Stock

The Andersons

ANDE
32
Agricultural Farm Products · Consumer Defensive
Price
$64.93
-0.75 (-1.14%)
Market Cap
$2.21B
Exchange
NASDAQ
Winston Score
32
Winston is serious
Below-average fundamentals — multiple weak pillars.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
6/30
Growth
Mixed
8/20
Cash Flow
Weak
0/10
Stability
Good
5/10
Valuation
Good
6/10
Ownership
Mixed
6/15
Dividends
Weak
1/5

32 of 100 counted points = Winston Score 32.

§Winston Score History

The full picture

The Andersons is an agricultural company based in Maumee, Ohio. It buys, stores, and sells grain like corn, soybeans, and wheat, connecting farmers to food and fuel markets. The company also makes plant nutrients (fertilizers) and is involved in ethanol production, serving farmers, food processors, and energy companies across the United States.

The company earns money by trading large volumes of grain and other agricultural commodities, taking a small margin on each transaction — which explains its very thin gross margin of around 7%. It operates primarily in the Midwest and has a network of grain elevators and storage facilities that give it a logistical edge over smaller competitors. Because its profits depend heavily on commodity prices and crop volumes, a bad harvest season or a sharp drop in grain prices can quickly squeeze earnings, making weather and agricultural cycles the biggest ongoing risk to the business.

Share count broadly stable

+1.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 33.9M (2021) → 34.2M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
4.8%
Thin — 4.8% gross margin
Profit after running costs
Operating Margin
1.6%
Thin — 1.6% operating margin
Return on the money invested
ROCE
9.9%
Below par — 9.9% 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
-5.2%
Shrinking sales (-5.2% YoY)
Profit growth
EPS YoY
+120.8%
Earnings growing fast (+120.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash
Cash Conversion
-40%
Weak — only -40% of profit becomes cash
Spare cash per sale
FCF Margin
-3.6%
Burning cash (-3.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.68
Moderate — manageable debt (0.68)
Covers its interest
Interest Cover
3.78x
Tight — interest eats into profit (3.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
12.5x
Attractive valuation — P/E 12.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+0.3
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
1.20%
Small dividend — 1.20% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+2.6%
Dividend flat
Payout Ratio
15%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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