Demand and volumemixed · 5 filings
“OUTLOOK Global industry demand for farm equipment, driven by farm income, is expected to be relatively flat during 2026 in most major markets compared to 2025.”10-Q · Jul 30, 2026 ↗
AGCO Corporation
AGCO
Market read
AGCO Corporation's current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 32 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 8 directly disclosed connections are confirming.
What changed
- Revenue increased 14.3% versus the comparable filing period.
- Gross margin fell 0.6 percentage points.
Company-0.7% todayVolume comparison unavailable
Market group0 of 32 activeIndustrial Machinery · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Borrowings due within one year rose about $429.0M due to reclassification of $400.0M 5.450% Senior notes that mature March 21, 2027.
- Higher tariff-related costs were cited as a primary driver of increased operating loss and reduced gross margin, partially offset by IEEPA tariff refunds recognized during the period.
Invalidation: The isolated read changes if AGCO's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 32 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 8 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 14.3% versus the comparable filing period.
- Operating margin improved 1.0 percentage points.
- Net income increased 423.8% versus the comparable filing period.
Evidence that challenges
- Gross margin fell 0.6 percentage points.
- Operating cash flow covered only -7.46x net income.
What would clarify the read
- Borrowings due within one year rose about $429.0M due to reclassification of $400.0M 5.450% Senior notes that mature March 21, 2027.
- Higher tariff-related costs were cited as a primary driver of increased operating loss and reduced gross margin, partially offset by IEEPA tariff refunds recognized during the period.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations328
Usable filing statements155
Verified relationships6
Evidence supporting the case
- Operating margin changed +7.0 percentage points in the latest annual period.
- Net margin changed +10.8 percentage points in the latest annual period.
- Operating cash flow covered net income at 1.36x in the latest annual period.
Evidence challenging the case
- Latest annual revenue changed -13.5% year over year.
- Demand and volume has repeated adverse evidence across 5 filings.
- Credit and interest rates has repeated adverse evidence across 4 filings.
- Foreign exchange has repeated adverse evidence across 3 filings.
- Industry cycle and competition has repeated adverse evidence across 3 filings.
- Restructuring and cost reductions has repeated adverse evidence across 3 filings.
Questions before a position
- P/E is 60% below the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 67% below the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
121.186m+1.1%12m+12.8%24m—
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$11.1B+21.7%$11.85+0.1%
2022-12-31$12.7B+13.6%$11.87-1.1%
2023-12-31$14.4B+13.9%$15.63+0.0%
2024-12-31$11.7B-19.1%$-5.69-0.3%
2025-12-31$10.1B-13.5%$9.75-0.3%
What management says matters
Persistent and emerging business drivers
Credit and interest ratesnegative · 4 filings
“Borrowings due within one year increased by approximately $429.0 million as of June 30, 2026, primarily due to the reclassification of the $400.0 million 5.450% Senior notes to current liabilities, as the notes mature on March 21, 2027.”10-Q · Jul 30, 2026 ↗
Foreign exchangenegative · 3 filings
“The decrease was primarily driven by a decrease in foreign currency exchange losses which were approximately $6.8 million and $12.0 million for the three and six months ended June 30, 2026, compared to $28.6 million and $42.2 million for the comparable period…”10-Q · Jul 30, 2026 ↗
Industry cycle and competitionnegative · 3 filings
“Additionally, the increase in income from operations during 2025 was the result of decreases in restructuring and business optimization expenses and selling, general and administrative expenses (“SG&A expenses”) primarily related to lower compensation costs a…”10-K · Feb 13, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 0.9× · EV/sales 1.0×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
121.18-0.7% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for AGCO. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing presents a mixed picture
10-Q filed 2026-05-05 against the comparable filing from 2025-05-01.
OperationsconstructiveEvidence score +3
liquiditycautiousEvidence score -1
valuationmixed
What improved
- Revenue increased 14.3% versus the comparable filing period.
- Operating margin improved 1.0 percentage points.
- Net income increased 423.8% versus the comparable filing period.
What weakened
- Gross margin fell 0.6 percentage points.
- Operating cash flow covered only -7.46x net income.
Filing receipts
“Income from operations increased by $104.6 million in the three months ended March 31, 2026 compared to the three months ended March 31, 2025 as a result of higher sales, favorable product mix and production volumes.”
“APA Three Months Ended March 31, Change 2026 2025 $ Net sales $ 124.0 $ 94.5 $ 29.5 Income (loss) from operations 4.0 (2.7) 6.7 Net sales increased in APA in the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to sales volume increases, most significantly in high-horsepower tractors and combines, and favorable foreign currency translation.”
“North America Three Months Ended March 31, Change 2026 2025 $ Net sales $ 406.4 $ 369.5 $ 36.9 Income (loss) from operations (51.0) (24.2) (26.8) Net sales in North America increased in the three months ended March 31, 2026 compared to the three months ended March 31, 2025, primarily due to sales volume increases, most significantly in high-horsepower tractors, hay tools and sprayers.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind AGCO
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
TRMBTrimble Inc.partnerMay 5, 2026 ▾
“The net loss primarily relates to the noncontrolling interests of the PTx Trimble joint venture held by Trimble, which owns a 15% interest in the joint venture.”
BRELYFiling-linked namepartnerMay 5, 2026 ▾
“Our accounts receivable sales agreements in North America, Europe and Brazil permit the sale, on an ongoing basis, of a majority of our receivables to our U.S., Canadian, European and Brazilian finance joint ventures.”
Depended on by
TRMBTrimble Inc.partnerFeb 25, 2026 ▾
“We maintain a joint venture, PTx Trimble, with AGCO to develop the next generation of advanced electronic guidance and control products for agriculture.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 7 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
AGCO is currently a Follower in the organic co-movement group Industrial Machinery. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.