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The Andersons USD

The Andersons, Inc. operates as an agriculture and renewable fuels company, handling the merchandising and logistics of commodities like corn, wheat, and soybeans, and producing ethanol and other biofuels.

At a glance: strengths & risks
✓Profit growing (+620% y/y, Q2 2026)✓Margins improving (2%→5%, Q2 2026)✗High leverage (8.1x EBITDA)

Sector: Agribusiness

Geography: USA, Canada

COMM_ANDE

Price chart

70.92 USDDay 2.32%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
70.92 USD · 2.32%
Market cap
2.4 bn USD

Growth

Δ revenue y/y
-1.2%
Δ EBITDA y/y
46.0%

Multiples

P/E (LTM)
15.5x
P/B (FY)
1.8x
P/E (ann.)
10.8x
EV/EBITDA (LTM)
10.8x
EV/EBITDA (ann.)
8.7x

Cash return

Dividend yield
1.1%
FCF yield (LTM)
2.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-16.9%
↓ details

Liquidity

Daily turnover (listing)
22.1 mln USD

Shares: yahoo_fundamentals_timeseries/ANDE

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK3097.7
y/y -1.2%
50.0
y/y 101.2%
34.6
y/y 4.6%
84.6
y/y 46.0%
56.6
y/y 619.9%
487.9-75.63474.3
y/y 0.8%
1318.7
y/y -3.4%
17.5%519.9Yahoo Finance
2026-03-31Q1 2026 (3M)OK2627.3
y/y -1.2%
33.9
y/y 954.8%
34.1
y/y -0.7%
68.0
y/y 81.1%
33.2
y/y —
-393.7-51.73920.2
y/y 3.2%
1268.5
y/y -6.4%
10.6%1236.7Link
2025-12-31Q4 2025 (3M)OK2536.0
y/y -18.8%
61.7
y/y 30.2%
33.3
y/y -8.1%
62.4
y/y 16.8%
47.3
y/y 49.6%
-240.1-4.13712.8
y/y -9.9%
1244.8
y/y -8.9%
22.2%554.2Yahoo Finance
2025-09-30Q3 2025 (3M)OK2677.7
y/y 2.2%
25.8
y/y -58.4%
32.6
y/y 7.4%
58.5
y/y -36.8%
20.1
y/y -26.4%
233.9-66.83297.0
y/y -2.7%
1181.1
y/y -11.1%
2.1%692.7Link
2025-06-30Q2 2025 (3M)OK3135.9
y/y 12.2%
24.8
y/y -56.7%
33.1
y/y 9.3%
57.9
y/y -33.9%
7.9
y/y -78.2%
299.3-48.83446.5
y/y 4.4%
1364.4
y/y 4.1%
2.3%396.2Link
2025-03-31Q1 2025 (3M)OK2659.1
y/y -2.2%
3.2
y/y -77.0%
34.3
y/y 11.0%
37.6
y/y -16.4%
0.3
y/y -94.9%
-350.0-46.53797.7
y/y 16.5%
1355.7
y/y 5.9%
0.1%654.2Link
2024-12-31Q4 2024 (3M)OK3123.0
y/y -2.8%
67.3
y/y -26.7%
36.2
y/y 15.6%
103.4
y/y -16.0%
17.7
y/y -11.9%
270.9-18.14121.3
y/y 6.9%
1366.2
y/y 6.5%
13.4%110.2Yahoo Finance
2024-09-30Q3 2024 (3M)OK2621.0
y/y -27.9%
62.2
y/y 62.0%
30.4
y/y -2.6%
92.6
y/y 33.0%
27.4
y/y 181.9%
-2.1-37.83388.3
y/y -5.6%
1329.2
y/y 7.1%
2.8%130.9Link
2024-06-30Q2 2024 (3M)OK2795.2
y/y -30.5%
57.3
y/y -45.1%
30.3
y/y -0.3%
87.6
y/y -35.0%
36.0
y/y -34.6%
304.4-28.63299.8
y/y -7.6%
1310.6
y/y 6.5%
11.1%50.7Link
2024-03-31Q1 2024 (3M)OK2718.2
y/y -30.0%
14.0
y/y —
30.9
y/y -3.9%
44.9
y/y —
5.6
y/y —
-239.6-26.83261.1
y/y -20.5%
1280.0
y/y 9.4%
1.7%341.3Link
2023-12-31Q4 2023 (3M)OK3213.0
y/y —
53.4
y/y —
31.3
y/y —
53.5
y/y —
41.5
y/y —
-238.0-8.03855.0
y/y —
1282.9
y/y —
16.2%-29.9Yahoo Finance
2023-09-30Q3 2023 (3M)OK3635.7
y/y —
38.4
y/y —
31.2
y/y —
69.6
y/y —
9.7
y/y —
488.7-33.73588.1
y/y —
1240.7
y/y —
1.0%226.2Link
2023-06-30Q2 2023 (3M)OK4020.2
y/y —
104.4
y/y —
30.4
y/y —
134.8
y/y —
55.0
y/y —
540.9-49.53570.0
y/y —
1231.0
y/y —
18.3%644.9Link
2023-03-31Q1 2023 (3M)OK3881.2
y/y —
-65.0
y/y —
32.2
y/y —
-32.8
y/y —
-14.8
y/y —
-333.5-25.54102.0
y/y —
1169.6
y/y —
—1175.5Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)23
Long-term debt (incl. LT leases)564
− Cash & equivalents67
Net debt520

Net debt / LTM EBITDA: 1.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-600-400-20002004002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02505007501 0001 2502024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2019 operating cash flow came to 19.04x of reported net profit; after capex, 10.02x.
year2019
cash flow / profit19.04x
accruals, % of assets-8.5%
Last twelve months (to 2025-Q3): 1.82x of profit came back as operating cash flow.
net debt / EBITDA 8.1x
● Net debt / EBITDA 8.1x at the last full year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — Wheat US (SRW) Export Price

Current 303spot vs LTM +29%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -16.9% ▲ +2.8 pp 1d

Main driver: Wheat US (SRW) Export Price +32% vs LTM; revenue ×1.21 vs costs ×1.22; EBITDA 371→348; at 7.4× EV/EBITDA → -17%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Corn US (cost)-53%505.76428.73453.21+18%+6%
Wheat US (SRW) Export Price (rev)+37%303.00229.66250.67+32%+9%
Corn US (rev)+37%505.76428.73453.21+18%+6%
Wheat US (SRW) Export Price (cost)-37%303.00229.66250.67+32%+9%
Ethanol (USD/Gal) (rev)+15%2.081.801.84+16%+2%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue10 939
LTM EBITDA371
LTM cash costs (revenue − EBITDA)10 568
2 · Revenue projection
Revenue multiplier — spot×1.211 (+21%)
= Spot revenue13 243
Revenue multiplier — 3y price×1.059 (+6%)
= 3-year-price revenue11 584
3 · Costs projection
Cost multiplier — spot×1.216 (+22%)
= Spot cash costs12 846
Cost multiplier — 3y price×1.068 (+7%)
= 3-year-price cash costs11 285
4 · EBITDA projection (revenue − costs)
= Spot EBITDA396
= 3-year-price EBITDA299
Conservative EBITDA = min(spot, avg)348
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)7.4x
Target EV = EV/EBITDA × conservative EBITDA2 577
Net debt588
Target market cap = EV − net debt1 990
Current market cap2 393

Upside = target market cap ÷ current − 1 = -16.9%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q33 6363 550+2.4%70159-56.2%
2023 Q43 2133 497-8.1%1105—
2024 Q12 7183 179-14.5%45-43—
2024 Q22 7953 302-15.3%8840—
2024 Q32 6212 812-6.8%9396-3.8%
2024 Q43 1232 652+17.8%9033—
2025 Q12 6592 886-7.9%3844—
2025 Q23 1362 743+14.3%5853—
2025 Q32 6782 765-3.1%58119-50.8%
2025 Q42 5362 887-12.2%10452—
2026 Q12 6272 762-4.9%6854—
2026 Q23 0982 940+5.4%140108+29.6%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 7.4x · target 75th pct (3y) 7.4x · LTM avg 9.4x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-010.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2026-04-010.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2026-01-020.2 USDEx-dividend: 0.2 USD per sharePaidYahoo Finance (ex-div)
2025-10-010.195 USDEx-dividend: 0.195 USD per sharePaidYahoo Finance (ex-div)
2025-07-010.195 USDEx-dividend: 0.195 USD per sharePaidYahoo Finance (ex-div)
2025-04-010.195 USDEx-dividend: 0.195 USD per sharePaidYahoo Finance (ex-div)
2025-01-020.195 USDEx-dividend: 0.195 USD per sharePaidYahoo Finance (ex-div)
2024-10-010.19 USDEx-dividend: 0.19 USD per sharePaidYahoo Finance (ex-div)
2024-07-010.19 USDEx-dividend: 0.19 USD per sharePaidYahoo Finance (ex-div)
2024-03-280.19 USDEx-dividend: 0.19 USD per sharePaidYahoo Finance (ex-div)
2023-12-290.19 USDEx-dividend: 0.19 USD per sharePaidYahoo Finance (ex-div)
2023-09-290.185 USDEx-dividend: 0.185 USD per sharePaidYahoo Finance (ex-div)
2023-06-300.185 USDEx-dividend: 0.185 USD per sharePaidYahoo Finance (ex-div)
2023-03-310.185 USDEx-dividend: 0.185 USD per sharePaidYahoo Finance (ex-div)
2022-12-300.185 USDEx-dividend: 0.185 USD per sharePaidYahoo Finance (ex-div)
2022-09-300.18 USDEx-dividend: 0.18 USD per sharePaidYahoo Finance (ex-div)
2022-06-300.18 USDEx-dividend: 0.18 USD per sharePaidYahoo Finance (ex-div)
2022-03-310.18 USDEx-dividend: 0.18 USD per sharePaidYahoo Finance (ex-div)
2021-12-310.18 USDEx-dividend: 0.18 USD per sharePaidYahoo Finance (ex-div)
2021-09-300.175 USDEx-dividend: 0.175 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of The Andersons — from primary filings.

Frequently asked questions

What is The Andersons's P/E ratio?
The Andersons trades at a P/E of 15.5x (price to trailing 12-month earnings).
What is The Andersons's EV/EBITDA?
The Andersons trades at 10.8x EV/EBITDA.
What is The Andersons's P/B ratio?
The Andersons trades at a P/B of 1.8x.
What is The Andersons's dividend yield?
The Andersons's trailing 12-month dividend yield is 1.1%.
What is The Andersons's return on equity (ROE)?
The Andersons's ROE is 17.5%.
What is The Andersons's market capitalization?
The Andersons's market cap is 2.4 bn USD.

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