Deere
DE on NYSE. John Deere sells farm and construction equipment to farmers, builders, and forestry workers. Market value $183.9bn.
Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to October 2025.
We can't read total debt from the filing, so debt is left out.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Industrials stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.27 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 80 of 100. Price score: 49 of 100. Our list needs 70 on quality and 60 on price.
$682.79 a share, 58% above its 1-year low
Over the past year the price has ranged from $433.00 to $721.22.
Dividend: 0.9% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $44.0bn | $52.6bn | $61.3bn | $51.7bn | $45.7bn |
| Operating margin | |||||
| Operating margin | 18.2% | 18.1% | 21.2% | 17.5% | 20.6% |
| Debt to equity | |||||
| Debt to equity | 2.38 | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.30bn | 0.29bn | 0.27bn | 0.27bn | 0.27bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 5.1% a year
- Buying back its own sharesYes, 11% fewer since 2021
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $12.6 billion last quarter, up 5% on a year ago.
- Profit: $1.4 billion, up 7% on a year ago.
- Spare cash over the past 12 months: $6 billion, down from $7.1 billion.
- About the same number of shares as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $11.1bn |
| January 2025 | $8.5bn |
| April 2025 | $12.8bn |
| July 2025 | $12.0bn |
| October 2025 | $12.4bn |
| January 2026 | $9.6bn |
| April 2026 | $13.4bn |
| July 2026 | $12.6bn |
| Quarter to | Amount |
|---|---|
| October 2024 | $1.2bn |
| January 2025 | $869m |
| April 2025 | $1.8bn |
| July 2025 | $1.3bn |
| October 2025 | $1.1bn |
| January 2026 | $656m |
| April 2026 | $1.8bn |
| July 2026 | $1.4bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 25 November 2026
- Last annual report (10-K)
- 18 December 2025
- Next quarterly (estimated, 10-Q)
- 26 November 2026
Who owns it
14 long-term investors we follow own it, unchanged from 14 last quarter. 2,649 funds in all.
- Markel GroupTom Gayner
- Value
- $557m
- Share of fund
- 4.2%
- Hotchkis & WileyHotchkis & Wiley team
- Value
- $166m
- Share of fund
- 0.5%
- GAMCO InvestorsMario Gabelli
- Value
- $59m
- Share of fund
- 0.5%
- Dodge & CoxDodge & Cox investment committee
- Value
- $8m
- Share of fund
- <0.1%
- First Manhattan Co.First Manhattan partners
- Value
- $5m
- Share of fund
- <0.1%
- LSV Asset ManagementJosef Lakonishok
- Value
- $444,000
- Share of fund
- <0.1%
- Beutel GoodmanBeutel Goodman team
- Value
- $31,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $681m | 0.6% | Added |
| Markel GroupTom Gayner | $557m | 4.2% | |
| Harris Associates (Oakmark)Bill Nygren | $199m | 0.3% | Cut |
| Hotchkis & WileyHotchkis & Wiley team | $166m | 0.5% | |
| Diamond Hill Capital ManagementRic Dillon (founder) | $133m | 1.1% | Cut |
| GAMCO InvestorsMario Gabelli | $59m | 0.5% | |
| GMOJeremy Grantham | $23m | <0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $20m | <0.1% | Added |
| Dodge & CoxDodge & Cox investment committee | $8m | <0.1% | |
| First Manhattan Co.First Manhattan partners | $5m | <0.1% | |
| LSV Asset ManagementJosef Lakonishok | $444,000 | <0.1% | |
| Mairs & PowerAndy Adams | $353,322 | <0.1% | Cut |
| Boston PartnersBoston Partners team | $251,164 | <0.1% | Added |
| Beutel GoodmanBeutel Goodman team | $31,000 | <0.1% |
Largest holders overall
- BlackRock$11.8bn
- Vanguard Capital Management$10.5bn
- Capital World Investors$7.3bnCut
- State Street$6.9bnAdded
- Banque Cantonale Vaudoise$6.1bnCut
- JPMorgan Chase$5.8bnCut
- Price T Rowe Associates$4.8bnCut
- FMR$4.8bnAdded
- Capital International Investors$4.1bnAdded
- Geode Capital Management$3.6bn
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Vanguard Capital ManagementPassive investor7.0%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.0% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $56m, $56m of it under preset trading plans.
- CAMPBELL RYAN DPres WWC&F and Pwr SystemsSoldunder a preset trading plan
- Date
- 31 August 2026
- Shares
- 4,860
- Price
- $651.19
- Value
- $3m
- CAMPBELL RYAN DPres WWC&F and Pwr SystemsSoldunder a preset trading plan
- Date
- 24 August 2026
- Shares
- 7,839
- Price
- $653.77
- Value
- $5m
- CAMPBELL RYAN DPres WWC&F and Pwr SystemsSoldunder a preset trading plan
- Date
- 21 August 2026
- Shares
- 23,260
- Price
- $651.18
- Value
- $15m
- Reed Cory JPres, Life Sol Cust Sup & S.M.Soldunder a preset trading plan
- Date
- 14 January 2026
- Shares
- 12,000
- Price
- $510.00
- Value
- $6m
- May John C IIChairman & CEOSoldunder a preset trading plan
- Date
- 8 January 2026
- Shares
- 41,472
- Price
- $501.49
- Value
- $21m
- May John C IIChairman & CEOSoldunder a preset trading plan
- Date
- 25 November 2025
- Shares
- 11,106
- Price
- $500.08
- Value
- $6m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 31 August 2026 | CAMPBELL RYAN D Pres WWC&F and Pwr Systems | Sold under a preset trading plan | 4,860 | $651.19 | $3m |
| 24 August 2026 | CAMPBELL RYAN D Pres WWC&F and Pwr Systems | Sold under a preset trading plan | 7,839 | $653.77 | $5m |
| 21 August 2026 | CAMPBELL RYAN D Pres WWC&F and Pwr Systems | Sold under a preset trading plan | 23,260 | $651.18 | $15m |
| 14 January 2026 | Reed Cory J Pres, Life Sol Cust Sup & S.M. | Sold under a preset trading plan | 12,000 | $510.00 | $6m |
| 8 January 2026 | May John C II Chairman & CEO | Sold under a preset trading plan | 41,472 | $501.49 | $21m |
| 25 November 2025 | May John C II Chairman & CEO | Sold under a preset trading plan | 11,106 | $500.08 | $6m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Dec 2025, plus the 10-Q filed 27 Aug 2026 and 9 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.