Andersons (ANDE)
Market Price (8/8/2026): $65.35 | Market Cap: $2.2 BilSector: Consumer Staples | Industry: Food Distributors
Andersons (ANDE)
Market Price (8/8/2026): $65.35Market Cap: $2.2 BilSector: Consumer StaplesIndustry: Food Distributors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7% Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, E-commerce & DTC Adoption, and Future of Freight. Themes include Renewable Fuel Production, Show more. | Weak multi-year price returns2Y Excs Rtn is -13%, 3Y Excs Rtn is -35% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13%, Rev Chg QQuarterly Revenue Change % is -1.2% Key risksANDE key risks include [1] an inability to fully hedge its exposure to volatile agricultural and energy commodity prices within its core Trade and Renewables businesses, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.7% |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Energy Transition & Decarbonization, E-commerce & DTC Adoption, and Future of Freight. Themes include Renewable Fuel Production, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -13%, 3Y Excs Rtn is -35% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13%, Rev Chg QQuarterly Revenue Change % is -1.2% |
| Key risksANDE key risks include [1] an inability to fully hedge its exposure to volatile agricultural and energy commodity prices within its core Trade and Renewables businesses, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Andersons (ANDE) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Andersons' stock experienced an initial significant decline due to its fiscal Q1 2026 earnings report, despite an EPS beat. The company reported Q1 2026 earnings per share of $1.12, exceeding the consensus estimate of $0.70. However, revenue of $2.63 billion missed analyst estimates and was down 1.2% year-over-year. This revenue shortfall and "valuation concerns" led to an 11.79% premarket stock plunge on May 6, 2026.
2. Persistent elevated agricultural input costs and rising farm debt stress created macroeconomic headwinds for Andersons' Agribusiness segment. Agricultural economists in July 2026 indicated that input costs for farmers, including fertilizer, seed, and chemicals, are expected to remain elevated or even increase into 2027. Furthermore, 11 out of 15 economists surveyed anticipated average interest rates on agricultural operating loans to be slightly higher in 2027 than in 2026, signaling increased financing costs for farmers and stressing farm profitability, which directly impacts demand within Andersons' agribusiness operations.
Show more
Andersons (ANDE) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Andersons' stock experienced an initial significant decline due to its fiscal Q1 2026 earnings report, despite an EPS beat. The company reported Q1 2026 earnings per share of $1.12, exceeding the consensus estimate of $0.70. However, revenue of $2.63 billion missed analyst estimates and was down 1.2% year-over-year. This revenue shortfall and "valuation concerns" led to an 11.79% premarket stock plunge on May 6, 2026.
2. Persistent elevated agricultural input costs and rising farm debt stress created macroeconomic headwinds for Andersons' Agribusiness segment. Agricultural economists in July 2026 indicated that input costs for farmers, including fertilizer, seed, and chemicals, are expected to remain elevated or even increase into 2027. Furthermore, 11 out of 15 economists surveyed anticipated average interest rates on agricultural operating loans to be slightly higher in 2027 than in 2026, signaling increased financing costs for farmers and stressing farm profitability, which directly impacts demand within Andersons' agribusiness operations.
3. A shaky outlook for corn prices contributed to uncertainty in Andersons' grain merchandising operations. The July 2026 Ag Economists' Monthly Monitor identified corn's unstable price outlook as a factor clouding the path to 2027, potentially affecting the profitability of Andersons' grain handling and merchandising segment. This contrasts with positive developments in the Renewables segment, which saw record fiscal Q2 2026 performance driven by strong ethanol exports and $24 million from 45Z tax credits.
Show less
Stock Movement Drivers
Fundamental Drivers
The -16.5% change in ANDE stock from 4/30/2026 to 8/7/2026 was primarily driven by a -54.6% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 78.31 | 65.39 | -16.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,009 | 10,939 | -0.6% |
| Net Income Margin (%) | 0.9% | 1.6% | 86.5% |
| P/E Multiple | 27.7 | 12.6 | -54.6% |
| Shares Outstanding (Mil) | 34 | 34 | -0.6% |
| Cumulative Contribution | -16.5% |
Market Drivers
4/30/2026 to 8/7/2026| Return | Correlation | |
|---|---|---|
| ANDE | -16.5% | |
| Market (SPY) | 7.6% | -8.9% |
| Sector (XLP) | 1.0% | -2.9% |
Fundamental Drivers
The 6.1% change in ANDE stock from 1/31/2026 to 8/7/2026 was primarily driven by a 156.2% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 61.64 | 65.39 | 6.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,596 | 10,939 | -5.7% |
| Net Income Margin (%) | 0.6% | 1.6% | 156.2% |
| P/E Multiple | 28.6 | 12.6 | -56.0% |
| Shares Outstanding (Mil) | 34 | 34 | -0.1% |
| Cumulative Contribution | 6.1% |
Market Drivers
1/31/2026 to 8/7/2026| Return | Correlation | |
|---|---|---|
| ANDE | 6.1% | |
| Market (SPY) | 12.1% | -4.5% |
| Sector (XLP) | 2.5% | 8.5% |
Fundamental Drivers
The 84.7% change in ANDE stock from 7/31/2025 to 8/7/2026 was primarily driven by a 67.0% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.41 | 65.39 | 84.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,198 | 10,939 | -2.3% |
| Net Income Margin (%) | 1.0% | 1.6% | 67.0% |
| P/E Multiple | 11.1 | 12.6 | 13.1% |
| Shares Outstanding (Mil) | 34 | 34 | 0.1% |
| Cumulative Contribution | 84.7% |
Market Drivers
7/31/2025 to 8/7/2026| Return | Correlation | |
|---|---|---|
| ANDE | 84.7% | |
| Market (SPY) | 23.4% | 5.0% |
| Sector (XLP) | 8.9% | 17.4% |
Fundamental Drivers
The 40.4% change in ANDE stock from 7/31/2023 to 8/7/2026 was primarily driven by a 152.0% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8072026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.59 | 65.39 | 40.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,229 | 10,939 | -36.5% |
| Net Income Margin (%) | 0.6% | 1.6% | 152.0% |
| P/E Multiple | 14.1 | 12.6 | -11.1% |
| Shares Outstanding (Mil) | 34 | 34 | -1.3% |
| Cumulative Contribution | 40.4% |
Market Drivers
7/31/2023 to 8/7/2026| Return | Correlation | |
|---|---|---|
| ANDE | 40.4% | |
| Market (SPY) | 74.9% | 26.6% |
| Sector (XLP) | 21.1% | 23.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ANDE Return | 61% | -8% | 67% | -29% | 34% | 29% | 206% |
| Peers Return | 54% | 29% | -7% | -12% | 22% | 42% | 184% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| ANDE Win Rate | 67% | 50% | 67% | 33% | 67% | 62% | |
| Peers Win Rate | 67% | 63% | 42% | 40% | 62% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ANDE Max Drawdown | -25% | -49% | -22% | -34% | -34% | -16% | |
| Peers Max Drawdown | -19% | -32% | -28% | -28% | -21% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ADM, BG, NTR, VLO, CF.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)
How Low Can It Go
| Event | ANDE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.8% | -18.8% |
| % Gain to Breakeven | 51.0% | 23.1% |
| Time to Breakeven | 163 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.6% | -24.5% |
| % Gain to Breakeven | 30.8% | 32.4% |
| Time to Breakeven | 20 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.4% | -33.7% |
| % Gain to Breakeven | 45.7% | 50.9% |
| Time to Breakeven | 149 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.1% | -19.2% |
| % Gain to Breakeven | 35.3% | 23.8% |
| Time to Breakeven | 52 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -33.8% | -12.2% |
| % Gain to Breakeven | 51.1% | 13.9% |
| Time to Breakeven | 104 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -64.4% | -6.8% |
| % Gain to Breakeven | 180.7% | 7.3% |
| Time to Breakeven | 2254 days | 15 days |
In The Past
Andersons's stock fell -33.8% during the 2025 US Tariff Shock. Such a loss loss requires a 51.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | ANDE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -33.8% | -18.8% |
| % Gain to Breakeven | 51.0% | 23.1% |
| Time to Breakeven | 163 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.6% | -24.5% |
| % Gain to Breakeven | 30.8% | 32.4% |
| Time to Breakeven | 20 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -31.4% | -33.7% |
| % Gain to Breakeven | 45.7% | 50.9% |
| Time to Breakeven | 149 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -26.1% | -19.2% |
| % Gain to Breakeven | 35.3% | 23.8% |
| Time to Breakeven | 52 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -33.8% | -12.2% |
| % Gain to Breakeven | 51.1% | 13.9% |
| Time to Breakeven | 104 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -64.4% | -6.8% |
| % Gain to Breakeven | 180.7% | 7.3% |
| Time to Breakeven | 2254 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -29.6% | -17.9% |
| % Gain to Breakeven | 42.0% | 21.8% |
| Time to Breakeven | 58 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -75.4% | -53.4% |
| % Gain to Breakeven | 307.0% | 114.4% |
| Time to Breakeven | 709 days | 1085 days |
In The Past
Andersons's stock fell -33.8% during the 2025 US Tariff Shock. Such a loss loss requires a 51.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Andersons (ANDE)
The Andersons, Inc. (ANDE) is an agriculture company operating across three primary segments: Trade, Renewables, and Plant Nutrient. Its Trade segment is involved in critical aspects of grain and commodity management. This includes operating grain elevators, storing a variety of agricultural commodities, and providing essential grain marketing, risk management, and origination services. The company also handles the logistics and merchandising of physical commodities such as whole grains, feed ingredients, and domestic fuel products, serving farmers, affiliated ethanol facilities, and the broader agricultural commodity market.
The Renewables segment focuses on the production, purchase, and sale of ethanol and its co-products. It further supports the ethanol industry by offering facility operations, risk management, and marketing services to the ethanol plants it invests in and operates. Complementing this, the extensive Plant Nutrient segment manufactures, distributes, and retails a wide array of agricultural plant nutrients, crop protection chemicals, and seed products. It also provides application and agronomic services directly to commercial and family farmers, ensuring comprehensive support for crop cultivation.
Beyond traditional farm supplies, Andersons' Plant Nutrient segment diversifies into specialty products and industrial applications. This includes producing corncob-based products used for laboratory animal bedding, private-label cat litter, industrial absorbents, and blast cleaners. The company also manufactures industrial products like nitrogen reagents for air pollution control and water treatment chemicals. Furthermore, it supplies professional lawn care products for golf courses and turf markets, along with various pelleted lime, gypsum, and value-added soil amendments, catering to diverse industrial, professional, and consumer markets.
AI Analysis | Feedback
Think of Andersons as an agricultural conglomerate, similar to how 3M manufactures a wide range of industrial and consumer products, but Andersons focuses entirely on the agricultural supply chain, from farm inputs to grain trading and biofuels.
It's like an integrated agricultural solutions company, similar to how Honeywell provides diverse industrial solutions and technology across various sectors, but Andersons is dedicated to the agriculture industry, handling farm inputs, grain logistics, and biofuel production.
Imagine Sysco for the agricultural supply chain, but instead of supplying restaurants with food, Andersons supplies farmers with inputs, manages grain logistics and trading, and produces biofuels and specialty industrial products from crops.
AI Analysis | Feedback
- Grain Marketing & Logistics: Provides grain elevation, storage, marketing, risk management, and logistics for various agricultural commodities.
- Ethanol Production & Marketing: Produces, purchases, and sells ethanol, along with offering marketing and operational services for ethanol plants.
- Agricultural Plant Nutrients: Manufactures, distributes, and retails a wide range of plant nutrients, crop protection chemicals, and seeds.
- Specialty Corncob Products: Manufactures corncob-based products used for animal bedding, cat litter, absorbents, and industrial purposes.
- Industrial Chemicals: Produces and distributes industrial products like nitrogen reagents for pollution control, water treatment, and dust abatement.
- Agronomic Services: Offers application, agronomic, warehousing, and packaging services to farmers and nutrient producers.
- Professional Turf & Lawn Care: Provides professional lawn care products, including fertilizers and weed/pest control, for golf courses and turf markets.
AI Analysis | Feedback
- Agricultural Producers and Related Businesses: This category includes commercial and family farmers who purchase grain marketing, risk management, origination services, plant nutrients, crop protection chemicals, and seeds. It also encompasses livestock operations, food processors, and other agricultural commodity users, as well as other ethanol facilities for which Andersons provides operational, risk management, and marketing services.
- Industrial and Specialty Product Manufacturers/Users: This segment includes a diverse set of industrial customers such as coal-fired power plants (for nitrogen reagents), water treatment facilities, and industries requiring dust abatement products. It also covers other nutrient producers and distributors (for warehousing, packaging, and manufacturing services), laboratories (for animal bedding), and companies utilizing corncob-based products for various industrial applications like absorbents, blast cleaners, carriers, and polishers, as well as private-label cat litter manufacturers.
- Professional Turf Management and Fuel Distributors: This category includes golf courses and other professional turf care markets that utilize specialty lawn care products. It also includes companies involved in the blending and distribution of ethanol and other domestic fuel products.
AI Analysis | Feedback
AI Analysis | Feedback
William E. Krueger, President and Chief Executive Officer
Appointed CEO on October 1, 2024. Krueger joined The Andersons in 2019 as part of its acquisition of Lansing Trade Group, LLC, where he had served as president and CEO for nearly 14 years. Before his current role, he served as The Andersons' Chief Operating Officer and President of the trade and processing business. His career began as a grain merchant, and he has developed expertise in the commodity industry, focusing on business development, energy markets, risk management, and corporate finance. He holds a Bachelor of Science in Agribusiness from the University of Nebraska-Lincoln and a Master of Business Administration in Finance from DeVry University's Keller Graduate School of Management.
Brian A. Valentine, Executive Vice President, Chief Financial Officer
Valentine joined The Andersons in 2018, bringing over 20 years of senior management experience in corporate finance, treasury, public capital markets, accounting, tax, and investment management. He previously served as corporate vice president and chief financial officer for the Lubrizol Corporation, a subsidiary of Berkshire Hathaway. While Lubrizol was publicly traded, he held various financial leadership roles, including corporate treasurer. Valentine is a certified public accountant and earned a bachelor's degree in business administration in accounting and a Master of Business Administration from John Carroll University.
Patrick E. Bowe, Executive Chairman of the Board
Bowe served as President and CEO of The Andersons from November 2015 to September 2024, subsequently becoming Executive Chairman effective October 1, 2024, and Board Chair in May 2024. He has over 40 years of experience in the agricultural sector. Prior to joining The Andersons, Bowe was a corporate vice president of Cargill, Inc., and a leader of its Food Ingredients and Systems platform since 2007. From 1999 to 2007, he served as president of Cargill's corn wet milling business. His early career included work as a cash grain merchant for Louis Dreyfus Company and Phil O'Connell Grain Co., and roles in metals trading, sweetener sales, and plant management for Cargill.
Emmanuel N. Ayuk, Executive Vice President, General Counsel and Corporate Secretary
Ayuk joined The Andersons, Inc. in 2025. He possesses nearly two decades of legal experience and a strong background in international leadership within the agriculture sector. Previously, he was Chief Counsel for the Ag Services & Oilseeds Business Unit at ADM. Ayuk holds a Master of Business Administration and a Master of Public Policy degree from the University of Michigan.
Weston S. Heide, Executive Vice President, Agribusiness
Heide serves as the Executive Vice President of Agribusiness for The Andersons.
AI Analysis | Feedback
- Commodity Price Volatility: The Andersons, Inc. is highly susceptible to significant fluctuations in the prices of agricultural commodities such as corn, wheat, soybeans, and ethanol, as well as related inputs like fertilizers and fuel. These price swings directly impact the company's revenue and profitability across its Trade, Renewables, and Plant Nutrient segments. The unpredictable nature of these markets remains a persistent challenge, even with hedging strategies in place.
- Weather and Climate Dependence: As an agriculture and renewable fuels company, The Andersons' operations are inherently dependent on favorable weather conditions and agricultural growing seasons. Extreme weather events, including droughts, floods, or other adverse climate-related impacts, can directly affect crop yields, grain availability, and the demand for the company's plant nutrient products and services, thereby impacting financial performance.
- Regulatory and Geopolitical Risk: The company faces considerable risk from changes in government policies, regulations, and subsidies pertaining to agriculture, biofuels (such as ethanol mandates), and environmental standards. Furthermore, geopolitical events and trade restrictions can lead to significant volatility in commodity prices, disrupt established trade flows, and shift planting patterns, all of which can adversely affect The Andersons' business, particularly its Trade and Renewables segments. The transition towards electric vehicles, for instance, could reduce demand for biofuels.
AI Analysis | Feedback
The Andersons, Inc. faces clear emerging threats from two primary areas:
- Declining demand for ethanol due to the proliferation of electric vehicles (EVs) and other alternative fuel technologies: The Renewables segment is heavily invested in ethanol production and marketing. As electric vehicles gain wider adoption and other non-gasoline-based transportation solutions emerge, overall demand for gasoline, and consequently ethanol as a fuel additive, is expected to decrease over time. This represents a fundamental shift in the energy market, akin to how streaming disrupted physical media.
- Disruption in the plant nutrient market by precision agriculture technologies and biological solutions: The Plant Nutrient segment manufactures, distributes, and retails traditional fertilizers, crop protection chemicals, and related services. The rapid advancement and adoption of precision agriculture tools (e.g., highly targeted application, data-driven nutrient management) coupled with the growing market for biological solutions (e.g., biostimulants, microbial inoculants that enhance nutrient uptake or replace synthetic inputs) threaten to reduce the overall volume demand for conventional fertilizers and chemicals. This shift could alter purchasing patterns and potentially disintermediate traditional distribution models, similar to how new digital platforms bypass older retail channels.
AI Analysis | Feedback
The Andersons, Inc. (ANDE) participates in several agricultural markets, including grain, renewables (ethanol), and plant nutrients. Here are the addressable market sizes for their main products and services:
Trade Segment
- Grain Trade: The global grain market reached approximately 2.33 billion tons in 2025 and is projected to grow to around 2.63 billion tons by 2035. In terms of value, the global grains market was valued at $87.60 billion in 2024 and is projected to reach $123.60 billion by 2033. The United States is a significant participant in the global grains market, with an estimated market size of $20 billion.
- Grain Storage: The U.S. grain storage silos market was valued at USD 310.1 million in 2026 and is projected to reach USD 380.9 million by 2031. The total U.S. grain storage capacity is estimated at 25.48 billion bushels.
Renewables Segment
- Ethanol Production and Sales: The global ethanol market size was estimated at USD 97.52 billion in 2025 and is projected to reach USD 141.05 billion by 2033. Another estimate places the global market at USD 114.98 billion in 2025, projected to reach around USD 199.40 billion by 2035. The North American ethanol market size was estimated at USD 25.17 billion in 2024 and is expected to reach USD 54.26 billion by 2035. The U.S. ethanol market was valued at USD 32.76 billion in 2025 and is expected to reach USD 60.66 billion by 2032.
Plant Nutrient Segment
- Agricultural Plant Nutrients and Fertilizers: The global agricultural fertilizers market size was estimated at USD 231.19 billion in 2025 and is projected to reach approximately USD 332.79 billion by 2035. For the United States, the fertilizer market was valued at USD 29.93 billion in 2025 and is projected to reach USD 39.92 billion by 2031. Another source indicates the U.S. fertilizers market size was USD 30.19 billion in 2025 and is expected to be worth around USD 48.94 billion by 2035.
- Crop Protection Chemicals: The global crop protection chemicals market size was estimated at USD 67.18 billion in 2025 and is projected to grow to USD 109.41 billion by 2034. Another report estimates the global market at USD 81.25 billion in 2025, predicted to increase to approximately USD 131.79 billion by 2034. In the United States, the crop protection chemicals market was valued at USD 21.34 billion in 2025 and is estimated to grow to USD 28.21 billion by 2031.
- Corncob-based products (Laboratory Animal Bedding and Private-Label Cat Litter): The global small animal bedding market was estimated at USD 1.93 billion in 2025 and is expected to reach USD 2.65 billion by 2032.
- Industrial Products (Nitrogen Reagents for Air Pollution Control Systems): A specific addressable market size for "nitrogen reagents for air pollution control systems" could not be identified. The broader global industrial nitrogen market, which includes various applications, was valued at USD 29.29 billion in 2024 and is poised to grow to USD 51.63 billion by 2033. However, this represents a much wider scope than Andersons' specific offering.
AI Analysis | Feedback
The Andersons, Inc. (ANDE) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives and favorable market conditions:
- Expansion of Renewable Fuels Production Capacity: The company is investing approximately $60 million to expand its Clymers, Indiana ethanol plant, anticipating an additional 30 million gallons of annual production by mid-2027. This expansion, coupled with strong ongoing demand for ethanol, is a key driver for the Renewables segment. The company has also achieved record fourth-quarter renewables profitability due to full ownership of its ethanol plants.
- Strategic Agribusiness Infrastructure Investments and Enhanced Merchandising: The Andersons plans to complete the expansion of its export terminal at the Port of Houston in 2026. This project is designed to facilitate soybean meal exports to international markets and improve the efficiency of exporting western grains. Furthermore, integrating the Skyland Grain acquisition is expected to strengthen the company's geographic presence and merchandising capabilities.
- Maximizing Benefits from Biofuels Tax Incentives: The 45Z tax incentive is projected to provide a significant boost to the company's financials. The expected full-year impact of these credits is anticipated to rise from $35 million in 2025 to between $90 million and $100 million for 2026, directly contributing to the profitability of the Renewables segment.
- Improved Agribusiness Market Conditions and Regulatory Clarity: Management anticipates better financial results in Agribusiness for 2026, driven by increased certainty in global grain markets. Policy clarity regarding export and biofuels regulations, including E15 legislation and Renewable Volume Obligation (RVO) clarifications, is also expected to provide stability and lift earnings in both the Agribusiness and Renewables segments.
AI Analysis | Feedback
Capital Allocation Decisions for The Andersons (ANDE) Over the Last 3-5 Years
Share Repurchases
- In August 2024, The Andersons's board of directors authorized a new share repurchase program for up to $100 million of outstanding common stock, effective for a period of three years.
- A previous $100 million share repurchase program was authorized in August 2021, also effective for three years.
- As of December 31, 2023, approximately $14.5 million had been utilized from the $100 million repurchase plan authorized in August 2021.
Outbound Investments
- On July 31, 2025, The Andersons acquired the remaining 49.9% ownership interest in The Andersons Marathon Holdings LLC (TAMH), which was subsequently renamed The Andersons Renewables, LLC and comprises four ethanol plants.
- The company is focused on strengthening its geographic presence and expanding merchandising capabilities by leveraging opportunities from the Skyland Grain acquisition and its integration.
Capital Expenditures
- Capital expenditures for the full year 2024 amounted to $233.1 million.
- The company expects to invest $60 million in its Clymers, Indiana, ethanol plant to increase its capacity by 30 million gallons by mid-2027.
- Significant capital investments include the completion of the export terminal expansion at the Port of Houston in 2026 to facilitate soybean meal and western grain exports, and the commencement of operations at its mineral processing facility in Carlsbad, New Mexico, in the fourth quarter of 2025.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 92.48 |
| Mkt Cap | 25.9 |
| Rev LTM | 55,152 |
| Op Inc LTM | 2,557 |
| FCF LTM | 1,790 |
| FCF 3Y Avg | 1,750 |
| CFO LTM | 2,886 |
| CFO 3Y Avg | 3,392 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.6% |
| Rev Chg 3Y Avg | -4.1% |
| Rev Chg Q | 12.4% |
| QoQ Delta Rev Chg LTM | 3.2% |
| Op Inc Chg LTM | 38.6% |
| Op Inc Chg 3Y Avg | -5.5% |
| Op Mgn LTM | 4.7% |
| Op Mgn 3Y Avg | 3.9% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 5.6% |
| CFO/Rev 3Y Avg | 5.5% |
| FCF/Rev LTM | 4.7% |
| FCF/Rev 3Y Avg | 4.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 25.9 |
| P/S | 0.5 |
| P/Op Inc | 9.5 |
| P/EBIT | 8.3 |
| P/E | 12.8 |
| P/CFO | 7.7 |
| Total Yield | 9.5% |
| Dividend Yield | 2.2% |
| FCF Yield 3Y Avg | 9.4% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.1% |
| 3M Rtn | -2.8% |
| 6M Rtn | 7.7% |
| 12M Rtn | 38.7% |
| 3Y Rtn | 20.2% |
| 1M Excs Rtn | -4.5% |
| 3M Excs Rtn | -9.8% |
| 6M Excs Rtn | -4.8% |
| 12M Excs Rtn | 16.2% |
| 3Y Excs Rtn | -49.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Agribusiness | 8,260 | 8,456 | 11,370 | ||
| Renewables | 2,749 | 2,801 | 3,380 | 3,179 | 2,441 |
| Nutrient & Industrial | 1,099 | 867 | |||
| Trade | 13,048 | 9,304 | |||
| Total | 11,009 | 11,258 | 14,750 | 17,325 | 12,612 |
| $ Mil | 2008 | 2007 | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|
| Grain & Ethanol | 44 | 66 | 28 | ||
| Rail | 20 | 20 | 23 | 11 | |
| Turf & Specialty | 2 | ||||
| Retail | 1 | 0 | 3 | 3 | 2 |
| Other | -5 | -3 | -6 | -4 | |
| Nutrient & Industrial | -12 | 27 | 3 | ||
| Turf and Specialty | 0 | 3 | -3 | ||
| Agriculture | 23 | 21 | |||
| Processing | -0 | ||||
| Total | 49 | 93 | 54 | 39 | 30 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Agribusiness | 2,848 | 2,778 | 2,582 | ||
| Renewables | 617 | 681 | 780 | 836 | 784 |
| Other | 248 | 663 | 493 | 75 | 153 |
| Nutrient & Industrial | 531 | 453 | |||
| Trade | 3,167 | 3,115 | |||
| Assets of discontinued operations | 64 | ||||
| Total | 3,713 | 4,121 | 3,855 | 4,608 | 4,569 |
Price Behavior
| Market Price | $65.39 | |
| Market Cap ($ Bil) | 2.2 | |
| First Trading Date | 02/20/1996 | |
| Distance from 52W High | -19.1% | |
| 50 Days | 200 Days | |
| DMA Price | $71.98 | $64.28 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -9.2% | 1.7% |
| 3M | 1YR | |
| Volatility | 38.2% | 36.4% |
| Downside Capture | 42.97 | -47.58 |
| Upside Capture | -2.70 | 28.21 |
| Correlation (SPY) | 5.0% | 4.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.37 | -0.31 | -0.57 | -0.21 | 0.09 | 0.62 |
| Up Beta | 2.30 | -1.20 | -2.17 | -0.41 | 0.27 | 0.77 |
| Down Beta | 2.14 | 0.42 | 0.43 | 0.44 | 0.46 | 0.78 |
| Up Capture | -43% | -28% | -56% | -13% | 23% | 18% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 12 | 21 | 32 | 71 | 147 | 398 |
| Down Capture | -110% | -35% | -32% | -73% | -98% | 64% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 10 | 22 | 31 | 55 | 105 | 354 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANDE | |
|---|---|---|---|---|
| ANDE | 83.7% | 36.5% | 1.73 | - |
| Sector ETF (XLP) | 6.5% | 14.1% | 0.21 | 17.0% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | 3.2% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | 2.7% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | 18.5% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 10.5% |
| Bitcoin (BTCUSD) | -44.2% | 42.9% | -1.23 | -0.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANDE | |
|---|---|---|---|---|
| ANDE | 21.7% | 39.2% | 0.61 | - |
| Sector ETF (XLP) | 6.2% | 13.6% | 0.24 | 23.5% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 28.3% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | 1.4% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | 22.8% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 25.2% |
| Bitcoin (BTCUSD) | 8.8% | 53.0% | 0.35 | 13.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ANDE | |
|---|---|---|---|---|
| ANDE | 8.0% | 41.7% | 0.33 | - |
| Sector ETF (XLP) | 7.3% | 14.8% | 0.36 | 32.0% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 36.3% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 1.0% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | 22.5% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 31.4% |
| Bitcoin (BTCUSD) | 58.2% | 66.2% | 0.98 | 10.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 6.6% | ||
| 5/5/2026 | -13.9% | -11.2% | -8.0% |
| 2/17/2026 | -3.5% | -3.6% | 3.7% |
| 11/4/2025 | 4.5% | 10.9% | 7.8% |
| 8/4/2025 | -0.1% | 10.4% | 17.2% |
| 5/6/2025 | -9.8% | 4.1% | -2.1% |
| 2/18/2025 | 17.3% | 8.2% | 7.4% |
| 11/4/2024 | -5.3% | 5.9% | 2.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 17 | 17 |
| # Negative | 14 | 7 | 7 |
| Median Positive | 5.5% | 5.9% | 5.7% |
| Median Negative | -6.8% | -6.7% | -8.0% |
| Max Positive | 17.3% | 16.5% | 17.2% |
| Max Negative | -26.8% | -28.7% | -26.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/3/2026 | 6.6% | ||
| 5/5/2026 | -13.9% | -11.2% | -8.0% |
| 2/17/2026 | -3.5% | -3.6% | 3.7% |
| 11/4/2025 | 4.5% | 10.9% | 7.8% |
| 8/4/2025 | -0.1% | 10.4% | 17.2% |
| 5/6/2025 | -9.8% | 4.1% | -2.1% |
| 2/18/2025 | 17.3% | 8.2% | 7.4% |
| 11/4/2024 | -5.3% | 5.9% | 2.5% |
| 8/6/2024 | -1.0% | 0.5% | 2.9% |
| 5/7/2024 | -8.4% | -6.7% | -10.0% |
| 2/20/2024 | 5.5% | 1.6% | 5.0% |
| 11/7/2023 | -11.3% | 1.1% | -0.1% |
| 8/1/2023 | 0.3% | 4.9% | 4.3% |
| 5/2/2023 | -9.2% | -16.7% | -10.3% |
| 2/14/2023 | 15.0% | 16.5% | 4.7% |
| 11/1/2022 | 4.2% | 7.9% | 5.7% |
| 8/2/2022 | 11.8% | 2.8% | 0.8% |
| 5/3/2022 | -26.8% | -28.7% | -26.1% |
| 2/15/2022 | -0.3% | 3.9% | 12.6% |
| 11/2/2021 | 2.8% | 12.2% | -0.2% |
| 8/3/2021 | -0.6% | 7.0% | 11.5% |
| 5/4/2021 | -2.2% | 4.9% | 8.9% |
| 2/16/2021 | 3.3% | -0.3% | 8.8% |
| 11/3/2020 | -16.9% | -4.0% | 3.1% |
| 8/4/2020 | 6.7% | 13.5% | 16.5% |
| SUMMARY STATS | |||
| # Positive | 11 | 17 | 17 |
| # Negative | 14 | 7 | 7 |
| Median Positive | 5.5% | 5.9% | 5.7% |
| Median Negative | -6.8% | -6.7% | -8.0% |
| Max Positive | 17.3% | 16.5% | 17.2% |
| Max Negative | -26.8% | -28.7% | -26.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/18/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/05/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/08/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Recent Forward Guidance
Updated 8/4/2026Latest: Q2 2026 Earnings Reported 8/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted Effective Tax Rate | 14.0% | 16.0% | 18.0% | 0.0% | Affirmed | Guidance: 16.0% for 2026 | |
Prior: Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Adjusted Effective Tax Rate | 15.0% | 16.5% | 18.0% | -7.0% | Lowered | Guidance: 23.5% for 2025 | |
Insider Activity
Updated 8/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bowe, Patrick E | Direct | Sell | 7272026 | 80.53 | 3,534 | 284,593 | 6,029,654 | Form | |
| 2 | Rex, Anne G | VP, Strategy, Planning and Dev | Direct | Sell | 6052026 | 73.10 | 1,827 | 133,554 | 1,608,361 | Form |
| 3 | Bowe, Patrick E | Direct | Sell | 5062026 | 80.76 | 16,466 | 1,329,794 | 6,332,281 | Form | |
| 4 | Bowe, Patrick E | Direct | Sell | 5042026 | 78.31 | 19,100 | 1,495,721 | 7,429,632 | Form | |
| 5 | Bowe, Patrick E | Direct | Sell | 4302026 | 78.06 | 900 | 70,254 | 8,896,860 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Bowe, Patrick E | Direct | Sell | 7272026 | 80.53 | 3,534 | 284,593 | 6,029,654 | Form | |
| 2 | Rex, Anne G | VP, Strategy, Planning and Dev | Direct | Sell | 6052026 | 73.10 | 1,827 | 133,554 | 1,608,361 | Form |
| 3 | Bowe, Patrick E | Direct | Sell | 5062026 | 80.76 | 16,466 | 1,329,794 | 6,332,281 | Form | |
| 4 | Bowe, Patrick E | Direct | Sell | 5042026 | 78.31 | 19,100 | 1,495,721 | 7,429,632 | Form | |
| 5 | Bowe, Patrick E | Direct | Sell | 4302026 | 78.06 | 900 | 70,254 | 8,896,860 | Form | |
| 6 | Bowe, Patrick E | Direct | Sell | 4272026 | 76.67 | 2,407 | 184,545 | 8,807,438 | Form | |
| 7 | Bowe, Patrick E | Direct | Sell | 4232026 | 76.11 | 12,093 | 920,398 | 8,926,305 | Form | |
| 8 | Bowe, Patrick E | Direct | Sell | 4232026 | 76.01 | 500 | 38,005 | 9,833,766 | Form | |
| 9 | Bowe, Patrick E | Direct | Sell | 4072026 | 74.33 | 15,000 | 1,114,950 | 9,653,581 | Form | |
| 10 | Bowe, Patrick E | Direct | Sell | 3262026 | 72.78 | 14,200 | 1,033,476 | 10,543,976 | Form | |
| 11 | Bowe, Patrick E | Direct | Sell | 3262026 | 72.09 | 800 | 57,672 | 11,467,690 | Form | |
| 12 | Stout, John T JR | Direct | Sell | 3192026 | 70.30 | 2,500 | 175,750 | 1,647,872 | Form | |
| 13 | Walz, Brian K | VP & Treasurer | Direct | Sell | 3162026 | 70.74 | 8,975 | 634,892 | 842,690 | Form |
| 14 | Rex, Anne G | VP, Strategy, Planning and Dev | Direct | Sell | 3062026 | 65.16 | 2,624 | 170,988 | 1,552,711 | Form |
| 15 | Walz, Brian K | VP & Treasurer | Direct | Sell | 3062026 | 70.00 | 200 | 14,000 | 1,462,125 | Form |
| 16 | Stout, John T JR | Direct | Sell | 12172025 | 55.00 | 5,000 | 275,000 | 1,426,731 | Form | |
| 17 | Stout, John T JR | Direct | Sell | 12152025 | 53.00 | 2,500 | 132,500 | 1,639,850 | Form | |
| 18 | Stout, John T JR | Direct | Sell | 12112025 | 51.77 | 12,500 | 647,088 | 1,731,119 | Form | |
| 19 | Rex, Anne G | VP, Strategy, Planning and Dev | Direct | Sell | 11132025 | 51.36 | 3,000 | 154,080 | 1,209,465 | Form |
Investor Activity (13F)
Updated Aug 8, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Consumer Staples Resources |
| FoodNavigator |
| Consumer Goods Technology (CGT) |
| Beverage Digest |
| Food Distributors Resources |
| Food Logistics |
| Refrigerated & Frozen Foods |
| Food Engineering |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.