Forensic Analysis · Nondurable-Goods Wholesale · as of Nov 8, 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
2.9
Distress distance
Clean
Earnings quality
3
Forensic signals
7.3%
ROE
-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 (auditor quality, say on pay, board independence, going concern). 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 2.9, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by shareholder returns.
What the filings flag
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. Capex and the payout together ran $98M past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. It came out of the balance sheet's own liquid holdings, not new debt: cash fell $463M over FY2025, while total debt fell $21M.
6.2%
FY2025
Return on invested capital.Return on invested capital is 6.2% in the latest fiscal year, against 8.3% in FY2023, having run between 6.2% and 9.8% across FY2023–FY2025 with no direction held. After-tax operating profit was $133M in FY2023 and $119M in FY2025. The capital base behind it grew +20% across FY2023–FY2025, from $1.6B to $1.9B, while the return fell 2.1 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. A non-cash write-down lowers the reported return in the year it lands.
$686,000
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 Equity7.3%
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?