AGRO
Adecoagro S.A.
AGRO's fundamentals are strong: its operating margin rose 6 points to 11% and revenue grew 6.2%, though free cash flow fell 36%. Its PE of 130x looks cheaper than it really is, because one-off gains boosted its recent earnings. Analysts expect strong earnings growth.
AGRO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Under pressure | |
| Under pressure |
AGRO's revenue and profitability are currently healthy, but its cash flow and balance sheet are under pressure.
AGRO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 4.5x | $8.47 | — |
| Cheap | 25x | $1.73 | -80% |
| Fair | 60x | $4.20 | -50% |
| Current | 130x | $8.47 | — |
| Expensive | 182x | $12.74 | +50% |
Historical ranges are pointers, not guarantees.
AGRO's PE is in its expensive range at 130x, but its recent earnings include one-off gains. If earnings grow as analysts expect, today's price would be 4.5x next year's earnings, in its cheap range.
AGRO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Limited | |
| High |
Analysts expect strong earnings and revenue growth for AGRO, with profitability improving.
AGRO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.88 | +2581% |
| Q2 2026 | $0.07 | 0% |
| Q1 2026 | $0.00 | -100% |
| Q4 2025 | -$0.02 | -111% |
| Q3 2025 | $0.04 | -87% |
| Q2 2025 | $0.07 | -83% |
| Q1 2025 | $0.12 | -74% |
| Q4 2024 | $0.18 | -57% |
| Q3 2024 | $0.30 | +11% |
AGRO's earnings per share have fallen from their peak: $0.07 over the past year, against $0.47 in early 2024. Its recent earnings include one-off gains.
AGRO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $531M | +39% |
| Q1 2026 | $398.7M | +22% |
| Q4 2025 | $415.9M | +11% |
| Q3 2025 | $304.2M | -35% |
| Q2 2025 | $382.1M | -7.1% |
| Q1 2025 | $325.5M | +24% |
| Q4 2024 | $374.2M | +42% |
| Q3 2024 | $471.5M | +22% |
AGRO's revenue is growing: $531M last quarter, up 39% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 17% | +16 points |
| Q1 2026 | 7% | +5.9 points |
| Q4 2025 | 3% | -9.7 points |
| Q3 2025 | 19% | +12 points |
| Q2 2025 | 1.5% | -14 points |
| Q1 2025 | 1.1% | -14 points |
| Q4 2024 | 13% | -1.9 points |
| Q3 2024 | 6.3% | -11 points |
AGRO's operating margin was 17% last quarter, up 16 points from the same quarter a year ago.
AGRO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $70.2M | -5% |
| Q1 2026 | -$89.9M | +$13.9M |
| Q4 2025 | $91.8M | -13% |
| Q3 2025 | -$24.4M | -$23.6M |
| Q2 2025 | $73.8M | -21% |
| Q1 2025 | -$103.8M | +$29.6M |
| Q4 2024 | $105.8M | -13% |
| Q3 2024 | -$713K | -100% |
AGRO still generates free cash flow, though less than at its 2022 peak: $48M over the past year.
AGRO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.6% | +11.6M shares |
| 1 year | +46% | +230M shares |
| 3 years | +35% | +189M shares |
| 5 years | +24% | +139M shares |
| Available history | +25% | +145M shares |
AGRO has 728M diluted shares, up 46% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $212,732 |
| Q3 2025 | $733,123 |
| Q2 2025 | $415,675 |
| Q1 2025 | $10.2M |
| Q4 2024 | $8.6M |
| Q3 2024 | $16.6M |
AGRO has spent almost nothing on buybacks in the past year.
AGRO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 3.3x | Elevated |
| Q1 2026 | 4.1x | High |
| Q4 2025 | 3.9x | Elevated |
| Q3 2025 | 3.7x | Elevated |
| Q2 2025 | 3.5x | Elevated |
| Q1 2025 | 3.0x | Elevated |
| Q4 2024 | 2.2x | Moderate |
| Q3 2024 | 1.8x | Healthy |
AGRO's net debt is about 3.3 years of its operating earnings (EBITDA), down from 3.5 years a year ago.
AGRO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.3 | Neutral |
| Stochastic | 13.0 | Oversold |
AGRO's weekly RSI is 37 (neutral) and its Stochastic is 13 (oversold).
AGRO PE vs Consumer Defensive Sector
| Metric | AGRO | Sector median | Relative |
|---|---|---|---|
| PE | 130x | 19x | 569% above |
| PE % | 80 | 18 | 62 pts above |
AGRO is trading at 130x earnings, a 569% premium to the Consumer Defensive sector's median of 19x, though its recent earnings include one-off gains.
AGRO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.76 | 13% below |
| 20 week MA | $10.2 | 17% below |
| 50 week MA | $10.5 | 19% below |
| 100 week MA | $9.86 | 14% below |
| 200 week MA | $9.99 | 15% below |
AGRO is in a downtrend: it's below all five of its weekly moving averages, and 15% below its 200-week average.
AGRO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $8.39 | $6.00 | -28% |
| 2021 | $6.00 | $7.25 | +21% |
| 2022 | $7.25 | $8.41 | +16% |
| 2023 | $8.41 | $11.1 | +32% |
| 2024 | $11.1 | $9.47 | -15% |
| 2025 | $9.47 | $7.99 | -16% |
| 2026 YTD | $7.99 | $8.47 | +6% |
AGRO has finished lower in three of the last six years. It's up 6% so far in 2026.