DEERE & CO

DE · Farm Machinery & Equipment · 269.9M shares · -2%/yr ↓ buyback · EDGAR filings ↗

Net buyback after stock comp: $7.1B (gross $7.2B, SBC $130M)

Reference price $510.00 · est. market cap ~$137.7B — last insider sale, 2026-01-14 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

B80

Wide-moat global ag/construction equipment leader with strong through-cycle returns and cash generation, currently in a clear cyclical downturn.

Strengths

Durable moat (dealer network, precision-ag tech, switching costs); ROE 19.4% (77th), FCF $6.1B (98th), cash $8.3B (98th)
Healthy net margin (11%, 75th) and captive financing arm supporting equipment sales

Risks

Real cyclical stall: revenue -11.7% (12.5th pct) and net income -29% (31st) on subdued large-ag demand
Backlog declines in ag segments and farm-fundamental/tariff headwinds into 2026

Notable findings

Exec changeRecent 8-K item 5.02 8-K ↗
Strong balance sheetStrong balance sheet — $8.3B cash & investments
Buying back stockNet buyback — share count -2%/yr over 4y
Insider sellingInsider selling — 5 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$27M, last 6mo) Form 4 ↗

Quarterly revenue

2025-04-27 · $12.8B2025-07-27 · $12.0B2026-02-01 · $9.6B2026-05-03 · $13.4B

Last 4 quarters · from SEC filings.

Key metrics

Net margin

11.0%

Return on equity

19.4%

Return on assets

4.7%

Revenue growth (QoQ)

39.1%

Net-income growth

-29.2%

Debt / equity

0.5×

Free cash flow

$6.1B

Tangible book value

$20.9B

Cash & investments

$8.3B

Stock comp / revenue

0.3%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-05-01	WALKER KELLYE L.	Tax withheld	568	$577.26
2026-03-04	Sikes James Brian	Grant	293	—
2026-03-04	Erwin Tami A.	Grant	293	—
2026-03-04	Caret Leanne G	Grant	293	—
2026-03-04	FEIGHT R PRESTON	Grant	293	—
2026-03-04	STOCKTON DMITRI L	Grant	293	—
2026-03-04	Talton Sheila	Grant	293	—
2026-03-04	HUNN LAURENCE NEIL	Grant	293	—
2026-03-04	Heuberger Alan Cletus	Grant	293	—
2026-03-04	PAGE GREGORY R	Grant	293	—
2026-01-14	Reed Cory J	Option exercise	12K	$169.70
2026-01-14	Reed Cory J	Sell	12K	$510.00
2026-01-08	May John C II	Option exercise	41K	$254.83
2026-01-08	May John C II	Sell	16K	$500.46
2026-01-08	May John C II	Sell	12K	$501.31
2026-01-08	May John C II	Sell	8.2K	$502.49
2026-01-08	May John C II	Sell	5.3K	$503.35
2025-12-15	KOVAR DEANNA M	Tax withheld	402	$484.80
2025-12-15	Hindman Jahmy J	Tax withheld	447	$484.80
2025-12-15	Rose Justin Ryan	Tax withheld	453	$484.80
2025-12-15	JEPSEN JOSHUA A	Tax withheld	634	$484.80
2025-12-15	Pryor Felecia J.	Tax withheld	453	$484.80
2025-12-15	CAMPBELL RYAN D	Tax withheld	645	$484.80
2025-12-15	Reed Cory J	Tax withheld	634	$484.80
2025-12-15	May John C II	Tax withheld	2.9K	$484.80
2025-12-15	Kalathur Rajesh	Tax withheld	640	$484.80
2025-12-11	May John C II	Tax withheld	1.4K	$475.94
2025-12-11	KOVAR DEANNA M	Tax withheld	325	$475.94
2025-12-11	Hindman Jahmy J	Tax withheld	310	$475.94
2025-12-11	Rose Justin Ryan	Tax withheld	261	$475.94
2025-12-11	JEPSEN JOSHUA A	Tax withheld	340	$475.94
2025-12-11	Pryor Felecia J.	Tax withheld	273	$475.94
2025-12-11	CAMPBELL RYAN D	Tax withheld	340	$475.94
2025-12-11	Reed Cory J	Tax withheld	307	$475.94
2025-12-11	Kalathur Rajesh	Tax withheld	307	$475.94
2025-12-11	WALKER KELLYE L.	Tax withheld	222	$475.94
2025-12-10	CAMPBELL RYAN D	Grant	2.1K	—
2025-12-10	Pryor Felecia J.	Grant	2.0K	—
2025-12-10	Reed Cory J	Grant	2.0K	—
2025-12-10	JEPSEN JOSHUA A	Grant	1.9K	—
2025-12-10	May John C II	Grant	9.8K	—
2025-12-10	KOVAR DEANNA M	Grant	2.2K	—
2025-12-10	Kalathur Rajesh	Grant	1.9K	—
2025-12-10	Rose Justin Ryan	Grant	2.2K	—
2025-12-10	WALKER KELLYE L.	Grant	1.9K	—
2025-12-10	Hindman Jahmy J	Grant	1.9K	—
2025-12-09	Sikes James Brian	Grant	88	—
2025-11-25	May John C II	Option exercise	11K	$254.83
2025-11-25	May John C II	Sell	11K	$500.08
2025-10-31	Rose Justin Ryan	Tax withheld	3.0K	$461.63
2025-08-15	Pryor Felecia J.	Tax withheld	1.3K	$488.80
2025-06-01	Hindman Jahmy J	Tax withheld	160	$506.26
2025-05-01	WALKER KELLYE L.	Tax withheld	555	$480.02
2025-03-05	Talton Sheila	Grant	385	—
2025-03-05	Heuberger Alan Cletus	Grant	385	—
2025-03-05	STOCKTON DMITRI L	Grant	385	—
2025-03-05	SMITH SHERRY M	Grant	385	—
2025-03-05	PAGE GREGORY R	Grant	385	—
2025-03-05	Johanns Michael O.	Grant	385	—
2025-03-05	HUNN LAURENCE NEIL	Grant	385	—
2025-03-05	Caret Leanne G	Grant	385	—
2025-03-05	FEIGHT R PRESTON	Grant	385	—
2025-03-05	Erwin Tami A.	Grant	385	—
2025-02-18	Kalathur Rajesh	Sell	18K	$500.26
2025-02-18	May John C II	Gift	28K	—
2025-02-18	Kalathur Rajesh	Sell	6.9K	$501.49
2025-02-18	Kalathur Rajesh	Option exercise	25K	$100.55

All non-derivative Form 4 activity (SEC), newest first.

Supply chain

Customers (2)

Suppliers (0)

Named in the 10-K; linked when we track them.

Notable events (8-K)

Date	Items
2026-06-01	Exec/director change	filing ↗
2026-05-21	ResultsReg FDExhibits	filing ↗
2026-05-01	Exec/director changeReg FDExhibits	filing ↗
2026-03-16	Exec/director changeExhibits	filing ↗
2026-02-27	Shareholder vote	filing ↗
2026-02-19	ResultsReg FDExhibits	filing ↗
2026-01-22	Exec/director change	filing ↗
2025-12-04	Exec/director changeReg FDExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-01	2026-05-26	0001104659-26-068930 ↗
10-Q	2026-05-28	2026-05-03	0001104659-26-067311 ↗
8-K	2026-05-21	2026-05-21	0001104659-26-064747 ↗
8-K	2026-05-01	2026-04-28	0001104659-26-053322 ↗
8-K	2026-03-16	2026-03-12	0001104659-26-028536 ↗
8-K	2026-02-27	2026-02-25	0001104659-26-021272 ↗
10-Q	2026-02-26	2026-02-01	0001104659-26-020158 ↗
8-K	2026-02-19	2026-02-19	0001104659-26-017239 ↗
8-K	2026-01-22	2026-01-20	0001104659-26-005771 ↗
10-K	2025-12-18	2025-11-02	0001104659-25-122321 ↗
8-K	2025-12-04	2025-12-03	0001104659-25-118224 ↗
8-K	2025-11-26	2025-11-26	0001104659-25-116130 ↗