DEERE & CO
DE · NYSE · CIK 0000315189
SIC 3523
Farm Machinery & Equipment
Category
Other
Entity
operating
Incorp.
DE
Fiscal Y/E
1101
Source: SEC EDGAR · All filings on SEC →
Investment Indicators
$588.74
+13.90 (+2.42%)
Open
$575.71
High
$589.17
Low
$573.73
Prev Close
$574.84
Volume
900,428
52W High
$672.22
52W Low
$430.25
50-day MA
$584.44
Quote as of: 2026-05-11
Market Cap
$155.27B
P/E
32.46
P/B
5.90
PEG
1.73
EPS
17.71
BPS
97.37
Dividend Yield
1.12%
Beta
0.97
ROE
19.37%
ROA
4.74%
D/E Ratio
3.08
Gross Margin
4.79%
Operating Margin
19.79%
Net Margin
11.00%
Book Value/Share
$95.97
Intrinsic Value Estimates
Multiple valuation methods, each with its own assumptions — outputs can diverge widely
Median consensus (6 methods)
$54.26B
| Method | Implied market cap | vs current |
|---|---|---|
Graham Number √(22.5 × 순이익 × 자본) | $54.18B | +187% |
Graham Formula 순이익 × (8.5 + 2 × 성장률%) | — | N/A |
Justified P/E 순이익 × 산업 평균 P/E | $75.41B | +106% |
P/B 배수 자본 × 산업 평균 P/B | $38.92B | +299% |
P/S 배수 매출 × 산업 평균 P/S | $91.37B | +70% |
DCF (Gordon) CF × (1+g) / (r − g) | $54.34B | +186% |
DDM (Gordon) D × (1+g) / (r − g) | $15.32B | +913% |
▶ Detailed analysis — formula walk-through & scenarios
Why this conclusion
Of the 7 valuation methods, 6 were applicable. Their median fair-value lands +186.2% below the current market cap → the stock trades above most formulas' estimates (overvalued). 6 methods flag overvalued, 0 flag undervalued, the rest land within fair range. Read each formula's assumptions below before treating any single number as the answer.
Graham Number
Overvalued +186.6%√(22.5 × 순이익 × 자본)
Current
$155.27B
Implied fair
$54.18B
Gap (current − fair)
+$101.09B(+186.6%)
NetIncome = $5.03B Equity = $25.95B √(22.5 × $5.03B × $25.95B) = $54.18B
- 최대 PER 15배
- 최대 PBR 1.5배
- 안정적 흑자 기업 가정 (금융·고성장 부정확)
Graham Formula
순이익 × (8.5 + 2 × 성장률%)
Not applicable: -
Justified P/E
Overvalued +105.9%순이익 × 산업 평균 P/E
Current
$155.27B
Implied fair
$75.41B
Gap (current − fair)
+$79.86B(+105.9%)
NetIncome = $5.03B Industry P/E = 15× $5.03B × 15 = $75.41B
- 산업 평균 PER 15x 가정 (사용자 정의 가능)
- 동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장
P/B 배수
Overvalued +298.9%자본 × 산업 평균 P/B
Current
$155.27B
Implied fair
$38.92B
Gap (current − fair)
+$116.34B(+298.9%)
Equity = $25.95B Industry P/B = 1.5× $25.95B × 1.5 = $38.92B
- 산업 평균 PBR 1.5x 가정
- 은행·보험·자산집약적 산업에 특히 유효
P/S 배수
Overvalued +69.9%매출 × 산업 평균 P/S
Current
$155.27B
Implied fair
$91.37B
Gap (current − fair)
+$63.90B(+69.9%)
Revenue = $45.68B Industry P/S = 2× $45.68B × 2 = $91.37B
- 산업 평균 PSR 2x 가정
- 매출 기반 — 적자 기업·신생 기업에 적용 가능
- 이익률 차이 무시
DCF (Gordon)
Overvalued +185.8%CF × (1+g) / (r − g)
Current
$155.27B
Implied fair
$54.34B
Gap (current − fair)
+$100.93B(+185.8%)
FCF = $6.10B Discount r = 4.0% + 5.0% = 9.0% Growth g = -2.0% $6.10B × (1 + -2.0%) / (9.0% − -2.0%) = $54.34B
- 현금흐름 입력: FCF (잉여현금흐름)
- 할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%)
- 영구 성장률 -2.0% (실질 GDP 수준)
DDM (Gordon)
Overvalued +913.3%D × (1+g) / (r − g)
Current
$155.27B
Implied fair
$15.32B
Gap (current − fair)
+$139.94B(+913.3%)
Dividend D = $1.72B Discount r = 9.0% Growth g = -2.0% $1.72B × (1 + -2.0%) / (9.0% − -2.0%) = $15.32B
- 배당 입력: 실제 지급 배당
- 할인율 9.0%
- 배당 영구 성장률 -2.0%
DCF sensitivity: discount rate × terminal growth
Each cell is the (current vs FCF × (1+g) / (r − g)) discount % under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +51.2% | +76.4% | +101.6% | +126.9% | +152.1% |
| 2% | +24.8% | +49.8% | +74.7% | +99.7% | +124.6% |
| 3% | -1.1% | +23.6% | +48.3% | +73.0% | +97.7% |
| 4% | -26.6% | -2.1% | +22.4% | +46.9% | +71.4% |
| 5% | -51.5% | -27.3% | -3.0% | +21.2% | +45.5% |
DDM sensitivity: discount rate × dividend growth
Each cell is the discount % vs Dividend × (1+g) / (r − g) under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +436.3% | +525.7% | +615.0% | +704.4% | +793.8% |
| 2% | +342.5% | +431.0% | +519.5% | +608.0% | +696.5% |
| 3% | +250.6% | +338.2% | +425.9% | +513.5% | +601.1% |
| 4% | +160.4% | +247.2% | +334.0% | +420.8% | +507.6% |
| 5% | +71.9% | +157.9% | +243.9% | +329.9% | +415.8% |
All estimates rest on strong assumptions. Treat the spread, not any single number, as the signal.
Financial Statements
In USD millions (per-share figures shown directly) · Financials as of: 2025-12-18
Income Statement
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 45,684 | 51,716 | 61,251 | 52,577 | 44,024 |
| Operating Income | — | 9,039 | 12,958 | 9,508 | 8,012 |
| Net Income | 5,027 | 7,100 | 10,166 | 7,131 | 5,963 |
| EPS (Basic) | 18.55 | 25.73 | 34.80 | 23.42 | 19.14 |
| EPS (Diluted) | 18.50 | 25.62 | 34.63 | 23.28 | 18.99 |
Balance Sheet
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total Assets | 105,996 | 107,320 | 104,087 | 90,030 | 84,114 |
| Cash & Equivalents | 8,276 | 7,324 | 7,458 | 4,774 | 8,017 |
| Total Liabilities | 79,989 | 84,395 | 82,201 | 69,673 | 65,680 |
| Long-term Debt | — | — | — | — | 32,888 |
| Total Equity | 25,950 | 22,836 | 21,785 | 20,262 | 18,431 |
Cash Flow
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating CF | 7,459 | 9,231 | 8,589 | 4,699 | 7,726 |
| Investing CF | -2,057 | -6,464 | -8,749 | -8,485 | -5,750 |
| Financing CF | -4,579 | -2,717 | 2,808 | 826 | -1,078 |
| CapEx | 1,360 | 1,640 | 1,498 | 1,134 | 848 |
| Dividends Paid | 1,720 | 1,605 | 1,427 | 1,313 | 1,040 |
📄 SEC Filings
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