Andersons (ANDE) Financials

$38.38 -0.07 (-0.18%)

Closing price 07/11/2025 04:00 PM Eastern

Extended Trading

$38.21 -0.17 (-0.45%)

As of 04:00 AM Eastern

Annual Income Statements for Andersons

This table shows Andersons' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	110	-13	12	43	41	18	7.71	104	131	101	114
Consolidated Net Income / (Loss)	123	-11	14	43	41	15	-14	136	167	133	171
Net Income / (Loss) Continuing Operations	123	-11	14	43	41	3.88	-16	132	155	133	171
Total Pre-Tax Income	184	-12	21	-21	53	13	-27	161	195	170	201
Total Operating Income	78	-70	20	-38	38	9.85	-11	161	218	166	190
Total Gross Profit	397	376	346	319	302	461	366	593	684	745	694
Total Revenue	4,540	4,198	3,925	3,686	3,045	8,003	8,065	12,612	17,325	14,750	11,258
Operating Revenue	4,540	4,198	3,925	3,686	3,045	8,003	8,065	12,612	17,325	14,750	11,258
Total Cost of Revenue	4,143	3,823	3,579	3,368	2,743	7,542	7,698	12,019	16,641	14,005	10,564
Operating Cost of Revenue	4,143	3,823	3,579	3,368	2,743	7,542	7,698	12,019	16,641	14,005	10,564
Total Operating Expenses	319	446	325	357	264	451	378	432	467	579	504
Selling, General & Admin Expense	-	-	-	-	258	410	378	423	458	492	504
Impairment Charge	3.09	56	9.11	70	6.27	41	-	8.95	9.00	87	0.00
Total Other Income / (Expense), net	106	58	1.08	18	15	3.18	-16	0.15	-23	3.62	10
Interest Expense	22	20	21	22	28	43	34	37	57	47	32
Other Income / (Expense), net	31	46	12	23	16	19	18	37	34	50	42
Income Tax Expense	62	-0.24	6.91	-63	12	9.15	-11	29	40	37	30
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	11	1.96	4.32	12	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	13	1.75	2.88	0.10	-0.26	-3.25	-22	32	36	31	57
Basic Earnings per Share	$3.85	($0.46)	$0.41	$1.51	$1.47	$0.56	$0.23	$3.12	$3.89	$3.00	$3.35
Weighted Average Basic Shares Outstanding	28.80M	28M	28.19M	28.13M	28.26M	32.57M	32.92M	33.28M	33.73M	33.72M	34.03M
Diluted Earnings per Share	$3.84	($0.46)	$0.41	$1.50	$1.46	$0.55	$0.23	$3.07	$3.81	$2.94	$3.32
Weighted Average Diluted Shares Outstanding	28.80M	28M	28.19M	28.13M	28.45M	33.10M	33.19M	33.86M	34.42M	34.38M	34.32M
Weighted Average Basic & Diluted Shares Outstanding	28.80M	28M	28.19M	28.13M	28.26M	32.80M	33.20M	33.70M	33.54M	33.83M	34.03M
Cash Dividends to Common per Share	$0.47	$0.58	$0.63	$0.65	$0.67	$0.69	$0.70	$0.71	$0.73	$0.75	$0.77

This table shows Andersons' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	37	9.02	-15	55	9.71	51	5.58	36	27	45	0.28
Consolidated Net Income / (Loss)	44	15	-59	83	31	78	13	52	51	54	5.33
Net Income / (Loss) Continuing Operations	25	21	-59	83	31	78	13	52	51	54	5.33
Total Pre-Tax Income	35	31	-65	104	38	92	14	57	62	67	3.21
Total Operating Income	48	34	-56	106	31	85	8.96	59	57	66	7.12
Total Gross Profit	164	170	148	222	158	218	128	175	177	213	153
Total Revenue	4,219	4,677	3,881	4,020	3,636	3,213	2,718	2,795	2,621	3,123	2,659
Operating Revenue	4,219	4,677	3,881	4,020	3,636	3,213	2,718	2,795	2,621	3,123	2,659
Total Cost of Revenue	4,056	4,507	3,733	3,798	3,478	2,995	2,590	2,620	2,444	2,910	2,506
Operating Cost of Revenue	4,056	4,507	3,733	3,798	3,478	2,995	2,590	2,620	2,444	2,910	2,506
Total Operating Expenses	116	136	204	116	126	133	119	117	120	147	146
Selling, General & Admin Expense	116	127	117	116	126	133	119	117	120	147	146
Total Other Income / (Expense), net	-14	-2.45	-8.62	-1.51	6.99	6.76	5.01	-1.41	5.56	1.30	-3.91
Interest Expense	15	14	17	14	8.19	8.10	6.52	6.61	8.36	10	13
Other Income / (Expense), net	1.48	12	8.00	12	15	15	12	5.20	14	12	9.19
Income Tax Expense	9.84	9.93	-5.88	22	7.86	13	1.30	4.88	11	13	-2.12
Net Income / (Loss) Attributable to Noncontrolling Interest	7.52	6.07	-44	28	21	27	7.08	16	24	9.01	5.05
Basic Earnings per Share	$1.08	$0.29	($0.44)	$1.63	$0.29	$1.52	$0.16	$1.06	$0.80	$1.33	$0.01
Weighted Average Basic Shares Outstanding	33.83M	33.73M	33.62M	33.74M	33.75M	33.72M	33.93M	34.06M	34.07M	34.03M	34.10M
Diluted Earnings per Share	$1.06	$0.27	($0.44)	$1.61	$0.28	$1.49	$0.16	$1.05	$0.80	$1.31	$0.01
Weighted Average Diluted Shares Outstanding	34.41M	34.42M	33.62M	34.17M	34.27M	34.38M	34.24M	34.34M	34.36M	34.32M	34.32M
Weighted Average Basic & Diluted Shares Outstanding	33.50M	33.54M	33.73M	33.75M	33.75M	33.83M	34.05M	34.07M	34.07M	34.03M	34.19M
Cash Dividends to Common per Share	$0.18	-	$0.19	$0.19	$0.19	-	$0.19	$0.19	$0.19	-	$0.20

This table details how cash moves in and out of Andersons' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-194	-51	-1.12	-28	-12	32	-26	187	-101	529	-82
Net Cash From Operating Activities	-10	154	40	75	-36	349	-74	-51	287	947	332
Net Cash From Continuing Operating Activities	-10	154	40	75	-36	349	-74	-55	275	947	334
Net Income / (Loss) Continuing Operations	123	-11	14	43	41	15	-14	132	155	133	171
Consolidated Net Income / (Loss)	123	-11	14	43	41	15	-14	136	167	133	171
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	4.32	12	0.00	0.00
Depreciation Expense	62	78	84	86	90	146	189	179	135	125	128
Non-Cash Adjustments To Reconcile Net Income	8.70	74	18	43	-26	26	38	6.61	33	95	28
Changes in Operating Assets and Liabilities, net	-203	13	-78	-97	-141	161	-287	-372	-48	594	8.24
Net Cash From Investing Activities	-90	-238	-28	-113	-186	-325	-87	487	-53	-154	-163
Net Cash From Continuing Investing Activities	-90	-238	-28	-113	-186	-325	-87	487	-53	-154	-163
Purchase of Property, Plant & Equipment	-60	-72	-78	-35	-143	-165	-77	-76	-108	-150	-149
Acquisitions	-20	-129	-2.52	-9.19	-3.33	-104	-3.06	-18	-20	-25	-29
Divestitures	0.00	-	-	-	-	25	0.00	561	61	10	0.00
Other Investing Activities, net	-58	-38	-27	-105	-88	-86	-18	15	14	11	15
Net Cash From Financing Activities	-95	33	-12	10	209	8.71	136	-249	-335	-264	-250
Net Cash From Continuing Financing Activities	-95	33	-12	10	209	8.71	136	-249	-335	-264	-250
Repayment of Debt	-74	-95	-99	-68	-124	-618	-566	-1,036	-599	-284	-86
Repurchase of Common Equity	0.00	-49	-	-	-10	-	0.00	0.00	-13	-1.75	-2.30
Payment of Dividends	-27	-19	-23	-19	-19	-22	-33	-24	-70	-72	-129
Issuance of Debt	3.41	197	110	97	315	923	472	811	350	100	-25
Other Financing Activities, net	1.81	-	0.00	0.00	-	-279	255	-	-3.38	-6.63	-8.11
Effect of Exchange Rate Changes	-	-	-	0.00	0.00	0.07	-0.88	-0.11	-0.66	-0.29	-0.16

This table details how cash moves in and out of Andersons' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	37	-8.11	-44	25	322	226	-360	246	-76	108	-343
Net Cash From Operating Activities	568	440	-334	541	489	251	-240	304	-2.11	269	-350
Net Cash From Continuing Operating Activities	549	447	-334	541	489	251	-240	304	-2.11	272	-350
Net Income / (Loss) Continuing Operations	25	21	-59	83	31	78	13	52	51	54	5.33
Consolidated Net Income / (Loss)	44	15	-59	83	31	78	13	52	51	54	5.33
Depreciation Expense	33	33	32	30	31	31	31	30	30	36	34
Non-Cash Adjustments To Reconcile Net Income	-41	62	85	3.18	0.40	6.69	4.80	6.03	4.33	13	17
Changes in Operating Assets and Liabilities, net	532	330	-392	425	427	134	-288	216	-88	169	-407
Net Cash From Investing Activities	33	-56	-20	-52	-46	-37	-22	-36	-32	-72	-44
Net Cash From Continuing Investing Activities	33	-56	-20	-52	-46	-37	-22	-36	-32	-72	-44
Purchase of Property, Plant & Equipment	-29	-36	-25	-50	-34	-42	-27	-29	-38	-56	-47
Other Investing Activities, net	-1.93	5.27	5.66	-2.35	2.20	5.42	4.72	2.09	5.39	3.09	2.72
Net Cash From Financing Activities	-547	-410	309	-464	-121	12	-98	-22	-43	-88	50
Net Cash From Continuing Financing Activities	-547	-410	309	-464	-121	12	-98	-22	-43	-88	50
Repayment of Debt	-870	-19	-32	-180	-95	22	-39	-45	31	-66	46
Payment of Dividends	-31	-16	-16	-21	-26	-8.72	-51	-8.97	-46	-22	-6.69
Issuance of Debt	361	-361	364	-264	-	-	0.00	32	-27	2.10	15
Other Financing Activities, net	-	-5.06	-6.62	-	-0.01	-0.00	-8.07	-	-0.03	-0.00	-3.84
Effect of Exchange Rate Changes	-	-	-	-	-0.47	-0.10	0.01	-	0.91	-0.86	0.85

This table presents Andersons' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	2,365	2,359	2,233	2,162	2,392	3,901	4,272	4,569	4,608	3,855	4,121
Total Current Assets	1,254	1,130	1,058	999	1,023	1,945	2,416	3,372	3,466	2,807	2,850
Cash & Equivalents	115	64	63	35	23	55	29	216	115	644	562
Note & Lease Receivable	183	171	195	183	207	536	641	835	1,249	763	765
Inventories, net	796	747	683	649	691	1,171	1,293	1,815	1,732	1,167	1,287
Other Current Assets	153	140	118	94	51	108	420	485	370	234	237
Plant, Property, & Equipment, net	709	793	777	808	998	1,523	860	786	763	693	868
Total Noncurrent Assets	401	436	397	355	370	433	995	411	379	355	403
Other Noncurrent Operating Assets	35	9.93	11	13	23	122	80	121	149	141	403
Total Liabilities & Shareholders' Equity	2,365	2,359	2,233	2,162	2,392	3,901	4,272	4,569	4,608	3,855	4,121
Total Liabilities	1,541	1,575	1,442	1,339	1,515	2,705	3,111	3,262	3,178	2,339	2,521
Total Current Liabilities	1,028	888	800	739	833	1,440	1,932	2,464	2,521	1,636	1,731
Short-Term Debt	79	45	77	76	227	210	473	534	383	71	203
Accounts Payable	707	669	582	504	463	873	955	1,199	1,424	1,055	1,047
Accrued Expenses	79	70	70	70	79	176	153	230	246	232	227
Current Deferred Revenue	100	67	49	60	33	134	178	358	371	187	194
Other Current Liabilities	64	37	23	30	33	47	147	129	99	91	60
Total Noncurrent Liabilities	513	687	642	601	682	1,265	1,180	798	657	702	790
Long-Term Debt	299	436	397	418	496	1,016	886	600	493	563	608
Other Noncurrent Operating Liabilities	19	19	28	34	33	103	75	110	100	81	182
Commitments & Contingencies	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	824	784	791	823	877	1,196	1,161	1,308	1,430	1,516	1,600
Total Preferred & Common Equity	803	764	774	815	830	974	962	1,072	1,199	1,283	1,366
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	803	764	774	815	830	974	962	1,072	1,199	1,283	1,366
Common Stock	223	223	223	225	224	345	349	369	385	387	386
Retained Earnings	645	615	609	633	648	643	626	703	808	883	971
Treasury Stock	-9.74	-53	-45	-40	-35	-7.34	-0.97	-0.26	-15	-10	-2.86
Accumulated Other Comprehensive Income / (Loss)	-55	-21	-12	-2.70	-6.39	-7.23	-12	1.19	20	23	13
Noncontrolling Interest	21	19	16	7.70	46	222	199	235	231	233	234

This table presents Andersons' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	4,737	4,419	4,102	3,570	3,588	3,261	3,300	3,388	3,798
Total Current Assets	3,573	3,265	3,050	2,537	2,527	2,214	2,249	2,331	2,529
Cash & Equivalents	86	141	71	96	418	284	530	454	219
Note & Lease Receivable	1,141	991	1,125	1,030	817	702	744	757	812
Inventories, net	1,618	1,556	1,551	991	985	995	687	884	1,249
Other Current Assets	709	577	303	420	307	234	289	236	248
Plant, Property, & Equipment, net	763	766	679	663	680	689	694	710	860
Total Noncurrent Assets	401	387	373	369	381	358	356	347	409
Other Noncurrent Operating Assets	142	159	148	369	381	358	356	347	409
Total Liabilities & Shareholders' Equity	4,737	4,419	4,102	3,570	3,588	3,261	3,300	3,388	3,798
Total Liabilities	3,320	2,992	2,756	2,132	2,139	1,785	1,780	1,865	2,203
Total Current Liabilities	2,578	2,321	2,112	1,393	1,408	1,083	1,085	1,178	1,434
Short-Term Debt	1,215	765	724	130	42	38	32	42	285
Accounts Payable	773	930	769	641	822	626	607	774	661
Accrued Expenses	212	230	202	181	189	178	193	208	194
Current Deferred Revenue	184	259	310	190	212	175	124	68	224
Other Current Liabilities	186	137	108	251	143	67	129	86	70
Total Noncurrent Liabilities	742	672	643	738	731	702	695	687	769
Long-Term Debt	563	498	487	576	570	556	549	543	588
Other Noncurrent Operating Liabilities	112	115	102	162	162	146	145	145	181
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,417	1,427	1,346	1,438	1,449	1,476	1,520	1,523	1,594
Total Preferred & Common Equity	1,167	1,194	1,170	1,231	1,241	1,280	1,311	1,329	1,356
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,167	1,194	1,170	1,231	1,241	1,280	1,311	1,329	1,356
Common Stock	379	382	378	381	384	375	379	382	383
Retained Earnings	775	806	786	835	839	882	911	932	964
Treasury Stock	-2.31	-9.99	-11	-10	-10	-0.63	-0.63	-0.57	0.00
Accumulated Other Comprehensive Income / (Loss)	15	16	16	25	29	23	21	15	8.86
Noncontrolling Interest	250	233	177	207	208	196	210	194	239

This table displays calculated financial ratios and metrics derived from Andersons' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-18.99%	-7.52%	-6.52%	-6.08%	-17.39%	162.80%	0.77%	56.39%	37.37%	-14.86%	-23.68%
EBITDA Growth	9.18%	-67.89%	112.76%	-39.60%	103.81%	21.07%	11.92%	92.99%	2.43%	-11.56%	5.50%
EBIT Growth	7.59%	-121.41%	239.99%	-147.84%	443.49%	-47.33%	-76.37%	2,854.83%	26.95%	-13.92%	7.43%
NOPAT Growth	-6.18%	-193.86%	128.09%	-294.52%	209.84%	-90.02%	-374.64%	1,732.86%	31.86%	-25.15%	24.76%
Net Income Growth	28.15%	-109.23%	227.80%	194.46%	-3.25%	-63.47%	-194.39%	1,055.79%	22.90%	-20.63%	28.80%
EPS Growth	20.75%	-111.98%	189.13%	265.85%	-2.67%	-62.33%	-58.18%	1,234.78%	24.10%	-22.83%	12.93%
Operating Cash Flow Growth	-102.99%	1,630.47%	-74.32%	90.19%	-147.18%	1,081.34%	-121.35%	31.41%	662.42%	229.74%	-64.98%
Free Cash Flow Firm Growth	-201.21%	42.19%	91.82%	-427.19%	-264.32%	-331.73%	139.30%	-143.43%	201.90%	365.32%	-122.25%
Invested Capital Growth	55.94%	11.54%	2.70%	3.77%	25.66%	78.51%	-17.59%	16.04%	-0.07%	-31.22%	22.76%
Revenue Q/Q Growth	-6.44%	-2.06%	-1.76%	-2.87%	-5.91%	12.77%	9.76%	11.96%	5.45%	-9.03%	-0.79%
EBITDA Q/Q Growth	1.22%	-62.31%	255.32%	-21.63%	34.71%	-15.96%	31.52%	17.82%	-10.56%	18.16%	-4.63%
EBIT Q/Q Growth	-1.76%	-133.00%	165.07%	-532.58%	213.28%	-67.37%	116.59%	51.93%	-14.39%	33.80%	-8.77%
NOPAT Q/Q Growth	-4.79%	-259.93%	122.37%	-159.22%	879.85%	-95.56%	82.14%	73.68%	-19.32%	63.92%	-10.73%
Net Income Q/Q Growth	-5.14%	-117.87%	133.22%	369.23%	-52.78%	-54.45%	38.72%	54.09%	-22.06%	91.55%	-12.48%
EPS Q/Q Growth	-3.03%	-121.50%	125.31%	350.00%	-52.75%	-53.39%	483.33%	13.70%	-13.41%	70.93%	-5.14%
Operating Cash Flow Q/Q Growth	-103.24%	382.44%	-71.25%	27.66%	-181.88%	36.54%	-133.12%	66.23%	188.76%	-16.70%	5.79%
Free Cash Flow Firm Q/Q Growth	-251.47%	66.69%	-116.42%	-95.15%	-21.41%	-19.75%	-9.34%	36.49%	141.33%	-17.47%	-206.63%
Invested Capital Q/Q Growth	47.15%	-9.50%	6.55%	7.95%	12.50%	11.99%	20.64%	14.66%	-14.08%	-8.30%	11.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	8.75%	8.95%	8.80%	8.65%	9.92%	5.76%	4.54%	4.70%	3.95%	5.05%	6.16%
EBITDA Margin	3.78%	1.31%	2.98%	1.92%	4.73%	2.18%	2.42%	2.99%	2.23%	2.32%	3.20%
Operating Margin	1.72%	-1.66%	0.52%	-1.04%	1.24%	0.12%	-0.14%	1.27%	1.26%	1.13%	1.69%
EBIT Margin	2.41%	-0.56%	0.84%	-0.43%	1.77%	0.35%	0.08%	1.57%	1.45%	1.47%	2.07%
Profit (Net Income) Margin	2.70%	-0.27%	0.37%	1.16%	1.35%	0.19%	-0.18%	1.08%	0.96%	0.90%	1.52%
Tax Burden Percent	66.60%	97.91%	67.68%	-207.60%	77.55%	115.66%	52.49%	84.51%	85.81%	78.16%	85.03%
Interest Burden Percent	168.35%	49.39%	65.23%	130.89%	98.69%	45.90%	-404.01%	81.17%	77.39%	78.35%	86.34%
Effective Tax Rate	33.40%	0.00%	32.32%	0.00%	22.45%	70.23%	0.00%	18.18%	20.37%	21.84%	14.97%
Return on Invested Capital (ROIC)	7.39%	-5.38%	1.41%	-2.67%	2.55%	0.16%	-0.39%	6.44%	7.91%	7.02%	9.65%
ROIC Less NNEP Spread (ROIC-NNEP)	-94.70%	30.44%	1.81%	32.70%	6.47%	1.78%	-1.06%	6.99%	7.14%	7.77%	17.08%
Return on Net Nonoperating Assets (RNNOA)	8.45%	3.97%	0.42%	7.95%	2.30%	1.29%	-0.82%	4.57%	4.29%	1.98%	1.31%
Return on Equity (ROE)	15.84%	-1.41%	1.84%	5.28%	4.85%	1.45%	-1.21%	11.01%	12.20%	9.00%	10.96%
Cash Return on Invested Capital (CROIC)	-36.32%	-16.29%	-1.25%	-6.37%	-20.19%	-56.22%	18.90%	-8.41%	7.98%	44.01%	-10.79%
Operating Return on Assets (OROA)	4.72%	-0.99%	1.43%	-0.71%	2.37%	0.90%	0.16%	4.48%	5.48%	5.11%	5.83%
Return on Assets (ROA)	5.29%	-0.48%	0.63%	1.94%	1.81%	0.48%	-0.35%	3.07%	3.64%	3.13%	4.28%
Return on Common Equity (ROCE)	15.39%	-1.37%	1.80%	5.20%	4.70%	1.27%	-0.99%	9.07%	10.12%	7.58%	9.31%
Return on Equity Simple (ROE_SIMPLE)	15.27%	-1.48%	1.87%	5.23%	4.96%	1.55%	-1.48%	12.67%	13.93%	10.33%	12.49%
Net Operating Profit after Tax (NOPAT)	52	-49	14	-27	29	2.93	-8.05	131	173	130	162
NOPAT Margin	1.15%	-1.17%	0.35%	-0.73%	0.96%	0.04%	-0.10%	1.04%	1.00%	0.88%	1.44%
Net Nonoperating Expense Percent (NNEP)	102.09%	-35.83%	-0.40%	-35.37%	-3.92%	-1.61%	0.68%	-0.55%	0.77%	-0.75%	-7.44%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	7.52%	6.03%	6.71%
Cost of Revenue to Revenue	91.25%	91.05%	91.20%	91.35%	90.08%	94.24%	95.46%	95.30%	96.05%	94.95%	93.84%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	8.47%	5.12%	4.68%	3.35%	2.64%	3.34%	4.47%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	7.02%	10.62%	8.29%	9.68%	8.67%	5.63%	4.68%	3.43%	2.69%	3.93%	4.47%
Earnings before Interest and Taxes (EBIT)	109	-23	33	-16	54	28	6.70	198	251	216	233
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	171	55	117	71	144	175	195	377	386	342	360
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.56	0.96	1.38	0.93	0.89	0.76	0.79	1.15	0.95	1.49	1.01
Price to Tangible Book Value (P/TBV)	1.89	1.27	1.76	1.09	1.02	1.12	1.10	1.49	1.17	1.79	1.18
Price to Revenue (P/Rev)	0.28	0.18	0.27	0.21	0.24	0.09	0.09	0.10	0.07	0.13	0.12
Price to Earnings (P/E)	11.44	0.00	91.86	17.91	17.91	40.58	98.25	11.87	8.67	18.89	12.05
Dividend Yield	1.08%	2.19%	1.65%	2.41%	2.53%	3.01%	3.05%	1.90%	2.14%	1.32%	1.88%
Earnings Yield	8.75%	0.00%	1.09%	5.58%	5.58%	2.46%	1.02%	8.42%	11.54%	5.29%	8.30%
Enterprise Value to Invested Capital (EV/IC)	1.53	0.97	1.30	0.98	0.97	0.93	1.21	1.09	0.97	1.42	1.00
Enterprise Value to Revenue (EV/Rev)	0.29	0.22	0.32	0.27	0.41	0.27	0.28	0.19	0.12	0.14	0.16
Enterprise Value to EBITDA (EV/EBITDA)	7.65	16.89	10.89	14.22	8.65	12.24	11.71	6.33	5.51	6.25	5.15
Enterprise Value to EBIT (EV/EBIT)	11.98	0.00	38.89	0.00	23.15	75.29	341.15	12.06	8.46	9.86	7.99
Enterprise Value to NOPAT (EV/NOPAT)	25.15	0.00	92.77	0.00	42.48	728.91	0.00	18.17	12.28	16.46	11.47
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	6.03	32.21	13.36	0.00	6.13	0.00	0.00	7.41	2.26	5.60
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	5.79	0.00	12.17	2.63	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.46	0.61	0.60	0.60	0.82	1.03	1.17	0.87	0.61	0.42	0.51
Long-Term Debt to Equity	0.36	0.56	0.50	0.51	0.57	0.85	0.76	0.46	0.34	0.37	0.38
Financial Leverage	-0.09	0.13	0.23	0.24	0.36	0.72	0.77	0.65	0.60	0.25	0.08
Leverage Ratio	3.00	2.94	2.92	2.72	2.68	3.04	3.47	3.58	3.35	2.87	2.56
Compound Leverage Factor	5.04	1.45	1.90	3.57	2.64	1.39	-14.01	2.91	2.59	2.25	2.21
Debt to Total Capital	31.40%	38.03%	37.46%	37.54%	45.19%	50.63%	53.95%	46.45%	37.97%	29.47%	33.64%
Short-Term Debt to Total Capital	6.54%	3.54%	6.05%	5.78%	14.17%	8.67%	18.77%	21.87%	16.60%	3.29%	8.41%
Long-Term Debt to Total Capital	24.86%	34.49%	31.41%	31.75%	31.02%	41.96%	35.17%	24.59%	21.37%	26.18%	25.23%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.74%	1.54%	1.29%	0.58%	2.90%	9.17%	7.89%	9.63%	10.03%	10.86%	9.69%
Common Equity to Total Capital	66.85%	60.43%	61.25%	61.88%	51.91%	40.20%	38.17%	43.91%	52.00%	59.67%	56.67%
Debt to EBITDA	2.20	8.74	4.04	6.99	5.01	7.03	6.96	3.01	2.27	1.86	2.25
Net Debt to EBITDA	0.21	3.17	1.65	3.34	3.18	6.71	6.81	2.44	1.97	-0.03	0.69
Long-Term Debt to EBITDA	1.74	7.93	3.39	5.91	3.44	5.82	4.54	1.59	1.28	1.65	1.69
Debt to NOPAT	7.24	-9.83	34.46	-18.50	24.62	418.41	-168.91	8.63	5.05	4.89	5.01
Net Debt to NOPAT	0.68	-3.57	14.09	-8.84	15.59	399.67	-165.30	6.99	4.39	-0.08	1.54
Long-Term Debt to NOPAT	5.73	-8.92	28.89	-15.65	16.90	346.77	-110.14	4.57	2.84	4.34	3.76
Altman Z-Score	3.06	2.51	2.77	2.58	2.12	2.63	2.38	3.58	4.65	5.19	3.90
Noncontrolling Interest Sharing Ratio	2.83%	2.51%	2.28%	1.49%	3.19%	12.96%	17.86%	17.58%	17.04%	15.77%	14.99%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.22	1.27	1.32	1.35	1.23	1.35	1.25	1.37	1.37	1.72	1.65
Quick Ratio	0.29	0.26	0.32	0.30	0.28	0.41	0.35	0.43	0.54	0.86	0.77
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-256	-148	-12	-64	-233	-1,005	395	-172	175	813	-181
Operating Cash Flow to CapEx	-17.28%	213.53%	505.17%	10,412.86%	-37.35%	218.16%	-112.72%	-71.64%	265.15%	629.31%	222.21%
Free Cash Flow to Firm to Interest Expense	-11.77	-7.38	-0.57	-2.96	-8.36	-23.26	11.69	-4.60	3.07	17.35	-5.70
Operating Cash Flow to Interest Expense	-0.46	7.68	1.87	3.49	-1.28	8.07	-2.20	-1.37	5.05	20.20	10.44
Operating Cash Flow Less CapEx to Interest Expense	-3.14	4.08	1.50	3.46	-4.69	4.37	-4.16	-3.28	3.15	16.99	5.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.96	1.78	1.71	1.68	1.34	2.54	1.97	2.85	3.78	3.49	2.82
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	5.87	4.95	5.01	5.06	4.10	8.10	6.25	7.74	9.39	9.66	8.61
Fixed Asset Turnover	6.79	5.59	5.00	4.65	3.37	6.35	6.77	15.32	22.37	20.26	14.42
Accounts Payable Turnover	5.70	5.56	5.72	6.21	5.68	11.29	8.42	11.16	12.69	11.30	10.05
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	62.14	73.67	72.92	72.16	89.11	45.04	58.40	47.19	38.89	37.77	42.39
Days Payable Outstanding (DPO)	64.03	65.67	63.77	58.82	64.27	32.32	43.33	32.71	28.77	32.31	36.33
Cash Conversion Cycle (CCC)	-1.90	7.99	9.15	13.33	24.84	12.72	15.07	14.48	10.13	5.46	6.06
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	859	958	984	1,021	1,284	2,291	1,888	2,191	2,190	1,506	1,849
Invested Capital Turnover	6.44	4.62	4.04	3.68	2.64	4.48	3.86	6.18	7.91	7.98	6.71
Increase / (Decrease) in Invested Capital	308	99	26	37	262	1,008	-403	303	-1.49	-684	343
Enterprise Value (EV)	1,311	929	1,275	1,006	1,247	2,136	2,287	2,388	2,127	2,135	1,857
Market Capitalization	1,255	735	1,065	761	743	743	758	1,235	1,136	1,912	1,374
Book Value per Share	$27.79	$27.29	$27.46	$28.70	$29.34	$29.87	$29.17	$32.22	$35.78	$38.01	$40.10
Tangible Book Value per Share	$22.98	$20.72	$21.43	$24.52	$25.62	$20.34	$20.93	$24.81	$28.90	$31.69	$34.31
Total Capital	1,201	1,265	1,264	1,317	1,600	2,422	2,520	2,442	2,305	2,150	2,411
Total Debt	377	481	474	495	723	1,226	1,360	1,135	875	634	811
Total Long-Term Debt	299	436	397	418	496	1,016	886	600	493	563	608
Net Debt	35	175	194	236	458	1,171	1,330	918	760	-10	249
Capital Expenditures (CapEx)	58	72	7.84	0.72	95	160	66	71	108	150	149
Debt-free, Cash-free Net Working Capital (DFCFNWC)	190	222	272	302	394	660	929	1,226	1,212	597	760
Debt-free Net Working Capital (DFNWC)	305	286	335	337	416	715	958	1,442	1,327	1,241	1,322
Net Working Capital (NWC)	227	241	258	260	190	505	485	908	945	1,171	1,119
Net Nonoperating Expense (NNE)	-71	-38	-0.73	-69	-12	-12	6.17	-4.44	6.31	-2.83	-8.89
Net Nonoperating Obligations (NNO)	35	175	194	199	407	1,096	728	884	760	-10	249
Total Depreciation and Amortization (D&A)	62	78	84	86	90	146	189	179	135	125	128
Debt-free, Cash-free Net Working Capital to Revenue	4.19%	5.29%	6.93%	8.19%	12.93%	8.25%	11.52%	9.72%	7.00%	4.05%	6.75%
Debt-free Net Working Capital to Revenue	6.73%	6.82%	8.53%	9.13%	13.67%	8.94%	11.88%	11.44%	7.66%	8.42%	11.74%
Net Working Capital to Revenue	4.99%	5.75%	6.58%	7.07%	6.23%	6.32%	6.01%	7.20%	5.45%	7.94%	9.94%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.85	($0.46)	$0.41	$1.51	$1.47	$0.56	$0.23	$3.12	$3.89	$3.00	$3.35
Adjusted Weighted Average Basic Shares Outstanding	28.80M	28M	28.20M	28.20M	32.50M	32.80M	32.92M	33.28M	33.73M	33.72M	34.03M
Adjusted Diluted Earnings per Share	$3.84	($0.46)	$0.41	$1.50	$1.46	$0.55	$0.23	$3.07	$3.81	$2.94	$3.32
Adjusted Weighted Average Diluted Shares Outstanding	28.80M	28M	28.20M	28.20M	32.50M	32.80M	33.19M	33.86M	34.42M	34.38M	34.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	28.80M	28M	28.20M	28.20M	32.50M	32.80M	33.20M	33.70M	33.54M	33.83M	34.03M
Normalized Net Operating Profit after Tax (NOPAT)	54	27	20	22	34	36	-8.05	139	180	198	162
Normalized NOPAT Margin	1.19%	0.63%	0.51%	0.60%	1.12%	0.45%	-0.10%	1.10%	1.04%	1.34%	1.44%
Pre Tax Income Margin	4.06%	-0.28%	0.54%	-0.56%	1.75%	0.16%	-0.34%	1.27%	1.12%	1.15%	1.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.03	-1.17	1.55	-0.73	1.93	0.66	0.20	5.31	4.42	4.62	7.32
NOPAT to Interest Expense	2.40	-2.44	0.65	-1.24	1.05	0.07	-0.24	3.52	3.05	2.77	5.09
EBIT Less CapEx to Interest Expense	2.35	-4.76	1.18	-0.76	-1.48	-3.04	-1.76	3.40	2.52	1.41	2.62
NOPAT Less CapEx to Interest Expense	-0.28	-6.03	0.28	-1.27	-2.36	-3.63	-2.19	1.61	1.14	-0.44	0.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	22.35%	-168.94%	160.44%	43.49%	45.21%	146.87%	-234.44%	17.50%	41.63%	54.17%	75.32%
Augmented Payout Ratio	22.35%	-602.51%	160.44%	43.49%	69.47%	146.87%	-234.44%	17.50%	49.25%	55.49%	76.66%

This table displays calculated financial ratios and metrics derived from Andersons' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	40.70%	23.65%	-2.43%	-9.67%	-13.83%	-31.31%	-29.97%	-30.47%	-27.91%	-2.80%	-2.17%
EBITDA Growth	14.75%	-36.70%	-128.93%	-11.80%	-6.30%	66.74%	418.39%	-36.65%	29.79%	-13.32%	-1.54%
EBIT Growth	95.94%	-48.34%	-325.36%	-12.37%	-6.29%	120.98%	142.36%	-45.97%	51.49%	-22.38%	-20.41%
NOPAT Growth	296.91%	-64.25%	-466.78%	-18.17%	-27.76%	218.17%	120.59%	-35.91%	87.70%	-26.97%	45.34%
Net Income Growth	213.19%	-75.79%	-1,093.56%	-18.67%	-31.06%	419.59%	121.42%	-36.54%	68.60%	-31.02%	-57.91%
EPS Growth	130.43%	-68.60%	-375.00%	-30.60%	-73.58%	451.85%	136.36%	-34.78%	185.71%	-12.08%	-93.75%
Operating Cash Flow Growth	55.92%	358.93%	68.97%	53.15%	-14.03%	-43.09%	28.16%	-43.72%	-100.43%	7.24%	-46.07%
Free Cash Flow Firm Growth	-78.98%	110.18%	186.15%	256.08%	254.40%	3,008.56%	-10.26%	-52.20%	-96.20%	-138.31%	-163.66%
Invested Capital Growth	33.37%	-0.07%	-25.01%	-33.42%	-35.56%	-31.22%	-28.18%	-23.33%	0.70%	22.76%	25.93%
Revenue Q/Q Growth	-5.20%	10.86%	-17.02%	3.58%	-9.56%	-11.63%	-15.40%	2.83%	-6.23%	19.16%	-14.86%
EBITDA Q/Q Growth	-50.77%	-5.25%	-120.54%	1,020.62%	-47.70%	68.62%	-60.78%	83.18%	7.15%	12.61%	-55.45%
EBIT Q/Q Growth	-63.20%	-9.08%	-207.05%	344.69%	-60.66%	114.42%	-79.48%	212.14%	10.31%	9.87%	-78.96%
NOPAT Q/Q Growth	-66.29%	-33.92%	-272.82%	312.55%	-70.24%	191.05%	-88.82%	561.59%	-12.84%	13.24%	-77.74%
Net Income Q/Q Growth	-56.45%	-65.90%	-491.61%	239.87%	-63.09%	156.98%	-83.85%	314.29%	-1.92%	5.14%	-90.15%
EPS Q/Q Growth	-54.31%	-74.53%	-262.96%	465.91%	-82.61%	432.14%	-89.26%	556.25%	-23.81%	63.75%	-99.24%
Operating Cash Flow Q/Q Growth	60.94%	-22.51%	-175.72%	262.18%	-9.66%	-48.71%	-195.60%	227.04%	-100.69%	12,827.79%	-230.21%
Free Cash Flow Firm Q/Q Growth	15.37%	104.03%	3,145.95%	40.87%	-16.29%	-18.79%	-6.29%	-24.96%	-93.35%	-919.80%	-55.71%
Invested Capital Q/Q Growth	-17.18%	-14.08%	13.54%	-17.59%	-19.84%	-8.30%	18.56%	-12.03%	5.28%	11.79%	21.62%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	3.88%	3.63%	3.81%	5.52%	4.34%	6.78%	4.72%	6.27%	6.76%	6.82%	5.75%
EBITDA Margin	1.97%	1.68%	-0.42%	3.70%	2.14%	4.08%	1.89%	3.37%	3.85%	3.64%	1.90%
Operating Margin	1.14%	0.72%	-1.45%	2.64%	0.86%	2.65%	0.33%	2.10%	2.16%	2.11%	0.27%
EBIT Margin	1.18%	0.97%	-1.25%	2.94%	1.28%	3.11%	0.75%	2.29%	2.69%	2.48%	0.61%
Profit (Net Income) Margin	1.05%	0.32%	-1.52%	2.06%	0.84%	2.44%	0.47%	1.88%	1.96%	1.73%	0.20%
Tax Burden Percent	127.52%	48.54%	90.95%	79.19%	79.52%	85.48%	90.67%	91.50%	82.75%	80.45%	165.92%
Interest Burden Percent	69.86%	68.83%	134.37%	88.21%	82.42%	91.89%	68.17%	89.66%	88.15%	86.76%	19.70%
Effective Tax Rate	28.34%	31.94%	0.00%	20.81%	20.48%	14.52%	9.33%	8.50%	17.25%	19.55%	-65.92%
Return on Invested Capital (ROIC)	6.04%	3.86%	-6.04%	13.67%	5.31%	18.05%	1.90%	13.14%	12.31%	11.40%	2.47%
ROIC Less NNEP Spread (ROIC-NNEP)	7.12%	2.92%	-7.29%	13.57%	6.16%	19.59%	2.53%	12.75%	15.15%	12.27%	1.12%
Return on Net Nonoperating Assets (RNNOA)	4.80%	1.75%	-8.59%	10.79%	2.82%	4.99%	1.30%	2.85%	1.65%	0.94%	0.35%
Return on Equity (ROE)	10.84%	5.61%	-14.63%	24.46%	8.13%	23.04%	3.20%	15.98%	13.96%	12.34%	2.82%
Cash Return on Invested Capital (CROIC)	-18.97%	7.98%	32.30%	43.52%	47.02%	44.01%	41.70%	35.20%	10.30%	-10.79%	-14.92%
Operating Return on Assets (OROA)	4.76%	3.65%	-4.65%	11.91%	5.19%	10.83%	2.78%	8.23%	8.76%	7.01%	1.95%
Return on Assets (ROA)	4.24%	1.22%	-5.68%	8.32%	3.40%	8.51%	1.72%	6.76%	6.39%	4.89%	0.64%
Return on Common Equity (ROCE)	9.07%	4.66%	-12.41%	20.54%	6.88%	19.40%	2.78%	13.73%	12.07%	10.49%	2.42%
Return on Equity Simple (ROE_SIMPLE)	17.94%	0.00%	8.71%	6.74%	5.58%	0.00%	15.96%	13.28%	14.67%	0.00%	12.05%
Net Operating Profit after Tax (NOPAT)	35	23	-39	84	25	73	8.13	54	47	53	12
NOPAT Margin	0.82%	0.49%	-1.02%	2.09%	0.69%	2.26%	0.30%	1.92%	1.79%	1.70%	0.44%
Net Nonoperating Expense Percent (NNEP)	-1.08%	0.94%	1.25%	0.11%	-0.85%	-1.54%	-0.63%	0.39%	-2.84%	-0.87%	1.34%
Return On Investment Capital (ROIC_SIMPLE)	-	0.99%	-	-	-	3.38%	0.39%	-	-	2.20%	0.48%
Cost of Revenue to Revenue	96.12%	96.37%	96.19%	94.48%	95.66%	93.22%	95.28%	93.73%	93.24%	93.18%	94.25%
SG&A Expenses to Revenue	2.74%	2.73%	3.02%	2.89%	3.47%	4.13%	4.39%	4.17%	4.60%	4.71%	5.48%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	2.74%	2.92%	5.27%	2.89%	3.47%	4.13%	4.39%	4.17%	4.60%	4.71%	5.48%
Earnings before Interest and Taxes (EBIT)	50	45	-48	118	47	100	20	64	71	78	16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	83	79	-16	149	78	131	51	94	101	114	51
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.86	0.95	1.16	1.25	1.38	1.49	1.49	1.28	1.28	1.01	1.07
Price to Tangible Book Value (P/TBV)	1.06	1.17	1.44	1.25	1.38	1.79	1.49	1.28	1.28	1.18	1.07
Price to Revenue (P/Rev)	0.06	0.07	0.08	0.09	0.11	0.13	0.14	0.14	0.15	0.12	0.13
Price to Earnings (P/E)	6.74	8.67	12.28	17.84	29.04	18.89	15.67	16.42	14.17	12.05	13.38
Dividend Yield	2.39%	2.14%	1.80%	1.62%	1.46%	1.32%	1.33%	1.52%	1.51%	1.88%	1.79%
Earnings Yield	14.84%	11.54%	8.14%	5.61%	3.44%	5.29%	6.38%	6.09%	7.06%	8.30%	7.48%
Enterprise Value to Invested Capital (EV/IC)	0.93	0.97	1.08	1.15	1.29	1.42	1.35	1.24	1.23	1.00	1.04
Enterprise Value to Revenue (EV/Rev)	0.14	0.12	0.16	0.14	0.13	0.14	0.18	0.16	0.18	0.16	0.21
Enterprise Value to EBITDA (EV/EBITDA)	5.50	5.51	8.52	8.00	7.32	6.25	5.89	5.48	5.36	5.15	6.53
Enterprise Value to EBIT (EV/EBIT)	8.09	8.46	14.75	14.27	13.08	9.86	8.45	8.41	7.95	7.99	10.28
Enterprise Value to NOPAT (EV/NOPAT)	11.07	12.28	24.82	27.09	26.74	16.46	12.67	12.21	11.18	11.47	14.48
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	7.41	2.60	1.93	1.86	2.26	2.32	2.42	6.47	5.60	10.62
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	12.17	2.86	2.11	2.15	2.63	2.71	3.05	11.94	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.89	0.61	0.90	0.49	0.42	0.42	0.40	0.38	0.38	0.51	0.55
Long-Term Debt to Equity	0.35	0.34	0.36	0.40	0.39	0.37	0.38	0.36	0.36	0.38	0.37
Financial Leverage	0.68	0.60	1.18	0.80	0.46	0.25	0.51	0.22	0.11	0.08	0.31
Leverage Ratio	3.05	3.35	3.47	2.91	2.78	2.87	2.61	2.32	2.35	2.56	2.30
Compound Leverage Factor	2.13	2.31	4.66	2.57	2.29	2.64	1.78	2.08	2.07	2.22	0.45
Debt to Total Capital	46.96%	37.97%	47.35%	32.95%	29.67%	29.47%	28.70%	27.65%	27.75%	33.64%	35.39%
Short-Term Debt to Total Capital	28.44%	16.60%	28.30%	6.07%	2.02%	3.29%	1.82%	1.51%	2.01%	8.41%	11.56%
Long-Term Debt to Total Capital	18.52%	21.37%	19.04%	26.87%	27.65%	26.18%	26.87%	26.14%	25.74%	25.23%	23.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	8.65%	10.03%	6.92%	9.67%	10.11%	10.86%	9.45%	9.98%	9.20%	9.69%	9.67%
Common Equity to Total Capital	44.39%	52.00%	45.74%	57.38%	60.22%	59.67%	61.85%	62.37%	63.05%	56.67%	54.94%
Debt to EBITDA	2.93	2.27	3.85	2.40	2.12	1.86	1.45	1.64	1.55	2.25	2.43
Net Debt to EBITDA	2.60	1.97	3.63	2.07	0.67	-0.03	0.76	0.14	0.35	0.69	1.82
Long-Term Debt to EBITDA	1.15	1.28	1.55	1.96	1.97	1.65	1.36	1.55	1.44	1.69	1.64
Debt to NOPAT	5.88	5.05	11.22	8.14	7.73	4.89	3.12	3.65	3.23	5.01	5.39
Net Debt to NOPAT	5.22	4.39	10.57	7.03	2.44	-0.08	1.63	0.32	0.72	1.54	4.04
Long-Term Debt to NOPAT	2.32	2.84	4.51	6.64	7.20	4.34	2.93	3.45	2.99	3.76	3.63
Altman Z-Score	4.47	4.50	5.00	5.96	5.74	5.09	5.62	5.19	4.76	3.78	4.06
Noncontrolling Interest Sharing Ratio	16.35%	17.04%	15.21%	16.02%	15.34%	15.77%	13.20%	14.10%	13.53%	14.99%	14.15%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.41	1.37	1.44	1.82	1.80	1.72	2.04	2.07	1.98	1.65	1.76
Quick Ratio	0.49	0.54	0.57	0.81	0.88	0.86	0.91	1.17	1.03	0.77	0.72
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-603	24	790	1,112	931	756	709	532	35	-290	-451
Operating Cash Flow to CapEx	1,984.95%	1,222.32%	-1,309.52%	1,092.34%	1,448.94%	600.75%	-894.97%	1,063.93%	-5.58%	480.39%	-751.96%
Free Cash Flow to Firm to Interest Expense	-40.26	1.73	47.50	79.73	113.74	93.35	108.66	80.44	4.23	-28.22	-34.45
Operating Cash Flow to Interest Expense	37.94	31.27	-20.06	38.77	59.68	30.94	-36.74	46.05	-0.25	26.18	-26.73
Operating Cash Flow Less CapEx to Interest Expense	36.03	28.71	-21.59	35.22	55.56	25.79	-40.85	41.72	-4.78	20.73	-30.28
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	4.04	3.78	3.73	4.04	4.05	3.49	3.69	3.60	3.25	2.82	3.17
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	12.22	9.39	9.43	12.34	12.21	9.66	10.10	13.93	11.39	8.61	9.34
Fixed Asset Turnover	21.02	22.37	23.75	23.55	22.42	20.26	19.87	18.21	16.33	14.42	14.46
Accounts Payable Turnover	17.91	12.69	21.88	22.76	17.71	11.30	18.44	18.72	13.34	10.05	16.29
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	29.88	38.89	38.69	29.59	29.89	37.77	36.12	26.20	32.04	42.39	39.07
Days Payable Outstanding (DPO)	20.38	28.77	16.69	16.04	20.61	32.31	19.79	19.50	27.36	36.33	22.41
Cash Conversion Cycle (CCC)	9.50	10.13	22.00	13.55	9.29	5.46	16.33	6.70	4.68	6.06	16.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,549	2,190	2,486	2,049	1,642	1,506	1,786	1,571	1,654	1,849	2,249
Invested Capital Turnover	7.37	7.91	5.94	6.55	7.74	7.98	6.36	6.83	6.88	6.71	5.55
Increase / (Decrease) in Invested Capital	638	-1.49	-829	-1,029	-906	-684	-701	-478	12	343	463
Enterprise Value (EV)	2,377	2,127	2,678	2,353	2,116	2,135	2,409	1,943	2,027	1,857	2,347
Market Capitalization	1,022	1,136	1,361	1,535	1,714	1,912	1,904	1,682	1,702	1,374	1,454
Book Value per Share	$35.26	$35.78	$34.87	$36.49	$36.76	$38.01	$37.72	$38.49	$39.01	$40.10	$39.84
Tangible Book Value per Share	$28.51	$28.90	$28.18	$36.49	$36.76	$31.69	$37.72	$38.49	$39.01	$34.31	$39.84
Total Capital	2,690	2,305	2,557	2,145	2,060	2,150	2,070	2,101	2,108	2,411	2,468
Total Debt	1,263	875	1,211	707	611	634	594	581	585	811	873
Total Long-Term Debt	498	493	487	576	570	563	556	549	543	608	588
Net Debt	1,122	760	1,140	610	193	-10	310	51	131	249	654
Capital Expenditures (CapEx)	29	36	25	50	34	42	27	29	38	56	47
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,569	1,212	1,591	1,178	743	597	884	666	742	760	1,161
Debt-free Net Working Capital (DFNWC)	1,710	1,327	1,662	1,274	1,161	1,241	1,168	1,196	1,196	1,322	1,380
Net Working Capital (NWC)	945	945	938	1,144	1,119	1,171	1,131	1,165	1,153	1,119	1,094
Net Nonoperating Expense (NNE)	-9.71	7.74	20	1.20	-5.56	-5.78	-4.54	1.29	-4.60	-1.04	6.48
Net Nonoperating Obligations (NNO)	1,122	760	1,140	610	193	-10	310	51	131	249	654
Total Depreciation and Amortization (D&A)	33	33	32	30	31	31	31	30	30	36	34
Debt-free, Cash-free Net Working Capital to Revenue	9.55%	7.00%	9.24%	7.01%	4.58%	4.05%	6.51%	5.39%	6.54%	6.75%	10.36%
Debt-free Net Working Capital to Revenue	10.41%	7.66%	9.65%	7.59%	7.16%	8.42%	8.60%	9.68%	10.54%	11.74%	12.32%
Net Working Capital to Revenue	5.75%	5.45%	5.45%	6.81%	6.90%	7.94%	8.32%	9.42%	10.16%	9.94%	9.77%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.08	$0.29	($0.44)	$1.63	$0.29	$1.52	$0.16	$1.06	$0.80	$1.33	$0.01
Adjusted Weighted Average Basic Shares Outstanding	33.83M	33.73M	33.62M	33.74M	33.75M	33.72M	33.93M	34.06M	34.07M	34.03M	34.10M
Adjusted Diluted Earnings per Share	$1.06	$0.27	($0.44)	$1.61	$0.28	$1.49	$0.16	$1.05	$0.80	$1.31	$0.01
Adjusted Weighted Average Diluted Shares Outstanding	34.41M	34.42M	33.62M	34.17M	34.27M	34.38M	34.24M	34.34M	34.36M	34.32M	34.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	33.50M	33.54M	33.73M	33.75M	33.75M	33.83M	34.05M	34.07M	34.07M	34.03M	34.19M
Normalized Net Operating Profit after Tax (NOPAT)	35	29	22	84	25	73	8.13	54	47	53	4.98
Normalized NOPAT Margin	0.82%	0.62%	0.56%	2.09%	0.69%	2.26%	0.30%	1.92%	1.79%	1.70%	0.19%
Pre Tax Income Margin	0.82%	0.67%	-1.67%	2.60%	1.06%	2.86%	0.51%	2.05%	2.37%	2.15%	0.12%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.32	3.21	-2.91	8.48	5.69	12.33	3.14	9.67	8.44	7.55	1.25
NOPAT to Interest Expense	2.31	1.62	-2.37	6.01	3.05	8.97	1.25	8.13	5.60	5.17	0.90
EBIT Less CapEx to Interest Expense	1.41	0.65	-4.44	4.93	1.57	7.18	-0.96	5.35	3.91	2.10	-2.31
NOPAT Less CapEx to Interest Expense	0.40	-0.94	-3.91	2.46	-1.07	3.82	-2.86	3.80	1.08	-0.28	-2.65
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	27.74%	41.63%	68.35%	101.48%	114.76%	54.17%	52.35%	54.75%	59.22%	75.32%	51.32%
Augmented Payout Ratio	30.90%	49.25%	68.35%	101.48%	114.76%	55.49%	52.35%	54.75%	59.22%	76.66%	51.32%

Key Financial Trends

Key Trends for Andersons, Inc. (NASDAQ: ANDE) Q1 2025 vs. Recent History

Dividend Yield remained attractive at 1.79% in Q1 2025, supporting income‐oriented investors.
Inventory Turnover was strong at 9.34×, indicating efficient inventory management.
Leverage is moderate, with net debt/EBITDA of 1.82×, below many peers in the agribusiness sector.
Gross Margin held at 5.75% in Q1 2025, roughly in line with the past four quarters.
SG&A to Revenue was 5.48%, consistent with the company’s long-term cost structure.
Valuation sits at a P/E of 13.38×, reflecting a mid-cycle multiple for a mature agricultural services firm.
Operating Cash Flow plunged to –$350 million in Q1 2025, driven by working-capital build.
Free Cash Flow to Firm was negative $451 million, reflecting heavy capital and inventory investments.
Net Income to Common fell to just $284,000, signaling very low earnings on a GAAP basis.
Cash Balance declined by $342.6 million quarter-over-quarter, underscoring cash burn in Q1.

07/14/25 04:01 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Andersons' Financials

When does Andersons' fiscal year end?

According to the most recent income statement we have on file, Andersons' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Andersons' net income changed over the last 10 years?

Andersons' net income appears to be on an upward trend, with a most recent value of $170.70 million in 2024, rising from $122.65 million in 2014. The previous period was $132.53 million in 2023. View Andersons' forecast to see where analysts expect Andersons to go next.

What is Andersons' operating income?

Andersons' total operating income in 2024 was $190.31 million, based on the following breakdown:

Total Gross Profit: $693.93 million
Total Operating Expenses: $503.62 million

How has Andersons' revenue changed over the last 10 years?

Over the last 10 years, Andersons' total revenue changed from $4.54 billion in 2014 to $11.26 billion in 2024, a change of 148.0%.

How much debt does Andersons have?

Andersons' total liabilities were at $2.52 billion at the end of 2024, a 7.8% increase from 2023, and a 63.7% increase since 2014.

How much cash does Andersons have?

In the past 10 years, Andersons' cash and equivalents has ranged from $22.59 million in 2018 to $643.85 million in 2023, and is currently $561.77 million as of their latest financial filing in 2024.

How has Andersons' book value per share changed over the last 10 years?

Over the last 10 years, Andersons' book value per share changed from 27.79 in 2014 to 40.10 in 2024, a change of 44.3%.

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This page (NASDAQ:ANDE) was last updated on 7/14/2025 by MarketBeat.com Staff

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Andersons (ANDE) Financials

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Andersons (ANDE) Financials

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