iTechGuides is reader-supported. When you buy through links on our site, we may earn an affiliate commission. As an Amazon Associate I earn from qualifying purchases. Learn more
Compare Deere & Company, CNH Industrial N.V. and AGCO Corporation by normalizing their filings, separating manufacturing from captive finance, decomposing revenue changes, and judging cash generation across a full farm cycle. A single year’s sales or operating margin can mislead because equipment demand, dealer inventories, credit losses and financing costs move sharply with farm economics.
1. Define a comparable peer set and scope
Begin with Deere, CNH Industrial and AGCO. AGCO’s 2024 annual report identifies Deere and CNH as its two principal worldwide competitors, making them a defensible large-cap starting set. Add smaller or regional manufacturers only after documenting why their product mix, geographic exposure and accounting presentation are comparable.
Write the comparison question before collecting numbers
Decide whether you are evaluating manufacturing quality, total corporate earnings, balance-sheet risk, or equity valuation. The answer changes which figures belong in the numerator and denominator. For example, a manufacturing comparison should isolate equipment operations, while a shareholder comparison must account for the finance subsidiary, pension obligations, leases and all consolidated debt.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
Set the period and currency
Use the same fiscal-year window whenever possible. Record each company’s fiscal year-end, presentation currency, reporting standard (U.S. GAAP or IFRS), and whether the period contains an acquisition, divestiture or discontinued operation. Convert currencies consistently for presentation, but do not erase the economic effect of currency movements: report constant-currency and reported changes separately when management provides both.
#1 Best Overall
- Powerful Turbo Fan:CAGIWIRU Electric Air Duster have reached speed up to 130000RPM,Can efficient remove dust and debris.With LED light and Three Adjustable Speed to meet with different cleaning tasks.
- With Attached USB C Fasting Charging cable.Charing 3 hours,Enjoy up to 240 minutes of use on the lowest setting, For third speed can use for 25mins.with four charging options to meet with your needs.
- Wide Application: attached 5 different nozzles,making it suitable for a variety of scenes, such as car,pet, pc, keyboards, and other electronic devices. It also serves for office and home clean duster.
- Handy Design & Portable:Cordless air duster electric nozzle is Light weight and small size, design and comfortable to hold and space saving, convenient to carry around. You can put it in your room or inside the car without taking up space.
- Economical &Reusable: Built durable materials with a long-lasting battery,our CAGIWIRU air duster it's a sustainable alternative to disposable air cans.
| Field to record | Why it affects comparability |
|---|---|
| Fiscal year and year-end date | Seasonality and dealer shipments can make a quarter or partial year look unusually strong or weak. |
| Accounting standard | Recognition, leasing, impairment and pension rules can differ between U.S. GAAP and IFRS. |
| Presentation currency | Reported growth can reflect exchange rates rather than unit demand or pricing. |
| Segment definitions | A precision-technology or parts business may be embedded in an equipment segment at one company and disclosed separately at another. |
| Acquisitions and divestitures | Portfolio changes alter reported sales, assets and margins without representing organic execution. |
| Discontinued operations | Prior periods may need recasting before a year-over-year calculation is meaningful. |
Handle AGCO’s portfolio change explicitly
AGCO’s 2025 results include the divestiture of most of its Grain & Protein business in November 2024. Treat the resulting year-over-year change as a mix of organic performance and portfolio effect; do not attribute the entire sales movement to agricultural-equipment demand.
2. Rebuild each company’s business model from the notes
Read the segment note, revenue note and finance-subsidiary disclosures before calculating ratios. Create a common analytical map rather than copying each issuer’s labels.
Use a common revenue map
- Agricultural equipment: tractors, combines, planting, harvesting and related machines.
- Construction equipment: construction machinery where the company reports it separately.
- Precision technology: guidance, autonomy, software, displays and connected-farm products.
- Parts and services: replacement parts, maintenance and other recurring support.
- Finance: interest income, leasing and other captive-finance activity.
Map every reported segment into these categories, mark items that cannot be allocated, and preserve the original disclosure beside your recast view. A company with more parts and services may have steadier revenue than one dependent on new-machine shipments, but the difference should be demonstrated through several years of data rather than inferred from a segment name.
The Tool Desk
Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Separate organic change from portfolio and currency effects
Construct a revenue bridge with six possible drivers:
- Volume or unit shipments.
- Price, including list-price increases and discounts.
- Mix, such as a shift toward larger machines or higher-margin products.
- Currency translation.
- Acquisitions and newly consolidated businesses.
- Divestitures and discontinued operations.
CNH’s 2024 reporting says unfavorable market conditions reduced sales volumes and production and increased sales discounts and credit-loss provisions. That combination matters: lower volume hurts factory absorption, while heavier discounts pressure price realization and higher provisions affect both earnings and cash risk.
| Revenue question | Evidence to extract | Interpretation |
|---|---|---|
| Did customers buy fewer units? | Unit shipments, production and volume commentary | Indicates demand and dealer-inventory pressure. |
| Did realized prices rise? | Price realization, discounts and incentives | Shows whether inflation recovery is retained or given back. |
| Did product mix change? | Model, horsepower, region and segment mix | Explains margin movement that volume alone cannot. |
| Did exchange rates move sales? | Reported versus constant-currency growth | Separates operating performance from translation. |
| Did the portfolio change? | Acquisition, divestiture and discontinued-operation disclosures | Prevents false organic-growth conclusions. |
3. Keep manufacturing and captive finance in separate analytical columns
Consolidated statements combine different risk pools. Industrial operations hold inventory, trade receivables, plants and equipment; a captive finance arm holds financing receivables, leases and debt raised to fund those assets. Combining them without a bridge can make a low-margin finance spread look like manufacturing weakness or make finance leverage appear to be industrial leverage.
Build an industrial column
Place equipment, parts and services revenue; manufacturing cost of sales; selling, administrative and research costs; industrial inventory; trade receivables; factories; operating leases; pensions; and industrial debt in this column. Calculate operating margin and cash conversion using this perimeter where the filing permits.
Rank #2
- Screen Cleaner is Your Screen’s New Bestfriend! - EVEO is proud to present a screen cleaner that’s perfectly suited for your TV. Meet your new screen cleaner, computer screen cleaner, laptop cleaner, iPad cleaner, Macbook,tv cleaner or any other electronic device. Our screen cleaner spray and wipe along with the included plush microfiber cloth, easily removes dust, fingerprints & other smudges on the screen’s surface. Clean effectively for a streak-free screen
- Gentle on your Screens - Our screen cleaner spray and wipes is compatible to be used even for the most sensitive LCD, LED, CRT, and OLED screens in proper use. Be at ease knowing that this product is compatible with all the major brands: LG, SONY, Samsung, Sharp, iPad, iPhone, Android screens, Kindle, PC monitors - we’ve got you covered! Can be used as LCD screen cleaner, tv cleaner, smart tv screen cleaner, and more
- Premium Super Soft Plush Microfiber Cloth - Included in this efficient screen cleaning kit. This screen cleaner spray and wipe has our signature plush microfiber cloth specially designed to comply with screens and monitors and leave them streak-free. Has been shown to effectively absorbs stubborn stains, zero streaks, and no fiber shedding. Always use this together with our screen cleaner for the best results
- Easy-to-Use Screen Cleaner Kit + microfiber cleaning cloth - The EVEO Screen Cleaning Kit will easily be your new favorite tool when it comes to taking care of the things you love most, quick and easy solution for a streak-free screen. Simply screw on the sprayer gun on the screen cleaner bottle. Spray the cleaning liquid onto the microfiber cloth, then wipe the screen until desired cleanliness & shine is achieved.
- Quality Screen Care Kit Worth Purchasing - Enjoy a convenient Screen Cleaner anytime, anywhere you need it. Your satisfaction is our top priority. We stand behind the quality of our products and that’s why, you shouldn’t be worrying at all. We manufacture the Best Screen Cleaner. and can be used for laptop cleaning kit, laptop screen cleaner, tv screen cleaner for smart tv. MacBook screen cleaner, monitor cleaner or screen cleaner spray for electronic devices with microfiber cleaning cloth
Build a finance column
Place interest income, finance receivables, leased equipment, finance-subsidiary debt, funding costs, credit-loss provisions and finance operating expenses in a second column. Track the spread between yield on finance assets and funding cost, but do not call that spread a manufacturing margin.
Use the consolidated view only after reconciliation
Reconcile the two columns to reported operating income, net income, total assets and total debt. Deere’s annual report separately presents trade receivables, financing receivables and equipment on operating leases, illustrating why the balance sheet should be read by asset type rather than as one undifferentiated pool.
| Risk pool | Key assets | Key risks | Useful checks |
|---|---|---|---|
| Industrial | Inventory, trade receivables, plants and equipment | Demand, production utilization, discounts and warranty costs | Inventory days, receivable days, industrial operating margin and capital expenditure |
| Captive finance | Financing receivables and leased equipment | Credit losses, residual values, funding costs and maturities | Delinquencies, provisions, net charge-offs, finance debt and interest coverage |
4. Compare operating profitability without hiding adjustments
Start with reported operating income
Calculate reported operating margin as operating income divided by the relevant revenue base. Use the segment or industrial perimeter consistently across companies. Reported results preserve the accounting outcome that shareholders received and provide the anchor for every adjusted measure.
Show adjusted results beside, not instead of, reported results
If management presents adjusted operating income, adjusted earnings or an adjusted margin, reproduce the reconciliation. Identify restructuring, impairment, acquisition costs, divestiture gains, inventory revaluation and other excluded items. An adjustment that appears once may be genuinely unusual; a recurring “one-time” charge is economically part of the business and should be included in a normalized view.
Quick wins for a faster PC:
Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Explain margin movement with a bridge
Use a bridge from the prior period’s margin to the current period that identifies price, volume, mix, material costs, labor, factory utilization, freight, warranty, currency, research spending and portfolio effects. Lower volume can reduce fixed-cost absorption even when list prices increase. Higher discounts can offset nominal price gains, while a richer product mix can raise margins without broad-based pricing power.
Normalize for the cycle
Do not rank companies from one peak or trough year. Build at least a multi-year series and mark peak demand, downturn, recovery and unusual portfolio events. A simple normalization is the average operating margin across a complete cycle; a more useful one weights years by estimated normal demand and tests whether cost structure changed permanently.
5. Test working capital and cash conversion
Inventory discipline
Calculate inventory days as average inventory divided by cost of sales, multiplied by the number of days in the period. Use average beginning and ending balances when available. Also track finished goods, work in process and raw materials separately. Rising finished-goods days during falling shipments can signal dealer destocking, production running ahead of demand or future discounting.
Rank #3
- 【Large size】：Measuring 800 x 300 mm/ 31. 5×12 inches, which is wider and taller than others. Large mouse pad can perfectly fit your keyboard and mouse of any size, and there is also ample space for peripherals such as phones, tablets, etc.
- 【LED backlight mouse pad】：Blade Hawks RGB mouse pad provides 7 static modes and 7 dynamic modes will give you the options you are looking for. Power-off memory function remembers the last lighting mode you selected. The super glow fiber Chroma will give you a colorful gaming setup that you want.
- 【Anti-slip rubber base】：Made from Natural rubber, this gaming mousepad will firmly grip your desktop, allowing you to enjoy the ultimate precision in the games you are most passionate about. It also comes with a texture that enhances this ability even further.
- 【Smooth and waterproof surface】: Micro-textured cloth surface, for extremely precise mouse control and a smooth movement. When liquid splashes on the gaming mouse pad, it forms water droplets and slides down. Will not delay your work or gameplay.
- 【Plug and play】: This mouse and keyboard pad is powered by USB, plug and play, no driver required. One button control light modes. Press one time to change the lighting mode, press twice to change the brightness, press and hold about 3 seconds turn ON/OFF.
Trade and finance receivables
Calculate trade-receivable days using industrial sales, not finance revenue. Keep financing receivables in a separate schedule and examine delinquency, aging, provisions and charge-offs. A receivable balance can rise because customers are buying more, because payment terms lengthened, or because collections weakened; the note disclosures determine which explanation fits.
Do these 3 things before closing this tab:
1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsOperating cash flow and free cash flow
Operating cash flow should be read with its working-capital drivers. Define free cash flow explicitly, for example operating cash flow less capital expenditure, and use the same definition for every company. State whether finance-subsidiary borrowing and lending cash flows are included. A manufacturer may report strong operating cash flow by reducing inventory, but that benefit may reverse when production normalizes.
Respect seasonality
AGCO states that financing requirements vary with seasonal inventory and receivable levels. Compare equivalent dates and use quarterly averages where possible instead of drawing conclusions from a single year-end snapshot. Record dealer inventory commentary because manufacturers can ship into a channel that is already overstocked.
6. Analyze leverage, funding and credit losses by entity
Inventory the debt stack
List gross debt, cash, net debt, maturities, floating- and fixed-rate exposure, leases, pensions and finance-subsidiary debt. Show industrial and finance debt separately before presenting consolidated net debt. Include interest expense and available liquidity, but do not treat undrawn credit lines as cash.
Examine credit quality
Track provisions for credit losses, net charge-offs, delinquencies and nonperforming receivables. CNH reported that 2024 market conditions increased credit-loss provisions. Rising provisions during weaker farm income can reduce finance earnings before defaults become visible in headline revenue.
Recommended Free Tools
Check funding and covenant pressure
Read maturity schedules, covenant definitions, securitization arrangements and guarantees. A finance subsidiary can be profitable yet vulnerable if wholesale funding costs rise faster than customer yields or if short-term maturities must be refinanced in a stressed market. Include lease liabilities and pension deficits in an enterprise-risk view even when a valuation convention excludes them.
7. Put results in the farm-equipment cycle
CNH’s 2024 annual report notes that agricultural-industry health is affected by farm income, farmland values, debt levels and financing costs. AGCO’s disclosures and the broader peer filings also point to commodity conditions, acreage, yields, weather, input costs, government policy and subsidies as relevant demand drivers.
Rank #4
- 【Softer and More Comfortable】Vaydeer wrist rest has unique diamond pattern, which is the combination of softness and aesthetics. The materials of wrist rest are improved into higher quality memory foam and covered with silky smooth lycra. The computer wrist rest makes you as comfortable and cushiony as like rest your wrists on clouds.
- 【Ergonomic Wrist Saver】The wrist rests for keyboard and mouse comes with a 17.32×3.15×0.83 inch keyboard wrist pad and a 5.94×3.15×0.83 inch mouse wrist support. Based on ergonomic design, the unique concave shape is the perfect fit for your wrist joints. The wrist rest pad fits most computer keyboards and laptops, improve hand and wrist posture, release your wrist and arm stress.
- 【Non-Slip Rubber Bottom】Featuring an anti-skid silicone base on the bottom, this wrist keyboard support stays firmly in place on your desk, preventing the padding from sliding around, ensuring stable and consistent wrist support during extended computer sessions.
- 【Better Experience & Pain Relief】Our keyboard arm rest is beneficial to alleviate the soreness caused by direct contact and friction between your arm and a hard desk surface, reducing the risk of wrist fatigue or carpal tunnel. The soft texture of memory foam can evenly distribute the pressure around your wrists and provide good support with just enough give.
- 【Helpful in Multiple Scenarios】Whether you're working, studying, writing, typing, gaming, this keyboard and mouse rest combo is an essential accessory to add comfort and support to your hands and wrists. It’s also a great gift for men, women, family, friend, coworker, gamer, teacher, etc.
Create a demand dashboard
- Farm income and crop prices, which influence replacement ability.
- Farmland values, which affect collateral and borrowing capacity.
- Interest rates and financing costs, which change monthly payments and equipment affordability.
- Commodity prices, acreage and yields, which influence producer cash flow.
- Weather and input costs, which can delay purchases even when long-term demand is intact.
- Government policy and subsidies, which can accelerate or defer orders.
- Dealer inventories and incentives, which determine how shipments translate into retail demand.
Use scenarios instead of a single forecast
Build base, downside and recovery cases. In the downside case, reduce unit volume, widen discounts, lower factory utilization, increase inventory days and raise finance credit-loss provisions. In the recovery case, allow volume and absorption to improve before assuming full price recovery. Keep assumptions explicit so that a valuation change can be traced to demand, margin, working capital or funding rather than an unexplained multiple.
8. Calculate returns and valuation only after normalization
Return on invested capital
Define invested capital consistently. For an industrial view, use operating assets and liabilities and exclude finance receivables and their matching debt. For a consolidated view, include the finance operation and use after-tax operating income that reflects its economics. State how leases, pensions, goodwill and excess cash are treated. Return on assets can be a useful cross-check, but finance-heavy companies naturally report lower asset turns and different leverage.
Crashes, No Sound, or Screen Glitches?
Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteWindows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallIncremental margins
Measure the change in operating income divided by the change in revenue over a comparable period. Interpret the result with the volume, price, mix and cost bridge: high incremental margins during a recovery may reflect fixed-cost absorption, while negative incremental margins in a downturn may be normal rather than evidence of permanent deterioration.
Free-cash-flow yield
Calculate free-cash-flow yield as normalized free cash flow divided by equity value, using a clearly stated cash-flow perimeter. Exclude temporary inventory liquidation from normalized cash flow and account for finance-subsidiary lending needs. A high reported yield can be an artifact of shrinking receivables or unusually low capital expenditure.
Enterprise-value multiples
Use enterprise value only when debt, cash and finance assets are handled consistently. Decide whether finance debt is treated as operating funding or debt-like leverage, then apply the same convention across the peer set. Compare normalized EBIT or EBITDA multiples, not a peak-year denominator, and disclose every adjustment.
9. A repeatable filing-analysis workflow
- Collect the documents. Obtain the latest annual reports, quarterly filings and earnings releases for Deere, CNH Industrial and AGCO.
- Create a period sheet. Record fiscal year, year-end date, currency, accounting standard and restatements.
- Map segments. Recast each company into agriculture, construction, precision technology, parts/services and finance.
- Build the revenue bridge. Enter volume, price, mix, currency, acquisitions and divestitures separately.
- Split entities. Reconcile industrial operations, captive finance and consolidated totals.
- Calculate profitability. Compute reported margins, then add reconciled adjusted and normalized measures.
- Measure working capital. Calculate inventory days, trade-receivable days and finance-receivable trends using average balances where available.
- Reconcile cash flow. Define operating cash flow and free cash flow, identify working-capital reversals and record capital expenditure.
- Stress leverage. List maturities, interest costs, finance debt, provisions, leases, pensions and covenant constraints.
- Apply cycle scenarios. Test downturn, base and recovery assumptions before ranking companies.
- Value the businesses. Compare normalized ROIC, incremental margins, free-cash-flow yield and enterprise-value multiples under one consistent perimeter.
- Document uncertainty. Mark every figure affected by a divestiture, accounting change, currency movement or unavailable disclosure.
10. Worked example: interpreting AGCO’s 2025 change
AGCO reported 2025 net sales of $10,082.0 million, down 13.5% from 2024. It also reported net income attributable to AGCO of $726.5 million in 2025, compared with a $(424.8) million loss in 2024. Those figures establish the magnitude of the reported change, not its cause.
The first analytical step is to adjust the comparison for the divestiture of most of AGCO’s Grain & Protein business in November 2024. Next, separate volume, price, mix, currency and remaining portfolio effects. Then reconcile reported net income to operating performance, identify finance income and credit-loss movements, and inspect working-capital changes. A large swing from a loss to a profit may reflect impairment or divestiture items, cost actions, tax effects, or cyclical normalization; the notes and reconciliations determine the explanation.
Best Value
- 【No Drill Mounted】Cable management tray can be assembled in as little as 3 minutes or less-simply. Side clips easily clampe the edge of desk, pass through the holes on the sides, and secure excess cables with baskets. Desk cable management supports inward or outward installation to meet your needs in different scenarios, and provides you with great convenience when collecting and organizing wires.
- 【Rubber Pad Protects Desk】Wire organizer under desk built-in soft rubber pads on the clamp protect your desk from scratches, so you will not damage your furniture or office.
- 【Sturdy and Beautiful】Cord management under desk is made of high-quality carbon steel and holds about 15 lbs. The wire basket has 2 holes on each side of the tray to enable your cables to pass freely. Cable baskets are suitable for desk thickness use from 0.4" to 2.4".
- 【Space Saving & Keep Organized】Desk cable management tray holds all your power cords, outlet strips, USB hubs and computer transformers hidden from your feet, and the data cables will not enter the vacuum cleaner to keep your desk clean and tidy. Desk wire organizer is also suitable for use in the kitchen and outdoors.
- 【Reduce Safety Risks】Cable tray under desk keeps all plugs away from your kids, no more worry about tripping. Using 2 holes wire tray saves extra space, helps you easily cabling and wire protection. The mesh design is not easy to accumulate dust, but avoids safety accidents caused by messy wires.
| AGCO figure | Reported value | How to use it |
|---|---|---|
| 2025 net sales | $10,082.0 million | Anchor for reported revenue, then adjust for the Grain & Protein divestiture and other bridge items. |
| Year-over-year sales change | Down 13.5% from 2024 | Do not treat as organic demand without volume, currency and portfolio decomposition. |
| 2025 net income attributable to AGCO | $726.5 million | Use as reported bottom-line earnings before testing unusual items and finance effects. |
| 2024 net income attributable to AGCO | $(424.8) million loss | Investigate impairments, divestiture effects, restructuring and tax items before calculating growth. |
11. Common mistakes and how to correct them
Ranking on revenue growth alone
Problem: Revenue may rise through price, currency or an acquisition while units fall.
Correction: Use the six-part revenue bridge and show organic volume separately.
Mixing finance income with manufacturing margin
Problem: A captive lender’s interest spread obscures factory economics.
Correction: Present industrial and finance columns, then reconcile to consolidated results.
Ignoring dealer inventory
Problem: Factory shipments can remain strong while dealers are overstocked.
Correction: Track finished-goods inventory, channel commentary, discounts and production cuts.
Free tools Windows power users keep installed
One-click scans. No signup required.
Treating every adjustment as nonrecurring
Problem: Repeated restructuring or impairment charges are labeled exceptional indefinitely.
Correction: Build a multi-year adjustment log and include recurring costs in normalized earnings.
Using year-end balances as average exposure
Problem: Seasonal inventory and receivables distort a single date.
Correction: Use quarterly or monthly averages and compare equivalent seasonal points.
Applying one valuation perimeter to all peers
Problem: Finance debt is included for one company but excluded for another.
Correction: Define enterprise value, invested capital and free cash flow once, then apply the definitions uniformly.
12. Final comparison checklist
- Are the fiscal periods, currencies and accounting standards aligned?
- Are acquisitions, divestitures and discontinued operations identified?
- Is each segment mapped to a common business category?
- Are volume, price, mix, currency and portfolio effects separated?
- Are reported and adjusted margins shown with reconciliations?
- Are industrial assets and liabilities separated from finance receivables and debt?
- Are inventory days, trade-receivable days, cash flow and capital expenditure measured consistently?
- Are credit losses, maturities, leases, pensions and covenants included in the risk review?
- Are farm income, commodity prices, financing costs, weather, policy and dealer inventories reflected in scenarios?
- Are ROIC, incremental margins, free-cash-flow yield and valuation multiples based on normalized, consistent perimeters?
The strongest comparison is therefore not a single winner based on one ratio. It is a documented view of which company converts demand into profitable equipment sales, controls inventory and receivables, funds its finance arm prudently, absorbs a downturn with fewer credit losses, and earns acceptable returns across a complete agricultural cycle.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
