NYSE: ADM
Archer Daniels Midland
Consumer Staples · Fats & Oils
52-week range
$55.58$88.75
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$36.8B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $26.1B |
| FY2017, ended Dec 31, 2017 | $22.4B |
| FY2018, ended Dec 31, 2018 | $22.9B |
| FY2019, ended Dec 31, 2019 | $25.9B |
| FY2020, ended Dec 31, 2020 | $28.1B |
| FY2021, ended Dec 31, 2021 | $38.0B |
| FY2022, ended Dec 31, 2022 | $50.9B |
| FY2023, ended Dec 31, 2023 | $36.8B |
| FY2024, ended Dec 31, 2024 | $24.2B |
| FY2025, ended Dec 31, 2025 | $27.7B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $36.8B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$82.1B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $62.3B |
| FY2017, ended Dec 31, 2017 | $60.8B |
| FY2018, ended Dec 31, 2018 | $64.3B |
| FY2019, ended Dec 31, 2019 | $64.7B |
| FY2020, ended Dec 31, 2020 | $64.4B |
| FY2021, ended Dec 31, 2021 | $85.2B |
| FY2022, ended Dec 31, 2022 | $102B |
| FY2023, ended Dec 31, 2023 | $93.9B |
| FY2024, ended Dec 31, 2024 | $85.5B |
| FY2025, ended Dec 31, 2025 | $80.3B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $82.1B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.28B | −$7.39B |
| FY2017, ended Dec 31, 2017 | $1.59B | −$7.01B |
| FY2018, ended Dec 31, 2018 | $1.81B | −$5.63B |
| FY2019, ended Dec 31, 2019 | $1.38B | −$6.28B |
| FY2020, ended Dec 31, 2020 | $1.77B | −$3.21B |
| FY2021, ended Dec 31, 2021 | $2.71B | $5.43B |
| FY2022, ended Dec 31, 2022 | $4.34B | $2.16B |
| FY2023, ended Dec 31, 2023 | $3.48B | $2.97B |
| FY2024, ended Dec 31, 2024 | $1.80B | $1.23B |
| FY2025, ended Dec 31, 2025 | $1.08B | $4.20B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.77B | $1.68B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.06B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $619M |
| FY2017, ended Dec 31, 2017 | $804M |
| FY2018, ended Dec 31, 2018 | $2.00B |
| FY2019, ended Dec 31, 2019 | $852M |
| FY2020, ended Dec 31, 2020 | $666M |
| FY2021, ended Dec 31, 2021 | $943M |
| FY2022, ended Dec 31, 2022 | $1.04B |
| FY2023, ended Dec 31, 2023 | $1.37B |
| FY2024, ended Dec 31, 2024 | $611M |
| FY2025, ended Dec 31, 2025 | $1.01B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.06B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$8.01B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.93B |
| FY2017, ended Dec 31, 2017 | $7.49B |
| FY2018, ended Dec 31, 2018 | $8.39B |
| FY2019, ended Dec 31, 2019 | $8.88B |
| FY2020, ended Dec 31, 2020 | $9.93B |
| FY2021, ended Dec 31, 2021 | $9.54B |
| FY2022, ended Dec 31, 2022 | $9.18B |
| FY2023, ended Dec 31, 2023 | $8.37B |
| FY2024, ended Dec 31, 2024 | $10.2B |
| FY2025, ended Dec 31, 2025 | $8.41B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $8.01B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 15.6% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.482M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 571M |
| FY2017, ended Dec 31, 2017 | 559M |
| FY2018, ended Dec 31, 2018 | 560M |
| FY2019, ended Dec 31, 2019 | 558M |
| FY2020, ended Dec 31, 2020 | 558M |
| FY2021, ended Dec 31, 2021 | 562M |
| FY2022, ended Dec 31, 2022 | 548M |
| FY2023, ended Dec 31, 2023 | 510M |
| FY2024, ended Dec 31, 2024 | 480M |
| FY2025, ended Dec 31, 2025 | 481M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 482M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $149M more issued than bought back
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.00B | $74.0M |
| FY2017, ended Dec 31, 2017 | $750M | $66.0M |
| FY2018, ended Dec 31, 2018 | $77.0M | $109M |
| FY2019, ended Dec 31, 2019 | $150M | $89.0M |
| FY2020, ended Dec 31, 2020 | $133M | $151M |
| FY2021, ended Dec 31, 2021 | $0 | $161M |
| FY2022, ended Dec 31, 2022 | $1.45B | $147M |
| FY2023, ended Dec 31, 2023 | $2.67B | $112M |
| FY2024, ended Dec 31, 2024 | $2.33B | $74.0M |
| FY2025, ended Dec 31, 2025 | $0 | $83.0M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | — | $149M |
Revenue (TTM)
$82.1B
−0.8% YoY
Net income (TTM)
$1.77B
+61.1% YoY
Cash
$1.06B
+0.3% YoY
Total debt
$8.01B
−13.2% YoY
Valuation
At current price- Market Cap
- $37.1B
- P/E
- 20.9×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 0.5×
- Price / Book
- 1.6×
- EV / EBITDA
- 11.4×
Growth
Trailing 12 months- Revenue (TTM)
- $82.1B
- Revenue Growth YoY
- −0.8%
- Revenue CAGR 3Y
- −7.5%
- Revenue CAGR 5Y
- 4.5%
- EPS Growth YoY
- 59.1%
- Net Income Growth YoY
- 61.1%
Profitability
Trailing 12 months- Gross Margin
- 6.9%
- Operating Margin
- —
- Net Margin
- 2.2%
- FCF Margin
- 2.0%
- Return on Equity
- 7.7%
Earnings
Trailing 12 months- Net Income
- $1.77B
- EPS (diluted)
- $3.66
- EBITDA
- $3.88B
- Operating Income
- —
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $1.06B
- Total Debt
- $8.01B
- Net Debt
- $6.95B
- Total Assets
- $53.5B
- Total Liabilities
- $29.9B
- Shareholders' Equity
- $23.6B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $2.79B
- Capital Expenditure
- $1.12B
- Free Cash Flow
- $1.68B
Dividends and risk
Last 12 months- Dividend Yield
- 2.7%
- Dividend / Share
- $2.07
- Beta (5Y)
- 0.64
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $82.1B.
Note
Net margin of 2.2% over the last 12 months.
Note
Net debt of $6.95B is 1.8× EBITDA.
Note
Free cash flow of $1.68B, 2.0% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 17, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K0Serious concerns
0Serious concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 20, 2025 · Read the filing on EDGAR
- Net earnings almost halved, from $3.48 billion to $1.80 billion, and revenue fell 9% to $85.5 billion because crop and oil prices were lower.
- ADM took a $461 million write-down on its stake in Wilmar. Even after that, the stake is carried at $3.9 billion, above its $3.2 billion market value.
- The segment accounting weakness is still not fixed. Segment figures were restated in amended filings on November 18, 2024, and SEC and DOJ investigations continue.
- A US biodiesel tax credit worth $316 million to ADM in 2024 has expired, and ADM expects the credit replacing it to be worth much less in 2025.
Business momentum
Sharp deterioration
“Earnings before income taxes decreased 47% or $2.0 billion, to $2.3 billion, primarily driven by lower pricing and execution margins, as well as a $461 million impairment charge related to the Company’s investment in Wilmar”
Outlook
Cautious
“The Company estimates a significant decrease in the CFPC available in the year ending December 31, 2025 compared with the BTC claimed during the year ended December 31, 2024.”
Financial stress
Low
“As of December 31, 2024, the Company has total available liquidity of $9.7 billion comprised of cash and cash equivalents and unused lines of credit.”
Tone against the previous report
More negative
Red flags
- Serious
Weak internal controls
“management concluded that the Company’s internal control over financial reporting was not effective as of December 31, 2024, due to the material weakness described below.”
- Serious
Restated accounts
“its Form 10-Qs for the first and second quarters of 2024, all of which were filed on November 18, 2024, to restate the segment information disclosure included in those filings.”
- Medium
Large write-down
“Charges in 2024 included a $461 million impairment related to the Company's Wilmar equity investment”
- Medium
Investigation
“The Company may be required to pay material fines, consent to injunctions on future conduct or be subject to other penalties”
Positives
Processed more crops
“The overall increase in oilseeds processed volumes was primarily related to improved crush capacity in North America, driven by the Company's new facility in Spiritwood, North Dakota”
Carbohydrate Solutions profit held steady
“In the Carbohydrate Solutions segment, segment operating profit was flat compared to the prior year.”
Animal Nutrition recovered
“Animal Nutrition results were higher compared to the prior year, as amino acids market recovery, cost optimization efforts and lower input costs bolstered margins.”
Concerns
Profit fell sharply in the largest segment
“In the Ag Services and Oilseeds segment, segment operating profit decreased 40%.”
Short-term borrowing rose while ADM bought back shares
“Net cash used in financing activities for the year ended December 31, 2024 included net borrowings on short-term credit agreements of $1.8 billion.”
Less cash from operations
“Net cash provided by operating activities was $2.8 billion, $4.5 billion, and $3.5 billion for the years ended December 31, 2024, 2023, and 2022, respectively.”
New risks since the previous report
Smaller biodiesel tax credit from 2025
“For the year ended December 31, 2024, the Company recorded a benefit of $316 million related to the BTC.”
Credit ratings on negative outlook
“As of December 31, 2024, the three major credit rating agencies maintained the Company’s credit ratings at investment grade levels with a negative outlook.”
Wilmar stake worth less on the market than its book value
“The Company’s investment in Wilmar had a carrying value of $3.9 billion as of December 31, 2024, and a market value of $3.2 billion”
Little room before another Animal Nutrition goodwill write-down
“A hypothetical increase to the discount rate of approximately 100 basis points would result in a goodwill impairment of approximately $68 million”
New US administration policy on tax and tariffs
“Changes in administration or shifts in legislative priorities may lead to alterations in the U.S. tax code or may potentially influence the global tax landscape”
Biggest risks named
- Unfixed accounting weakness and SEC/DOJ investigations
- Weaker crop processing margins and commodity price swings
- Changes to US biofuel tax credits and policy
- Credit rating downgrade risk
- Further write-downs on Wilmar and Animal Nutrition
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −40 | |
| New risks | −2 | |
| Score | 0 | |
Written by AI (Claude Opus 5.5) from the report’s text. 18 of 18 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 17, 2026 | Pro | |||
| 10-K | Feb 20, 2025 | 0 | Sharp deterioration | 2 serious2 medium | |
| 10-K | Mar 12, 2024 | 35 | Stable | 1 serious2 medium1 minor | |
| 10-K | Feb 14, 2023 | 64 | Improving | None | |
| 10-K | Feb 17, 2022 | 59 | Stable | 1 minor | |
| 10-K | Feb 18, 2021 | 59 | Stable | None | |
| 10-K | Feb 18, 2020 | 58 | Stable | None | |
| 10-K | Feb 19, 2019 | 63 | Improving | 1 minor | |
| 10-K | Feb 16, 2018 | 55 | Mixed | 1 minor | |
| 10-K | Feb 17, 2017 | 59 | Stable | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 4, 2026. View filings on SEC EDGAR