Deere & Company (DE)财务
NYSE · Industrials · Agricultural - Machinery · 员工73,100人 · CEO John C. May
- 股价
- $675.48 +2.35%
- 市值
- $1820亿
- 企业价值
- $2370亿
- 最近财报
- Q3 '26 2026-08-27提交
- 下次财报
- 2026-11-25 EPS预期 $4.07
营收(TTM)$477亿+9.9% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)19.0%-1.0 百分点 对比去年同期营业利润 $90.5亿
净利润(TTM)$48.7亿-6.4% 对比去年同期税后,含营业外收益
自由现金流(TTM)$38.7亿-5.7% 对比去年同期资本支出 $33.8亿
稀释EPS(TTM)$18.00-5.9% 对比去年同期最近4个季度之和
净现金-$539亿+4.9% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $1820亿 EV $2370亿
- 营收
- $477亿 过去12个月
- 营收增速
- -7% FY2026年一致预期
- 净利润率
- 10.2% 净利润 / 营收,TTM
- P/E
- 37.4× 预期 37.4×(FY2026)
- P/S
- 3.8× 股价 / 营收,TTM
- EV / EBITDA
- 20.3× TTM
- 自由现金流
- $38.7亿 过去12个月
- 净利润
- $48.7亿 过去12个月
- 营收预期
- $414亿 FY2026年一致预期
- 盈利
- 2026-11-25 营收预期 $104亿
- 股息
- $6.48 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-20):营收超预期16.6%,EPS 超预期8.7%营收$126亿,预期$108亿(+16.6%);EPS $5.10,预期$4.69(+8.7%)。
- 营收增长平稳:同比7.0%Q3 '26营收$126亿,此前四个季度的平均值为6.6%。
- 营业利润率19.0%(TTM),较去年同期-1.0 百分点营收增长9.9%,营业利润增长4.4%。
- 税前利润的40.4%被营业外亏损吞噬税前利润$64.5亿,营业利润$90.5亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的7.1%(去年为10.3%)最近4个季度投入$33.8亿(同比-24.2%)。自由现金流$38.7亿,相当于净利润的79.4%。
- 股东回报$24.5亿 = 自由现金流的63.4%回购$6.99亿(去年为$19.2亿),股息$17.5亿,股权激励$1.63亿(TTM)。
- 稀释股数一年内减少0.3%Q3 '26稀释股数2.71亿,一年前为2.71亿。
- 净债务 $539亿现金 + 短期投资 $103亿,含租赁债务 $642亿;一年前净债务 $567亿。
- Construction And Forestry Segment:营收+18.0%,利润率11.8%(此前为7.6%)Q3 '26增长最快的披露分部:营收$36.9亿,营业利润$4.36亿(来自财报的分部附注)。
上一季度:Q3 '26
截至2026-08-02的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $126亿 | $118亿 | +7.0% |
| 毛利率 | 37.0% | 35.8% | +1.3 百分点 |
| 营业利润 | $25.9亿 | $21.6亿 | +20.1% |
| 营业利润率 | 20.6% | 18.3% | +2.2 百分点 |
| 净利润 | $13.8亿 | $12.9亿 | +7.0% |
| 稀释EPS | $5.10 | $4.75 | +7.4% |
| 经营现金流 | $22.1亿 | $29亿 | -23.8% |
| 资本支出 | $2.65亿 | $10.5亿 | -74.8% |
| 自由现金流 | $19.4亿 | $18.4亿 | +5.4% |
| R&D | $5.67亿 | $5.56亿 | +2.0% |
| 股权激励费用 | $4700万 | $5000万 | -6.0% |
实际 vs 一致预期
2026-08-20| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $126亿 | $108亿 | +16.6% |
| EPS(一致预期口径) | $5.10 | $4.69 | +8.7% |
来自2026-08-20发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Production & Precision Ag (PPA) | $39.2亿 | -6.3% | 31.1% | $161亿 | -13.5% | |
| Compact Construction Equipment | $21.3亿 | +25.3% | 16.9% | $78.5亿 | -25.6% | |
| Small Agriculture | $24.3亿 | +10.8% | 19.2% | $81.2亿 | -25.6% | |
| Financial Products | $14.9亿 | -3.5% | 11.8% | $61.2亿 | -21.0% | |
| Turf | $8.75亿 | +15.1% | 6.9% | $30.7亿 | -30.0% | |
| Roadbuilding | $11.5亿 | +13.1% | 9.1% | $41.8亿 | -6.5% | |
| Other | – | – | – | – | – | |
| Forestry | $2.83亿 | -3.1% | 2.2% | $12亿 | -9.2% | |
| Material Reconciling Items | $3.42亿 | +0.9% | 2.7% | $13.9亿 | – |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| United States | $68.1亿 | +13.4% | 54.0% | $253亿 | +6.2% | |
| Western Europe | $18.7亿 | -7.8% | 14.8% | $71.3亿 | +14.7% | |
| Latin America | $12.6亿 | -13.8% | 10.0% | $52.5亿 | -2.6% | |
| Asia, Africa, Oceania, and Middle East | $12.3亿 | +13.1% | 9.8% | $48.1亿 | +20.0% | |
| CANADA | $9.47亿 | +5.8% | 7.5% | $37.4亿 | +5.0% | |
| Central Europe and Commonwealth of Independent States | $4.84亿 | -9.7% | 3.8% | $17.5亿 | +21.8% |
分部利润
取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。
Q3 '26分部
| 分部 | 营收 | 同比 | 营业利润 | 同比 | 利润率 | 去年同期利润率 | TTM营业利润 |
|---|---|---|---|---|---|---|---|
| Production And Precision Agriculture Segment | $41亿 | -6.5% | $5.27亿 | -9.1% | 12.9% | 13.2% | $19.8亿 |
| Construction And Forestry Segment | $36.9亿 | +18.0% | $4.36亿 | +84.0% | 11.8% | 7.6% | $14.8亿 |
| Small Agriculture And Turf Segment | $34.5亿 | +11.6% | $6.22亿 | +28.2% | 18.0% | 15.7% | $15.6亿 |
| Financial Services Segment | – | – | $2.71亿 | +1.9% | – | – | $12亿 |
各分部营业利润
季度各分部营业利润率
季度第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $72.5亿
- 资本支出
- -$33.8亿
- 股票回购
- -$6.99亿
- 股息
- -$17.5亿
- 收购
- $4.81亿
- 债务净发行
- -$23.1亿
- 股权激励费用
- $1.63亿
- 自由现金流
- $38.7亿
- 股东回报 / FCF
- 63.4%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 37.4× | 17.4× | 10.6× – 24.9× |
| EV / EBITDA | 20.3× | 13.0× | 9.4× – 15.5× |
| EV / 营收 | 5.0× | 3.4× | 2.7× – 4.0× |
| 股价 / FCF | 47.1× | 48.9× | 21.7× – 132.3× |
| 股价 / 净资产 | 6.5× | 5.4× | 4.8× – 6.1× |
| FCF收益率 | 2.1% | 3.1% | 0.8% – 4.6% |
| 投入资本回报率 | 22.1% | 9.3% | 7.1% – 12.6% |
| 净资产收益率 | 18.1% | 32.9% | 19.4% – 46.7% |
分析师
一致目标价 $731.20 (+8.2%)
区间 $570.00 – $813.00 · 评级 Buy
强烈买入0
买入20
持有20
卖出6
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $414亿 | -7.3% | $18.08 | -2.3% | 37.4× | 18 |
| FY2027 | $450亿 | +8.7% | $22.66 | +25.4% | 29.8× | 18 |
| FY2028 | $486亿 | +8.0% | $27.21 | +20.1% | 24.8× | 14 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Deere & Company在近期10-Q / 10-K文件中标记的全部299项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable and Accrued Liabilities | $137亿 | $136亿 | +0.6% | $139亿 | $145亿 | -4.4% |
| Accounts Payable, Other | $1.92亿 | $2.15亿 | -10.7% | $1.91亿 | $2.04亿 | -6.4% |
| Accounts Receivable, after Allowance for Credit Loss | $77.2亿 | $61亿 | +26.5% | $53.2亿 | $53.3亿 | -0.2% |
| Accrued Employee Benefits | $11.4亿 | $13.6亿 | -15.8% | $15.8亿 | $19.3亿 | -18.1% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$29.8亿 | -$31.1亿 | +4.2% | -$30.3亿 | -$37.1亿 | +18.2% |
| Advertising Expense | – | – | – | $2.35亿 | $2.3亿 | +2.2% |
| Amortization of Intangible Assets | $4000万 | $3100万 | +29.0% | $1.43亿 | $1.66亿 | -13.9% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 20万 | -100.0% | 20万 | 30万 | -33.3% |
| Assets | $1080亿 | $1080亿 | -0.2% | $1060亿 | $1070亿 | -1.2% |
| Assets for Plan Benefits, Defined Benefit Plan | $35.4亿 | $31.8亿 | +11.3% | $32.7亿 | $29.2亿 | +12.1% |
| Capital Expenditures Incurred but Not yet Paid | – | – | – | $1.67亿 | $2.08亿 | -19.7% |
| Capitalized Computer Software, Amortization | – | – | – | $2.27亿 | $1.8亿 | +26.1% |
| Capitalized Computer Software, Net | $4.7亿2025-11-02 | $5.04亿 | -6.7% | $4.7亿 | $5.04亿 | -6.7% |
| Cash and Cash Equivalents, at Carrying Value | $89.3亿 | $85.8亿 | +4.1% | $82.8亿 | $73.2亿 | +13.0% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | – | – | – | -$900万 | -$600万 | -50.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $91.5亿 | $88.5亿 | +3.4% | $85.3亿 | $76.3亿 | +11.8% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $10.2亿 | $6.68亿 | +51.9% | $9亿 | $1300万 | +6,823.1% |
| Collateral Already Posted, Aggregate Fair Value | $1.26亿 | $1.22亿 | +3.3% | $6200万 | $2.45亿 | -74.7% |
| Common Stock, Dividends, Per Share, Cash Paid | $1.62 | $1.62 | 0.0% | $6.33 | $5.76 | +9.9% |
| Common Stock, Dividends, Per Share, Declared | $1.62 | $1.62 | 0.0% | $6.48 | $5.88 | +10.2% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 12亿2025-11-02 | 12亿 | 0.0% | 12亿 | 12亿 | 0.0% |
| Common Stock, Shares, Issued | 5.36亿 | 5.36亿 | 0.0% | 5.36亿 | 5.36亿 | 0.0% |
| Common Stock, Shares, Outstanding | 2.7亿2025-11-02 | 2.72亿 | -0.5% | 2.7亿 | 2.72亿 | -0.5% |
| Common Stock, Value, Issued | $58.3亿 | $56.2亿 | +3.7% | $56.7亿 | $54.9亿 | +3.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | -$300万 | -$1600万 | +81.3% | -$2400万 | -$1100万 | -118.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $11.7亿 | $15.9亿 | -26.2% | $57亿 | $65.1亿 | -12.4% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $11.7亿 | $15.7亿 | -25.7% | $56.8亿 | $65亿 | -12.6% |
| Contract with Customer, Liability | $8.91亿 | $8.74亿 | +1.9% | $8.37亿 | $7.44亿 | +12.5% |
| Costs and Expenses | $107亿 | $104亿 | +3.0% | $394亿 | $425亿 | -7.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | $4亿 | $12.5亿 | -68.1% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $10.4亿 | $8.78亿 | +18.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $15.5亿 | $23.9亿 | -35.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1.03亿 | $2.57亿 | -59.9% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $1.4亿 | $1.61亿 | -13.0% | $1.55亿 | $1.56亿 | -0.6% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | – | – | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff | – | – | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | $1.87亿 | $2.11亿 | -11.4% | $2.18亿 | $1.99亿 | +9.5% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | $1.62亿 | $1.83亿 | -11.5% | $1.97亿 | $1.71亿 | +15.2% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Amortized Cost | $5.54亿 | $4.8亿 | +15.4% | $4.72亿 | $4.56亿 | +3.5% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | $5.28亿 | $4.63亿 | +14.0% | $4.65亿 | $4.35亿 | +6.9% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | $3.81亿 | $3.82亿 | -0.3% | $3.81亿 | $3.86亿 | -1.3% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | $3.75亿 | $3.75亿 | 0.0% | $3.76亿 | $3.56亿 | +5.6% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | $3000万 | $9400万 | -68.1% | $7100万 | $2800万 | +153.6% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | $2900万 | $9400万 | -69.1% | $7200万 | $2700万 | +166.7% |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | $2.36亿 | $2.5亿 | -5.6% | $2.57亿 | $1.93亿 | +33.2% |
| Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Fair Value | $2.09亿 | $2.23亿 | -6.3% | $2.34亿 | $1.65亿 | +41.8% |
| Debt, Current | $171亿 | $146亿 | +17.2% | $138亿 | $135亿 | +1.9% |
| DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestBeforeAllowanceForCreditLoss | $13.9亿 | $14.2亿 | -2.0% | $14亿 | $12.6亿 | +10.9% |
| DebtSecuritiesAvailableForSaleExcludingAccruedInterest | $13亿 | $13.4亿 | -2.6% | $13.4亿 | $11.5亿 | +16.5% |
| Deferred Compensation Liability, Current | $2300万2025-11-02 | $2800万 | -17.9% | $2300万 | $2800万 | -17.9% |
| Deferred Costs | $4.17亿2025-11-02 | $4.12亿 | +1.2% | $4.17亿 | $4.12亿 | +1.2% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$1.07亿 | -$3.26亿 | +67.2% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$1.71亿 | $6100万 | -380.3% |
| Deferred Income Tax Assets, Net | $23.4亿 | $22.1亿 | +6.1% | $22.8亿 | $20.9亿 | +9.5% |
| Deferred Income Tax Expense (Benefit) | $700万 | -$1.13亿 | +106.2% | -$2.88亿 | -$2.94亿 | +2.0% |
| Deferred Income Tax Liabilities, Net | $4.11亿 | $4.89亿 | -16.0% | $4.34亿 | $4.78亿 | -9.2% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$1000万 | -$2900万 | +65.5% |
| Deferred Tax Assets, Net of Valuation Allowance | $35.6亿2025-11-02 | $31.4亿 | +13.5% | $35.6亿 | $31.4亿 | +13.5% |
| Deferred Tax Assets, Other | $4.96亿2025-11-02 | $3.37亿 | +47.2% | $4.96亿 | $3.37亿 | +47.2% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-08-02, 10-Q 2026-05-03, 10-Q 2026-02-01, 10-K 2025-11-02, 10-Q 2025-07-27, 10-Q 2025-04-27, 10-Q 2025-01-26, 10-K 2024-10-27, 10-Q 2024-07-28
数据截至 2026-11-01