AGROAdecoagro S.A.
Is the business good?
The checks split: nothing decisive, though earnings fully cash-backed (4.1×).
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is AGRO?
Adecoagro S.A. earns 2.8% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 6.2 points below what the capital costs: growth destroys value
- Operating margin
- 6.6%
Operating margin · Farm Products median 1.2% · fiscal year to FY2025
- Cash conversion
- 4.14×
Cash conversion · 2.28× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −0.62%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 23% |
| FY2021 | 25% |
| FY2022 | 19% |
| FY2023 | 19% |
| FY2024 | 12% |
| FY2025 | 6.6% |
Details›
- Gross marginfiscal year to FY2025
- 25%
- Operating marginfiscal year to FY2025
- 6.6%
- Net marginfiscal year to FY2025
- −0.58%
- Free cash flow margin
- 3.1%
- Revenue, trailing twelve months
- $1.43B
- Free cash flow, trailing twelve months
- $44M
- Net income, trailing twelve months
- −$8.3M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 2.8%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from AGRO and who it buys from, as the companies report it.
- Ten largest customers82%
Combined share of revenue · FY2025 20-F
- Three largest customers81%
Combined share of revenue · FY2025 20-F
- Five largest customers79%
Combined share of revenue · FY2025 20-F
- Largest customers75%
Combined share of revenue · FY2025 20-F
- Largest five customers74%
Combined share of revenue · FY2025 20-F
- Eight largest customers71%
Combined share of revenue · FY2025 20-F
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; AGRO’s own figures are from its FY2025 20-F. Smaller customers and suppliers go unreported.