Start here if you're new
what it is
It buys, moves, and sells farm goods, fuel, railcars, and plant nutrients across the Midwest.
how it gets paid
Last year The Andersons made $1.5B in revenue. Grain merchandising and origination was the main engine at $0.45B, or 30% of sales.
why it's growing
Revenue grew 9.1% last year. Revenue rose 306% vs. prior year, and gross margin held at 40.1%.
what just happened
The quarter printed $1.2B of revenue, and EPS reached $0.82.
At a glance
B balance sheet — gets the job done, barely
25/100 earnings predictability — expect surprises
17.0x trailing p/e — the market's not buying it — or you found a deal
6.6% return on capital — nothing to write home about
$3.32 fy2024 eps est
xvary composite: 60/100 — average
What they do
It buys, moves, and sells farm goods, fuel, railcars, and plant nutrients across the Midwest.
You are buying five businesses, not one crop bet. Grain, ethanol, rail, plant nutrients, and retail sit under one roof, and 2,299 employees keep the machine moving. That mix matters when corn prices wobble, because one weak line does not sink all five.
How they make money
$1.5B
annual revenue · their business grew +9.1% last year
Grain merchandising and origination
$0.45B
Ethanol
$0.36B
Plant nutrients and crop protection
$0.30B
Rail and logistics
$0.24B
Retail and industrial products
$0.15B
The products that matter
grain merchandising and feed ingredients
Trade Group
$8.4B · 76% of revenue
this is the center of gravity. $8.4B of sales still fell 2.8%. high volume keeps assets busy. it does not guarantee healthy margins.
core exposure
ethanol and corn-based renewables
Renewables
$1.4B · 13% of revenue
this $1.4B segment ties your returns to ethanol crush spreads — the gap between corn costs and fuel pricing. When that gap widens, earnings show up fast. When it narrows, they disappear just as fast.
margin swing factor
fertilizer and turf inputs
Plant Nutrient
$1.0B · 9% of revenue
it's a $1.0B business selling into farm and turf demand. useful diversification, but still too small to change the company-level math on its own.
seasonal demand
railcar leasing and repair
Rail
$0.2B · 2% of revenue
rail is the most stable-looking segment on the page. at $0.2B, it is also too small to bail out a bad grain or ethanol year.
small stabilizer
Key numbers
$1.5B
annual revenue
That is the size of the whole business. You are not buying a giant. You are buying a small cap with farm-cycle swings.
17.0x
trailing p/e
P/E → price divided by last year’s profit → so what: you are paying 17 times earnings for a cyclical business.
2.8%
operating margin
Operating margin → the slice of sales left after running the business → so what: only 2.8 cents stays from each dollar sold.
$569M
long-term debt
Long-term debt → money owed after a year → so what: $569M of borrowing leaves less room for a bad crop season.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 2 — safer than 80% of stocks
- price stability 45 / 100
- long-term debt $569M (19% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ANDE right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The quarter printed $1.2B of revenue, and EPS reached $0.82.
Revenue rose 306% vs. prior year, and gross margin held at 40.1%. That is a real turnaround from a weak base.
$1.2B
revenue
$0.82
eps
40.1%
gross margin
revenue
Revenue mattered most because $1.2B was up 306%, while EPS rose 39% to $0.82.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
ANDE does not need a dramatic failure to disappoint you. it needs ordinary commodity conditions, weaker spreads, or one sloppy operating stretch in a business already earning less than one cent on the dollar.
med
grain and ethanol spreads stay tight
Trade Group plus Renewables represent most of the operating story. if grain merchandising margins and ethanol crush spreads stay compressed, the 0.87% net margin leaves almost no buffer.
this is the risk that touches most of the $11B revenue base.
med
the 31% rally outruns the business
the stock is up 31% in 90 days while annual EPS expectations moved from $4.38 to $3.32. that is price optimism running ahead of operating proof.
if the next report is another "EPS beat, revenue miss" quarter, you could get a fast reminder that cyclical reratings reverse too.
med
new-ceo execution is still unproven
Bill Krueger became CEO in october 2024. that puts a leadership transition on top of already volatile end markets. you do not yet have a long operating record for this regime.
the next two to three quarters matter more than the announcement did.
med
insider selling muddies the confidence signal
insiders sold more than 20,000 shares worth about $1.1M in the last 90 days while insider ownership sits at 4.3%. that is not a thesis-breaker, but it is not table-pounding insider conviction either.
if buybacks do not absorb that narrative, investors may start asking why management is selling into the rebound.
the bear case is not collapse. the bear case is that ordinary conditions are not good enough for a low-margin middleman trading on recovery hopes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
revenue stabilization
after a 23.7% drop in annual revenue, you want to see the top line stop shrinking. another EPS beat on weaker sales is accounting relief, not business repair.
calendar
Q1 2026 results
this is the next real proof point for the new CEO era. you are looking for cleaner volume, steadier margins, or both.
trend
buyback follow-through
the $100M authorization equals about 5% of the current market cap. if management actually uses it, that matters. if it sits unused, it is just nice typography.
risk
spread sensitivity
here's the thing: with a 0.87% net margin, you do not need a crisis to miss expectations. you just need grain and ethanol economics to stay ordinary.
Analyst rankings
earnings predictability
25 / 100
that is a low score. in human-speak, your forward estimates should come with an eraser.
balance sheet grade
B
the balance sheet looks serviceable. the catch is that balance-sheet safety does not fix thin operating margins.
source: institutional data
Institutional activity
institutional ownership data for ANDE is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$56
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive