# Deere & Company (DE) Forecast Calculator

Interactive five-year financial forecast and DCF for Deere & Company. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/deere/forecast
- Industry: Industrials
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 39258000000 | 2292000000 | 6434000000 | 3253000000 |
| 2022 | 35540000000 | 6663000000 | 6423000000 | 2751000000 |
| 2023 | 44024000000 | 6878000000 | 10062000000 | 5963000000 |
| 2024 | 52577000000 | 3565000000 | 11403000000 | 7131000000 |
| 2025 | 61251000000 | 7091000000 |  -  | 10166000000 |

## Frequently asked questions

### What does Deere & Company do?

Deere & Company, operating under the iconic John Deere brand, is a global leader in manufacturing agricultural, construction, and forestry equipment. The company also includes a large captive finance arm that provides wholesale financing to dealers and retail financing to end customers.

### What are the primary revenue drivers for Deere & Company?

Deere & Company's revenues are primarily driven by its Production & Precision Agriculture, Small Agriculture & Turf, and Construction & Forestry segments. Geographically, the United States and Canada account for approximately 60% of its total revenues.

### What is Deere & Company's typical capital expenditure as a percentage of revenue?

Deere & Company's capital expenditure typically ranges from 3.0% to 4.0% of equipment net sales. Approximately 60% of this capex is for maintenance, with the remaining 40% directed towards growth initiatives like factory automation and precision ag tooling.

### What is the main purpose of the Deere & Company financial model?

The financial model evaluates Deere & Company's cyclical earnings power and equity valuation. It aims to help equity research analysts determine if the current share price accurately reflects the bottoming of the large agriculture equipment cycle and the structural margin improvements achieved by management.

### Is an Excel financial model available for download for Deere & Company?

Yes, an Excel financial model for Deere & Company is available for download. This model provides a forecast horizon covering fiscal years 2026 through 2030.

### How does Deere & Company's balance sheet structure reflect its business operations?

Deere & Company's balance sheet, with total assets around $100 billion, is heavily influenced by its Financial Services portfolio, including significant finance receivables. The equipment manufacturing operations require substantial positive net working capital to build inventory ahead of the spring selling season.