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BG, Bunge Limited

We are a premier agribusiness solutions company, connecting farmers to consumers and delivering essential food, feed and fuel to the world.

Our dedicated employees, integrated operations and global footprint give us access to key markets and a diverse agricultural network covering major crops.

Our global operations include purchasing, storing, transporting, processing, selling and distributing agricultural commodities and related products.

Latest annual: FY2025 10-K

BG · Bunge Limited

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$70.3B

+32.4% YoY · 4% 4-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $17.9B 5-yr avg $61.9B

Operating margin 8.8% 5-yr avg 4.0%

ROIC 4% 5-yr avg 13%

Owner-earnings margin −6% 5-yr avg −2%

Free cash flow margin −6% 5-yr avg −2%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is led by Soybean Processing and Refining (52%) and Grain Merchandising (24%), with 3 more lines behind.
What moves the needle: Gross margin has run about 5.7% and operating margin about 3.7% through the cycle, a thin spread that turns the result on volume and the cost of what it sells far more than on the price it sets. That margin has held in a narrow 2.5%–5.8% band over the years, so steadiness itself is the evidence — the lever is unit growth and cost discipline, not a moving line. Inventory runs near 12% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has run in the teens (median 14%, above 15% in 2 of 4 years). Owner earnings, the cash-based check, have been thin too. Returns like these are solid but short of clear franchise economics; whether they hold is what the 10-K settles, not the multiple.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 6 lines, the largest Soybean Processing and Refining at 52%.

Revenue by product line, FY2025

Soybean Processing and Refining52%$36.3B
Grain Merchandising24%$16.6B
Softseed Processing and Refining16%$11.3B
Other Oilseeds Processing and Refining7%$4.6B
Milling2%$1.5B
Other Products0%$3M

By geographyRest of world43%United States22%Switzerland22%Netherlands12%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2021–2025

realized figures from each filing · older years to the left

2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
						Income statement
$59.2B	$67.2B	$59.5B	$53.1B	$70.3B	$17.9B	RevenueRevenue
6%	5%	8%	6%	5%	—	Gross marginGross mgn
2%	2%	3%	3%	3%	13%	SG&A / revenueSG&A/rev
0%	0%	0%	0%	0%	0%	R&D / revenueR&D/rev
$2.7B	$2.4B	$3.5B	$1.9B	$1.7B	$1.6B	Operating incomeOp. inc.
4.6%	3.6%	5.8%	3.7%	2.5%	8.8%	Operating marginOp. mgn
$2.1B	$1.6B	$2.2B	$1.1B	$816M	$683M	Net incomeNet inc.
16%	19%	24%	23%	26%	22%	Effective tax rateTax rate
						Cash flow & returns
($2.9B)	($5.5B)	$3.3B	$1.9B	$844M	$588M	Operating cash flowOp. cash
$424M	$408M	$451M	$468M	$703M	$821M	DepreciationDeprec.
($5.4B)	($7.6B)	$614M	$295M	($675M)	($916M)	Working capital & otherWC & other
$399M	$555M	$1.1B	$1.4B	$1.7B	$1.7B	CapexCapex
0.7%	0.8%	1.9%	2.6%	2.4%	9.7%	Capex / revenueCapex/rev
($3.3B)	($6.1B)	$2.2B	$524M	($879M)	($1.2B)	Owner earningsOwner earn.
−5.6%	−9.1%	3.7%	1.0%	−1.2%	−6.5%	Owner earnings marginOE mgn
($3.3B)	($6.1B)	$2.2B	$524M	($879M)	($1.2B)	Free cash flowFCF
−5.6%	−9.1%	3.7%	1.0%	−1.2%	−6.5%	Free cash flow marginFCF mgn
—	—	$0	$0	$4.2B	$4.3B	AcquisitionsAcquis.
$289M	$349M	$383M	$378M	$459M	$504M	Dividends paidDiv. paid
$100M	$200M	$600M	$1.1B	$551M	—	BuybacksBuybacks
—	16%	20%	12%	4%	4%	ROICROIC
27%	17%	21%	11%	5%	4%	Return on equityROE
23%	14%	17%	8%	2%	1%	Retained to equityRetained/eq
						Balance sheet
$902M	$1.2B	$2.7B	$3.8B	$2.0B	$1.6B	Cash & investmentsCash+inv
—	$2.8B	$2.6B	$2.1B	$3.9B	$4.0B	ReceivablesReceiv.
—	$8.4B	$7.1B	$6.5B	$13.2B	$15.4B	InventoryInvent.
—	$4.4B	$3.7B	$2.8B	$4.9B	$6.2B	Accounts payablePayables
—	$6.9B	$6.0B	$5.9B	$12.2B	$13.2B	Operating working capitalOper. WC
—	$16.8B	$16.4B	$16.0B	$24.4B	$27.1B	Current assetsCur. assets
—	$9.6B	$7.7B	$7.4B	$15.1B	$16.9B	Current liabilitiesCur. liab.
—	1.7×	2.1×	2.1×	1.6×	1.6×	Current ratioCurr. ratio
—	$470M	$489M	$453M	$3.1B	$3.3B	GoodwillGoodwill
$23.8B	$24.6B	$25.4B	$24.9B	$44.5B	$47.6B	Total assetsAssets
—	$4.1B	$4.9B	$6.2B	$14.1B	$14.6B	Total debtDebt
—	$2.9B	$2.2B	$2.4B	$12.1B	$13.0B	Net debt / (cash)Net debt
11.2×	6.0×	6.7×	4.1×	2.8×	2.2×	Interest coverageInt. cov.
$7.8B	$9.2B	$10.9B	$9.9B	$15.9B	$16.0B	Shareholders’ equityEquity
						Per share
152M	153M	151M	142M	166M	196M	Shares out (diluted)Shares
$388.22	$439.04	$394.86	$373.41	$422.48	$91.66	Revenue / shareRev/sh
$13.64	$10.51	$14.88	$7.99	$4.90	$3.49	EPS (diluted)EPS
$-21.61	$-39.86	$14.50	$3.68	$-5.28	$-5.93	Owner earnings / shareOE/sh
$-21.61	$-39.86	$14.50	$3.68	$-5.28	$-5.93	Free cash flow / shareFCF/sh
$1.90	$2.28	$2.54	$2.66	$2.76	$2.57	Dividends / shareDiv/sh
$2.62	$3.62	$7.44	$9.67	$10.35	$8.94	Cap. spending / shareCapex/sh
$51.36	$60.23	$71.96	$69.70	$95.54	$81.97	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	4-yr	5-yr
Revenue / share	+2.1%/yr	+2.1%/yr (4-yr)
EPS	−22.6%/yr	−22.6%/yr (4-yr)
Dividends / share	+9.8%/yr	+9.8%/yr (4-yr)
Capital spending / share	+41.0%/yr	+41.0%/yr (4-yr)
Book value / share	+16.8%/yr	+16.8%/yr (4-yr)

The record, charted

FY2021–2025

Each measure over its full record; the current point and the worst year marked.

Share count

166Mpeak FY2025

ROIC

4%low FY2025

Gross margin

5%low FY2025

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($879M)owner earningsvs.$816Mnet incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2023FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported $816M of profit but ($879M) of owner earnings: $1.7B less than the profit line, taken out by capital spending and the timing of cash.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$816M	$1.1B	$2.2B	$1.6B	$2.1B
Depreciation & amortizationnon-cash charge added back	+$703M	+$468M	+$451M	+$408M	+$424M
Working capital & othertiming of cash in and out, other non-cash items	−$675M	+$295M	+$614M	−$7.6B	−$5.4B
Cash from operations	$844M	$1.9B	$3.3B	($5.5B)	($2.9B)
Capital expenditurecash put back in to keep running and to grow	−$1.7B	−$1.4B	−$1.1B	−$555M	−$399M
Owner earnings	($879M)	$524M	$2.2B	($6.1B)	($3.3B)
Owner-earnings marginowner earnings ÷ revenue	-1%	1%	4%	-9%	-6%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 2.8×

Adequate

Operating income $1.7B ÷ interest expense $628M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? $12.1B · 7.0× operating profit

Heavy net debt

Cash $1.1B + ST investments $861M − debt $14.1B

What this means
Netting $2.0B of cash and short-term investments against $14.1B of debt leaves $12.1B owed, about 7.0× a year's operating profit (8.1× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 65d

Long (60+ days)

DSO 20 + DIO 72 − DPO 27 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 12%

Solid through the cycle

4-yr median, range 4%–20%; 4% latest = NOPAT $1.3B ÷ invested capital $28.8B

Industry peers: median 8%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 4 years (it ran 4% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin -1%

Consumes cash through the cycle

5-yr median margin, range -9%–4%; latest ($879M) = operating cash $844M − maintenance capex $1.7B

Industry peers: median 10%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -1% of revenue this year, a -1% median across 5 years.
Are earnings backed by cash? 1.03×

Cash-backed

Cash from ops $844M ÷ net income $816M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 2.45×

Expanding

Capex $1.7B ÷ depreciation $703M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 3 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $70.3B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.61×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $14.1B vs $9.3B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (5-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (5)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $7.21/share (latest year $4.21), the averaged base the calculator's gate runs on, and book value is $81.97/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2021–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 5 of 5

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Return on capital ≥ 15% 2 of 4 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 4% → 3% (2-yr avg ends)

In the filing’s words The filing claims pricing power in its strongest form — price raised, volume held — yet the margin here has not widened to match. The claim leads the record; weigh them together.

What this means
Through the cycle the operating margin slipped — about 4% early to 3% lately, median 4% — competition or costs are biting in.
Reinvestment, incremental ROIC −9%

What this means
Reinvested capital came back at a negative incremental return over this window — the invested base grew while operating profit did not. The filings show where it went.
Worst year 2025 · 2.5% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count +2.2%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$27.1B

Cash & short-term investments$1.6B
Receivables$4.0B
Inventory$15.4B
Other current assets$6.1B

Current liabilities$16.9B

Debt due within a year$1.4B
Accounts payable$6.2B
Other current liabilities$9.4B

Current ratio1.60×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.69×stricter: inventory excluded

Cash ratio0.09×strictest: cash alone against what's due

Working capital$10.2Bthe cushion left after near-term bills

Debt due this year vs. cash$1.4B due · $1.6B cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+87.8%the freshest read on whether the business is still growing

Current ratio, recent quarters2.0× → 1.6×

Deeper floors

Tangible book value$12.4Bequity stripped of goodwill & intangibles

Debt incl. operating leases$12.9B$1.6B of it operating leases; with finance leases, “total fixed claims” below reaches $15.8B (annual-report basis)

Deferred revenue$740Mcustomer cash collected before delivery; operating float

From the company's latest filing.

Lease obligations

the lease note, SEC EDGAR →

Debt by another name. What the business owes on the property, aircraft, stores and equipment it rents rather than owns is a fixed claim due on a schedule; added back to the debt, it is the true leverage. That ladder, operating and finance leases together, and what it adds to the debt on the page above.

Operating leasesFinance leases

'26$600M

'27$400M

'28$298M

'29$214M

'30$121M

later$634M

Lease payments by year, scaled to the largest; “later” is everything beyond year five, shown apart. These are the contractual cash payments, before the interest the filing imputes back out to the balance-sheet liability.

Due in the next 12 months$600Ma fixed cash payment, owed whether or not the business has a good year

Total lease payments$2.3Bevery year plus the tail, undiscounted: the full cash the leases will take

On the balance sheet$1.8Bthe present value of those payments, the recognised lease liability

True leverage: debt plus leases

On-balance-sheet debt$14.1B

Lease obligations (present value)$1.8B

Total fixed claims on the business$15.8B

Counting the leases the way Buffett does, the fixed claims on this business come to $15.8B, of which the leases are 11%. The lease wall above and the debt schedule together are the calendar of what must be paid, and when.

Lease ladder read from the ASC 842 tags in the company’s Dec 31, 2025 annual report and reconciled: the yearly buckets sum to the undiscounted total, which less the imputed interest equals the balance-sheet liability; a ladder that doesn’t tie out is withheld.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Owner earnings
2021	$16.1M	$53.4M	($3.3B)
2022	$17.9M	$36.9M	($6.1B)
2023	$17.6M	$18.4M	$2.2B
2024	$16.8M	$1.9M	$524M
2025	$18.9M	$24.5M	($879M)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership0.6%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.

Inverting the record

Invert: instead of why Bunge Limited is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2021–2025.

2 of the 3 tests turned up something to look into; the other 1 came back clean.

Look hereDid reported profit become cash?-0.30×
Across the record the business reported $7.9B of net income but generated ($2.4B) of operating cash, a -0.30-to-one conversion. Profit that does not turn into cash over many years is the classic mark of earnings that are softer than they look. Ask where the gap sits, receivables, inventory, or costs being capitalized rather than expensed.
Look hereAre "one-time" charges a yearly habit?5 of 5 years
Management took an impairment or write-down in 5 of the last 5 years, $586M in all. A charge taken almost every year is not one-time; it is the business — past deals coming due, and an admission the assets were worth less than what was paid. Munger's rule: when the "one-time" keeps happening, it is the business. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes, Acquisitions as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Agricultural Products

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
PEPPepsiCo Inc.	$93.9B	55%	14.2%	18%	11%
ADMArcher-Daniels-Midland Company	$80.3B	7%	3.5%	8%	-2%
BGBunge Limited	$70.3B	6%	3.7%	14%	-1%
TSNTyson Foods Inc.	$54.4B	12%	7.2%	10%	4%
KOCoca-Cola Co.	$47.9B	61%	26.0%	16%	21%
MDLZMondelez International Inc.	$38.5B	39%	13.9%	7%	10%
KHCThe Kraft Heinz Company	$24.9B	34%	12.8%	3%	11%
DARDarling Ingredients Inc.	$6.1B	23%	8.2%	6%	5%
Group median	—	28%	10.5%	9%	7%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Bunge Limited has delivered.

Bunge Limited’s latest year shows negative owner earnings, below the record’s own through-cycle owner earnings. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Base Normalize · through-cycle ($610M) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings ($1.2B) on 194M shares outstanding, per the 10-Q cover, as of 2026-04-27; net debt $13.0B. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh BG against another business →

Cite: Owner Scorecard, "Bunge Limited (BG), the owner's record," https://ownerscorecard.com/c/BG, data as of 2026-07-09.

Manual order: ← BFST its page in the Manual BGC →

Industry order: ← AVO the Agricultural Products chapter CALM →