AGRO

MKT CAP:$6B

Adecoagro S.A.

Market Cap

$6B

Consumer Defensive·Agricultural Farm Products·🇱🇺 Luxembourg·NYSE

Consumer Def.·Agricultural·🇱🇺·NYSE

Stock Price

$12.68+$4.92 (+63.40%)

Apr 24, 2026

Company Details

Adecoagro S.A. operates as an agro-industrial company in South America. It engages in farming crops and other agricultural products, dairy operations, and land transformation activities, as well as sugar, ethanol, and energy production acti...

CEO

Mariano Bosch

IPO Date

Jan 28, 2011

Website

www.adecoagro.com

Key Metrics TTM

Revenue

$1.2B

-17.4% YoY

Net Income

$122M

EPS (Diluted)

$0.22

Free Cash Flow

$55M

Revenue / Share

$2.46

Gross Margin

26.5%

Operating Margin

10.6%

Net Margin

9.8%

FCF Margin

4.4%

P/S

5.2x

P/E

53.0x

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Dec 30, 2025

$1.4B-9.5%EPS -$0.02

Q4 2025

Mar 16, 2026

$416MEPS -$0.03

Q3 2025

Dec 1, 2025

$304MEPS $0.01

FY 2024

Apr 24, 2025

$1.5B+16.9%EPS $0.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 18	$243M	$42M	-$7M
Q1 19	$160M	$60M	$24M
Q3 19	$220M	$64M	$40M
Q4 19	$279M	$79M	$24M
Q2 20	$182M	$69M	$38M
Q4 20	$243M	$108M	$57M
Q1 21	$175M	$121M	$81M
Q4 21	$334M	$105M	$43M
Q3 22	$386M	$126M	$64M
Q2 23	$403M	$139M	$79M
Q3 23	$386M	$130M	$68M
Q4 23	$264M	$35M	$38M
Q1 24	$262M	$111M	$40M
Q3 25	$304M	$107M	$57M
Q4 25	$416M	$79M	-$3M

Valuation

Quarter	P/S	P/E
Q4 18	—	—
Q1 19	—	—
Q3 19	—	—
Q4 19	5.4x	—
Q2 20	3.0x	—
Q4 20	4.0x	245.0x
Q1 21	5.1x	70.1x
Q4 21	4.5x	37.3x
Q3 22	4.0x	30.4x
Q2 23	3.9x	34.6x
Q3 23	3.9x	29.3x
Q4 23	4.0x	25.3x
Q1 24	4.2x	22.0x
Q3 25	3.3x	19.0x
Q4 25	3.2x	33.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	$117M	$59M
Q1 19	$32M	-$95M
Q3 19	$90M	$66M
Q4 19	$153M	$99M
Q2 20	$9M	-$22M
Q4 20	$117M	$73M
Q1 21	-$23M	-$83M
Q4 21	$134M	$95M
Q3 22	$88M	$39M
Q2 23	$92M	$34M
Q3 23	$175M	$160M
Q4 23	$178M	$121M
Q1 24	-$39M	-$133M
Q3 25	$10M	-$24M
Q4 25	$152M	$92M

Capital Expenditures

Quarter	CapEx
Q4 18	$58M
Q1 19	$127M
Q3 19	$24M
Q4 19	$55M
Q2 20	$31M
Q4 20	$44M
Q1 21	$60M
Q4 21	$39M
Q3 22	$49M
Q2 23	$58M
Q3 23	$15M
Q4 23	$56M
Q1 24	$95M
Q3 25	$34M
Q4 25	$60M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	-25.2%	-42.4%
Q4 20	+52.1%	+37.2%
Q1 21	-20.7%	-48.2%
Q4 21	+19.7%	+14.4%
Q3 22	+112.3%	+124.0%
Q2 23	+65.8%	+74.0%
Q3 23	+120.7%	+240.0%
Q4 23	-21.0%	-22.7%
Q1 24	-32.2%	-31.1%
Q3 25	-24.5%	-23.6%
Q4 25	+7.8%	+31.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	$976.0K	0.4%
Q1 19	$1M	0.9%
Q3 19	$2M	0.8%
Q4 19	$1M	0.5%
Q2 20	$0	0.0%
Q4 20	$2M	0.7%
Q1 21	$1M	0.8%
Q4 21	$2M	0.6%
Q3 22	$3M	0.8%
Q2 23	$2M	0.5%
Q3 23	$2M	0.5%
Q4 23	$2M	0.7%
Q1 24	$2M	0.7%
Q3 25	-$314.0K	-0.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q4 18	$17M	$29M	—
Q1 19	$13M	$20M	—
Q3 19	$11M	$23M	—
Q4 19	$17M	$36M	—
Q2 20	$11M	$21M	—
Q4 20	$10M	$28M	—
Q1 21	$15M	$19M	—
Q4 21	$13M	$35M	—
Q3 22	$24M	$41M	—
Q2 23	$25M	$38M	—
Q3 23	$20M	$40M	—
Q4 23	$8M	$16M	—
Q1 24	$17M	$19M	—
Q3 25	$19M	$35M	—
Q4 25	—	—	$82M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$143M	$0	$143M
Q2 22	$188M	$0	$188M
Q3 22	$159M	$79M	$239M
Q4 22	$231M	$99M	$329M
Q1 23	$86M	$67M	$153M
Q2 23	$197M	$40M	$236M
Q3 23	$350M	$40M	$390M
Q4 23	$340M	$0	$340M
Q1 24	$136M	$46M	$182M
Q2 24	$140M	$59M	$199M
Q3 24	$198M	$15M	$214M
Q4 24	$211M	$0	$211M
Q1 25	$180M	$59M	$239M
Q2 25	$181M	$25M	$206M
Q3 25	$340M	$25M	$365M
Q4 25	$383M	$90M	$473M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 18	583M	—	—
Q1 19	584M	+0.2%	—
Q3 19	584M	-0.0%	—
Q4 19	585M	+0.3%	—
Q2 20	597M	+1.9%	+2.4%
Q4 20	584M	-2.2%	-0.0%
Q1 21	581M	-0.6%	-0.6%
Q4 21	555M	-4.3%	-5.1%
Q3 22	550M	-1.0%	-7.8%
Q2 23	539M	-1.9%	-7.6%
Q3 23	538M	-0.2%	-7.3%
Q4 23	535M	-0.6%	-3.7%
Q1 24	527M	-1.6%	-4.3%
Q3 25	500M	-5.0%	-7.2%
Q4 25	506M	+1.2%	-6.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 18	$31.4K	8K
Q1 19	$20.6K	8K
Q3 19	$28.5K	8K
Q4 19	$33.9K	8K
Q2 20	$22.1K	8K
Q4 20	$27.9K	9K
Q1 21	$20.1K	9K
Q4 21	$36.7K	9K
Q3 22	$42.4K	9K
Q2 23	$41.2K	10K
Q3 23	$39.5K	10K
Q4 23	$27.0K	10K
Q1 24	$26.8K	10K
Q3 25	$29.5K	10K
Q4 25	$40.3K	10K

Revenue / Employee