Forensic Analysis · Trading Companies & Distributors · as of Aug 11, 2026

Andersons, Inc. (ANDE)

A forensic read on Andersons, Inc. 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

3.4

Distress distance

Clean

Earnings quality

Forensic signals

12.9

P / E (ttm)

7.7%

ROE

$2.2B

Market cap

1.18%

Dividend yield

-2.2%

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). 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.

Andersons, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 3.4, 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

6.0%

FY2025

Return on invested capital. Return on invested capital is 6.0% in the latest fiscal year and steady — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.

FCF ($56M)

FY2025

Shareholder returns. Returned $42M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($56M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $177M — 24% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.

-0.1%/yr

FY2022–FY2025

Share count. Diluted share count changed -0% over the last 3 years to FY2025 (-0.1%/yr). Roughly flat — buybacks ($15M) are about offsetting stock comp ($17M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

$686,000

FY2023–FY2023

Goodwill impairments. Took $686,000 of goodwill writedowns across 1 year (FY2023 ($686,000)) — about 1% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$11.01B

Revenue Growth YoY-2.2%

Net Margin0.9%

Free Cash Flow-$56.1M

Return on Equity7.7%

Debt / Equity0.50x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.