Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 25, 2026
Agco Corp (AGCO)
A forensic read on Agco Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.0
Distress distance
Clean
Earnings quality
4
Forensic signals
15.7
P / E (ttm)
17.0%
ROE
$8.5B
Market cap
1.00%
Dividend yield
-13.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Agco Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.0, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
7.2%
FY2025
Return on invested capital.Return on invested capital is 7.2% in the latest fiscal year, against 21.6% in FY2023, having run between -1.3% and 21.6% across FY2023–FY2025 with no direction held. After-tax operating profit was $1.4B in FY2023 and $536M in FY2025, with operating income at 11.8% of revenue in FY2023, -1.0% in FY2024 and 5.9% in FY2025. The capital base behind it grew +15% across FY2023–FY2025, from $6.5B to $7.5B, while the return fell 14.4 points, so the dollars added over that window earned less than the 21.6% the older base was already earning. FY2024's operating profit carried a $370M asset write-down, a $354M goodwill write-off and a $158M restructuring charge that alone took about 9.7 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
-0.3%/yr
FY2023–FY2025
Share count.Diluted share count changed -1% over the last 2 years to FY2025 (-0.3%/yr). Roughly flat — buybacks ($250M) are about offsetting stock comp ($28M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
$354M
FY2024–FY2024
Goodwill impairments.Took $354M of goodwill writedowns across 1 year (FY2024 ($354M)). Writedowns mean past acquisitions underperformed what was paid for them.
-68%
FY2024→FY2025
Dividend — cut.The payout was CUT ~68% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.
Key fundamentals
Latest Revenue$10.08B
Revenue Growth YoY-13.5%
Revenue CAGR (2yr)-16.4%
Net Margin7.2%
Free Cash Flow$740.2M
Return on Equity17.0%
Debt / Equity0.57x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Agco Corp's actual 10-K/10-Q/8-K filings?