Andersons (ANDE) Financials

$68.23 -11.06 (-13.95%)

Closing price 04:00 PM Eastern

Extended Trading

$70.00 +1.77 (+2.59%)

As of 07:39 PM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-13	12	43	41	18	7.71	104	131	101	114	96
Consolidated Net Income / (Loss)	-11	14	43	41	15	-14	136	167	133	171	119
Net Income / (Loss) Continuing Operations	-11	14	43	41	3.88	-16	132	155	133	171	119
Total Pre-Tax Income	-12	21	-21	53	13	-27	161	195	170	201	141
Total Operating Income	-70	20	-38	38	9.85	-11	161	218	166	190	110
Total Gross Profit	376	346	319	302	461	366	593	684	745	694	714
Total Revenue	4,198	3,925	3,686	3,045	8,003	8,065	12,612	17,325	14,750	11,258	11,009
Operating Revenue	4,198	3,925	3,686	3,045	8,003	8,065	12,612	17,325	14,750	11,258	11,009
Total Cost of Revenue	3,823	3,579	3,368	2,743	7,542	7,698	12,019	16,641	14,005	10,564	10,295
Operating Cost of Revenue	3,823	3,579	3,368	2,743	7,542	7,698	12,019	16,641	14,005	10,564	10,295
Total Operating Expenses	446	325	357	264	451	378	432	467	579	504	603
Selling, General & Admin Expense	-	-	-	258	410	378	423	458	492	504	585
Impairment Charge	56	9.11	70	6.27	41	-	8.95	9.00	87	0.00	18
Total Other Income / (Expense), net	58	1.08	18	15	3.18	-16	0.15	-23	3.62	10	31
Interest Expense	20	21	22	28	43	34	37	57	47	32	47
Other Income / (Expense), net	46	12	23	16	19	18	37	34	50	42	78
Income Tax Expense	-0.24	6.91	-63	12	9.15	-11	29	40	37	30	22
Net Income / (Loss) Attributable to Noncontrolling Interest	1.75	2.88	0.10	-0.26	-3.25	-22	32	36	31	57	24
Basic Earnings per Share	($0.46)	$0.41	$1.51	$1.47	$0.56	$0.23	$3.12	$3.89	$3.00	$3.35	$2.81
Weighted Average Basic Shares Outstanding	28M	28.19M	28.13M	28.26M	32.57M	32.92M	33.28M	33.73M	33.72M	34.03M	34.04M
Diluted Earnings per Share	($0.46)	$0.41	$1.50	$1.46	$0.55	$0.23	$3.07	$3.81	$2.94	$3.32	$2.79
Weighted Average Diluted Shares Outstanding	28M	28.19M	28.13M	28.45M	33.10M	33.19M	33.86M	34.42M	34.38M	34.32M	34.34M
Weighted Average Basic & Diluted Shares Outstanding	28M	28.19M	28.13M	28.26M	32.80M	33.20M	33.70M	33.54M	33.83M	34.03M	33.88M
Cash Dividends to Common per Share	$0.58	$0.63	$0.65	$0.67	$0.69	$0.70	$0.71	$0.73	$0.75	$0.77	$0.79

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	55	9.71	51	5.58	52	51	45	0.28	7.86	20	67
Consolidated Net Income / (Loss)	83	31	78	13	52	51	54	5.33	17	26	71
Net Income / (Loss) Continuing Operations	83	31	78	13	52	51	54	5.33	17	26	71
Total Pre-Tax Income	104	38	92	14	57	62	67	3.21	25	26	88
Total Operating Income	106	31	85	8.96	59	57	66	7.12	24	-1.68	81
Total Gross Profit	222	158	218	128	175	177	213	153	158	171	231
Total Revenue	4,020	3,636	3,213	2,718	2,795	2,621	3,123	2,659	3,136	2,678	2,536
Operating Revenue	4,020	3,636	3,213	2,718	2,795	2,621	3,123	2,659	3,136	2,678	2,536
Total Cost of Revenue	3,798	3,478	2,995	2,590	2,620	2,444	2,910	2,506	2,977	2,507	2,305
Operating Cost of Revenue	3,798	3,478	2,995	2,590	2,620	2,444	2,910	2,506	2,977	2,507	2,305
Total Operating Expenses	116	126	133	119	117	120	147	146	135	173	150
Selling, General & Admin Expense	116	126	133	119	117	120	147	146	135	173	132
Total Other Income / (Expense), net	-1.51	6.99	6.76	5.01	-1.41	5.56	1.30	-3.91	1.01	28	6.55
Interest Expense	14	8.19	8.10	6.52	6.61	8.36	10	13	11	10	12
Other Income / (Expense), net	12	15	15	12	5.20	14	12	9.19	13	38	19
Income Tax Expense	22	7.86	13	1.30	4.88	11	13	-2.12	8.03	-0.23	16
Net Income / (Loss) Attributable to Noncontrolling Interest	28	21	27	7.08	0.00	0.00	9.01	5.05	8.95	5.93	3.66
Basic Earnings per Share	$1.63	$0.29	$1.52	$0.16	$1.06	$0.80	$1.33	$0.01	$0.23	$0.59	$1.98
Weighted Average Basic Shares Outstanding	33.74M	33.75M	33.72M	33.93M	34.06M	34.07M	34.03M	34.10M	34.20M	34.01M	34.04M
Diluted Earnings per Share	$1.61	$0.28	$1.49	$0.16	$1.05	$0.80	$1.31	$0.01	$0.23	$0.59	$1.96
Weighted Average Diluted Shares Outstanding	34.17M	34.27M	34.38M	34.24M	34.34M	34.36M	34.32M	34.32M	34.30M	34.18M	34.34M
Weighted Average Basic & Diluted Shares Outstanding	33.75M	33.75M	33.83M	34.05M	34.07M	34.07M	34.03M	34.19M	34.21M	33.84M	33.88M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	-51	-1.12	-28	-12	32	-26	187	-101	529	-82	-463
Net Cash From Operating Activities	154	40	75	-36	349	-74	-51	287	947	332	177
Net Cash From Continuing Operating Activities	154	40	75	-36	349	-74	-55	275	947	332	177
Net Income / (Loss) Continuing Operations	-11	14	43	41	15	-14	132	155	133	171	119
Consolidated Net Income / (Loss)	-11	14	43	41	15	-14	136	167	133	171	119
Depreciation Expense	78	84	86	90	146	189	179	135	125	128	133
Non-Cash Adjustments To Reconcile Net Income	74	18	43	-26	26	38	6.61	33	95	28	32
Changes in Operating Assets and Liabilities, net	13	-78	-97	-141	161	-287	-372	-48	594	5.33	-107
Net Cash From Investing Activities	-238	-28	-113	-186	-325	-87	487	-53	-154	-163	-195
Net Cash From Continuing Investing Activities	-238	-28	-113	-186	-325	-87	487	-53	-154	-163	-195
Purchase of Property, Plant & Equipment	-72	-78	-35	-143	-165	-77	-76	-108	-150	-149	-233
Acquisitions	-129	-2.52	-9.19	-3.33	-104	-3.06	-18	-20	-25	-29	0.00
Divestitures	-	-	-	-	25	0.00	561	61	10	0.00	11
Other Investing Activities, net	-38	-27	-105	-88	-86	-18	15	14	11	15	27
Net Cash From Financing Activities	33	-12	10	209	8.71	136	-249	-335	-264	-250	-447
Net Cash From Continuing Financing Activities	33	-12	10	209	8.71	136	-249	-335	-264	-250	-447
Repayment of Debt	-95	-99	-68	-124	-618	-566	-1,036	-599	-290	-186	39
Repurchase of Common Equity	-49	-	-	-10	-	0.00	0.00	-13	-1.75	-2.30	-15
Payment of Dividends	-19	-23	-19	-19	-22	-33	-24	-70	-72	-129	-61
Issuance of Debt	197	110	97	315	923	472	811	350	100	67	15
Other Financing Activities, net	-	0.00	0.00	-	-279	255	-	-3.38	0.00	0.00	-425
Effect of Exchange Rate Changes	-	-	0.00	0.00	0.07	-0.88	-0.11	-0.66	-0.29	-0.16	1.98

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	25	322	226	-360	246	-76	108	-343	132	-269	17
Net Cash From Operating Activities	541	489	251	-240	304	-2.11	269	-350	299	234	-6.19
Net Cash From Continuing Operating Activities	541	489	251	-240	304	-2.11	272	-350	299	234	-6.19
Net Income / (Loss) Continuing Operations	83	31	78	13	52	51	54	5.33	17	26	71
Consolidated Net Income / (Loss)	83	31	78	13	52	51	54	5.33	17	26	71
Depreciation Expense	30	31	31	31	30	30	36	34	33	33	33
Non-Cash Adjustments To Reconcile Net Income	3.18	0.40	6.69	4.80	6.03	4.33	13	17	-6.99	9.74	12
Changes in Operating Assets and Liabilities, net	425	427	134	-288	216	-88	169	-407	256	165	-122
Net Cash From Investing Activities	-52	-46	-37	-22	-36	-32	-72	-44	-32	-52	-68
Net Cash From Continuing Investing Activities	-52	-46	-37	-22	-36	-32	-72	-44	-32	-52	-68
Purchase of Property, Plant & Equipment	-50	-34	-42	-27	-29	-38	-56	-47	-49	-67	-71
Other Investing Activities, net	-2.35	2.20	5.42	4.72	2.09	5.39	3.09	2.72	17	15	-8.37
Net Cash From Financing Activities	-464	-121	12	-98	-22	-43	-88	50	-137	-451	91
Net Cash From Continuing Financing Activities	-464	-121	12	-98	-22	-43	-88	50	-137	-451	91
Repayment of Debt	-180	-95	22	-39	-45	31	-66	46	-129	28	94
Repurchase of Common Equity	-	-	-	-	-	-	-	-	-	-	425
Payment of Dividends	-21	-26	-8.72	-51	-8.97	-46	-22	-6.69	-8.22	-39	-7.07
Other Financing Activities, net	-	-0.01	-0.00	-8.07	-	-0.03	-0.00	-3.84	-0.09	-0.08	-421
Effect of Exchange Rate Changes	-	-0.47	-0.10	0.01	-	0.91	-0.86	0.85	1.76	-0.66	0.02

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	2,359	2,233	2,162	2,392	3,901	4,272	4,569	4,608	3,855	4,121	3,713
Total Current Assets	1,130	1,058	999	1,023	1,945	2,416	3,372	3,466	2,807	2,850	2,376
Cash & Equivalents	64	63	35	23	55	29	216	115	644	562	98
Note & Lease Receivable	171	195	183	207	536	641	835	1,249	763	765	652
Inventories, net	747	683	649	691	1,171	1,293	1,815	1,732	1,167	1,287	1,365
Other Current Assets	140	118	94	51	108	420	485	370	234	237	261
Plant, Property, & Equipment, net	793	777	808	998	1,523	860	786	763	693	868	940
Total Noncurrent Assets	436	397	355	370	433	995	411	379	355	403	397
Goodwill	64	64	6.02	6.02	135	132	129	129	128	128	128
Intangible Assets	120	106	113	99	175	140	117	101	86	69	64
Other Noncurrent Operating Assets	9.93	11	13	23	122	80	121	149	141	206	206
Total Liabilities & Shareholders' Equity	2,359	2,233	2,162	2,392	3,901	4,272	4,569	4,608	3,855	4,121	3,713
Total Liabilities	1,575	1,442	1,339	1,515	2,705	3,111	3,262	3,178	2,339	2,521	2,423
Total Current Liabilities	888	800	739	833	1,440	1,932	2,464	2,521	1,636	1,731	1,686
Short-Term Debt	45	77	76	227	210	473	534	383	71	203	313
Accounts Payable	669	582	504	463	873	955	1,199	1,424	1,055	1,047	919
Accrued Expenses	70	70	70	79	176	153	230	246	232	227	208
Current Deferred Revenue	67	49	60	33	134	178	358	371	187	194	195
Other Current Liabilities	37	23	30	33	47	147	129	99	91	60	51
Total Noncurrent Liabilities	687	642	601	682	1,265	1,180	798	657	702	790	736
Long-Term Debt	436	397	418	496	1,016	886	600	493	563	608	560
Other Noncurrent Operating Liabilities	19	28	34	33	103	75	110	100	81	182	176
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	784	791	823	877	1,196	1,161	1,308	1,430	1,516	1,600	1,290
Total Preferred & Common Equity	764	774	815	830	974	962	1,072	1,199	1,283	1,366	1,245
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	764	774	815	830	974	962	1,072	1,199	1,283	1,366	1,245
Common Stock	223	223	225	224	345	349	369	385	387	386	209
Retained Earnings	615	609	633	648	643	626	703	808	883	971	1,039
Treasury Stock	-53	-45	-40	-35	-7.34	-0.97	-0.26	-15	-10	-2.86	-14
Accumulated Other Comprehensive Income / (Loss)	-21	-12	-2.70	-6.39	-7.23	-12	1.19	20	23	13	11
Noncontrolling Interest	19	16	7.70	46	222	199	235	231	233	234	45

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	Q2 2025	Q3 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	6/30/2025	9/30/2025
Total Assets	4,737	4,419	4,102	3,570	3,588	3,261	3,300	3,388	3,798	3,446	3,297
Total Current Assets	3,573	3,265	3,050	2,537	2,527	2,214	2,249	2,331	2,529	2,175	1,961
Cash & Equivalents	86	141	71	96	418	284	530	454	219	351	82
Note & Lease Receivable	1,141	991	1,125	1,030	817	702	744	757	812	784	716
Inventories, net	1,618	1,556	1,551	991	985	995	687	884	1,249	772	899
Other Current Assets	709	577	303	420	307	234	289	236	248	269	264
Plant, Property, & Equipment, net	763	766	679	663	680	689	694	710	860	884	906
Total Noncurrent Assets	401	387	373	369	381	358	356	347	409	387	430
Other Noncurrent Operating Assets	142	159	148	369	381	358	356	347	409	387	430
Total Liabilities & Shareholders' Equity	4,737	4,419	4,102	3,570	3,588	3,261	3,300	3,388	3,798	3,446	3,297
Total Liabilities	3,320	2,992	2,756	2,132	2,139	1,785	1,780	1,865	2,203	1,836	2,074
Total Current Liabilities	2,578	2,321	2,112	1,393	1,408	1,083	1,085	1,178	1,434	1,081	1,330
Short-Term Debt	1,215	765	724	130	42	38	32	42	285	169	205
Accounts Payable	773	930	769	641	822	626	607	774	661	572	783
Accrued Expenses	212	230	202	181	189	178	193	208	194	187	202
Current Deferred Revenue	184	259	310	190	212	175	124	68	224	74	72
Other Current Liabilities	186	137	108	251	143	67	129	86	70	79	69
Total Noncurrent Liabilities	742	672	643	738	731	702	695	687	769	755	743
Long-Term Debt	563	498	487	576	570	556	549	543	588	578	569
Other Noncurrent Operating Liabilities	112	115	102	162	162	146	145	145	181	177	174
Commitments & Contingencies	0.00	0.00	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	1,611	1,223
Total Preferred & Common Equity	1,167	1,194	1,170	1,231	1,241	1,280	1,311	1,329	1,356	1,364	1,181
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	1,167	1,194	1,170	1,231	1,241	1,280	1,311	1,329	1,356	1,364	1,181
Common Stock	379	382	378	381	384	375	379	382	383	385	206
Retained Earnings	775	806	786	835	839	882	911	932	964	965	979
Treasury Stock	-2.31	-9.99	-11	-10	-10	-0.63	-0.63	-0.57	0.00	0.00	-14
Accumulated Other Comprehensive Income / (Loss)	15	16	16	25	29	23	21	15	8.86	14	11
Noncontrolling Interest	250	233	177	207	208	196	210	194	239	246	42

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.52%	-6.52%	-6.08%	-17.39%	162.80%	0.77%	56.39%	37.37%	-14.86%	-23.68%	-2.21%
EBITDA Growth	-67.89%	112.76%	-39.60%	103.81%	21.07%	11.92%	92.99%	2.43%	-11.56%	5.50%	-10.65%
EBIT Growth	-121.41%	239.99%	-147.84%	443.49%	-47.33%	-76.37%	2,854.83%	26.95%	-13.92%	7.43%	-18.88%
NOPAT Growth	-193.86%	128.09%	-294.52%	209.84%	-90.02%	-374.64%	1,732.86%	31.86%	-25.15%	24.76%	-42.52%
Net Income Growth	-109.23%	227.80%	194.46%	-3.25%	-63.47%	-194.39%	1,055.79%	22.90%	-20.63%	28.80%	-30.11%
EPS Growth	-111.98%	189.13%	265.85%	-2.67%	-62.33%	-58.18%	1,234.78%	24.10%	-22.83%	12.93%	-15.96%
Operating Cash Flow Growth	1,630.47%	-74.32%	90.19%	-147.18%	1,081.34%	-121.35%	31.41%	662.42%	229.74%	-64.98%	-46.61%
Free Cash Flow Firm Growth	42.19%	91.82%	-427.19%	-264.32%	-331.73%	139.30%	-143.43%	201.90%	365.32%	-122.25%	32.16%
Invested Capital Growth	11.54%	2.70%	3.77%	25.66%	78.51%	-17.59%	16.04%	-0.07%	-31.22%	22.76%	11.67%
Revenue Q/Q Growth	-2.06%	-1.76%	-2.87%	-5.91%	12.77%	9.76%	11.96%	5.45%	-9.03%	-0.79%	-5.06%
EBITDA Q/Q Growth	-62.31%	255.32%	-21.63%	34.71%	-15.96%	31.52%	17.82%	-10.56%	18.16%	-4.63%	6.36%
EBIT Q/Q Growth	-133.00%	165.07%	-532.58%	213.28%	-67.37%	116.59%	51.93%	-14.39%	33.80%	-8.77%	13.31%
NOPAT Q/Q Growth	-259.93%	122.37%	-159.22%	879.85%	-95.56%	82.14%	73.68%	-19.32%	63.92%	-10.73%	15.65%
Net Income Q/Q Growth	-117.87%	133.22%	369.23%	-52.78%	-54.45%	38.72%	54.09%	-22.06%	91.55%	-12.48%	16.60%
EPS Q/Q Growth	-121.50%	125.31%	350.00%	-52.75%	-53.39%	483.33%	13.70%	-13.41%	70.93%	-5.14%	30.37%
Operating Cash Flow Q/Q Growth	382.44%	-71.25%	27.66%	-181.88%	36.54%	-133.12%	66.23%	188.76%	-16.70%	5.79%	-60.84%
Free Cash Flow Firm Q/Q Growth	66.69%	-116.42%	-95.15%	-21.41%	-19.75%	-9.34%	36.49%	141.33%	-17.47%	-206.63%	32.28%
Invested Capital Q/Q Growth	-9.50%	6.55%	7.95%	12.50%	11.99%	20.64%	14.66%	-14.08%	-8.30%	11.79%	7.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	8.95%	8.80%	8.65%	9.92%	5.76%	4.54%	4.70%	3.95%	5.05%	6.16%	6.48%
EBITDA Margin	1.31%	2.98%	1.92%	4.73%	2.18%	2.42%	2.99%	2.23%	2.32%	3.20%	2.92%
Operating Margin	-1.66%	0.52%	-1.04%	1.24%	0.12%	-0.14%	1.27%	1.26%	1.13%	1.69%	1.00%
EBIT Margin	-0.56%	0.84%	-0.43%	1.77%	0.35%	0.08%	1.57%	1.45%	1.47%	2.07%	1.71%
Profit (Net Income) Margin	-0.27%	0.37%	1.16%	1.35%	0.19%	-0.18%	1.08%	0.96%	0.90%	1.52%	1.08%
Tax Burden Percent	97.91%	67.68%	-207.60%	77.55%	115.66%	52.49%	84.51%	85.81%	78.16%	85.03%	84.33%
Interest Burden Percent	49.39%	65.23%	130.89%	98.69%	45.90%	-404.01%	81.17%	77.39%	78.35%	86.34%	75.00%
Effective Tax Rate	0.00%	32.32%	0.00%	22.45%	70.23%	0.00%	18.18%	20.37%	21.84%	14.97%	15.67%
Return on Invested Capital (ROIC)	-5.38%	1.41%	-2.67%	2.55%	0.16%	-0.39%	6.44%	7.91%	7.02%	9.65%	4.75%
ROIC Less NNEP Spread (ROIC-NNEP)	30.44%	1.81%	32.70%	6.47%	1.78%	-1.06%	6.99%	7.14%	7.77%	17.08%	9.89%
Return on Net Nonoperating Assets (RNNOA)	3.97%	0.42%	7.95%	2.30%	1.29%	-0.82%	4.57%	4.29%	1.98%	1.31%	3.50%
Return on Equity (ROE)	-1.41%	1.84%	5.28%	4.85%	1.45%	-1.21%	11.01%	12.20%	9.00%	10.96%	8.26%
Cash Return on Invested Capital (CROIC)	-16.29%	-1.25%	-6.37%	-20.19%	-56.22%	18.90%	-8.41%	7.98%	44.01%	-10.79%	-6.27%
Operating Return on Assets (OROA)	-0.99%	1.43%	-0.71%	2.37%	0.90%	0.16%	4.48%	5.48%	5.11%	5.83%	4.82%
Return on Assets (ROA)	-0.48%	0.63%	1.94%	1.81%	0.48%	-0.35%	3.07%	3.64%	3.13%	4.28%	3.05%
Return on Common Equity (ROCE)	-1.37%	1.80%	5.20%	4.70%	1.27%	-0.99%	9.07%	10.12%	7.58%	9.31%	7.46%
Return on Equity Simple (ROE_SIMPLE)	-1.48%	1.87%	5.23%	4.96%	1.55%	-1.48%	12.67%	13.93%	10.33%	12.49%	0.00%
Net Operating Profit after Tax (NOPAT)	-49	14	-27	29	2.93	-8.05	131	173	130	162	93
NOPAT Margin	-1.17%	0.35%	-0.73%	0.96%	0.04%	-0.10%	1.04%	1.00%	0.88%	1.44%	0.84%
Net Nonoperating Expense Percent (NNEP)	-35.83%	-0.40%	-35.37%	-3.92%	-1.61%	0.68%	-0.55%	0.77%	-0.75%	-7.44%	-5.14%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	7.52%	6.03%	6.71%	4.30%
Cost of Revenue to Revenue	91.05%	91.20%	91.35%	90.08%	94.24%	95.46%	95.30%	96.05%	94.95%	93.84%	93.52%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	8.47%	5.12%	4.68%	3.35%	2.64%	3.34%	4.47%	5.32%
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	10.62%	8.29%	9.68%	8.67%	5.63%	4.68%	3.43%	2.69%	3.93%	4.47%	5.48%
Earnings before Interest and Taxes (EBIT)	-23	33	-16	54	28	6.70	198	251	216	233	189
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	55	117	71	144	175	195	377	386	342	360	322
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.96	1.38	0.93	0.89	0.76	0.79	1.15	0.95	1.49	1.01	1.44
Price to Tangible Book Value (P/TBV)	1.27	1.76	1.09	1.02	1.12	1.10	1.49	1.17	1.79	1.18	1.70
Price to Revenue (P/Rev)	0.18	0.27	0.21	0.24	0.09	0.09	0.10	0.07	0.13	0.12	0.16
Price to Earnings (P/E)	0.00	91.86	17.91	17.91	40.58	98.25	11.87	8.67	18.89	12.05	18.73
Dividend Yield	2.19%	1.65%	2.41%	2.53%	3.01%	3.05%	1.90%	2.14%	1.32%	1.88%	1.47%
Earnings Yield	0.00%	1.09%	5.58%	5.58%	2.46%	1.02%	8.42%	11.54%	5.29%	8.30%	5.34%
Enterprise Value to Invested Capital (EV/IC)	0.97	1.30	0.98	0.97	0.93	1.21	1.09	0.97	1.42	1.00	1.27
Enterprise Value to Revenue (EV/Rev)	0.22	0.32	0.27	0.41	0.27	0.28	0.19	0.12	0.14	0.16	0.24
Enterprise Value to EBITDA (EV/EBITDA)	16.89	10.89	14.22	8.65	12.24	11.71	6.33	5.51	6.25	5.15	8.11
Enterprise Value to EBIT (EV/EBIT)	0.00	38.89	0.00	23.15	75.29	341.15	12.06	8.46	9.86	7.99	13.85
Enterprise Value to NOPAT (EV/NOPAT)	0.00	92.77	0.00	42.48	728.91	0.00	18.17	12.28	16.46	11.47	28.09
Enterprise Value to Operating Cash Flow (EV/OCF)	6.03	32.21	13.36	0.00	6.13	0.00	0.00	7.41	2.26	5.60	14.76
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	5.79	0.00	12.17	2.63	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.61	0.60	0.60	0.82	1.03	1.17	0.87	0.61	0.42	0.51	0.68
Long-Term Debt to Equity	0.56	0.50	0.51	0.57	0.85	0.76	0.46	0.34	0.37	0.38	0.43
Financial Leverage	0.13	0.23	0.24	0.36	0.72	0.77	0.65	0.60	0.25	0.08	0.35
Leverage Ratio	2.94	2.92	2.72	2.68	3.04	3.47	3.58	3.35	2.87	2.56	2.71
Compound Leverage Factor	1.45	1.90	3.57	2.64	1.39	-14.01	2.91	2.59	2.25	2.21	2.03
Debt to Total Capital	38.03%	37.46%	37.54%	45.19%	50.63%	53.95%	46.45%	37.97%	29.47%	33.64%	40.35%
Short-Term Debt to Total Capital	3.54%	6.05%	5.78%	14.17%	8.67%	18.77%	21.87%	16.60%	3.29%	8.41%	14.46%
Long-Term Debt to Total Capital	34.49%	31.41%	31.75%	31.02%	41.96%	35.17%	24.59%	21.37%	26.18%	25.23%	25.89%
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	1.54%	1.29%	0.58%	2.90%	9.17%	7.89%	9.63%	10.03%	10.86%	9.69%	2.10%
Common Equity to Total Capital	60.43%	61.25%	61.88%	51.91%	40.20%	38.17%	43.91%	52.00%	59.67%	56.67%	57.55%
Debt to EBITDA	8.74	4.04	6.99	5.01	7.03	6.96	3.01	2.27	1.86	2.25	2.71
Net Debt to EBITDA	3.17	1.65	3.34	3.18	6.71	6.81	2.44	1.97	-0.03	0.69	2.41
Long-Term Debt to EBITDA	7.93	3.39	5.91	3.44	5.82	4.54	1.59	1.28	1.65	1.69	1.74
Debt to NOPAT	-9.83	34.46	-18.50	24.62	418.41	-168.91	8.63	5.05	4.89	5.01	9.38
Net Debt to NOPAT	-3.57	14.09	-8.84	15.59	399.67	-165.30	6.99	4.39	-0.08	1.54	8.33
Long-Term Debt to NOPAT	-8.92	28.89	-15.65	16.90	346.77	-110.14	4.57	2.84	4.34	3.76	6.02
Altman Z-Score	2.51	2.77	2.58	2.12	2.63	2.38	3.58	4.65	5.19	3.90	4.19
Noncontrolling Interest Sharing Ratio	2.51%	2.28%	1.49%	3.19%	12.96%	17.86%	17.58%	17.04%	15.77%	14.99%	9.66%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.27	1.32	1.35	1.23	1.35	1.25	1.37	1.37	1.72	1.65	1.41
Quick Ratio	0.26	0.32	0.30	0.28	0.41	0.35	0.43	0.54	0.86	0.77	0.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-148	-12	-64	-233	-1,005	395	-172	175	813	-181	-123
Operating Cash Flow to CapEx	213.53%	505.17%	10,412.86%	-37.35%	218.16%	-112.72%	-71.64%	265.15%	629.31%	222.21%	75.92%
Free Cash Flow to Firm to Interest Expense	-7.38	-0.57	-2.96	-8.36	-23.26	11.69	-4.60	3.07	17.35	-5.70	-2.60
Operating Cash Flow to Interest Expense	7.68	1.87	3.49	-1.28	8.07	-2.20	-1.37	5.05	20.20	10.44	3.75
Operating Cash Flow Less CapEx to Interest Expense	4.08	1.50	3.46	-4.69	4.37	-4.16	-3.28	3.15	16.99	5.74	-1.19
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.78	1.71	1.68	1.34	2.54	1.97	2.85	3.78	3.49	2.82	2.81
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	4.95	5.01	5.06	4.10	8.10	6.25	7.74	9.39	9.66	8.61	7.76
Fixed Asset Turnover	5.59	5.00	4.65	3.37	6.35	6.77	15.32	22.37	20.26	14.42	12.18
Accounts Payable Turnover	5.56	5.72	6.21	5.68	11.29	8.42	11.16	12.69	11.30	10.05	10.47
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)	73.67	72.92	72.16	89.11	45.04	58.40	47.19	38.89	37.77	42.39	47.01
Days Payable Outstanding (DPO)	65.67	63.77	58.82	64.27	32.32	43.33	32.71	28.77	32.31	36.33	34.85
Cash Conversion Cycle (CCC)	7.99	9.15	13.33	24.84	12.72	15.07	14.48	10.13	5.46	6.06	12.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	958	984	1,021	1,284	2,291	1,888	2,191	2,190	1,506	1,849	2,065
Invested Capital Turnover	4.62	4.04	3.68	2.64	4.48	3.86	6.18	7.91	7.98	6.71	5.63
Increase / (Decrease) in Invested Capital	99	26	37	262	1,008	-403	303	-1.49	-684	343	216
Enterprise Value (EV)	929	1,275	1,006	1,247	2,136	2,287	2,388	2,127	2,135	1,857	2,612
Market Capitalization	735	1,065	761	743	743	758	1,235	1,136	1,912	1,374	1,792
Book Value per Share	$27.29	$27.46	$28.70	$29.34	$29.87	$29.17	$32.22	$35.78	$38.01	$40.10	$36.79
Tangible Book Value per Share	$20.72	$21.43	$24.52	$25.62	$20.34	$20.93	$24.81	$28.90	$31.69	$34.31	$31.13
Total Capital	1,265	1,264	1,317	1,600	2,422	2,520	2,442	2,305	2,150	2,411	2,163
Total Debt	481	474	495	723	1,226	1,360	1,135	875	634	811	873
Total Long-Term Debt	436	397	418	496	1,016	886	600	493	563	608	560
Net Debt	175	194	236	458	1,171	1,330	918	760	-10	249	775
Capital Expenditures (CapEx)	72	7.84	0.72	95	160	66	71	108	150	149	233
Debt-free, Cash-free Net Working Capital (DFCFNWC)	222	272	302	394	660	929	1,226	1,212	597	760	905
Debt-free Net Working Capital (DFNWC)	286	335	337	416	715	958	1,442	1,327	1,241	1,322	1,003
Net Working Capital (NWC)	241	258	260	190	505	485	908	945	1,171	1,119	690
Net Nonoperating Expense (NNE)	-38	-0.73	-69	-12	-12	6.17	-4.44	6.31	-2.83	-8.89	-26
Net Nonoperating Obligations (NNO)	175	194	199	407	1,096	728	884	760	-10	249	775
Total Depreciation and Amortization (D&A)	78	84	86	90	146	189	179	135	125	128	133
Debt-free, Cash-free Net Working Capital to Revenue	5.29%	6.93%	8.19%	12.93%	8.25%	11.52%	9.72%	7.00%	4.05%	6.75%	8.22%
Debt-free Net Working Capital to Revenue	6.82%	8.53%	9.13%	13.67%	8.94%	11.88%	11.44%	7.66%	8.42%	11.74%	9.11%
Net Working Capital to Revenue	5.75%	6.58%	7.07%	6.23%	6.32%	6.01%	7.20%	5.45%	7.94%	9.94%	6.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.46)	$0.41	$1.51	$1.47	$0.56	$0.23	$3.12	$3.89	$3.00	$3.35	$2.81
Adjusted Weighted Average Basic Shares Outstanding	28M	28.20M	28.20M	32.50M	32.80M	32.92M	33.28M	33.73M	33.72M	34.03M	34.04M
Adjusted Diluted Earnings per Share	($0.46)	$0.41	$1.50	$1.46	$0.55	$0.23	$3.07	$3.81	$2.94	$3.32	$2.79
Adjusted Weighted Average Diluted Shares Outstanding	28M	28.20M	28.20M	32.50M	32.80M	33.19M	33.86M	34.42M	34.38M	34.32M	34.34M
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	28M	28.20M	28.20M	32.50M	32.80M	33.20M	33.70M	33.54M	33.83M	34.03M	33.88M
Normalized Net Operating Profit after Tax (NOPAT)	27	20	22	34	36	-8.05	139	180	198	162	108
Normalized NOPAT Margin	0.63%	0.51%	0.60%	1.12%	0.45%	-0.10%	1.10%	1.04%	1.34%	1.44%	0.98%
Pre Tax Income Margin	-0.28%	0.54%	-0.56%	1.75%	0.16%	-0.34%	1.27%	1.12%	1.15%	1.78%	1.29%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.17	1.55	-0.73	1.93	0.66	0.20	5.31	4.42	4.62	7.32	4.00
NOPAT to Interest Expense	-2.44	0.65	-1.24	1.05	0.07	-0.24	3.52	3.05	2.77	5.09	1.97
EBIT Less CapEx to Interest Expense	-4.76	1.18	-0.76	-1.48	-3.04	-1.76	3.40	2.52	1.41	2.62	-0.94
NOPAT Less CapEx to Interest Expense	-6.03	0.28	-1.27	-2.36	-3.63	-2.19	1.61	1.14	-0.44	0.40	-2.97
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-168.94%	160.44%	43.49%	45.21%	146.87%	-234.44%	17.50%	41.63%	54.17%	75.32%	50.81%
Augmented Payout Ratio	-602.51%	160.44%	43.49%	69.47%	146.87%	-234.44%	17.50%	49.25%	55.49%	76.66%	63.69%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.67%	-13.83%	-31.31%	-29.97%	-30.47%	-27.91%	-2.80%	-2.17%	12.19%	2.16%	-18.79%
EBITDA Growth	-11.80%	-6.30%	66.74%	418.39%	-36.65%	29.79%	-13.32%	-1.54%	-26.35%	-31.69%	16.92%
EBIT Growth	-12.37%	-6.29%	120.98%	142.36%	-45.97%	51.49%	-22.38%	-20.41%	-43.20%	-48.52%	28.58%
NOPAT Growth	-18.17%	-27.76%	218.17%	120.59%	-35.91%	87.70%	-26.97%	45.34%	-70.01%	-103.62%	23.95%
Net Income Growth	-18.67%	-31.06%	419.59%	121.42%	-36.54%	68.60%	-31.02%	-57.91%	-67.97%	-49.34%	31.40%
EPS Growth	-30.60%	-73.58%	451.85%	136.36%	-34.78%	185.71%	-12.08%	-93.75%	-78.10%	-26.25%	49.62%
Operating Cash Flow Growth	53.15%	-14.03%	-43.09%	28.16%	-43.72%	-100.43%	7.24%	-46.07%	-1.68%	11,173.96%	-102.30%
Free Cash Flow Firm Growth	256.08%	254.40%	3,008.56%	-10.26%	-52.20%	-96.20%	-138.31%	-163.66%	-178.91%	-845.32%	48.22%
Invested Capital Growth	-33.42%	-35.56%	-31.22%	-28.18%	-23.33%	0.70%	22.76%	25.93%	27.74%	15.82%	11.67%
Revenue Q/Q Growth	3.58%	-9.56%	-11.63%	-15.40%	2.83%	-6.23%	19.16%	-14.86%	17.93%	-14.61%	-5.28%
EBITDA Q/Q Growth	1,020.62%	-47.70%	68.62%	-60.78%	83.18%	7.15%	12.61%	-55.45%	37.02%	-0.62%	92.75%
EBIT Q/Q Growth	344.69%	-60.66%	114.42%	-79.48%	212.14%	10.31%	9.87%	-78.96%	122.76%	-0.02%	174.41%
NOPAT Q/Q Growth	312.55%	-70.24%	191.05%	-88.82%	561.59%	-12.84%	13.24%	-77.74%	36.53%	-110.52%	3,976.18%
Net Income Q/Q Growth	239.87%	-63.09%	156.98%	-83.85%	314.29%	-1.92%	5.14%	-90.15%	215.27%	55.12%	172.69%
EPS Q/Q Growth	465.91%	-82.61%	432.14%	-89.26%	556.25%	-23.81%	63.75%	-99.24%	2,200.00%	156.52%	232.20%
Operating Cash Flow Q/Q Growth	262.18%	-9.66%	-48.71%	-195.60%	227.04%	-100.69%	12,827.79%	-230.21%	185.52%	-21.86%	-102.64%
Free Cash Flow Firm Q/Q Growth	40.87%	-16.29%	-18.79%	-6.29%	-24.96%	-93.35%	-919.80%	-55.71%	7.00%	37.22%	43.05%
Invested Capital Q/Q Growth	-17.59%	-19.84%	-8.30%	18.56%	-12.03%	5.28%	11.79%	21.62%	-10.76%	-4.53%	7.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	5.52%	4.34%	6.78%	4.72%	6.27%	6.76%	6.82%	5.75%	5.05%	6.38%	9.13%
EBITDA Margin	3.70%	2.14%	4.08%	1.89%	3.37%	3.85%	3.64%	1.90%	2.21%	2.58%	5.24%
Operating Margin	2.64%	0.86%	2.65%	0.33%	2.10%	2.16%	2.11%	0.27%	0.76%	-0.06%	3.19%
EBIT Margin	2.94%	1.28%	3.11%	0.75%	2.29%	2.69%	2.48%	0.61%	1.16%	1.36%	3.93%
Profit (Net Income) Margin	2.06%	0.84%	2.44%	0.47%	1.88%	1.96%	1.73%	0.20%	0.54%	0.97%	2.80%
Tax Burden Percent	79.19%	79.52%	85.48%	90.67%	91.50%	82.75%	80.45%	165.92%	67.67%	100.88%	81.18%
Interest Burden Percent	88.21%	82.42%	91.89%	68.17%	89.66%	88.15%	86.76%	19.70%	68.36%	71.15%	87.87%
Effective Tax Rate	20.81%	20.48%	14.52%	9.33%	8.50%	17.25%	19.55%	-65.92%	32.33%	-0.88%	18.82%
Return on Invested Capital (ROIC)	13.67%	5.31%	18.05%	1.90%	13.14%	12.31%	11.40%	2.47%	3.32%	-0.41%	14.59%
ROIC Less NNEP Spread (ROIC-NNEP)	13.57%	6.16%	19.59%	2.53%	12.75%	15.15%	12.27%	1.12%	3.62%	6.33%	15.63%
Return on Net Nonoperating Assets (RNNOA)	10.79%	2.82%	4.99%	1.30%	2.85%	1.65%	0.94%	0.35%	0.52%	1.90%	5.54%
Return on Equity (ROE)	24.46%	8.13%	23.04%	3.20%	15.98%	13.96%	12.34%	2.82%	3.83%	1.49%	20.13%
Cash Return on Invested Capital (CROIC)	43.52%	47.02%	44.01%	41.70%	35.20%	10.30%	-10.79%	-14.92%	-17.40%	-10.16%	-6.27%
Operating Return on Assets (OROA)	11.91%	5.19%	10.83%	2.78%	8.23%	8.76%	7.01%	1.95%	3.96%	4.71%	11.04%
Return on Assets (ROA)	8.32%	3.40%	8.51%	1.72%	6.76%	6.39%	4.89%	0.64%	1.83%	3.38%	7.88%
Return on Common Equity (ROCE)	20.54%	6.88%	19.40%	2.78%	13.73%	12.07%	10.49%	2.42%	3.28%	1.36%	18.18%
Return on Equity Simple (ROE_SIMPLE)	6.74%	5.58%	0.00%	15.96%	13.28%	14.67%	0.00%	12.05%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	84	25	73	8.13	54	47	53	12	16	-1.70	66
NOPAT Margin	2.09%	0.69%	2.26%	0.30%	1.92%	1.79%	1.70%	0.44%	0.51%	-0.06%	2.59%
Net Nonoperating Expense Percent (NNEP)	0.11%	-0.85%	-1.54%	-0.63%	0.39%	-2.84%	-0.87%	1.34%	-0.31%	-6.74%	-1.04%
Return On Investment Capital (ROIC_SIMPLE)	-	-	3.38%	0.39%	-	-	2.20%	0.48%	0.68%	-0.09%	3.04%
Cost of Revenue to Revenue	94.48%	95.66%	93.22%	95.28%	93.73%	93.24%	93.18%	94.25%	94.95%	93.62%	90.87%
SG&A Expenses to Revenue	2.89%	3.47%	4.13%	4.39%	4.17%	4.60%	4.71%	5.48%	4.29%	6.44%	5.22%
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	2.89%	3.47%	4.13%	4.39%	4.17%	4.60%	4.71%	5.48%	4.29%	6.44%	5.93%
Earnings before Interest and Taxes (EBIT)	118	47	100	20	64	71	78	16	36	36	100
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	149	78	131	51	94	101	114	51	69	69	133
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.25	1.38	1.49	1.49	1.28	1.28	1.01	1.07	0.92	1.15	1.44
Price to Tangible Book Value (P/TBV)	1.25	1.38	1.79	1.49	1.28	1.28	1.18	1.07	0.92	1.15	1.70
Price to Revenue (P/Rev)	0.09	0.11	0.13	0.14	0.14	0.15	0.12	0.13	0.11	0.12	0.16
Price to Earnings (P/E)	17.84	29.04	18.89	15.67	16.42	14.17	12.05	13.38	19.50	41.35	18.73
Dividend Yield	1.62%	1.46%	1.32%	1.33%	1.52%	1.51%	1.88%	1.79%	2.11%	1.96%	1.47%
Earnings Yield	5.61%	3.44%	5.29%	6.38%	6.09%	7.06%	8.30%	7.48%	5.13%	2.42%	5.34%
Enterprise Value to Invested Capital (EV/IC)	1.15	1.29	1.42	1.35	1.24	1.23	1.00	1.04	0.94	1.09	1.27
Enterprise Value to Revenue (EV/Rev)	0.14	0.13	0.14	0.18	0.16	0.18	0.16	0.21	0.16	0.18	0.24
Enterprise Value to EBITDA (EV/EBITDA)	8.00	7.32	6.25	5.89	5.48	5.36	5.15	6.53	5.65	6.90	8.11
Enterprise Value to EBIT (EV/EBIT)	14.27	13.08	9.86	8.45	8.41	7.95	7.99	10.28	9.43	12.55	13.85
Enterprise Value to NOPAT (EV/NOPAT)	27.09	26.74	16.46	12.67	12.21	11.18	11.47	14.48	15.20	25.99	28.09
Enterprise Value to Operating Cash Flow (EV/OCF)	1.93	1.86	2.26	2.32	2.42	6.47	5.60	10.62	8.76	4.62	14.76
Enterprise Value to Free Cash Flow (EV/FCFF)	2.11	2.15	2.63	2.71	3.05	11.94	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.49	0.42	0.42	0.40	0.38	0.38	0.51	0.55	0.46	0.63	0.68
Long-Term Debt to Equity	0.40	0.39	0.37	0.38	0.36	0.36	0.38	0.37	0.36	0.47	0.43
Financial Leverage	0.80	0.46	0.25	0.51	0.22	0.11	0.08	0.31	0.14	0.30	0.35
Leverage Ratio	2.91	2.78	2.87	2.61	2.32	2.35	2.56	2.30	2.15	2.43	2.71
Compound Leverage Factor	2.57	2.29	2.64	1.78	2.08	2.07	2.22	0.45	1.47	1.73	2.38
Debt to Total Capital	32.95%	29.67%	29.47%	28.70%	27.65%	27.75%	33.64%	35.39%	31.69%	38.77%	40.35%
Short-Term Debt to Total Capital	6.07%	2.02%	3.29%	1.82%	1.51%	2.01%	8.41%	11.56%	7.15%	10.28%	14.46%
Long-Term Debt to Total Capital	26.87%	27.65%	26.18%	26.87%	26.14%	25.74%	25.23%	23.83%	24.54%	28.49%	25.89%
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	9.67%	10.11%	10.86%	9.45%	9.98%	9.20%	9.69%	9.67%	10.44%	2.10%	2.10%
Common Equity to Total Capital	57.38%	60.22%	59.67%	61.85%	62.37%	63.05%	56.67%	54.94%	57.87%	59.13%	57.55%
Debt to EBITDA	2.40	2.12	1.86	1.45	1.64	1.55	2.25	2.43	2.23	2.56	2.71
Net Debt to EBITDA	2.07	0.67	-0.03	0.76	0.14	0.35	0.69	1.82	1.18	2.29	2.41
Long-Term Debt to EBITDA	1.96	1.97	1.65	1.36	1.55	1.44	1.69	1.64	1.73	1.88	1.74
Debt to NOPAT	8.14	7.73	4.89	3.12	3.65	3.23	5.01	5.39	6.00	9.63	9.38
Net Debt to NOPAT	7.03	2.44	-0.08	1.63	0.32	0.72	1.54	4.04	3.18	8.61	8.33
Long-Term Debt to NOPAT	6.64	7.20	4.34	2.93	3.45	2.99	3.76	3.63	4.65	7.08	6.02
Altman Z-Score	5.96	5.74	5.09	5.62	5.19	4.76	3.78	4.06	4.56	4.59	4.11
Noncontrolling Interest Sharing Ratio	16.02%	15.34%	15.77%	13.20%	14.10%	13.53%	14.99%	14.15%	14.56%	8.59%	9.66%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.82	1.80	1.72	2.04	2.07	1.98	1.65	1.76	2.01	1.47	1.41
Quick Ratio	0.81	0.88	0.86	0.91	1.17	1.03	0.77	0.72	1.05	0.60	0.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,112	931	756	709	532	35	-290	-451	-420	-263	-150
Operating Cash Flow to CapEx	1,092.34%	1,448.94%	600.75%	-894.97%	1,063.93%	-5.58%	480.39%	-751.96%	613.01%	349.94%	-8.72%
Free Cash Flow to Firm to Interest Expense	79.73	113.74	93.35	108.66	80.44	4.23	-28.22	-34.45	-36.50	-25.14	-12.41
Operating Cash Flow to Interest Expense	38.77	59.68	30.94	-36.74	46.05	-0.25	26.18	-26.73	26.04	22.32	-0.51
Operating Cash Flow Less CapEx to Interest Expense	35.22	55.56	25.79	-40.85	41.72	-4.78	20.73	-30.28	21.79	15.94	-6.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	4.04	4.05	3.49	3.69	3.60	3.25	2.82	3.17	3.42	3.47	2.81
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	12.34	12.21	9.66	10.10	13.93	11.39	8.61	9.34	14.86	12.22	7.76
Fixed Asset Turnover	23.55	22.42	20.26	19.87	18.21	16.33	14.42	14.46	14.62	14.35	12.18
Accounts Payable Turnover	22.76	17.71	11.30	18.44	18.72	13.34	10.05	16.29	18.38	14.00	10.47
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)	29.59	29.89	37.77	36.12	26.20	32.04	42.39	39.07	24.56	29.86	47.01
Days Payable Outstanding (DPO)	16.04	20.61	32.31	19.79	19.50	27.36	36.33	22.41	19.86	26.07	34.85
Cash Conversion Cycle (CCC)	13.55	9.29	5.46	16.33	6.70	4.68	6.06	16.66	4.70	3.79	12.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,049	1,642	1,506	1,786	1,571	1,654	1,849	2,249	2,007	1,916	2,065
Invested Capital Turnover	6.55	7.74	7.98	6.36	6.83	6.88	6.71	5.55	6.45	6.50	5.63
Increase / (Decrease) in Invested Capital	-1,029	-906	-684	-701	-478	12	343	463	436	262	216
Enterprise Value (EV)	2,353	2,116	2,135	2,409	1,943	2,027	1,857	2,347	1,892	2,090	2,612
Market Capitalization	1,535	1,714	1,912	1,904	1,682	1,702	1,374	1,454	1,250	1,355	1,792
Book Value per Share	$36.49	$36.76	$38.01	$37.72	$38.49	$39.01	$40.10	$39.84	$39.91	$34.52	$36.79
Tangible Book Value per Share	$36.49	$36.76	$31.69	$37.72	$38.49	$39.01	$34.31	$39.84	$39.91	$34.52	$31.13
Total Capital	2,145	2,060	2,150	2,070	2,101	2,108	2,411	2,468	2,358	1,997	2,163
Total Debt	707	611	634	594	581	585	811	873	747	774	873
Total Long-Term Debt	576	570	563	556	549	543	608	588	578	569	560
Net Debt	610	193	-10	310	51	131	249	654	396	693	775
Capital Expenditures (CapEx)	50	34	42	27	29	38	56	47	49	67	71
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,178	743	597	884	666	742	760	1,161	913	754	905
Debt-free Net Working Capital (DFNWC)	1,274	1,161	1,241	1,168	1,196	1,196	1,322	1,380	1,264	836	1,003
Net Working Capital (NWC)	1,144	1,119	1,171	1,131	1,165	1,153	1,119	1,094	1,095	631	690
Net Nonoperating Expense (NNE)	1.20	-5.56	-5.78	-4.54	1.29	-4.60	-1.04	6.48	-0.68	-28	-5.32
Net Nonoperating Obligations (NNO)	610	193	-10	310	51	131	249	654	396	693	775
Total Depreciation and Amortization (D&A)	30	31	31	31	30	30	36	34	33	33	33
Debt-free, Cash-free Net Working Capital to Revenue	7.01%	4.58%	4.05%	6.51%	5.39%	6.54%	6.75%	10.36%	7.91%	6.51%	8.22%
Debt-free Net Working Capital to Revenue	7.59%	7.16%	8.42%	8.60%	9.68%	10.54%	11.74%	12.32%	10.95%	7.21%	9.11%
Net Working Capital to Revenue	6.81%	6.90%	7.94%	8.32%	9.42%	10.16%	9.94%	9.77%	9.49%	5.44%	6.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.63	$0.29	$1.52	$0.16	$1.06	$0.80	$1.33	$0.01	$0.23	$0.59	$1.98
Adjusted Weighted Average Basic Shares Outstanding	33.74M	33.75M	33.72M	33.93M	34.06M	34.07M	34.03M	34.10M	34.20M	34.01M	34.04M
Adjusted Diluted Earnings per Share	$1.61	$0.28	$1.49	$0.16	$1.05	$0.80	$1.31	$0.01	$0.23	$0.59	$1.96
Adjusted Weighted Average Diluted Shares Outstanding	34.17M	34.27M	34.38M	34.24M	34.34M	34.36M	34.32M	34.32M	34.30M	34.18M	34.34M
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	33.75M	33.75M	33.83M	34.05M	34.07M	34.07M	34.03M	34.19M	34.21M	33.84M	33.88M
Normalized Net Operating Profit after Tax (NOPAT)	84	25	73	8.13	54	47	53	4.98	16	-1.18	66
Normalized NOPAT Margin	2.09%	0.69%	2.26%	0.30%	1.92%	1.79%	1.70%	0.19%	0.51%	-0.04%	2.59%
Pre Tax Income Margin	2.60%	1.06%	2.86%	0.51%	2.05%	2.37%	2.15%	0.12%	0.79%	0.97%	3.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.48	5.69	12.33	3.14	9.67	8.44	7.55	1.25	3.16	3.47	8.24
NOPAT to Interest Expense	6.01	3.05	8.97	1.25	8.13	5.60	5.17	0.90	1.40	-0.16	5.44
EBIT Less CapEx to Interest Expense	4.93	1.57	7.18	-0.96	5.35	3.91	2.10	-2.31	-1.09	-2.91	2.38
NOPAT Less CapEx to Interest Expense	2.46	-1.07	3.82	-2.86	3.80	1.08	-0.28	-2.65	-2.85	-6.54	-0.43
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	101.48%	114.76%	54.17%	52.35%	54.75%	59.22%	75.32%	51.32%	65.06%	73.63%	50.81%
Augmented Payout Ratio	101.48%	114.76%	55.49%	52.35%	54.75%	59.22%	76.66%	51.32%	65.06%	506.28%	63.69%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor-focused read on Andersons, Inc. (ANDE) using the last four years of quarterly statements provided. The notes below summarize trends across the income statement, cash flow, and balance sheet, highlighting what may matter most to retail investors.

Net income to common shareholders in Q4 2025 rose to $67.434 million, up from $45.090 million in Q4 2024 (roughly +50% year over year).
Cash flow from continuing operating activities was strong in the middle of 2025, with $299.32 million in Q2 2025 and $233.88 million in Q3 2025, helping aggregate net cash from continuing operating activities of about $177 million for the four quarters in 2025.
Q4 2025 diluted earnings per share (EPS) was $1.96 and basic EPS was $1.98, underscoring ongoing profitability at the quarter level.
Net change in cash and equivalents for Q4 2025 was $16.65 million (positive), contributing to a modest quarterly cash uptick despite other cash outflows.
Gross margin for Q4 2025 improved to about 9.1% (gross profit of $231.49 million on $2.54 billion revenue), versus about 6.8% in Q4 2024, signaling better pricing or cost management in that quarter.
Balance-sheet snapshot around mid-2025 shows total assets near $3.30 billion with cash around $81.6 million and total equity near $1.18 billion, indicating a solid liquidity and equity base despite quarter-to-quarter fluctuations.
Investing activity remained sizable in 2025, with quarterly purchases of property, plant & equipment (PPE) totaling roughly $46–71 million per quarter, contributing to annual PPE cash outflows in the low-to-mid $200 millions range.
Net cash from financing activities was negative for most of 2025 (e.g., Q3: −$450.97 million; Q2: −$137.45 million; Q1: +$50.45 million; Q4: +$90.83 million), leading to an overall 2025 financing cash outflow of about −$447 million and implying ongoing leverage or shareholder-return activity.
Long-term debt remained a material liability (around $569 million in Q3 2025), contributing to elevated total liabilities and periodic financing outflows during 2025.
Revenue volatility persists: Q4 2025 operating revenue was $2.536 billion, down from Q4 2024’s $3.123 billion, highlighting sensitivity to market cycles despite improving margins in the latest quarter.

05/06/26 08:07 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Andersons' Financials

When does Andersons' financial year end?

According to the most recent income statement we have on file, Andersons' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

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 $119.30 million in 2025, falling from -$11.32 million in 2015. The previous period was $170.70 million in 2024. Check out Andersons' forecast to explore projected trends and price targets.

What is Andersons' operating income?

Andersons' total operating income in 2025 was $110.29 million, based on the following breakdown:

Total Gross Profit: $713.65 million
Total Operating Expenses: $603.36 million

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

Over the last 10 years, Andersons' total revenue changed from $4.20 billion in 2015 to $11.01 billion in 2025, a change of 162.2%.

How much debt does Andersons have?

Andersons' total liabilities were at $2.42 billion at the end of 2025, a 3.9% decrease from 2024, and a 53.8% increase since 2015.

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 $98.28 million as of their latest financial filing in 2025.

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 27.29 in 2015 to 36.79 in 2025, a change of 34.8%.

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Financial statements for NASDAQ:ANDE last updated on 2/21/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Andersons (ANDE) Financials

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Andersons (ANDE) Financials

Annual Income Statements for Andersons

Quarterly Income Statements for Andersons

Annual Cash Flow Statements for Andersons

Quarterly Cash Flow Statements for Andersons

Annual Balance Sheets for Andersons

Quarterly Balance Sheets for Andersons

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Quarterly Metrics And Ratios for Andersons

Financials Breakdown Chart

Key Financial Trends

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