Andersons, Inc. (ANDE) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Trading Companies & Distributors · as of Sep 25, 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
4
Forensic signals
13.3
P / E (ttm)
7.7%
ROE
$2.3B
Market cap
1.45%
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, 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.
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 slipping across FY2023–FY2025 from 8.3%. After-tax operating profit was $133M in FY2023 and $119M in FY2025. The capital base behind it grew +24% across FY2023–FY2025, from $1.6B to $2.0B, while the return fell 2.3 points, so the dollars added over that window earned less than the 8.3% the older base was already earning. FY2023's operating profit carried a $87M asset write-down and a $686,000 goodwill write-off that alone took about 4.3 points off that year's return, so the FY2025 return is being compared with a base year that charge had already pulled down.
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
FY2023–FY2025
Share count.Diluted share count changed 0% over the last 2 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%
Revenue CAGR (2yr)-13.6%
Net Margin0.9%
Free Cash Flow-$56.1M
Return on Equity7.7%
Debt / Equity0.50x
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 Andersons, Inc.'s actual 10-K/10-Q/8-K filings?