ANDE — The Andersons, Inc.Consumer Defensive · Food DistributionNASDAQ

$2.4B

Mkt Cap

$3.3B

Ent. Value

-$846.1M

Net Cash

$71.45

52W $31 – $82

$2.4B

Mkt Cap

$3.3B

Ent. Value

-$846.1M

Net Cash

28.4×

P/E TTM

—

PEG

—

P/FCF

2.0×

P/Book

0.2×

P/Sales

10.2×

EV/EBITDA

25.5×

EV/EBIT

—

EV/FCF

0.3×

EV/Sales

3.5%

Earn Yld

-2.1%

FCF Yld

1.1%

Div Yld

$71.45

All values in US Dollars (USD)

USD	FY2025	FY2024	FY2023	FY2022
Revenue	11.01B	11.26B	14.75B	17.33B
YoY Growth	-2.2%	-23.7%	-14.9%	—
Gross Profit	713.65M	693.93M	745.36M	684.16M
Gross Margin	6.5%	6.2%	5.1%	3.9%
R&D	—	—	—	—
SG&A	—	503.62M	492.26M	457.56M
EBIT	128.42M	190.31M	253.10M	226.61M
EBIT Margin	1.2%	1.7%	1.7%	1.3%
D&A	133.32M	127.80M	125.11M	134.74M
EBITDA	321.95M	360.32M	341.54M	386.17M
EBITDA Margin	2.9%	3.2%	2.3%	2.2%
Net Income	95.71M	114.01M	101.19M	131.08M
Net Margin	0.9%	1.0%	0.7%	0.8%
EPS (diluted)	$2.79	$3.32	$2.94	$3.81
Shares (dil., M)	34	34	34	34

Company Brief

The Andersons, Inc. operates as an agriculture and renewable fuels company in the United States, Canada, Mexico, and internationally. It operates through Agribusiness and Renewables segments. The Agribusiness segment sells commodities, such as corn, wheat, and soybeans. It also manufactures, distributes, and retails agricultural and related plant nutrients; and agricultural fertilizers. This segment also engages in the merchandising business, as well as offers logistics for physical commodities, such as whole grains, grain products, feed ingredients, domestic fuel products, and other agricultural commodities. The Renewables segment produces, purchases, sells, merchandises, and trades in ethanol, and co-products, as well as merchandises and trades in other biofuels, such as renewable feedstocks. The Andersons, Inc. was founded in 1947 and is based in Maumee, Ohio.

CEOMr. Patrick E. BoweEmployees2,028IPO Date1996-02-20CountryUnited StatesWebsiteandersonsinc.com

Margins (TTM)

Gross Margin	6.5%
EBITDA Margin	2.9%
EBIT Margin	1.2%
Net Margin	0.9%
FCF Margin	-0.5%

Returns on Capital

ROIC	4.9%
ROCE	6.3%
ROE	7.7%
ROA	2.6%
Asset Turnover	2.97×

Earnings Quality

FCF / Net Income	-58.6%
SBC / Net Income	17.7%
SBC / Revenue	0.2%
Capex / D&A	1.75×

Growth (CAGR)

Metric	3yr
Revenue	-14.0%
EPS	-9.9%
FCF	11.2%
Dividend	—

Ownership

Float	94.3%
Shares Out.	34.1M
Insiders %	3.9%
Institutions %	85.4%
Institutions (of float)	88.9%
Institution holders	376
Insider net buy 6M	+0.1%

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Balance Sheet

Cash & ST Invest.	$98.3M
Total Debt	$944.4M
Net Cash / (Debt)	-$846.1M
Total Assets	$3.7B
Total Equity	$1.2B
Goodwill & Intang.	$191.4M
Tangible Book Value	$1.1B
NCAV (Graham)	-$91.6M
Tangible Book/sh	$30.93
NCAV/sh	-$2.69

Leverage

D/E Ratio	0.76×
Net Debt / EBITDA	2.63×
Interest Coverage	2.72×
Current Ratio	1.41×
Quick Ratio	0.60×

Capital Allocation (last FY)

Capex	$233.1M
Capex / Revenue	2.1%
SBC	$17.0M
Dividends Paid	$26.8M
Buybacks	$15.4M

Dividends

Annual DPS	$0.80
Yield (fwd)	1.12%
Payout Ratio	28.1%
Ex-div Date	2026-04-01

Valuation vs History

P/E vs 4Y	28.4×vs 15.6× median
Div yield vs 10Y	101.0%vs 1.7% median

Buyback History

FY 2025$15.4M-0.5%

FY 2024$2.3M+0.6%

FY 2023$1.7M+0.5%

FY 2022$12.7M—

Margins (TTM)

Gross Margin	6.5%
EBITDA Margin	2.9%
EBIT Margin	1.2%
Net Margin	0.9%
FCF Margin	-0.5%

Returns on Capital

ROIC	4.9%
ROCE	6.3%
ROE	7.7%
ROA	2.6%
Asset Turnover	2.97×

Earnings Quality

FCF / Net Income	-58.6%
SBC / Net Income	17.7%
SBC / Revenue	0.2%
Capex / D&A	1.75×

Growth (CAGR)

Metric	3yr
Revenue	-14.0%
EPS	-9.9%
FCF	11.2%
Dividend	—

Ownership

Float	94.3%
Shares Out.	34.1M
Insiders %	3.9%
Institutions %	85.4%
Institutions (of float)	88.9%
Institution holders	376
Insider net buy 6M	+0.1%

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$71.45

All values in US Dollars (USD)

USD	FY2025	FY2024	FY2023	FY2022
Revenue	11.01B	11.26B	14.75B	17.33B
YoY Growth	-2.2%	-23.7%	-14.9%	—
Gross Profit	713.65M	693.93M	745.36M	684.16M
Gross Margin	6.5%	6.2%	5.1%	3.9%
R&D	—	—	—	—
SG&A	—	503.62M	492.26M	457.56M
EBIT	128.42M	190.31M	253.10M	226.61M
EBIT Margin	1.2%	1.7%	1.7%	1.3%
D&A	133.32M	127.80M	125.11M	134.74M
EBITDA	321.95M	360.32M	341.54M	386.17M
EBITDA Margin	2.9%	3.2%	2.3%	2.2%
Net Income	95.71M	114.01M	101.19M	131.08M
Net Margin	0.9%	1.0%	0.7%	0.8%
EPS (diluted)	$2.79	$3.32	$2.94	$3.81
Shares (dil., M)	34	34	34	34

Company Brief

CEOMr. Patrick E. BoweEmployees2,028IPO Date1996-02-20CountryUnited StatesWebsiteandersonsinc.com

Balance Sheet

Cash & ST Invest.	$98.3M
Total Debt	$944.4M
Net Cash / (Debt)	-$846.1M
Total Assets	$3.7B
Total Equity	$1.2B
Goodwill & Intang.	$191.4M
Tangible Book Value	$1.1B
NCAV (Graham)	-$91.6M
Tangible Book/sh	$30.93
NCAV/sh	-$2.69

Leverage

D/E Ratio	0.76×
Net Debt / EBITDA	2.63×
Interest Coverage	2.72×
Current Ratio	1.41×
Quick Ratio	0.60×

Capital Allocation (last FY)

Capex	$233.1M
Capex / Revenue	2.1%
SBC	$17.0M
Dividends Paid	$26.8M
Buybacks	$15.4M

Dividends

Annual DPS	$0.80
Yield (fwd)	1.12%
Payout Ratio	28.1%
Ex-div Date	2026-04-01

Valuation vs History

P/E vs 4Y	28.4×vs 15.6× median
Div yield vs 10Y	101.0%vs 1.7% median

Buyback History

FY 2025$15.4M-0.5%

FY 2024$2.3M+0.6%

FY 2023$1.7M+0.5%

FY 2022$12.7M—

Not investment adviceUpdated 4/17/2026