | 0.12 | 0.13 | 0.07 | 0.10 | 0.10 | 0.10 | 0.28 | 0.24 | 0.32 |
| P/B Ratio | 1.76 | 1.41 | 0.87 | 1.31 | 0.84 | 1.00 | 0.71 | 0.69 | 0.92 | 1.06 | 1.57 |
| P/FCF | — | — | 7.63 | 2.49 | 8.17 | — | — | 10.58 | — | — | — |
| P/OCF | 12.76 | 10.27 | 4.20 | 2.09 | 4.19 | — | — | 2.37 | — | 11.68 | 31.93 |
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 | — | 0.25 | 0.15 | 0.14 | 0.12 | 0.18 | 0.27 | 0.25 | 0.51 | 0.36 | 0.43 |
| EV / EBITDA | 12.24 | 10.55 | 5.43 | 4.31 | 5.91 | 11.48 | 10.16 | 9.17 | 11.34 | 11.97 | 13.25 |
| EV / EBIT | 24.94 | 14.64 | 7.35 | 9.25 | 7.95 | 11.34 | 320.43 | 23.61 | 18.83 | 575.03 | 38.86 |
| EV / FCF | — | — | 9.36 | 2.51 | 13.58 | — | — | 26.46 | — | — | — |
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 | 6.5% | 6.5% | 6.1% | 5.6% | 3.9% | 3.5% | 5.0% | 6.3% | 9.8% | 8.5% | 9.2% |
| Operating Margin | 1.2% | 1.2% | 1.7% | 2.3% | 1.2% | 0.1% | 0.3% | 1.0% | 1.5% | 0.7% | 1.1% |
| Net Profit Margin | 0.9% | 0.9% | 1.0% | 0.7% | 0.8% | 0.8% | 0.1% | 0.2% | 1.4% | 1.1% | 0.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.6% | 6.6% | 7.3% | 6.9% | 9.6% | 8.4% | 0.7% | 1.7% | 4.7% | 5.0% | 1.4% |
| ROA | 2.4% | 2.4% | 2.9% | 2.4% | 2.9% | 2.4% | 0.2% | 0.6% | 1.8% | 1.9% | 0.5% |
| ROIC | 4.6% | 4.6% | 8.1% | 13.5% | 6.8% | 0.6% | 0.8% | 2.9% | 2.4% | 1.5% | 2.6% |
| ROCE | 5.8% | 5.8% | 8.1% | 15.8% | 9.7% | 0.8% | 1.0% | 3.9% | 3.1% | 1.8% | 2.9% |
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 | 0.81 | 0.81 | 0.55 | 0.44 | 0.64 | 0.89 | 1.19 | 1.08 | 0.78 | 0.60 | 0.59 |
| Debt / EBITDA | 3.98 | 3.98 | 2.79 | 1.43 | 2.69 | 5.92 | 6.45 | 5.75 | 5.29 | 4.42 | 3.75 |
| Net Debt / Equity | — | 0.73 | 0.20 | 0.01 | 0.56 | 0.73 | 1.16 | 1.04 | 0.76 | 0.55 | 0.51 |
| Net Debt / EBITDA | 3.61 | 3.61 | 1.00 | 0.05 | 2.35 | 4.82 | 6.32 | 5.50 | 5.12 | 4.11 | 3.25 |
| Debt / FCF | — | — | 1.72 | 0.03 | 5.41 | — | — | 15.88 | — | — | — |
| Interest Coverage | 4.00 | 4.00 | 7.30 | 4.62 | 4.42 | 5.35 | 0.20 | 1.47 | 2.95 | 0.11 | 2.04 |
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 | 1.41 | 1.41 | 1.65 | 1.72 | 1.37 | 1.37 | 1.25 | 1.35 | 1.23 | 1.35 | 1.32 |
| Quick Ratio | 0.60 | 0.60 | 0.90 | 1.00 | 0.69 | 0.63 | 0.58 | 0.54 | 0.40 | 0.47 | 0.47 |
| Cash Ratio | 0.06 | 0.06 | 0.32 | 0.39 | 0.05 | 0.09 | 0.02 | 0.04 | 0.03 | 0.05 | 0.08 |
| Asset Turnover | — | 2.97 | 2.73 | 3.83 | 3.76 | 2.76 | 1.89 | 2.09 | 1.27 | 1.70 | 1.76 |
| Inventory Turnover | 7.54 | 7.54 | 8.21 | 11.93 | 9.62 | 6.71 | 5.93 | 6.54 | 3.98 | 5.20 | 5.22 |
| Days Sales Outstanding | — | 21.63 | 24.79 | 18.87 | 26.31 | 24.17 | 29.03 | 23.96 | 24.84 | 18.14 | 18.11 |
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 | 1.2% | 1.5% | 1.9% | 1.3% | 2.0% | 1.8% | 2.8% | 2.7% | 2.2% | 2.1% | 1.4% |
| Payout Ratio | 28.1% | 28.1% | 23.0% | 25.1% | 18.8% | 22.8% | 298.4% | 120.8% | 44.9% | 44.1% | 149.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 5.3% | 8.2% | 5.1% | 10.9% | 7.9% | 0.9% | 2.2% | 4.9% | 4.7% | 0.9% |
| FCF Yield | — | — | 13.1% | 40.2% | 12.2% | — | — | 9.4% | — | — | — |
| Buyback Yield | 0.7% | 0.8% | 0.2% | 0.1% | 1.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.9% | 2.3% | 2.1% | 1.4% | 3.1% | 1.8% | 2.8% | 2.7% | 2.2% | 2.1% | 1.4% |
| Shares Outstanding | — | $34M | $34M | $34M | $34M | $34M | $34M | $33M | $28M | $28M | $28M |
Commodity and basis volatility
According to current market data, ANDE trades at a P/E of 25.39, yet the forward P/E of 13.34 suggests investors anticipate a significant earnings recovery, a valuation gap that warrants caution given the company's historical struggle to maintain consistent profitability in volatile commodity environments.
The divergence between trailing and forward multiples implies that the market is pricing in a cyclical rebound in ethanol crush spreads or grain merchandising margins. However, given the company's history of earnings volatility, investors should monitor whether this forward-looking optimism is supported by structural margin improvements or merely a reversion to mean commodity prices.
Based on reported financial figures, ANDE's ROIC has struggled to gain traction, hovering near 0.5% in 2026Q1, which indicates that the company is currently failing to generate returns that exceed its cost of capital, a trend that appears to be worsening compared to historical performance.
The persistent decay in ROIC suggests that the capital-intensive nature of the firm's grain elevator and renewable energy infrastructure is not being offset by sufficient operational throughput. This trend warrants further investigation into whether recent investments in the Renewables segment are creating long-term value or merely adding to the fixed-cost burden.
As reported in financial statements, the cash conversion cycle has fluctuated significantly, reaching 47 days in 2026Q1, which highlights the inherent difficulty in managing inventory and receivables within a business model that is highly sensitive to seasonal agricultural harvest and planting cycles.
The variability in the cash conversion cycle suggests that ANDE's liquidity is heavily dependent on the timing of commodity turnover. Investors should monitor the DPO and DIO trends closely, as any elongation in these metrics may indicate a loss of leverage with suppliers or an accumulation of slower-moving inventory.
According to recent SEC filings, the company's debt-to-equity ratio has climbed to 1.00 as of 2026Q1, a notable increase from previous periods that suggests a growing reliance on debt to fund operations during a period of contracting margins and volatile cash flow generation.
The rising leverage profile, combined with an interest coverage ratio that has compressed to 0.95, indicates that debt service is becoming increasingly uncomfortable. This trend suggests that the company may face limited flexibility to navigate further commodity price downturns without additional financing or asset divestitures.
As indicated by the provided data, the P/E ratio is a fundamentally flawed metric for evaluating ANDE, as it fails to account for the massive, non-cash mark-to-market fluctuations inherent in the company's derivative-heavy hedging strategy for grain and energy commodities.
Investors should instead focus on adjusted EBITDA or cash flow from operations, which strip out the noise of accounting adjustments that frequently distort net income. Relying on P/E ratios in this context obscures the underlying operational health of the merchandising and nutrient segments, leading to potentially erroneous valuation conclusions.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ANDE stock.
The Andersons, Inc.'s current P/E ratio is 23.7x. The historical average is 20.4x. This places it at the 90th percentile of its historical range.
The Andersons, Inc.'s current EV/EBITDA is 12.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.3x.
The Andersons, Inc.'s return on equity (ROE) is 6.6%. The historical average is 9.9%.
Based on historical data, The Andersons, Inc. is trading at a P/E of 23.7x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Andersons, Inc.'s current dividend yield is 1.18% with a payout ratio of 28.1%.
The Andersons, Inc. has 6.5% gross margin and 1.2% operating margin.
The Andersons, Inc.'s Debt/EBITDA ratio is 4.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.