Archer-Daniels-Midland Company
- Open
- 82.27
- Day high
- 82.88
- Day low
- 78.97
- Prev close
- 81.54
- Volume
- 5.4M
- Mkt cap
- $39.2B
- P/E (TTM)
- 22.3
- EPS (TTM)
- $3.65
- P/B
- 1.7
- P/S
- 0.5
- Yield
- 2.55%
- Per share
- $2.07
Archer-Daniels-Midland Company (ADM) is a Consumer Defensive company listed on NYSE. The stock is up 29% over the past year. Drillr has 3 published research articles covering ADM.
Archer-Daniels-Midland Company (ADM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ADM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $1.49 | $1.84 | +23.5% | $22.7B | -0.3% |
| May 5, 2026 | $0.64 | $0.71 | +10.8% | $20.5B | -4.0% |
| Feb 3, 2026 | $0.80 | $0.87 | +9.2% | $18.6B | -11.9% |
| Nov 4, 2025 | $0.85 | $0.92 | +8.4% | $20.4B | -1.9% |
| Feb 4, 2025 | $1.14 | $1.14 | +0.0% | $21.5B | -5.6% |
| Nov 18, 2024 | $1.19 | $1.09 | -8.4% | $19.9B | -7.2% |
| Apr 30, 2024 | $1.36 | $1.46 | +7.4% | $21.8B | -1.9% |
| Mar 12, 2024 | $1.43 | $1.36 | -4.9% | $23.0B | -2.8% |
| Jul 25, 2023 | $1.60 | $1.89 | +18.1% | $25.2B | -2.7% |
| Jan 26, 2023 | $1.65 | $1.93 | +17.0% | $26.2B | +3.8% |
| Jul 26, 2022 | $1.71 | $2.15 | +25.7% | $27.3B | +9.6% |
| Jan 25, 2022 | $1.37 | $1.50 | +9.5% | $23.1B | +14.2% |
ADM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 19, 2026 | Rowe Jeffrey Dofficer: Executive Vice President & COO | Grant | 259,935 | — |
| Aug 5, 2026 | Patolawala Monish Dofficer: Executive Vice President & CFO | Tax | 6,720 | $79.27 |
| Jul 2, 2026 | Burke Michael Sdirector | Grant | 829 | — |
| Jul 2, 2026 | MOORE PATRICK Jdirector | Grant | 747 | — |
| Jul 2, 2026 | McMurray Michael C.director | Grant | 716 | — |
| Jul 2, 2026 | COLBERT THEODORE IIIdirector | Grant | 716 | — |
| Jul 2, 2026 | Collins James C. Jr.director | Grant | 766 | — |
| Jul 2, 2026 | McAtee David R IIdirector | Grant | 716 | — |
| Jul 2, 2026 | WESTBROOK KELVIN Rdirector | Grant | 747 | — |
| Jul 2, 2026 | Sandler Debra A.director | Grant | 766 | — |
| Jul 2, 2026 | Schlitz Lei Zhangdirector | Grant | 716 | — |
| Jul 2, 2026 | Harrison Suzan F.director | Grant | 797 | — |
| Jul 2, 2026 | CREWS TERRELL Kdirector | Grant | 878 | — |
| Jul 2, 2026 | de Brabander Ellendirector | Grant | 716 | — |
| Jun 12, 2026 | CREWS TERRELL Kdirector | Grant | 427 | — |
Source: ADM SEC Form 4 filings, latest Aug 19, 2026. For informational purposes only — not investment advice.
See the full ADM insider & 13F page →ADM research & analysis
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DEMARHLT
Archer-Daniels-Midland Company company profile
Overview
Archer-Daniels-Midland Company (NYSE:ADM) is one of the world's largest agricultural processors and food ingredient manufacturers, founded in 1902 and headquartered in Chicago, Illinois. The company has evolved from a simple linseed crushing operation into a global agricultural commodities giant that connects farmers to consumers by transforming crops into products for food, animal feed, chemical, and energy uses. With operations spanning six continents, ADM processes millions of tons of agricultural commodities annually and serves as a critical link in the global food supply chain, facilitating the movement of crops from farm to table while adding value through processing and manufacturing.
Business
ADM operates in the agricultural commodities and food ingredients industry, serving as an intermediary that procures raw agricultural materials from farmers and transforms them into finished products for various end markets. The company's business is built around three core segments that work together to form an integrated agricultural value chain. Agricultural Services & Oilseeds represents ADM's largest segment, accounting for approximately 60-65% of total operating profits. This division procures, stores, transports, and processes oilseeds like soybeans, sunflower seeds, and canola, as well as grains such as corn, wheat, and barley. The segment operates crushing facilities that extract oil and protein meal from oilseeds - soybean oil is used in food products and increasingly in biodiesel production, while protein meal serves as animal feed. The Agricultural Services portion handles global commodity trading, moving crops from surplus regions to deficit areas worldwide through ADM's extensive logistics network of elevators, barges, ships, and rail cars. Carbohydrate Solutions contributes roughly 25-30% of operating profits and focuses on processing corn and wheat into sweeteners, starches, and biofuels. This segment produces high fructose corn syrup and other sweeteners for the food and beverage industry, industrial starches for paper and textile manufacturing, and ethanol for fuel blending. The division also includes ADM's BioSolutions business, which develops renewable chemicals and materials from agricultural feedstocks. Nutrition generates approximately 8-12% of operating profits and represents ADM's highest-value-added segment. This division produces specialty ingredients for human nutrition (flavors, colors, proteins, probiotics, and health supplements) and animal nutrition (premixes, feed additives, and specialty feed ingredients). The segment serves food manufacturers, supplement companies, and livestock producers with ingredients that enhance taste, nutrition, and functionality in final products. The company also maintains trading and financial services operations that facilitate commodity transactions and provide risk management services to agricultural market participants.
Revenue model
ADM generates revenue through multiple complementary business models that capitalize on different aspects of agricultural value chains. The company primarily makes money through product sales of processed agricultural commodities and ingredients, service fees for storage and transportation, and trading margins on commodity transactions. In the Agricultural Services & Oilseeds segment, ADM earns processing margins by purchasing raw oilseeds and grains from farmers, then crushing or processing them into higher-value products like vegetable oils, protein meals, and refined ingredients. The company also generates revenue from origination and merchandising activities, earning fees for collecting, storing, and transporting crops from farms to processing facilities or export terminals. Additionally, ADM profits from commodity trading, buying and selling agricultural products globally to capture price differentials between regions and time periods. The Carbohydrate Solutions segment operates on a toll processing model for some products, where customers provide raw materials and pay ADM to convert them into finished goods. The segment also sells products directly, particularly sweeteners to food companies and ethanol to fuel blenders. Revenue fluctuates based on the crack spread - the difference between input costs (primarily corn) and output prices (ethanol, sweeteners, and co-products). The Nutrition segment commands the highest margins through specialty ingredient sales to food manufacturers, supplement companies, and animal feed producers. This business model relies on proprietary formulations, technical expertise, and customer relationships rather than commodity processing volumes. Several factors significantly impact ADM's profitability. Commodity price volatility affects both input costs and output prices, with ADM generally benefiting from wide processing spreads regardless of absolute price levels. Global supply and demand imbalances create trading opportunities, while weather patterns influence crop yields and regional price differentials. Biofuel mandates and renewable energy policies drive demand for vegetable oils and ethanol, supporting processing margins. Currency fluctuations impact the competitiveness of U.S. agricultural exports, while trade policies and tariffs can disrupt established commodity flows. Energy costs affect both processing expenses and transportation costs, while regulatory changes in food safety, environmental standards, and renewable fuel standards can create both opportunities and compliance costs.
Competitive moat
ADM's competitive advantages stem from its scale and infrastructure rather than proprietary technology or brand recognition. The company operates one of the world's largest agricultural logistics networks, including grain elevators, processing plants, transportation assets, and global trading capabilities that would be extremely difficult and expensive for competitors to replicate. This infrastructure creates significant barriers to entry and provides ADM with cost advantages in procurement, processing, and distribution. The company's geographic diversification across multiple continents allows it to capitalize on regional supply and demand imbalances, weather-related disruptions, and currency fluctuations that smaller, regionally-focused competitors cannot exploit. ADM's integrated business model creates operational synergies, as the company can optimize the flow of commodities between segments and capture value at multiple points in the supply chain. However, ADM's moat is moderately strong but not impregnable. The agricultural commodities business is inherently cyclical and competitive, with limited pricing power due to the commodity nature of many products. Large competitors like Cargill, Bunge, and Louis Dreyfus possess similar scale and capabilities, creating intense competition for market share. Technological disruption poses emerging threats, including precision agriculture technologies that could allow farmers to bypass traditional intermediaries, alternative protein sources that reduce demand for animal feed, and new processing technologies that could democratize food ingredient production. The company's Nutrition segment offers the strongest moat through specialized knowledge, customer relationships, and higher switching costs, but this division represents a smaller portion of overall profits. Regulatory risks around environmental standards, trade policies, and renewable fuel mandates could significantly impact profitability, while climate change may alter global agricultural production patterns and disrupt ADM's established supply chains. The moat is best characterized as a scale-based competitive advantage that provides meaningful protection in normal market conditions but offers limited defense against major structural changes in agriculture or food production.
Risks & safety
ADM presents a moderate margin of safety with manageable financial risks but cyclical earnings volatility that requires careful timing. Financial Strength: • Cash position: $611-864 million across recent quarters, relatively modest for company size • Debt-to-equity ratio: 0.52-0.56x, reasonable leverage for asset-heavy business • Current ratio: 1.38-1.44x, adequate liquidity coverage • Free cash flow: Highly variable, ranging from -$633 million to +$919 million quarterly due to working capital swings • No immediate solvency concerns given asset base and cash generation capability Valuation Metrics: • P/E ratio: 10.6-19.7x based on trailing earnings, reasonable for cyclical business • EV/EBITDA: 7.7-17.3x, wide range reflecting earnings volatility • Price-to-book: 1.05-1.36x, trading near tangible book value • Graham number suggests fair value around $25-80 per share depending on earnings period Other Considerations: • Cyclical earnings create valuation challenges - current multiples may be misleading • Working capital requirements cause significant cash flow volatility • Commodity exposure limits predictability but provides inflation hedge • Dividend coverage appears sustainable with recent increases
Recent development
Over the past several years, ADM has undergone significant strategic transformation focused on operational efficiency, portfolio optimization, and cost reduction. The company launched an ambitious cost-cutting program targeting $500-750 million in savings over 3-5 years, including workforce reductions of 600-700 positions and comprehensive reviews of third-party consulting spend. Portfolio simplification has become a key priority, with management identifying approximately $2 billion in potential optimization opportunities. The company has closed underperforming facilities, including the Kershaw, South Carolina crush plant, and exited certain international trading operations in China and Dubai. In the Nutrition segment, ADM simplified its product portfolio by reducing brands by two-thirds and downsizing SKUs by 17%, while closing over 20 Animal Nutrition production lines. Operational improvements have focused on manufacturing efficiency and supply chain optimization. The company has been working to restart its Decatur East facility, which is expected to contribute approximately $25 million per quarter once fully operational. ADM has also implemented automation and digitization initiatives across its operations while pursuing zero-based budgeting approaches. Strategic growth investments have concentrated on higher-margin businesses and sustainability initiatives. The company has expanded its regenerative agriculture programs, targeting 4 million acres by 2025, and developed partnerships in carbon capture and renewable energy. ADM has also invested in precision fermentation capabilities and alternative protein technologies, while growing its BioSolutions business focused on renewable chemicals and sustainable aviation fuel. Capital allocation has emphasized returning cash to shareholders through an extended share repurchase program and dividend increases, while maintaining disciplined investment in growth areas. The company has also focused on improving financial controls and reporting systems following material weaknesses identified in internal controls.
ADM company profile · for informational purposes only — not investment advice.
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