Share count
-499Kpeak FY2017
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CRESY, Cresud S.A.C.I.F. y A.
Cresud is an Argentine company that owns and leases farmland in Argentina, where it grows crops and raises cattle and sells the harvest into world commodity markets. Alongside the farming it develops and sells parcels of that land, and it controls a separate business that holds urban real estate. The money comes from selling produce at prices it does not set, from gains booked when land changes hands, and from rents — all earned and reported in Argentine pesos.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
ARS 914.2B
−4.7% YoY · 62% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue ARS 914.2B 5-yr avg ARS 755.5B
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- This is a price-taker in crops and cattle, so the first test is not pricing power — there is none to find in a bushel of grain — but the cost of the acres it works and the discipline of the hand buying and selling them; the franchise, if there is one, lives in cheap land bought well and sold dear, not in the crop. Weather and the commodity cycle, both of which the filing flags, swing output and price in ways management cannot govern, and the whole enterprise sits inside Argentina, where pesos earned can lose value while debt still has to be refinanced. Watch, too, the related-party fee the filing discloses — a claim on profit paid to the controller's own management company that other owners do not share. The bad case is a leveraged, cyclical, peso-denominated operation that earns little on the capital it ties up; the record below holds the margins, the returns on capital, and the debt.
- Is it a good business?
- Funds from operations per share do not form a clean trend in the record. The dividend takes 61% of FFO, and is covered. Debt is 26% of assets, conservative for a REIT. The quality and location of the properties, the lease terms and occupancy, and the cost of the debt are what the 10-K settles, and no single ratio captures them.
Drafted from the company's filings and reviewed by hand; every number is shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMJun 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| ARS 15.6B | ARS 67.9B | ARS 93.3B | ARS 47.5B | ARS 82.2B | ARS 149.9B | ARS 767.7B | ARS 986.3B | ARS 959.4B | ARS 914.2B | ARS 914.2B | RevenueRevenue |
| ARS 5.2B | (ARS 624M) | ARS 6.1B | (ARS 26.8B) | ARS 3.9B | (ARS 86.6B) | ARS 297.1B | ARS 228.8B | ARS 127.2B | ARS 96.1B | ARS 96.1B | Net incomeNet inc. |
| Cash flow & returns | |||||||||||
| ARS 6.8B | ARS 7.4B | ARS 16.3B | (ARS 25.2B) | ARS 8.8B | (ARS 86.6B) | ARS 325.5B | ARS 276.1B | ARS 172.0B | ARS 143.8B | ARS 143.8B | Funds from operationsFFO |
| Balance sheet | |||||||||||
| 4% | 62% | 10% | — | 0% | — | 20% | 82% | 100% | 61% | 61% | Dividend payout (FFO)Payout |
| — | ARS 241.4B | ARS 557.7B | ARS 726.0B | ARS 1.03T | ARS 556.2B | ARS 1.14T | ARS 5.54T | ARS 4.84T | ARS 5.09T | ARS 5.09T | Total assetsAssets |
| — | 56% | 61% | 66% | 61% | — | — | 25% | 24% | 26% | 26% | Debt / assetsDebt/assets |
| — | ARS 135.3B | ARS 341.6B | ARS 477.8B | ARS 629.0B | ARS 194.6B | ARS 304.9B | ARS 1.36T | ARS 1.15T | ARS 1.34T | ARS 1.34T | Total debtDebt |
| — | ARS 50.4B | ARS 215.7B | ARS 343.4B | ARS 450.1B | ARS 149.5B | ARS 229.6B | ARS 1.16T | ARS 987.0B | ARS 1.09T | ARS 1.09T | Net debt / (cash)Net debt |
| 2.7× | 0.3× | 1.2× | -4.0× | 2.7× | 0.3× | 0.3× | 2.9× | 2.2× | 2.2× | 0.5× | Interest coverageInt. cov. |
| ARS 94.4B | ARS 150.9B | ARS 265.0B | ARS 313.3B | ARS 648.6B | ARS 374.3B | ARS 2.31T | ARS 2.50T | ARS 2.18T | ARS 2.21T | ARS 2.21T | Shareholders’ equityEquity |
| Per share | |||||||||||
| 495K | 498K | 497K | 489K | -499K | — | — | — | — | — | -499K | Shares out (diluted)Shares |
| ARS 13694.95 | ARS 14819.28 | ARS 32891.35 | ARS -51498.98 | ARS -17559.12 | — | — | — | — | — | ARS -288106.21 | FFO / shareFFO/sh |
| ARS 482.83 | ARS 9120.48 | ARS 3329.98 | ARS 952.97 | ARS -60.12 | — | — | — | — | — | ARS -175212.42 | Dividends / shareDiv/sh |
| ARS 190636.36 | ARS 302979.92 | ARS 533277.67 | ARS 640699.39 | ARS -1299827.66 | — | — | — | — | — | ARS -4436456.91 | Book value / shareBVPS |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
Revenue
ARS 914.2Blow FY2016
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Restated past financials
“Restatement of Previously Issued Financial Statements As discussed in Note 1 to the consolidated financial statements, the Company has restated its 2024 and 2023 financial statements to correct an error.”
The figures below are only as sound as the controls that produced them. read the note →
Is it a good business?
- Funds from operations (FFO) ARS 143.8Babout ARS -288106.21 per shareNet income ARS 96.1B + depreciation ARS 47.6B
In the filing’s words The filing discloses a restatement of previously reported figures — some numbers in the record have moved since they were first filed; read what changed, and why, before trusting the trend.
What this means
GAAP net income with property depreciation added back, because the buildings a REIT charges against earnings usually hold or grow their value. This, not net income, is what a REIT is actually priced on. It is an approximation here: where a filing reports gains on property sales, we remove them, the way the NAREIT definition does.
- CoveredDividends ARS 87.4B ÷ FFO ARS 143.8B
What this means
A REIT must distribute most of its taxable income, so a high payout is normal and the question is whether FFO covers it. Above 100%, the trust is funding the dividend with debt or asset sales, and a cut usually follows.
Is it sound?
- Debt / assets 26%ConservativeTotal debt ARS 1.34T ÷ assets ARS 5.09TIndustry peers: median 30%
What this means
Every REIT runs on leverage; how much is the question. Heavy debt is what turns a property downturn into a wipeout, as 2008 showed, so a conservative balance sheet is part of the moat here, not a drag on it.
- Not enough data
What this means
Operating income or interest is missing, or operating income sits far below net income (a triple-net REIT's lease income bypasses the operating line), so an EBITDA coverage would mislead — read it on net income against the interest bill, and on debt / assets, instead.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
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 fiscal year-end, Jun 30, 2025Can 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 assetsARS 1.25T
- Cash & short-term investmentsARS 250.9B
- ReceivablesARS 442.8B
- InventoryARS 177.4B
- Other current assetsARS 375.6B
Current liabilitiesARS 1.00T
- Debt due within a yearARS 535.8B
- Accounts payableARS 330.5B
- Other current liabilitiesARS 135.5B
Current ratio1.24×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.07×stricter: inventory excluded
Cash ratio0.25×strictest: cash alone against what's due
Working capitalARS 244.9Bthe cushion left after near-term bills
Debt due this year vs. cashARS 535.8B due · ARS 250.9B cash
cash alone won't cover the maturities; it leans on refinancing or operating cash · both figures from the Jun 30, 2025 balance sheet
Deeper floors
Tangible book valueARS 2.19Tequity stripped of goodwill & intangibles
Net current asset value(ARS 1.63T)Graham's net-net: current assets less all liabilities
Debt incl. operating leasesARS 1.36TARS 16.8B of it operating leases
From the company's latest filing.
Peers, Real Estate Development & Services
The same industry, side by side on the REIT lens. 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 | FFO margin | FFO / assets | Payout (FFO) | Debt / assets |
|---|---|---|---|---|---|
| CRESYCresud S.A.C.I.F. y A. | ARS 914.2B | 17% | 2.9% | 41% | 56% |
| CBRECBRE Group Inc Common Stock Class A | $40.5B | 6% | 8.6% | — | 13% |
| CWKCushman & Wakefield Ltd. | $10.3B | 2% | 2.5% | — | 41% |
| COMPCompass Inc. | $7.0B | -6% | -18.0% | — | — |
| VACMarriott Vacations Worldwide Corporation | $5.0B | 7% | 3.4% | 26% | 30% |
| AGNTAGNT Inc. | $4.8B | -0% | -3.5% | 100% | — |
| OPENOpendoor Technologies Inc | $4.4B | -8% | -11.5% | — | 48% |
| FORForestar Group Inc Common Stock | $1.7B | 8% | 4.5% | — | 30% |
| Group median | — | 4% | 2.7% | 41% | 36% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American Depositary Shares (ADSs), each representing ten shares of Common”; Cresud S.A.C.I.F. y A. reports in ARS, so every figure in this tool is stated per ADS and translated at ARS 1 = $0.001 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in ARS.
A reit / real estate isn't read on an owner-earnings DCF; its economics live on the balance sheet (book value, the return earned on it, and the cash the assets throw off).
Cite: Owner Scorecard, "Cresud S.A.C.I.F. y A. (CRESY), the owner's record," https://ownerscorecard.com/c/CRESY, data as of 2026-07-09.
Manual order: ← CPAC its page in the Manual CRGO →
Industry order: ← COMP the Real Estate Development & Services chapter CURB →