Adecoagro S A Financials

AGRO

Source SEC Filings (10-K/10-Q) Updated Apr 29, 2026 Currency USD FYE April

This page shows Adecoagro S A (AGRO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AGRO FY2025 2026-04-29

Cash generation remained sturdier than earnings while balance-sheet expansion and heavy reinvestment absorbed the capital that operations produced.

By FY2025, operating cash flow was still $309M even though net income had slipped to -$7M, showing a much sturdier cash engine than the income statement alone suggests. That matters because FY2025 still produced free cash flow of $44M after $264M of capex, so the squeeze came more from reinvestment and accounting volatility than from cash generation breaking down.

The business became more asset-heavy in FY2025: total assets reached $5.2B while revenue was $1.4B, which means recent capital deployment expanded the balance sheet much faster than it expanded sales. Because current liabilities also rose to $1.0B and the current ratio eased to 1.4x, near-term liquidity still looks workable but clearly less roomy than before.

Long-term debt barely moved, ending at $297M, yet financing cash flow swung to a $786M inflow. That combination suggests the FY2025 expansion was funded by more than conventional long-term borrowing, which helps explain why debt-to-equity looks calmer even as the broader liability load increased.

Financial Health Signals

Financial Profile 38/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Adecoagro S A's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Adecoagro S A's revenue declined 6% year-over-year, from $1.5B to $1.4B. This contraction results in a growth score of 41/100.

Leverage

Adecoagro S A carries a low D/E ratio of 0.17, meaning only $0.17 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Adecoagro S A's current ratio of 1.38 is below the typical benchmark, resulting in a score of 23/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Adecoagro S A has a free cash flow margin of 3.1%, earning a moderate score of 40/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Adecoagro S A generates a -0.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 23/100. This is down from 6.5% the prior year.

Piotroski F-Score Weak

3/9

Adecoagro S A passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-45.65x

For every $1 of reported earnings, Adecoagro S A generates $-45.65 in operating cash flow ($308.5M OCF vs -$6.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.4B

YoY-6.0%

5Y CAGR+11.8%

10Y CAGR+7.8%

Adecoagro S A generated $1.4B in revenue in fiscal year 2025. This represents a decrease of 6.0% from the prior year.

EBITDA

N/A

Net Income

-$6.8M

YoY-107.3%

Adecoagro S A reported -$6.8M in net income in fiscal year 2025. This represents a decrease of 107.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$44.4M

YoY-34.8%

5Y CAGR-12.9%

10Y CAGR+28.1%

Adecoagro S A generated $44.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 34.8% from the prior year.

Cash & Debt

$383.1M

YoY+81.4%

5Y CAGR+2.6%

10Y CAGR+6.8%

Adecoagro S A held $383.1M in cash against $296.6M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

143M

YoY+42.5%

5Y CAGR+4.0%

Adecoagro S A had 143M shares outstanding in fiscal year 2025. This represents an increase of 42.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-0.5%

YoY-6.5pp

5Y CAGR-0.6pp

10Y CAGR+0.2pp

Adecoagro S A's net profit margin was -0.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6.5 percentage points from the prior year.

Return on Equity

-0.4%

YoY-6.9pp

5Y CAGR-0.5pp

10Y CAGR+0.4pp

Adecoagro S A's ROE was -0.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 6.9 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$22.1M

YoY-66.9%

5Y CAGR+38.3%

10Y CAGR+52.8%

Adecoagro S A spent $22.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 66.9% from the prior year.

Capital Expenditures

$264.1M

YoY+1.5%

5Y CAGR+9.4%

10Y CAGR+6.4%

Adecoagro S A invested $264.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1.5% from the prior year.

AGRO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.4B-6.0%	$1.5B+16.9%	$1.3B-3.6%	$1.3B+19.9%	$1.1B+37.5%	$817.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$38.5M+17.0%	$32.9M-18.1%	$40.2M+29.2%	$31.1M+88.5%	$16.5M+31.7%	$12.5M
Income Tax	-$174K+99.7%	-$57.0M-172.5%	$78.7M+194.0%	$26.8M-39.0%	$43.8M+255.7%	$12.3M
Net Income	-$6.8M-107.3%	$92.1M-59.4%	$226.7M+108.8%	$108.6M-16.9%	$130.7M+12116.5%	$1.1M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q3'25	Q2'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20
Revenue	$304.2M	N/A	$471.5M	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	-$50.5M	N/A	-$6.4M	N/A	N/A	N/A	N/A	N/A
Income Tax	-$63K	N/A	$4.5M	N/A	N/A	N/A	N/A	N/A
Net Income	$6.4M	N/A	$18.7M	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AGRO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.2B+68.5%	$3.1B-1.6%	$3.2B+1.8%	$3.1B+20.4%	$2.6B+4.0%	$2.5B
Current Assets	$1.4B+39.8%	$1.0B-3.9%	$1.1B+3.2%	$1.0B+34.3%	$761.8M-0.6%	$766.6M
Cash & Equivalents	$383.1M+81.4%	$211.2M-37.8%	$339.8M+47.3%	$230.7M+15.5%	$199.8M-40.6%	$336.3M
Inventory	$306.3M+5.7%	$289.7M+13.1%	$256.1M-6.6%	$274.0M+14.4%	$239.5M+79.5%	$133.5M
Accounts Receivable	$364.4M+70.8%	$213.4M+19.2%	$179.1M-2.6%	$183.8M+26.0%	$145.8M+0.1%	$145.7M
Goodwill	$4.0M-89.3%	$37.2M+35.3%	$27.5M-23.8%	$36.1M+15.3%	$31.3M+16.4%	$26.9M
Total Liabilities	$3.5B+102.5%	$1.7B-10.1%	$1.9B-2.4%	$1.9B+26.8%	$1.5B+1.1%	$1.5B
Current Liabilities	$1.0B+156.4%	$400.3M-19.0%	$494.1M-19.1%	$610.9M+70.9%	$357.4M-0.5%	$359.2M
Long-Term Debt	$296.6M+3.1%	$287.7M-11.6%	$325.6M+14.8%	$283.5M+40.6%	$201.7M+26.5%	$159.4M
Total Equity	$1.8B+27.3%	$1.4B+11.3%	$1.3B+8.8%	$1.2B+11.1%	$1.0B+8.7%	$963.7M
Retained Earnings	$509.7M-1.6%	$518.1M+23.7%	$418.8M+107.0%	$202.3M+74.8%	$115.7M+1234.7%	$8.7M

Metric	Q2'26	Q3'25	Q2'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20
Total Assets	$3.6B+17.0%	$3.1B	N/A	$3.2B+1.8%	$3.1B+20.4%	$2.6B+4.0%	$2.5B-1.5%	$2.5B
Current Assets	$1.4B+34.1%	$1.0B	N/A	$1.1B+3.2%	$1.0B+34.3%	$761.8M-0.6%	$766.6M+18.1%	$649.1M
Cash & Equivalents	$340.0M+61.0%	$211.2M+6.6%	$198.3M-41.7%	$339.8M+47.3%	$230.7M+15.5%	$199.8M-40.6%	$336.3M+15.8%	$290.3M
Inventory	$407.3M+40.6%	$289.7M	N/A	$256.1M-6.6%	$274.0M+14.4%	$239.5M+79.5%	$133.5M+18.3%	$112.8M
Accounts Receivable	$389.1M+82.4%	$213.4M	N/A	$179.1M-2.6%	$183.8M+26.0%	$145.8M+0.1%	$145.7M+14.4%	$127.3M
Goodwill	$35.4M-4.9%	$37.2M	N/A	$27.5M-23.8%	$36.1M+15.3%	$31.3M+16.4%	$26.9M-20.0%	$33.7M
Total Liabilities	$2.2B+29.4%	$1.7B	N/A	$1.9B-2.4%	$1.9B+26.8%	$1.5B+1.1%	$1.5B+1.7%	$1.5B
Current Liabilities	$486.1M+21.4%	$400.3M	N/A	$494.1M-19.1%	$610.9M+70.9%	$357.4M-0.5%	$359.2M-1.4%	$364.4M
Long-Term Debt	$317.9M+10.5%	$287.7M	N/A	$325.6M+14.8%	$283.5M+40.6%	$201.7M+26.5%	$159.4M-8.7%	$174.6M
Total Equity	$1.4B+2.0%	$1.4B-1.9%	$1.4B+13.5%	$1.3B+8.8%	$1.2B+11.1%	$1.0B+8.7%	$963.7M-6.3%	$1.0B
Retained Earnings	$525.1M+1.4%	$518.1M	N/A	$418.8M+107.0%	$202.3M+74.8%	$115.7M+1234.7%	$8.7M-53.7%	$18.7M

AGRO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$308.5M-6.0%	$328.3M-24.5%	$434.9M+17.5%	$370.0M+6.1%	$348.7M+35.6%	$257.1M
Capital Expenditures	$264.1M+1.5%	$260.2M+7.7%	$241.6M+11.0%	$217.8M+9.3%	$199.3M+18.3%	$168.5M
Free Cash Flow	$44.4M-34.8%	$68.1M-64.8%	$193.3M+27.0%	$152.3M+1.9%	$149.4M+68.6%	$88.6M
Investing Cash Flow	-$922.9M-298.6%	-$231.6M-107.6%	-$111.6M+62.7%	-$299.3M-70.8%	-$175.2M-43.7%	-$121.9M
Financing Cash Flow	$785.8M+386.8%	-$274.0M-31.3%	-$208.7M-785.5%	-$23.6M+92.2%	-$303.1M-462.2%	-$53.9M
Dividends Paid	$35.0M0.0%	$35.0M0.0%	$35.0M0.0%	$35.0M	$0	$0
Share Buybacks	$22.1M-66.9%	$66.9M+154.9%	$26.2M-28.8%	$36.8M-44.6%	$66.5M+1422.6%	$4.4M

Metric	Q2'26	Q3'25	Q2'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20
Operating Cash Flow	N/A	$163.5M	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	$57.1M	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	$106.4M	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	-$84.5M	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	-$63.7M	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	$17.5M	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$8.6M	N/A	N/A	N/A	N/A	N/A	N/A

AGRO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-0.5%-6.5pp	6.1%-11.4pp	17.5%+9.4pp	8.1%-3.6pp	11.6%+11.5pp	0.1%
Return on Equity	-0.4%-6.9pp	6.5%-11.4pp	17.9%+8.6pp	9.3%-3.1pp	12.5%+12.4pp	0.1%
Return on Assets	-0.1%-3.1pp	3.0%-4.2pp	7.2%+3.7pp	3.5%-1.6pp	5.1%+5.0pp	0.0%
Current Ratio	1.38-1.2	2.54+0.4	2.14+0.5	1.67-0.5	2.130.0	2.13
Debt-to-Equity	0.17-0.0	0.20-0.1	0.26+0.0	0.24+0.1	0.19+0.0	0.17
FCF Margin	3.1%-1.4pp	4.5%-10.4pp	14.9%+3.6pp	11.3%-2.0pp	13.3%+2.5pp	10.8%

Metric	Q2'26	Q3'25	Q2'25	Q3'24	Q3'23	Q3'22	Q3'21	Q3'20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	2.1%	N/A	4.0%	N/A	N/A	N/A	N/A	N/A
Return on Equity	0.4%	N/A	1.3%	N/A	N/A	N/A	N/A	N/A
Return on Assets	0.2%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.80+0.3	2.54	N/A	2.14+0.5	1.67-0.5	2.130.0	2.13+0.4	1.78
Debt-to-Equity	0.22+0.0	0.20	N/A	0.26+0.0	0.24+0.1	0.19+0.0	0.170.0	0.17
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Adecoagro S A's annual revenue?

Adecoagro S A (AGRO) reported $1.4B in total revenue for fiscal year 2025. This represents a -6.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Adecoagro S A's revenue growing?

Adecoagro S A (AGRO) revenue declined by 6% year-over-year, from $1.5B to $1.4B in fiscal year 2025.

Is Adecoagro S A profitable?

No, Adecoagro S A (AGRO) reported a net income of -$6.8M in fiscal year 2025, with a net profit margin of -0.5%.

How much debt does Adecoagro S A have?

As of fiscal year 2025, Adecoagro S A (AGRO) had $383.1M in cash and equivalents against $296.6M in long-term debt.

What is Adecoagro S A's net profit margin?

Adecoagro S A (AGRO) had a net profit margin of -0.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Adecoagro S A's return on equity (ROE)?

Adecoagro S A (AGRO) has a return on equity of -0.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Adecoagro S A's free cash flow?

Adecoagro S A (AGRO) generated $44.4M in free cash flow during fiscal year 2025. This represents a -34.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Adecoagro S A's operating cash flow?

Adecoagro S A (AGRO) generated $308.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Adecoagro S A's total assets?

Adecoagro S A (AGRO) had $5.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Adecoagro S A's capital expenditures?

Adecoagro S A (AGRO) invested $264.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Adecoagro S A buy back shares?

Yes, Adecoagro S A (AGRO) spent $22.1M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Adecoagro S A have outstanding?

Adecoagro S A (AGRO) had 143M shares outstanding as of fiscal year 2025.

What is Adecoagro S A's current ratio?

Adecoagro S A (AGRO) had a current ratio of 1.38 as of fiscal year 2025, which is considered adequate.

What is Adecoagro S A's debt-to-equity ratio?

Adecoagro S A (AGRO) had a debt-to-equity ratio of 0.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Adecoagro S A's return on assets (ROA)?

Adecoagro S A (AGRO) had a return on assets of -0.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Adecoagro S A's Piotroski F-Score?

Adecoagro S A (AGRO) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Adecoagro S A's earnings high quality?

Adecoagro S A (AGRO) has an earnings quality ratio of -45.65x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Adecoagro S A?

Adecoagro S A (AGRO) scores 38 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.