Adecoagro S.A.

AGRO

Agricultural Farm Products · Consumer Defensive

Also trades as: 0DWL.L

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Strong

Stability

Mixed

Valuation

Good

Dividends

Mixed

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Winston Score History

The full picture

Adecoagro is a farming and food production company based in South America. It grows crops like soybeans, corn, wheat, and sunflowers, and it also produces sugar, ethanol, and electricity from sugarcane. The company owns and operates large farms and processing facilities across Argentina, Brazil, and Uruguay.

Adecoagro makes money by selling these agricultural commodities and food products to buyers in local and international markets. It is a mid-sized agribusiness with operations spread across millions of acres of farmland, and its scale and land ownership give it some cost advantages over smaller producers. However, the company faces real risks from volatile commodity prices, currency fluctuations in Argentina and Brazil, and unpredictable weather that can hurt crop yields — any of these can significantly impact revenue and profits from one year to the next.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+39.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+172.2% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

79.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$331M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Adecoagro S.A. grew revenue 39% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

32.6%

Modest — 32.6% gross margin

Profit after running costs

Operating Margin

17.3%

Healthy — 17.3% operating margin

Return on the money invested

ROCE

5.0%

Weak — 5.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+6.2%

Slow sales growth (+6.2% YoY)

Profit growth

EPS YoY

-7.1%

Earnings shrinking (-7.1% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

575%

Turns 575% of profit into real cash

Spare cash per sale

FCF Margin

2.9%

Thin free cash flow (2.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.16

Elevated debt (1.16)

Covers its interest

Interest Cover

1.49x

Dangerous — barely covers interest (1.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

168.3x

no trend

Expensive — P/E 168.3

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+163.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (168.3 → 5.0)

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Dividends

Dividend

Dividend Yield

3.13%

no trend

Moderate income — 3.13% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

-1.6%

no trend

Dividend cut (-1.6% YoY) — warning sign

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