An industry chapter · Agricultural Products

Agricultural Products

16 members, ADM to VFF, A to Z by ticker.

Gross profitability: median 14% — gross profit as a share of total assets, each member's median across its readable years; read on 12 of 16 members
Capital intensity: median 2.2% — capital expenditure as a share of revenue, each member's median across its readable years; read on 16 of 16 members
Net cash: 3 of the 15 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of July 9, 2026.

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ADM Archer-Daniels-Midland Company

Archer-Daniels-Midland Company is an essential global agricultural supply chain manager and processor, providing food security by connecting local needs with global capabilities.

Owner earnings 2016–2025 ($7.4B)($7.0B)($5.6B)($6.3B)($3.2B)$5.4B$2.5B$3.4B$1.6B$4.2B

Retained capital not read

Balance sheet Meaningful net debt, $6.6B

AGRO Adecoagro S.A.

Revenue is led by Sugar (28%) and Ethanol (19%), with 7 more lines behind.

Owner earnings 2015–2024 $55M$123M$110M$91M$181M$143M$214M$214M$277M$139M

Retained capital Retained $179M of earnings over 2015–2024; annual owner earnings grew $114M, $0.64 per $1 retained.

Balance sheet Heavy net debt, $714M · dividend paid 6 of 10 yrs, cut at least once

ANDE Andersons

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2016–2025 ($38M)$41M($126M)$183M($152M)($127M)$179M$796M$182M$44M

Retained capital Retained $409M of earnings over 2016–2025; annual owner earnings grew $382M, $0.93 per $1 retained.

Balance sheet Meaningful net debt, $525M · buybacks at an average near $35.86 · dividend paid 10 of 10 yrs, never cut

AVO Mission Produce Inc.

Mission Produce, Inc. together with its consolidated subsidiaries, is a global leader in the avocado industry.

Owner earnings 2019–2025 $76M$61M$27M$10M($4M)$61M$54M

Retained capital Retained $154M of earnings over 2019–2025; annual owner earnings fell $17M, $-0.11 per $1 retained.

Balance sheet Modest net debt, $31M · buybacks at an average near $1.00 · dividend paid 2 of 7 yrs, cut at least once

BG Bunge Limited

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

Owner earnings 2021–2025 ($3.3B)($6.1B)$2.2B$524M($879M)

Retained capital not read

Balance sheet Heavy net debt, $12.1B

CALM Cal-Maine Foods

We are the largest producer and distributor of shell eggs in the United States.

Owner earnings 2017–2025 ($95M)$181M$47M$16M($33M)$54M$791M$371M$1.1B

Retained capital Retained $1.8B of earnings over 2017–2025; annual owner earnings grew $720M, $0.40 per $1 retained.

Balance sheet Net cash, +$653M · dividend paid 6 of 9 yrs, cut at least once

CHSCO CHS Inc.

We are the nation's largest cooperative energy company based on revenues and identifiable assets, with operations that include petroleum refining and pipelines; supply, marketing and distribution of refined fuels; blending, sale and distribution of lubricants; and wholesale supply of propane and other natural gas liquids.

Owner earnings 2016–2025 $813M$510M$719M$697M$669M$440M$1.6B$2.7B$703M($93M)

Retained capital Retained $8.3B of earnings over 2016–2025; annual owner earnings grew $429M, $0.05 per $1 retained.

Balance sheet Heavy net debt, $1.7B

CHSCP CHS Inc.

Owner earnings 2016–2025 $813M$510M$719M$697M$669M$440M$1.6B$2.7B$703M($93M)

Retained capital Retained $8.3B of earnings over 2016–2025; annual owner earnings grew $429M, $0.05 per $1 retained.

Balance sheet Heavy net debt, $1.7B

DAR Darling Ingredients Inc.

Darling is a partner with Valero Energy Corporation in Diamond Green Diesel, a renewable fuel producer, which converts used cooking oils, animal fats and other feedstocks into valuable renewable fuels/products, such as renewable diesel and SAF.

Owner earnings 2016–2026 $147M$136M$77M$3M$345M$422M$344M$507M$679M

Retained capital Retained $2.3B of earnings over 2016–2026; annual owner earnings grew $390M, $0.17 per $1 retained.

Balance sheet Heavy net debt, $3.9B

DOLE Dole plc

Dole plc is a global leader in the production, sourcing, distribution, and marketing of fresh fruits and vegetables.

Owner earnings 2023–2025 $221M$180M$2M

Retained capital not read

Balance sheet Meaningful net debt, $593M

FDP Del Monte Corporation

Revenue is Product 2 (61%), Banana (35%) and Totals (5%).

Owner earnings 2016–2025 $198M$56M$96M$47M$30M$14M$120M$131M$181M

Retained capital Retained $164M of earnings over 2016–2025; annual owner earnings grew $28M, $0.17 per $1 retained.

Balance sheet Heavy net debt, $689M · buybacks at an average near $43.86 · dividend paid 9 of 9 yrs, cut at least once

LND BrasilAgro – Brazilian Agricultural Real Estate Company

Revenue is led by Agricultural activity Grains (49%) and Sugarcane (37%), with 3 more segments behind.

Owner earnings 2021–2025 R$99MR$154MR$135MR$50M(R$8M)

Retained capital Paid out R$152M more than it earned over 2021–2025; annual owner earnings fell R$71M.

Balance sheet net position not read (debt under-captured) · dividend paid 5 of 5 yrs, cut at least once

PFAI Pinnacle Food Group Limited Class A

Revenue is led by Recognized at point of time (61%) and Construction services (22%), with 2 more lines behind.

Owner earnings 2022–2025 ($94K)$59K$5K($4M)

Retained capital not read

Balance sheet Net debt against an operating loss, $79K

SEB Seaboard Corporation

Seaboard's operations are heavily commodity-driven and financial performance for certain segments is cyclical based on respective global commodity markets and trends in economic activity.

Owner earnings 2016–2025 $325M$127M$76M$33M$119M($86M)$441M$427M$208M$250M

Retained capital Retained $2.3B of earnings over 2016–2025; annual owner earnings grew $119M, $0.05 per $1 retained.

Balance sheet Net cash, +$245M · dividend paid 9 of 10 yrs, never cut

UVV Universal Corporation

Universal Corporation is a global business-to-business agriproducts company with over 100 years of experience supplying products and innovative solutions to meet our customers' evolving needs.

Owner earnings 2017–2026 $215M$47M$126M($24M)$176M($8M)($65M)($141M)$264M$80M

Retained capital Retained $147M of earnings over 2017–2026; annual owner earnings fell $61M, $-0.42 per $1 retained.

Balance sheet Meaningful net debt, $555M · buybacks at an average near $51.50 · dividend paid 10 of 10 yrs, never cut

VFF Village Farms International Inc.

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2025 ($1M)($8M)($17M)$2M($52M)($34M)$2M$3M$40M

Retained capital Paid out $155M more than it earned over 2017–2025; annual owner earnings grew $23M.

Balance sheet Net cash, +$48M

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.