Adecoagro S.A.

AGRO

Agricultural Farm Products · Consumer Defensive

Price

$10.07

+0.14 (+1.41%)

Market Cap

$5.68B

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count falling — buybacks

−11.4% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 578.1M (2021) → 512.2M (2025)

Adecoagro is a farming and food production company based in South America. It grows crops like soybeans, corn, wheat, and sunflowers, and it also produces sugar, ethanol, and electricity from sugarcane. The company owns and operates large farms and processing facilities across Argentina, Brazil, and Uruguay.

Adecoagro makes money by selling these agricultural commodities and food products to buyers in local and international markets. It is a mid-sized agribusiness with operations spread across millions of acres of farmland, and its scale and land ownership give it some cost advantages over smaller producers. However, the company faces real risks from volatile commodity prices, currency fluctuations in Argentina and Brazil, and unpredictable weather that can hurt crop yields — any of these can significantly impact revenue and profits from one year to the next.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-193.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

79.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$383M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Adecoagro S.A. is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

19.0%

Thin — 19.0% gross margin

Operating Margin

-0.7%

Losing money on operations — -0.7%

ROCE

-0.1%

Weak — -0.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-6.0%

Shrinking sales (-6.0% YoY)

EPS YoY

-109.5%

Earnings shrinking (-109.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

2.6%

Thin free cash flow (2.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.00

Moderate — manageable debt (1.00)

Interest Cover

0.44x

Dangerous — barely covers interest (0.4x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

N/A

Data not available

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

3.07%

Moderate income — 3.07% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-1.6%

Dividend cut (-1.6% YoY) — warning sign

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