Adecoagro S.A.
- Open
- 9.32
- Day high
- 9.64
- Day low
- 9.30
- Prev close
- 9.55
- Volume
- 292K
- Mkt cap
- $1.4B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.8
- P/S
- 0.9
- Yield
- 3.13%
- Per share
- $0.30
- ▼Insiders net selling -$106K over the last 3 months (0 open-market buys, 7 sales)
- 🏛Institutions accumulating (13F)
Adecoagro S.A. (AGRO) is a Consumer Defensive company listed on NYSE. The stock is up 4% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 7 sales (SEC Form 4).
Adecoagro S.A. (AGRO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AGRO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 11, 2026 | $0.25 | $-0.24 | -196.8% | $399M | -2.5% |
| Mar 16, 2026 | $-0.09 | $-0.16 | -84.7% | $416M | +11.8% |
| Nov 11, 2025 | $0.06 | $0.26 | +334.6% | $304M | -19.1% |
| Aug 18, 2025 | $0.26 | $-0.14 | -154.2% | $382M | -5.0% |
| Mar 13, 2025 | $0.46 | $0.46 | +0.0% | $374M | +1.5% |
| Jun 28, 2024 | — | $0.02 | — | $411M | — |
| Nov 13, 2023 | — | $0.83 | — | $386M | +56.7% |
| Aug 17, 2023 | — | $0.40 | — | $403M | +63.6% |
| May 11, 2023 | — | $0.20 | — | $246M | +10.4% |
| Mar 13, 2023 | — | $0.51 | — | $372M | — |
| Nov 9, 2022 | — | $0.43 | — | $386M | — |
| Aug 11, 2022 | — | $0.39 | — | $384M | — |
AGRO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 22, 2026 | Deprati Christian Ferdinando Emiliodirector | Sell | 1,163 | $13.03 |
| Apr 22, 2026 | Larriera Andres Eduardodirector | Sell | 1,163 | $13.03 |
| Apr 22, 2026 | Leon Bentancor Oscar Alejandrodirector | Sell | 1,163 | $13.03 |
| Apr 22, 2026 | Louis Dreyfus Kyril Robert Leoniddirector | Sell | 1,163 | $13.03 |
| Apr 22, 2026 | Sarjanovic Ivodirector | Sell | 1,163 | $13.03 |
| Apr 22, 2026 | Vaz Artigas Manueladirector | Sell | 1,163 | $13.03 |
| Apr 17, 2026 | Deprati Christian Ferdinando Emiliodirector | Grant | 5,814 | — |
| Apr 17, 2026 | Sarjanovic Ivodirector | Grant | 5,814 | — |
| Apr 17, 2026 | Louis Dreyfus Kyril Robert Leoniddirector | Grant | 5,814 | — |
| Apr 17, 2026 | Leon Bentancor Oscar Alejandrodirector | Grant | 5,814 | — |
| Apr 17, 2026 | Vaz Artigas Manueladirector | Grant | 5,814 | — |
| Apr 17, 2026 | Larriera Andres Eduardodirector | Grant | 5,814 | — |
| Apr 8, 2026 | Vaz Artigas Manueladirector | Sell | 1,000 | $15.03 |
| Mar 20, 2026 | BOSCH MARIANOofficer: Chief Executive Officer | Sell | 100,000 | $14.50 |
Source: AGRO SEC Form 4 filings, latest Apr 22, 2026. For informational purposes only — not investment advice.
See the full AGRO insider & 13F page →Adecoagro S.A. company profile
Overview
Adecoagro S.A. (NYSE:AGRO) is a Luxembourg-based agro-industrial company founded in 2002 that operates across South America's agricultural heartland. The company has evolved from a farmland acquisition and development specialist into a diversified agricultural conglomerate with operations spanning Argentina, Brazil, and Uruguay. Adecoagro went public in 2011 and has since established itself as a significant player in South American agriculture, operating across 219,850 hectares of farmland through 27 farms and sugar mills with 241 megawatts of installed cogeneration capacity.
Business
Adecoagro operates as an integrated agro-industrial company with three primary business segments that leverage South America's favorable agricultural conditions and growing seasons. The Sugar, Ethanol and Energy segment represents the company's largest revenue generator, accounting for approximately 65-70% of total revenues. This business involves cultivating sugarcane and processing it into sugar, ethanol (both hydrous and anhydrous), and electricity through cogeneration. The company operates sugar mills in Brazil that can crush over 12 million tons of sugarcane annually. Ethanol serves as a biofuel additive to gasoline in Brazil's mandatory blending program, while sugar is sold domestically and internationally. The mills also generate electricity by burning bagasse (sugarcane pulp) and sell excess power to Brazil's electrical grid. This segment benefits from operational flexibility, as the company can adjust its production mix between sugar and ethanol based on relative market prices. The Farming and Land Transformation segment encompasses three sub-businesses representing approximately 25-30% of revenues. The crops business involves planting, harvesting, and marketing grains and oilseeds including soybeans, corn, wheat, sunflowers, peanuts, and cotton across Argentina and Uruguay. The rice business focuses on specialized rice varieties grown primarily in Argentina and Uruguay, with the company processing and marketing these products to premium markets. The dairy operations center on milk production and processing in Argentina, producing raw milk, UHT milk, cheese, and powdered milk products. This segment also includes land transformation activities, where the company identifies undervalued farmland, improves its productivity through infrastructure and management, and realizes value through strategic asset sales. The company's integrated model allows for operational synergies, such as using dairy manure for biogas production and employing crop rotation strategies that enhance soil health across its farming operations.
Revenue model
Adecoagro generates revenue through multiple complementary business models that capitalize on South America's agricultural advantages and growing global demand for food, fuel, and renewable energy. The sugar, ethanol and energy business operates on a commodity processing model where the company grows sugarcane and processes it into higher-value products. Revenue comes from selling sugar to domestic and international markets, ethanol to fuel distributors and exporters, and electricity to Brazil's power grid. The business benefits from operational flexibility - management can optimize the production mix between sugar and ethanol based on relative pricing, typically targeting around 50-55% sugar production when sugar prices are favorable. The company also monetizes carbon credits (CBios) generated from ethanol production, adding another revenue stream. The farming operations generate revenue through direct commodity sales of grains, oilseeds, and rice to local and international buyers, as well as dairy products sold through retail and wholesale channels. The rice business focuses on premium varieties that command higher prices than commodity rice. The dairy segment produces both commodity milk and value-added products like cheese and UHT milk for consumer markets. Land transformation provides periodic capital gains through the strategic sale of improved farmland, typically after the company has enhanced productivity through infrastructure investments and improved management practices. Several factors influence the company's margins and profitability. Favorable factors include Brazil's mandatory ethanol blending requirements that provide stable demand, the company's geographic diversification across different climate zones and growing seasons, operational flexibility in sugar-ethanol production mix, and the integrated nature of operations that creates cost synergies. Margin pressures come from commodity price volatility, weather-related production risks (particularly droughts), input cost inflation for fertilizers and fuel, currency fluctuations between the Brazilian real, Argentine peso, and US dollar, and competition from other agricultural producers and sugar mills in the region.
Competitive moat
Adecoagro possesses a moderate competitive moat built primarily around operational scale, geographic positioning, and integrated business model advantages, though the company operates in inherently competitive commodity markets. The company's strongest competitive advantages stem from its scale and operational efficiency in sugar and ethanol production. With over 12 million tons of annual crushing capacity, Adecoagro benefits from economies of scale that allow it to spread fixed costs across large production volumes and invest in advanced processing technology. The company's continuous harvest model and operational flexibility to adjust sugar-ethanol production mix based on market conditions provide tactical advantages over smaller, less flexible competitors. Geographic diversification across Argentina, Brazil, and Uruguay provides natural hedging against weather risks and allows the company to capitalize on different growing seasons and market conditions. The company's substantial land holdings in prime agricultural regions represent valuable assets that appreciate over time and provide operational control over input costs. The integrated business model creates operational synergies, such as using dairy manure for biogas production and employing crop rotation strategies that enhance soil productivity. This integration also provides some insulation from commodity price volatility through diversification across multiple agricultural products. However, the company's moat faces several limitations. The agricultural sector is inherently competitive with relatively low barriers to entry for individual farming operations. Commodity prices are largely determined by global supply and demand dynamics beyond any single company's control. The company competes with large agribusiness conglomerates like Cargill, ADM, and regional players who may have superior scale, technology, or market access. Additionally, the company's operations are subject to significant weather risks, regulatory changes in biofuel mandates, and currency volatility in emerging markets. While Adecoagro has built a solid competitive position through scale and integration, its moat is not particularly wide or durable compared to companies with stronger brand recognition, technological advantages, or regulatory protection.
Risks & safety
Adecoagro demonstrates moderate financial safety with adequate liquidity but notable leverage levels typical of capital-intensive agricultural operations. Liquidity and Solvency: - Strong current ratio of 2.54x indicates solid short-term liquidity - Cash and short-term investments of $211 million provide adequate working capital buffer - Positive free cash flow of $106 million in 2024 demonstrates cash generation capability - Debt-to-equity ratio of 0.82x represents moderate leverage, though elevated for a commodity business Valuation Metrics: - EV/EBITDA of 4.64x appears reasonable for an agricultural commodity business - P/E ratio of 72x seems elevated, though influenced by cyclical earnings volatility - Price-to-book ratio of 3.45x reflects premium to tangible assets, partly justified by land appreciation - Graham number of 7.10 suggests potential undervaluation relative to conservative metrics Other Considerations: - Commodity price volatility creates earnings unpredictability and cash flow fluctuations - Exposure to emerging market currencies (Brazilian real, Argentine peso) adds financial risk - Capital-intensive nature requires ongoing investment in equipment and land improvements - Weather dependency creates periodic operational disruptions affecting cash generation
Recent development
Over the past few years, Adecoagro has focused on operational optimization, capacity expansion, and enhanced shareholder returns while navigating challenging weather conditions and commodity market volatility. The company achieved record operational performance in its sugar and ethanol business, crushing 12.8 million tons of sugarcane in 2024 and producing a record 832,000 tons of sugar. Management has consistently optimized the production mix to favor sugar when prices are attractive, typically maintaining around 52% sugar production. The company has been expanding its sugarcane plantation area and investing in processing efficiency improvements to reduce unit costs. Capital allocation strategy has become increasingly shareholder-friendly, with the company establishing a minimum 40% cash distribution policy and often exceeding this target. In 2024, Adecoagro distributed $102 million through dividends and share buybacks, demonstrating commitment to returning cash to shareholders while maintaining growth investments. The company has pursued strategic expansion in higher-margin segments, particularly in rice operations where it achieved record EBITDA performance. Management has been developing new rice growing areas and focusing on premium rice varieties that command higher prices than commodity rice. The dairy segment has also seen improvements through efficiency enhancements and expansion of value-added product offerings. Sustainability initiatives have gained prominence, with the company developing biogas and biomethane production capabilities, obtaining CORSIA certification for sustainable aviation fuel, and implementing programs to reduce carbon intensity by 2030. These efforts position the company to benefit from growing demand for renewable energy and sustainable agricultural products. The company has also demonstrated financial discipline by reducing net debt levels and maintaining strong liquidity ratios while continuing to invest in growth projects with attractive returns, typically targeting 18-25% unlevered IRRs for new investments.
AGRO company profile · for informational purposes only — not investment advice.
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