# Farm Products — company-by-company sector analysis

> Farm Products: Archer-Daniels-Midland Company owns the largest revenue base; Bunge Global SA has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Farm Products has underperformed S&P 500 by 4.3% over 52 weeks and 5.6% over 13 weeks. 3 of 12 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 12 beat the sector itself. Archer-Daniels-Midland Company leads with revenue of $80,584 million, based on 10 of 12 comparable companies through Mar 2026.

### Is the Farm Products sector outperforming S&P 500?

Farm Products has underperformed S&P 500 by 4.3% over 52 weeks and 5.6% over 13 weeks. 3 of 12 covered companies beat the S&P 500 on Mansfield relative strength, while 7 of 12 beat the sector itself.

### Which Farm Products company is largest by revenue?

Archer-Daniels-Midland Company leads with revenue of $80,584 million, based on 10 of 12 comparable companies through Mar 2026.

### Which Farm Products company is growing fastest?

Bunge Global SA has the fastest current revenue growth at 56.9%, across 10 of 12 comparable companies.

### Which Farm Products company has the strongest 4-Factor Sector Score?

Archer-Daniels-Midland Company ranks first at 65.3/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Farm Products company reports the most CAPEX?

Bunge Global SA reports the largest latest CAPEX at $336 million, with 12 of 12 companies comparable.

### Which Farm Products company has the least gross debt?

Cal-Maine Foods, Inc. has the lowest comparable gross debt at $0 million. Bunge Global SA has the highest at $16,189 million.

### Which Farm Products company has the lowest comparable PEG?

Dole plc has the lowest comparable Guarded PEG at 0.22, among 5 of 12 companies that pass the metric’s comparability rules.

### How much history does this Farm Products comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Farm Products has underperformed S&P 500 by 4.3% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 5.6%. 3 of 12 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Archer-Daniels-Midland Company is the strongest against the sector itself at +21.6%.

13-week sector return versus NIFTY 500: -5.6%
52-week sector return versus NIFTY 500: -4.3%
Stocks leading NIFTY: 3/12
Stocks leading sector: 7/12

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 12
Combined market value: ₹93.6K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Archer-Daniels-Midland Company (ADM): 65/100 — Favorable setup; evidence 82%
   - Growth & earnings 18.1/35 | Capital efficiency 13.8/25 | Valuation 13.4/20 | Relative strength 20.0/20
   - Exact sum: 18.1 + 13.8 + 13.4 + 20 = 65.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Bunge Global SA (BG): 55/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 17.4/35 | Capital efficiency 11.6/25 | Valuation 13.3/20 | Relative strength 12.8/20
   - Exact sum: 17.4 + 11.6 + 13.3 + 12.8 = 55.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Village Farms International, Inc. (VFF): 54/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 21.7/35 | Capital efficiency 17.1/25 | Valuation 11.5/20 | Relative strength 3.8/20
   - Exact sum: 21.7 + 17.1 + 11.5 + 3.8 = 54.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Tyson Foods, Inc. (TSN): 54/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 19.0/35 | Capital efficiency 14.5/25 | Valuation 9.1/20 | Relative strength 11.3/20
   - Exact sum: 19 + 14.5 + 9.1 + 11.3 = 53.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Cal-Maine Foods, Inc. (CALM): 53/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 11.9/35 | Capital efficiency 13.1/25 | Valuation 11.2/20 | Relative strength 16.5/20
   - Exact sum: 11.9 + 13.1 + 11.2 + 16.5 = 52.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Dole plc (DOLE): 51/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 16.3/35 | Capital efficiency 12.6/25 | Valuation 14.7/20 | Relative strength 7.2/20
   - Exact sum: 16.3 + 12.6 + 14.7 + 7.2 = 50.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Adecoagro S.A. (AGRO): 47/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 16.0/35 | Capital efficiency 10.6/25 | Valuation 10.4/20 | Relative strength 10.4/20
   - Exact sum: 16 + 10.6 + 10.4 + 10.4 = 47.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Alico, Inc. (ALCO): 45/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 20.4/35 | Capital efficiency 6.2/25 | Valuation 10.0/20 | Relative strength 8.8/20
   - Exact sum: 20.4 + 6.2 + 10 + 8.8 = 45.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. Vital Farms, Inc. (VITL): 41/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 15.9/35 | Capital efficiency 11.0/25 | Valuation 11.0/20 | Relative strength 3.0/20
   - Exact sum: 15.9 + 11 + 11 + 3 = 40.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND): 33/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 10.6/35 | Capital efficiency 6.6/25 | Valuation 10.6/20 | Relative strength 4.8/20
   - Exact sum: 10.6 + 6.6 + 10.6 + 4.8 = 32.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Limoneira Company (LMNR): 28/100 — Adverse evidence; evidence 62%
   - Growth & earnings 7.3/35 | Capital efficiency 6.1/25 | Valuation 8.8/20 | Relative strength 6.0/20
   - Exact sum: 7.3 + 6.1 + 8.8 + 6 = 28.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Forafric Global PLC (AFRI): 52/100 — Thin evidence · provisional; evidence 26%
   - Growth & earnings 18.1/35 | Capital efficiency 9.6/25 | Valuation 10.0/20 | Relative strength 14.5/20
   - Exact sum: 18.1 + 9.6 + 10 + 14.5 = 52.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Archer-Daniels-Midland Company is the scale leader at $80,584 million, 0% ahead of Bunge Global SA. Bunge Global SA's growth is 56.9% from a $80,547 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Archer-Daniels-Midland Company is the scale benchmark; Bunge Global SA is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Archer-Daniels-Midland Company's growth falls below Bunge Global SA's for two consecutive comparable reports while operating margin also compresses.

Evidence: Archer-Daniels-Midland Company · $80,584 million | 0% versus #2 · Bunge Global SA | 2/8 recent comparable periods | 10/12 companies · 218 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Archer-Daniels-Midland Company (ADM): ₹80.6K Cr
2. Bunge Global SA (BG): ₹80.5K Cr
3. Tyson Foods, Inc. (TSN): ₹55.7K Cr
4. Dole plc (DOLE): ₹9.4K Cr
5. Adecoagro S.A. (AGRO): ₹1.6K Cr

### Revenue growth — fastest growers
1. Bunge Global SA (BG): 57%
2. Vital Farms, Inc. (VITL): 27%
3. Village Farms International, Inc. (VFF): 17%
4. Dole plc (DOLE): 11%
5. Tyson Foods, Inc. (TSN): 3.9%

### 20-quarter Revenue history
- ADM: Sep 2021 ₹20.3K Cr | Dec 2021 ₹23.1K Cr | Mar 2022 ₹23.7K Cr | Jun 2022 ₹27.3K Cr | Sep 2022 ₹24.7K Cr | Dec 2022 ₹25.9K Cr | Mar 2023 ₹24.1K Cr | Jun 2023 ₹25.2K Cr | Sep 2023 ₹21.7K Cr | Dec 2023 ₹23.0K Cr | Mar 2024 ₹21.8K Cr | Jun 2024 ₹22.2K Cr | Sep 2024 ₹19.9K Cr | Dec 2024 ₹21.5K Cr | Mar 2025 ₹20.2K Cr | Jun 2025 ₹21.2K Cr | Sep 2025 ₹20.4K Cr | Dec 2025 ₹18.6K Cr | Mar 2026 ₹20.5K Cr | Jun 2026 —
- BG: Sep 2021 ₹14.1K Cr | Dec 2021 ₹16.7K Cr | Mar 2022 ₹15.9K Cr | Jun 2022 ₹17.9K Cr | Sep 2022 ₹16.8K Cr | Dec 2022 ₹16.7K Cr | Mar 2023 ₹15.3K Cr | Jun 2023 ₹15.0K Cr | Sep 2023 ₹14.2K Cr | Dec 2023 ₹14.9K Cr | Mar 2024 ₹13.4K Cr | Jun 2024 ₹13.2K Cr | Sep 2024 ₹12.9K Cr | Dec 2024 ₹13.5K Cr | Mar 2025 ₹11.6K Cr | Jun 2025 ₹12.8K Cr | Sep 2025 ₹22.2K Cr | Dec 2025 ₹23.8K Cr | Mar 2026 ₹21.9K Cr | Jun 2026 —
- TSN: Sep 2021 ₹12.5K Cr | Dec 2021 ₹12.8K Cr | Mar 2022 ₹12.9K Cr | Jun 2022 ₹13.1K Cr | Sep 2022 ₹13.5K Cr | Dec 2022 ₹13.7K Cr | Mar 2023 — | Jun 2023 ₹13.1K Cr | Sep 2023 ₹13.1K Cr | Dec 2023 ₹13.3K Cr | Mar 2024 ₹13.1K Cr | Jun 2024 ₹13.4K Cr | Sep 2024 ₹13.6K Cr | Dec 2024 ₹13.6K Cr | Mar 2025 ₹13.1K Cr | Jun 2025 ₹13.9K Cr | Sep 2025 ₹13.9K Cr | Dec 2025 ₹14.3K Cr | Mar 2026 ₹13.7K Cr | Jun 2026 —
- CALM: Sep 2021 ₹325 Cr | Dec 2021 ₹382 Cr | Mar 2022 ₹477 Cr | Jun 2022 ₹593 Cr | Sep 2022 ₹658 Cr | Dec 2022 ₹802 Cr | Mar 2023 ₹997 Cr | Jun 2023 ₹689 Cr | Sep 2023 ₹459 Cr | Dec 2023 ₹523 Cr | Mar 2024 ₹703 Cr | Jun 2024 ₹641 Cr | Sep 2024 ₹786 Cr | Dec 2024 ₹955 Cr | Mar 2025 ₹1.4K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹923 Cr | Dec 2025 ₹769 Cr | Mar 2026 ₹667 Cr | Jun 2026 —
- AGRO: Sep 2021 ₹395 Cr | Dec 2021 ₹376 Cr | Mar 2022 ₹290 Cr | Jun 2022 ₹415 Cr | Sep 2022 ₹429 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹307 Cr | Jun 2023 ₹432 Cr | Sep 2023 ₹411 Cr | Dec 2023 ₹238 Cr | Mar 2024 ₹316 Cr | Jun 2024 ₹451 Cr | Sep 2024 ₹479 Cr | Dec 2024 ₹387 Cr | Mar 2025 ₹350 Cr | Jun 2025 ₹393 Cr | Sep 2025 ₹354 Cr | Dec 2025 ₹433 Cr | Mar 2026 ₹419 Cr | Jun 2026 —
- DOLE: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.3K Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹2.1K Cr | Sep 2022 ₹2.0K Cr | Dec 2022 ₹2.0K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.1K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹2.1K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.2K Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 —
- VITL: Sep 2021 ₹65 Cr | Dec 2021 ₹77 Cr | Mar 2022 ₹77 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹92 Cr | Dec 2022 ₹110 Cr | Mar 2023 ₹119 Cr | Jun 2023 ₹106 Cr | Sep 2023 ₹110 Cr | Dec 2023 ₹136 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹147 Cr | Sep 2024 ₹145 Cr | Dec 2024 ₹166 Cr | Mar 2025 ₹162 Cr | Jun 2025 ₹185 Cr | Sep 2025 ₹199 Cr | Dec 2025 ₹214 Cr | Mar 2026 ₹187 Cr | Jun 2026 —
- LND: Sep 2021 ₹378 Cr | Dec 2021 ₹666 Cr | Mar 2022 ₹176 Cr | Jun 2022 ₹420 Cr | Sep 2022 ₹316 Cr | Dec 2022 ₹157 Cr | Mar 2023 ₹191 Cr | Jun 2023 ₹632 Cr | Sep 2023 ₹265 Cr | Dec 2023 ₹147 Cr | Mar 2024 ₹122 Cr | Jun 2024 ₹552 Cr | Sep 2024 ₹457 Cr | Dec 2024 ₹153 Cr | Mar 2025 ₹225 Cr | Jun 2025 ₹363 Cr | Sep 2025 ₹303 Cr | Dec 2025 ₹191 Cr | Mar 2026 ₹165 Cr | Jun 2026 —
- ALCO: Sep 2021 ₹4 Cr | Dec 2021 ₹15 Cr | Mar 2022 ₹50 Cr | Jun 2022 ₹26 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹18 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- AFRI: Sep 2021 — | Dec 2021 ₹141 Cr | Mar 2022 — | Jun 2022 ₹155 Cr | Sep 2022 — | Dec 2022 ₹129 Cr | Mar 2023 — | Jun 2023 ₹146 Cr | Sep 2023 — | Dec 2023 ₹156 Cr | Mar 2024 — | Jun 2024 ₹160 Cr | Sep 2024 — | Dec 2024 ₹115 Cr | Mar 2025 — | Jun 2025 ₹87 Cr | Sep 2025 — | Dec 2025 ₹89 Cr | Mar 2026 — | Jun 2026 —
- LMNR: Sep 2021 ₹49 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹47 Cr | Sep 2022 ₹59 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹52 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹63 Cr | Dec 2024 ₹44 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹47 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹18 Cr | Jun 2026 ₹24 Cr
- VFF: Sep 2021 ₹72 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹70 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹71 Cr | Dec 2022 ₹69 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹77 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹54 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹67 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹50 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- ADM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 21% | Dec 2022 12% | Mar 2023 1.8% | Jun 2023 -7.7% | Sep 2023 -12% | Dec 2023 -11% | Mar 2024 -9.2% | Jun 2024 -12% | Sep 2024 -8.1% | Dec 2024 -6.4% | Mar 2025 -7.7% | Jun 2025 -4.9% | Sep 2025 2.2% | Dec 2025 -14% | Mar 2026 1.6% | Jun 2026 —
- BG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 19% | Dec 2022 -0.1% | Mar 2023 -3.5% | Jun 2023 -16% | Sep 2023 -15% | Dec 2023 -10% | Mar 2024 -12% | Jun 2024 -12% | Sep 2024 -9.3% | Dec 2024 -9.3% | Mar 2025 -13% | Jun 2025 -3.6% | Sep 2025 72% | Dec 2025 75% | Mar 2026 88% | Jun 2026 —
- TSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 8.2% | Dec 2022 7.2% | Mar 2023 — | Jun 2023 0.1% | Sep 2023 -2.6% | Dec 2023 -3.0% | Mar 2024 — | Jun 2024 1.7% | Sep 2024 3.2% | Dec 2024 2.3% | Mar 2025 0.0% | Jun 2025 4.0% | Sep 2025 2.2% | Dec 2025 5.1% | Mar 2026 4.4% | Jun 2026 —
- CALM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 69% | Sep 2022 102% | Dec 2022 110% | Mar 2023 109% | Jun 2023 16% | Sep 2023 -30% | Dec 2023 -35% | Mar 2024 -29% | Jun 2024 -7.0% | Sep 2024 71% | Dec 2024 83% | Mar 2025 102% | Jun 2025 72% | Sep 2025 17% | Dec 2025 -19% | Mar 2026 -53% | Jun 2026 —
- AGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 8.6% | Dec 2022 -90% | Mar 2023 5.9% | Jun 2023 4.1% | Sep 2023 -4.2% | Dec 2023 561% | Mar 2024 2.9% | Jun 2024 4.4% | Sep 2024 17% | Dec 2024 63% | Mar 2025 11% | Jun 2025 -13% | Sep 2025 -26% | Dec 2025 12% | Mar 2026 20% | Jun 2026 —
- DOLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 70% | Sep 2022 1.0% | Dec 2022 -9.2% | Mar 2023 1.0% | Jun 2023 4.4% | Sep 2023 4.2% | Dec 2023 1.4% | Mar 2024 6.6% | Jun 2024 -0.8% | Sep 2024 0.9% | Dec 2024 4.6% | Mar 2025 -1.0% | Jun 2025 14% | Sep 2025 11% | Dec 2025 9.2% | Mar 2026 12% | Jun 2026 —
- VITL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 38% | Sep 2022 42% | Dec 2022 43% | Mar 2023 55% | Jun 2023 28% | Sep 2023 20% | Dec 2023 24% | Mar 2024 24% | Jun 2024 39% | Sep 2024 32% | Dec 2024 22% | Mar 2025 9.5% | Jun 2025 26% | Sep 2025 37% | Dec 2025 29% | Mar 2026 15% | Jun 2026 —
- LND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.2% | Sep 2022 -16% | Dec 2022 -76% | Mar 2023 8.5% | Jun 2023 50% | Sep 2023 -16% | Dec 2023 -6.4% | Mar 2024 -36% | Jun 2024 -13% | Sep 2024 72% | Dec 2024 4.1% | Mar 2025 84% | Jun 2025 -34% | Sep 2025 -34% | Dec 2025 25% | Mar 2026 -27% | Jun 2026 —
- ALCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -26% | Sep 2022 -75% | Dec 2022 -27% | Mar 2023 -58% | Jun 2023 -73% | Sep 2023 0.0% | Dec 2023 27% | Mar 2024 -14% | Jun 2024 100% | Sep 2024 0.0% | Dec 2024 21% | Mar 2025 0.0% | Jun 2025 -43% | Sep 2025 0.0% | Dec 2025 -88% | Mar 2026 -72% | Jun 2026 —
- AFRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 — | Dec 2022 -8.5% | Mar 2023 — | Jun 2023 -5.8% | Sep 2023 — | Dec 2023 21% | Mar 2024 — | Jun 2024 9.6% | Sep 2024 — | Dec 2024 -26% | Mar 2025 — | Jun 2025 -46% | Sep 2025 — | Dec 2025 -23% | Mar 2026 — | Jun 2026 —
- LMNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 20% | Dec 2022 21% | Mar 2023 -2.6% | Jun 2023 2.1% | Sep 2023 -12% | Dec 2023 2.5% | Mar 2024 5.3% | Jun 2024 -6.3% | Sep 2024 21% | Dec 2024 7.3% | Mar 2025 -15% | Jun 2025 -22% | Sep 2025 -25% | Dec 2025 -2.3% | Mar 2026 -47% | Jun 2026 -31%
- VFF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 19% | Sep 2022 -1.4% | Dec 2022 -5.5% | Mar 2023 -7.1% | Jun 2023 -7.2% | Sep 2023 -1.4% | Dec 2023 7.3% | Mar 2024 20% | Jun 2024 -30% | Sep 2024 -21% | Dec 2024 -39% | Mar 2025 -49% | Jun 2025 11% | Sep 2025 22% | Dec 2025 11% | Mar 2026 25% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Village Farms International, Inc. leads opm at 73.5%; Alico, Inc. leads margin change at +704.9 percentage points.

Investor read: Village Farms International, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Village Farms International, Inc. · 73.5% | 13.6× versus #2 · Adecoagro S.A. | 6/8 recent comparable periods | 11/12 companies · 206 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Village Farms International, Inc. (VFF): 74%
2. Adecoagro S.A. (AGRO): 5.4%
3. Cal-Maine Foods, Inc. (CALM): 5.4%
4. Tyson Foods, Inc. (TSN): 3.2%
5. Dole plc (DOLE): 2.6%

### Margin change — fastest expanders
1. Alico, Inc. (ALCO): +704.9 pp
2. Adecoagro S.A. (AGRO): +4.4 pp
3. Tyson Foods, Inc. (TSN): +2.4 pp
4. Village Farms International, Inc. (VFF): +0.9 pp
5. Archer-Daniels-Midland Company (ADM): +0.5 pp

### 20-quarter OPM history
- ADM: Sep 2021 2.9% | Dec 2021 4.0% | Mar 2022 4.7% | Jun 2022 5.0% | Sep 2022 4.2% | Dec 2022 3.9% | Mar 2023 5.1% | Jun 2023 4.0% | Sep 2023 4.4% | Dec 2023 3.0% | Mar 2024 3.3% | Jun 2024 2.2% | Sep 2024 0.1% | Dec 2024 2.6% | Mar 2025 1.1% | Jun 2025 1.8% | Sep 2025 1.1% | Dec 2025 1.5% | Mar 2026 1.6% | Jun 2026 —
- BG: Sep 2021 3.8% | Dec 2021 2.1% | Mar 2022 5.6% | Jun 2022 2.4% | Sep 2022 3.3% | Dec 2022 2.6% | Mar 2023 5.4% | Jun 2023 6.3% | Sep 2023 4.2% | Dec 2023 5.1% | Mar 2024 3.3% | Jun 2024 1.6% | Sep 2024 2.6% | Dec 2024 4.7% | Mar 2025 1.9% | Jun 2025 2.5% | Sep 2025 1.7% | Dec 2025 1.6% | Mar 2026 1.1% | Jun 2026 —
- TSN: Sep 2021 8.5% | Dec 2021 15% | Mar 2022 11% | Jun 2022 8.8% | Sep 2022 7.7% | Dec 2022 5.6% | Mar 2023 — | Jun 2023 -0.4% | Sep 2023 -2.7% | Dec 2023 1.7% | Mar 2024 2.4% | Jun 2024 2.6% | Sep 2024 3.9% | Dec 2024 4.3% | Mar 2025 0.8% | Jun 2025 1.9% | Sep 2025 1.1% | Dec 2025 2.1% | Mar 2026 3.2% | Jun 2026 —
- CALM: Sep 2021 -12% | Dec 2021 -0.5% | Mar 2022 8.3% | Jun 2022 25% | Sep 2022 25% | Dec 2022 32% | Mar 2023 41% | Jun 2023 20% | Sep 2023 -1.5% | Dec 2023 2.7% | Mar 2024 23% | Jun 2024 22% | Sep 2024 24% | Dec 2024 29% | Mar 2025 45% | Jun 2025 40% | Sep 2025 27% | Dec 2025 16% | Mar 2026 5.4% | Jun 2026 —
- AGRO: Sep 2021 25% | Dec 2021 11% | Mar 2022 22% | Jun 2022 18% | Sep 2022 15% | Dec 2022 -73% | Mar 2023 18% | Jun 2023 18% | Sep 2023 17% | Dec 2023 2.5% | Mar 2024 13% | Jun 2024 15% | Sep 2024 6.2% | Dec 2024 12% | Mar 2025 1.0% | Jun 2025 1.4% | Sep 2025 16% | Dec 2025 6.5% | Mar 2026 5.4% | Jun 2026 —
- DOLE: Sep 2021 -1.4% | Dec 2021 -1.9% | Mar 2022 2.2% | Jun 2022 3.1% | Sep 2022 1.5% | Dec 2022 2.0% | Mar 2023 3.1% | Jun 2023 4.3% | Sep 2023 3.8% | Dec 2023 2.0% | Mar 2024 5.3% | Jun 2024 4.0% | Sep 2024 2.3% | Dec 2024 1.6% | Mar 2025 3.2% | Jun 2025 4.3% | Sep 2025 1.1% | Dec 2025 1.2% | Mar 2026 2.6% | Jun 2026 —
- VITL: Sep 2021 -2.8% | Dec 2021 -5.5% | Mar 2022 -5.3% | Jun 2022 0.9% | Sep 2022 2.2% | Dec 2022 3.1% | Mar 2023 9.1% | Jun 2023 7.6% | Sep 2023 4.7% | Dec 2023 6.7% | Mar 2024 16% | Jun 2024 12% | Sep 2024 6.4% | Dec 2024 7.8% | Mar 2025 13% | Jun 2025 13% | Sep 2025 11% | Dec 2025 10% | Mar 2026 -1.2% | Jun 2026 —
- LND: Sep 2021 35% | Dec 2021 60% | Mar 2022 113% | Jun 2022 11% | Sep 2022 11% | Dec 2022 22% | Mar 2023 35% | Jun 2023 44% | Sep 2023 6.5% | Dec 2023 1.0% | Mar 2024 15% | Jun 2024 51% | Sep 2024 30% | Dec 2024 42% | Mar 2025 12% | Jun 2025 23% | Sep 2025 -1.9% | Dec 2025 8.8% | Mar 2026 -5.1% | Jun 2026 —
- ALCO: Sep 2021 -65% | Dec 2021 -5.0% | Mar 2022 2.9% | Jun 2022 -4.8% | Sep 2022 — | Dec 2022 -60% | Mar 2023 -42% | Jun 2023 173% | Sep 2023 -215% | Dec 2023 -125% | Mar 2024 -113% | Jun 2024 -49% | Sep 2024 — | Dec 2024 -64% | Mar 2025 -851% | Jun 2025 -369% | Sep 2025 — | Dec 2025 -453% | Mar 2026 -147% | Jun 2026 —
- LMNR: Sep 2021 6.9% | Dec 2021 -19% | Mar 2022 -24% | Jun 2022 5.5% | Sep 2022 19% | Dec 2022 -4.8% | Mar 2023 68% | Jun 2023 -8.0% | Sep 2023 -3.0% | Dec 2023 -23% | Mar 2024 -20% | Jun 2024 -11% | Sep 2024 14% | Dec 2024 -6.3% | Mar 2025 -16% | Jun 2025 -9.5% | Sep 2025 -1.3% | Dec 2025 -26% | Mar 2026 -58% | Jun 2026 -91%
- VFF: Sep 2021 3.9% | Dec 2021 2.3% | Mar 2022 -11% | Jun 2022 -51% | Sep 2022 -13% | Dec 2022 -41% | Mar 2023 -7.9% | Jun 2023 -6.8% | Sep 2023 -1.7% | Dec 2023 -27% | Mar 2024 -1.1% | Jun 2024 -29% | Sep 2024 -1.7% | Dec 2024 -19% | Mar 2025 73% | Jun 2025 12% | Sep 2025 25% | Dec 2025 9.2% | Mar 2026 74% | Jun 2026 —

### 20-quarter Margin change history
- ADM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +2.2 pp | Sep 2022 +1.3 pp | Dec 2022 −0.1 pp | Mar 2023 +0.4 pp | Jun 2023 −1.0 pp | Sep 2023 +0.2 pp | Dec 2023 −0.9 pp | Mar 2024 −1.8 pp | Jun 2024 −1.8 pp | Sep 2024 −4.3 pp | Dec 2024 −0.4 pp | Mar 2025 −2.2 pp | Jun 2025 −0.4 pp | Sep 2025 +1.0 pp | Dec 2025 −1.1 pp | Mar 2026 +0.5 pp | Jun 2026 —
- BG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0 pp | Sep 2022 −0.5 pp | Dec 2022 +0.5 pp | Mar 2023 −0.2 pp | Jun 2023 +3.9 pp | Sep 2023 +0.9 pp | Dec 2023 +2.5 pp | Mar 2024 −2.1 pp | Jun 2024 −4.7 pp | Sep 2024 −1.6 pp | Dec 2024 −0.4 pp | Mar 2025 −1.4 pp | Jun 2025 +0.9 pp | Sep 2025 −0.9 pp | Dec 2025 −3.1 pp | Mar 2026 −0.8 pp | Jun 2026 —
- TSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 −9.3 pp | Mar 2023 — | Jun 2023 −9.2 pp | Sep 2023 −10.4 pp | Dec 2023 −3.9 pp | Mar 2024 — | Jun 2024 +3.0 pp | Sep 2024 +6.6 pp | Dec 2024 +2.6 pp | Mar 2025 −1.6 pp | Jun 2025 −0.7 pp | Sep 2025 −2.8 pp | Dec 2025 −2.2 pp | Mar 2026 +2.4 pp | Jun 2026 —
- CALM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +28.3 pp | Sep 2022 +37.1 pp | Dec 2022 +32.9 pp | Mar 2023 +32.6 pp | Jun 2023 −4.8 pp | Sep 2023 −26.4 pp | Dec 2023 −29.7 pp | Mar 2024 −17.7 pp | Jun 2024 +2.4 pp | Sep 2024 +25.3 pp | Dec 2024 +26.4 pp | Mar 2025 +21.6 pp | Jun 2025 +17.3 pp | Sep 2025 +3.2 pp | Dec 2025 −13.0 pp | Mar 2026 −39.4 pp | Jun 2026 —
- AGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.6 pp | Sep 2022 −10.3 pp | Dec 2022 −84.5 pp | Mar 2023 −3.5 pp | Jun 2023 +0.7 pp | Sep 2023 +1.7 pp | Dec 2023 +75.7 pp | Mar 2024 −5.6 pp | Jun 2024 −3.8 pp | Sep 2024 −10.4 pp | Dec 2024 +9.8 pp | Mar 2025 −11.6 pp | Jun 2025 −13.1 pp | Sep 2025 +9.9 pp | Dec 2025 −5.8 pp | Mar 2026 +4.4 pp | Jun 2026 —
- DOLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.3 pp | Sep 2022 +2.9 pp | Dec 2022 +3.9 pp | Mar 2023 +0.9 pp | Jun 2023 +1.2 pp | Sep 2023 +2.3 pp | Dec 2023 0.0 pp | Mar 2024 +2.2 pp | Jun 2024 −0.3 pp | Sep 2024 −1.5 pp | Dec 2024 −0.4 pp | Mar 2025 −2.1 pp | Jun 2025 +0.3 pp | Sep 2025 −1.2 pp | Dec 2025 −0.4 pp | Mar 2026 −0.6 pp | Jun 2026 —
- VITL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.1 pp | Sep 2022 +5.0 pp | Dec 2022 +8.6 pp | Mar 2023 +14.4 pp | Jun 2023 +6.7 pp | Sep 2023 +2.5 pp | Dec 2023 +3.6 pp | Mar 2024 +7.2 pp | Jun 2024 +4.0 pp | Sep 2024 +1.7 pp | Dec 2024 +1.1 pp | Mar 2025 −2.9 pp | Jun 2025 +1.3 pp | Sep 2025 +4.4 pp | Dec 2025 +2.2 pp | Mar 2026 −14.6 pp | Jun 2026 —
- LND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −17.5 pp | Sep 2022 −24.4 pp | Dec 2022 −37.7 pp | Mar 2023 −77.3 pp | Jun 2023 +32.1 pp | Sep 2023 −4.3 pp | Dec 2023 −20.9 pp | Mar 2024 −20.5 pp | Jun 2024 +7.2 pp | Sep 2024 +23.0 pp | Dec 2024 +41.3 pp | Mar 2025 −3.2 pp | Jun 2025 −27.6 pp | Sep 2025 −31.4 pp | Dec 2025 −33.5 pp | Mar 2026 −16.8 pp | Jun 2026 —
- ALCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −23.7 pp | Sep 2022 −2,290.6 pp | Dec 2022 −54.6 pp | Mar 2023 −45.1 pp | Jun 2023 +177.4 pp | Sep 2023 +2,140.3 pp | Dec 2023 −65.7 pp | Mar 2024 −70.9 pp | Jun 2024 −222.0 pp | Sep 2024 −2,214.6 pp | Dec 2024 +61.2 pp | Mar 2025 −738.3 pp | Jun 2025 −319.2 pp | Sep 2025 +1,299.1 pp | Dec 2025 −389.3 pp | Mar 2026 +704.9 pp | Jun 2026 —
- LMNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +11.9 pp | Dec 2022 +14.5 pp | Mar 2023 +92.6 pp | Jun 2023 −13.5 pp | Sep 2023 −21.8 pp | Dec 2023 −18.6 pp | Mar 2024 −87.8 pp | Jun 2024 −2.5 pp | Sep 2024 +17.2 pp | Dec 2024 +17.1 pp | Mar 2025 +3.9 pp | Jun 2025 +1.0 pp | Sep 2025 −15.5 pp | Dec 2025 −19.6 pp | Mar 2026 −42.4 pp | Jun 2026 −81.2 pp
- VFF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −43.3 pp | Sep 2022 −17.2 pp | Dec 2022 −43.5 pp | Mar 2023 +3.5 pp | Jun 2023 +44.6 pp | Sep 2023 +11.6 pp | Dec 2023 +14.2 pp | Mar 2024 +6.8 pp | Jun 2024 −21.9 pp | Sep 2024 0.0 pp | Dec 2024 +8.1 pp | Mar 2025 +73.7 pp | Jun 2025 +40.3 pp | Sep 2025 +26.2 pp | Dec 2025 +28.1 pp | Mar 2026 +0.9 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Archer-Daniels-Midland Company leads with $1,084 million of TTM profit, 9.9% above Bunge Global SA. Vital Farms, Inc. shows -7.8% growth from a $47 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Archer-Daniels-Midland Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Archer-Daniels-Midland Company · $1,084 million | 9.9% versus #2 · Bunge Global SA | 3/8 recent comparable periods | 10/12 companies · 218 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Archer-Daniels-Midland Company (ADM): ₹1.1K Cr
2. Bunge Global SA (BG): ₹986 Cr
3. Tyson Foods, Inc. (TSN): ₹481 Cr
4. Dole plc (DOLE): ₹97 Cr
5. Vital Farms, Inc. (VITL): ₹47 Cr

### Profit growth — fastest growers
1. Vital Farms, Inc. (VITL): -7.8%
2. Archer-Daniels-Midland Company (ADM): -20%
3. Dole plc (DOLE): -25%
4. Tyson Foods, Inc. (TSN): -49%
5. Bunge Global SA (BG): -51%

### 20-quarter Net profit history
- ADM: Sep 2021 ₹533 Cr | Dec 2021 ₹797 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.0K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹928 Cr | Sep 2023 ₹824 Cr | Dec 2023 ₹542 Cr | Mar 2024 ₹719 Cr | Jun 2024 ₹481 Cr | Sep 2024 ₹18 Cr | Dec 2024 ₹561 Cr | Mar 2025 ₹292 Cr | Jun 2025 ₹217 Cr | Sep 2025 ₹110 Cr | Dec 2025 ₹454 Cr | Mar 2026 ₹303 Cr | Jun 2026 —
- BG: Sep 2021 ₹649 Cr | Dec 2021 ₹232 Cr | Mar 2022 ₹696 Cr | Jun 2022 ₹225 Cr | Sep 2022 ₹383 Cr | Dec 2022 ₹374 Cr | Mar 2023 ₹659 Cr | Jun 2023 ₹629 Cr | Sep 2023 ₹389 Cr | Dec 2023 ₹660 Cr | Mar 2024 ₹252 Cr | Jun 2024 ₹73 Cr | Sep 2024 ₹466 Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹204 Cr | Jun 2025 ₹370 Cr | Sep 2025 ₹365 Cr | Dec 2025 ₹176 Cr | Mar 2026 ₹75 Cr | Jun 2026 —
- TSN: Sep 2021 ₹753 Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹833 Cr | Sep 2022 ₹753 Cr | Dec 2022 ₹537 Cr | Mar 2023 — | Jun 2023 ₹-91 Cr | Sep 2023 ₹-435 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹196 Cr | Sep 2024 ₹364 Cr | Dec 2024 ₹366 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹69 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹90 Cr | Mar 2026 ₹264 Cr | Jun 2026 —
- CALM: Sep 2021 ₹-18 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹111 Cr | Sep 2022 ₹125 Cr | Dec 2022 ₹198 Cr | Mar 2023 ₹323 Cr | Jun 2023 ₹103 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹17 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹102 Cr | Sep 2024 ₹150 Cr | Dec 2024 ₹218 Cr | Mar 2025 ₹508 Cr | Jun 2025 ₹320 Cr | Sep 2025 ₹199 Cr | Dec 2025 ₹103 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- AGRO: Sep 2021 ₹37 Cr | Dec 2021 ₹59 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹23 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹46 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹47 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹16 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹-15 Cr | Mar 2026 ₹44 Cr | Jun 2026 —
- DOLE: Sep 2021 ₹-25 Cr | Dec 2021 ₹-34 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹56 Cr | Sep 2022 ₹58 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹59 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹36 Cr | Jun 2026 —
- VITL: Sep 2021 ₹-1 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-2 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹-2 Cr | Jun 2026 —
- LND: Sep 2021 ₹108 Cr | Dec 2021 ₹299 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹31 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹-13 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹243 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹-6 Cr | Mar 2024 ₹-30 Cr | Jun 2024 ₹233 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹-20 Cr | Mar 2025 ₹-1 Cr | Jun 2025 ₹61 Cr | Sep 2025 ₹-64 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹-14 Cr | Jun 2026 —
- ALCO: Sep 2021 ₹-1 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹-21 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹-16 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-18 Cr | Dec 2024 ₹-9 Cr | Mar 2025 ₹-111 Cr | Jun 2025 ₹-18 Cr | Sep 2025 ₹-9 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- AFRI: Sep 2021 — | Dec 2021 ₹-8 Cr | Mar 2022 — | Jun 2022 ₹-8 Cr | Sep 2022 — | Dec 2022 ₹-19 Cr | Mar 2023 — | Jun 2023 ₹-9 Cr | Sep 2023 — | Dec 2023 ₹-7 Cr | Mar 2024 — | Jun 2024 ₹-12 Cr | Sep 2024 — | Dec 2024 ₹-11 Cr | Mar 2025 — | Jun 2025 ₹-10 Cr | Sep 2025 — | Dec 2025 ₹-3 Cr | Mar 2026 — | Jun 2026 —
- LMNR: Sep 2021 ₹3 Cr | Dec 2021 ₹-5 Cr | Mar 2022 ₹-7 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹-3 Cr | Mar 2023 ₹16 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-4 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹-2 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-9 Cr | Mar 2026 ₹-9 Cr | Jun 2026 ₹-22 Cr
- VFF: Sep 2021 ₹1 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹-7 Cr | Jun 2022 ₹-34 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹-49 Cr | Mar 2023 ₹-7 Cr | Jun 2023 ₹-1 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹-23 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-17 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹-6 Cr | Mar 2025 ₹-2 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹3 Cr | Jun 2026 —

### 20-quarter Profit growth history
- ADM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 74% | Sep 2022 95% | Dec 2022 28% | Mar 2023 10% | Jun 2023 -25% | Sep 2023 -21% | Dec 2023 -47% | Mar 2024 -39% | Jun 2024 -48% | Sep 2024 -98% | Dec 2024 3.5% | Mar 2025 -59% | Jun 2025 -55% | Sep 2025 511% | Dec 2025 -19% | Mar 2026 3.8% | Jun 2026 —
- BG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -39% | Sep 2022 -41% | Dec 2022 61% | Mar 2023 -5.3% | Jun 2023 180% | Sep 2023 1.6% | Dec 2023 76% | Mar 2024 -62% | Jun 2024 -88% | Sep 2024 20% | Dec 2024 91% | Mar 2025 -19% | Jun 2025 407% | Sep 2025 -22% | Dec 2025 -86% | Mar 2026 -63% | Jun 2026 —
- TSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 -60% | Mar 2023 — | Jun 2023 -111% | Sep 2023 -158% | Dec 2023 -79% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 221% | Mar 2025 -91% | Jun 2025 -65% | Sep 2025 -84% | Dec 2025 -75% | Mar 2026 1,786% | Jun 2026 —
- CALM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 19,700% | Mar 2023 728% | Jun 2023 -7.2% | Sep 2023 -100% | Dec 2023 -91% | Mar 2024 -55% | Jun 2024 -1.0% | Sep 2024 — | Dec 2024 1,182% | Mar 2025 248% | Jun 2025 214% | Sep 2025 33% | Dec 2025 -53% | Mar 2026 -90% | Jun 2026 —
- AGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 -38% | Dec 2022 -95% | Mar 2023 -65% | Jun 2023 156% | Sep 2023 226% | Dec 2023 2,633% | Mar 2024 104% | Jun 2024 -78% | Sep 2024 -75% | Dec 2024 -80% | Mar 2025 -60% | Jun 2025 -270% | Sep 2025 -68% | Dec 2025 -194% | Mar 2026 132% | Jun 2026 —
- DOLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 331% | Sep 2022 — | Dec 2022 — | Mar 2023 21% | Jun 2023 5.4% | Sep 2023 -14% | Dec 2023 0.0% | Mar 2024 106% | Jun 2024 -14% | Sep 2024 -74% | Dec 2024 58% | Mar 2025 -49% | Jun 2025 -14% | Sep 2025 38% | Dec 2025 -103% | Mar 2026 0.0% | Jun 2026 —
- VITL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -100% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 400% | Dec 2023 250% | Mar 2024 171% | Jun 2024 129% | Sep 2024 40% | Dec 2024 57% | Mar 2025 -11% | Jun 2025 6.3% | Sep 2025 129% | Dec 2025 45% | Mar 2026 -112% | Jun 2026 —
- LND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -76% | Sep 2022 -61% | Dec 2022 -104% | Mar 2023 -104% | Jun 2023 684% | Sep 2023 -29% | Dec 2023 — | Mar 2024 — | Jun 2024 -4.1% | Sep 2024 223% | Dec 2024 — | Mar 2025 — | Jun 2025 -74% | Sep 2025 -166% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -89% | Sep 2022 — | Dec 2022 -130% | Mar 2023 -138% | Jun 2023 300% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -117% | Sep 2024 -1,900% | Dec 2024 -121% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LMNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 133% | Dec 2022 — | Mar 2023 — | Jun 2023 -200% | Sep 2023 -114% | Dec 2023 — | Mar 2024 -125% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 -143% | Sep 2025 -117% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VFF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -1,000% | Dec 2022 -2,550% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Bunge Global SA reports $336 million of CAPEX; Adecoagro S.A. has the highest covered intensity at 20.8%. Coverage is only 12 of 12 companies and 218 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Bunge Global SA · $336 million | 73.2% versus #2 · Archer-Daniels-Midland Company | 8/8 recent comparable periods | 12/12 companies · 218 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Bunge Global SA (BG): ₹336 Cr
2. Archer-Daniels-Midland Company (ADM): ₹194 Cr
3. Tyson Foods, Inc. (TSN): ₹145 Cr
4. Adecoagro S.A. (AGRO): ₹87 Cr
5. Cal-Maine Foods, Inc. (CALM): ₹28 Cr

### CAPEX intensity — highest reinvestment intensity
1. Adecoagro S.A. (AGRO): 21%
2. Limoneira Company (LMNR): 21%
3. Alico, Inc. (ALCO): 20%
4. Village Farms International, Inc. (VFF): 18%
5. Vital Farms, Inc. (VITL): 11%

### 20-quarter CAPEX history
- ADM: Sep 2021 ₹287 Cr | Dec 2021 ₹455 Cr | Mar 2022 ₹217 Cr | Jun 2022 ₹283 Cr | Sep 2022 ₹341 Cr | Dec 2022 ₹478 Cr | Mar 2023 ₹327 Cr | Jun 2023 ₹287 Cr | Sep 2023 ₹441 Cr | Dec 2023 ₹439 Cr | Mar 2024 ₹328 Cr | Jun 2024 ₹362 Cr | Sep 2024 ₹381 Cr | Dec 2024 ₹492 Cr | Mar 2025 ₹291 Cr | Jun 2025 ₹305 Cr | Sep 2025 ₹296 Cr | Dec 2025 ₹356 Cr | Mar 2026 ₹194 Cr | Jun 2026 —
- BG: Sep 2021 ₹106 Cr | Dec 2021 ₹160 Cr | Mar 2022 ₹106 Cr | Jun 2022 ₹106 Cr | Sep 2022 ₹141 Cr | Dec 2022 ₹202 Cr | Mar 2023 ₹173 Cr | Jun 2023 ₹368 Cr | Sep 2023 ₹264 Cr | Dec 2023 ₹317 Cr | Mar 2024 ₹236 Cr | Jun 2024 ₹297 Cr | Sep 2024 ₹354 Cr | Dec 2024 ₹489 Cr | Mar 2025 ₹310 Cr | Jun 2025 ₹406 Cr | Sep 2025 ₹469 Cr | Dec 2025 ₹538 Cr | Mar 2026 ₹336 Cr | Jun 2026 —
- TSN: Sep 2021 ₹302 Cr | Dec 2021 ₹350 Cr | Mar 2022 ₹408 Cr | Jun 2022 ₹439 Cr | Sep 2022 ₹476 Cr | Dec 2022 ₹564 Cr | Mar 2023 — | Jun 2023 ₹508 Cr | Sep 2023 ₹467 Cr | Dec 2023 ₹354 Cr | Mar 2024 ₹267 Cr | Jun 2024 ₹263 Cr | Sep 2024 ₹248 Cr | Dec 2024 ₹271 Cr | Mar 2025 ₹193 Cr | Jun 2025 ₹227 Cr | Sep 2025 ₹287 Cr | Dec 2025 ₹252 Cr | Mar 2026 ₹145 Cr | Jun 2026 —
- CALM: Sep 2021 ₹11 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹23 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹26 Cr | Jun 2023 ₹50 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹39 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹47 Cr | Mar 2026 ₹32 Cr | Jun 2026 ₹28 Cr
- AGRO: Sep 2021 ₹68 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹78 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹58 Cr | Sep 2023 ₹47 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹94 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹58 Cr | Mar 2025 ₹84 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹74 Cr | Mar 2026 ₹87 Cr | Jun 2026 —
- DOLE: Sep 2021 ₹15 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹18 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹28 Cr | Mar 2026 ₹18 Cr | Jun 2026 —
- VITL: Sep 2021 ₹6 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹34 Cr | Dec 2025 ₹38 Cr | Mar 2026 ₹21 Cr | Jun 2026 —
- LND: Sep 2021 ₹6 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹17 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹28 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹28 Cr | Jun 2025 ₹28 Cr | Sep 2025 ₹16 Cr | Dec 2025 ₹8 Cr | Mar 2026 — | Jun 2026 —
- ALCO: Sep 2021 ₹6 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹8 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- AFRI: Sep 2021 — | Dec 2021 ₹3 Cr | Mar 2022 — | Jun 2022 ₹3 Cr | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 — | Jun 2023 ₹4 Cr | Sep 2023 — | Dec 2023 ₹5 Cr | Mar 2024 — | Jun 2024 ₹1 Cr | Sep 2024 — | Dec 2024 ₹1 Cr | Mar 2025 — | Jun 2025 ₹0 Cr | Sep 2025 — | Dec 2025 ₹0 Cr | Mar 2026 — | Jun 2026 —
- LMNR: Sep 2021 ₹3 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹4 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹3 Cr | Jun 2026 ₹5 Cr
- VFF: Sep 2021 ₹4 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹9 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- ADM: Sep 2021 1.4% | Dec 2021 2.0% | Mar 2022 0.9% | Jun 2022 1.0% | Sep 2022 1.4% | Dec 2022 1.8% | Mar 2023 1.4% | Jun 2023 1.1% | Sep 2023 2.0% | Dec 2023 1.9% | Mar 2024 1.5% | Jun 2024 1.6% | Sep 2024 1.9% | Dec 2024 2.3% | Mar 2025 1.4% | Jun 2025 1.4% | Sep 2025 1.5% | Dec 2025 1.9% | Mar 2026 0.9% | Jun 2026 —
- BG: Sep 2021 0.8% | Dec 2021 1.0% | Mar 2022 0.7% | Jun 2022 0.6% | Sep 2022 0.8% | Dec 2022 1.2% | Mar 2023 1.1% | Jun 2023 2.4% | Sep 2023 1.9% | Dec 2023 2.1% | Mar 2024 1.8% | Jun 2024 2.2% | Sep 2024 2.7% | Dec 2024 3.6% | Mar 2025 2.7% | Jun 2025 3.2% | Sep 2025 2.1% | Dec 2025 2.3% | Mar 2026 1.5% | Jun 2026 —
- TSN: Sep 2021 2.4% | Dec 2021 2.7% | Mar 2022 3.2% | Jun 2022 3.3% | Sep 2022 3.5% | Dec 2022 4.1% | Mar 2023 — | Jun 2023 3.9% | Sep 2023 3.6% | Dec 2023 2.7% | Mar 2024 2.0% | Jun 2024 2.0% | Sep 2024 1.8% | Dec 2024 2.0% | Mar 2025 1.5% | Jun 2025 1.6% | Sep 2025 2.1% | Dec 2025 1.8% | Mar 2026 1.1% | Jun 2026 —
- CALM: Sep 2021 3.4% | Dec 2021 4.5% | Mar 2022 4.4% | Jun 2022 3.9% | Sep 2022 4.3% | Dec 2022 4.0% | Mar 2023 2.6% | Jun 2023 7.3% | Sep 2023 5.9% | Dec 2023 7.5% | Mar 2024 4.3% | Jun 2024 8.0% | Sep 2024 4.6% | Dec 2024 3.1% | Mar 2025 3.5% | Jun 2025 4.2% | Sep 2025 4.9% | Dec 2025 6.1% | Mar 2026 4.8% | Jun 2026 —
- AGRO: Sep 2021 17% | Dec 2021 10% | Mar 2022 27% | Jun 2022 13% | Sep 2022 11% | Dec 2022 125% | Mar 2023 26% | Jun 2023 13% | Sep 2023 11% | Dec 2023 24% | Mar 2024 30% | Jun 2024 14% | Sep 2024 10% | Dec 2024 15% | Mar 2025 24% | Jun 2025 14% | Sep 2025 15% | Dec 2025 17% | Mar 2026 21% | Jun 2026 —
- DOLE: Sep 2021 0.8% | Dec 2021 1.5% | Mar 2022 0.9% | Jun 2022 1.1% | Sep 2022 1.4% | Dec 2022 1.3% | Mar 2023 0.9% | Jun 2023 0.8% | Sep 2023 0.8% | Dec 2023 1.3% | Mar 2024 0.8% | Jun 2024 0.8% | Sep 2024 1.0% | Dec 2024 1.2% | Mar 2025 2.5% | Jun 2025 0.8% | Sep 2025 0.9% | Dec 2025 1.2% | Mar 2026 0.8% | Jun 2026 —
- VITL: Sep 2021 9.2% | Dec 2021 3.9% | Mar 2022 2.6% | Jun 2022 3.6% | Sep 2022 2.2% | Dec 2022 3.6% | Mar 2023 1.7% | Jun 2023 1.9% | Sep 2023 4.5% | Dec 2023 1.5% | Mar 2024 0.7% | Jun 2024 4.1% | Sep 2024 2.8% | Dec 2024 11% | Mar 2025 1.9% | Jun 2025 3.8% | Sep 2025 17% | Dec 2025 18% | Mar 2026 11% | Jun 2026 —
- LND: Sep 2021 1.6% | Dec 2021 3.6% | Mar 2022 3.4% | Jun 2022 3.6% | Sep 2022 5.4% | Dec 2022 3.8% | Mar 2023 3.7% | Jun 2023 4.9% | Sep 2023 5.7% | Dec 2023 6.1% | Mar 2024 13% | Jun 2024 5.1% | Sep 2024 5.0% | Dec 2024 0.7% | Mar 2025 12% | Jun 2025 7.7% | Sep 2025 5.3% | Dec 2025 4.2% | Mar 2026 — | Jun 2026 —
- ALCO: Sep 2021 150% | Dec 2021 27% | Mar 2022 12% | Jun 2022 19% | Sep 2022 600% | Dec 2022 27% | Mar 2023 24% | Jun 2023 57% | Sep 2023 400% | Dec 2023 21% | Mar 2024 44% | Jun 2024 29% | Sep 2024 200% | Dec 2024 18% | Mar 2025 0.0% | Jun 2025 13% | Sep 2025 100% | Dec 2025 0.0% | Mar 2026 20% | Jun 2026 —
- AFRI: Sep 2021 — | Dec 2021 2.1% | Mar 2022 — | Jun 2022 1.9% | Sep 2022 — | Dec 2022 0.8% | Mar 2023 — | Jun 2023 2.7% | Sep 2023 — | Dec 2023 3.2% | Mar 2024 — | Jun 2024 0.6% | Sep 2024 — | Dec 2024 0.9% | Mar 2025 — | Jun 2025 0.0% | Sep 2025 — | Dec 2025 0.0% | Mar 2026 — | Jun 2026 —
- LMNR: Sep 2021 6.1% | Dec 2021 6.1% | Mar 2022 5.1% | Jun 2022 4.3% | Sep 2022 6.8% | Dec 2022 5.0% | Mar 2023 5.3% | Jun 2023 6.3% | Sep 2023 7.7% | Dec 2023 2.4% | Mar 2024 5.0% | Jun 2024 2.2% | Sep 2024 4.8% | Dec 2024 6.8% | Mar 2025 12% | Jun 2025 5.7% | Sep 2025 6.4% | Dec 2025 9.3% | Mar 2026 17% | Jun 2026 21%
- VFF: Sep 2021 5.6% | Dec 2021 9.6% | Mar 2022 7.1% | Jun 2022 6.0% | Sep 2022 4.2% | Dec 2022 1.4% | Mar 2023 1.5% | Jun 2023 1.3% | Sep 2023 2.9% | Dec 2023 2.7% | Mar 2024 2.6% | Jun 2024 5.6% | Sep 2024 5.5% | Dec 2024 4.4% | Mar 2025 2.5% | Jun 2025 5.0% | Sep 2025 3.0% | Dec 2025 22% | Mar 2026 18% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Cal-Maine Foods, Inc. has the clearest covered balance-sheet capacity with $924 million net cash and gross debt of $0 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Cal-Maine Foods, Inc. · $0 million | 100% versus #2 · Village Farms International, Inc. | 8/8 recent comparable periods | 11/12 companies · 210 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Cal-Maine Foods, Inc. (CALM): ₹0 Cr
2. Village Farms International, Inc. (VFF): ₹40 Cr
3. Vital Farms, Inc. (VITL): ₹54 Cr
4. Alico, Inc. (ALCO): ₹85 Cr
5. Limoneira Company (LMNR): ₹94 Cr

### Net debt — lowest net debt
1. Cal-Maine Foods, Inc. (CALM): ₹-924 Cr
2. Village Farms International, Inc. (VFF): ₹-16 Cr
3. Vital Farms, Inc. (VITL): ₹3 Cr
4. Alico, Inc. (ALCO): ₹32 Cr
5. Limoneira Company (LMNR): ₹93 Cr

### 20-quarter Gross debt history
- ADM: Sep 2021 ₹10.0K Cr | Dec 2021 ₹10.6K Cr | Mar 2022 ₹14.1K Cr | Jun 2022 ₹12.5K Cr | Sep 2022 ₹9.7K Cr | Dec 2022 ₹10.3K Cr | Mar 2023 ₹11.6K Cr | Jun 2023 ₹9.8K Cr | Sep 2023 ₹9.5K Cr | Dec 2023 ₹9.6K Cr | Mar 2024 ₹11.3K Cr | Jun 2024 ₹11.9K Cr | Sep 2024 ₹11.3K Cr | Dec 2024 ₹11.5K Cr | Mar 2025 ₹12.4K Cr | Jun 2025 ₹10.6K Cr | Sep 2025 ₹9.2K Cr | Dec 2025 ₹9.8K Cr | Mar 2026 ₹10.7K Cr | Jun 2026 —
- BG: Sep 2021 ₹7.3K Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹7.4K Cr | Jun 2022 ₹7.5K Cr | Sep 2022 ₹6.1K Cr | Dec 2022 ₹5.6K Cr | Mar 2023 ₹6.6K Cr | Jun 2023 ₹5.8K Cr | Sep 2023 ₹6.0K Cr | Dec 2023 ₹5.8K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹5.9K Cr | Sep 2024 ₹7.1K Cr | Dec 2024 ₹7.1K Cr | Mar 2025 ₹7.7K Cr | Jun 2025 ₹12.2K Cr | Sep 2025 ₹17.2K Cr | Dec 2025 ₹15.6K Cr | Mar 2026 ₹16.2K Cr | Jun 2026 —
- TSN: Sep 2021 ₹10.4K Cr | Dec 2021 ₹9.3K Cr | Mar 2022 ₹9.4K Cr | Jun 2022 ₹8.3K Cr | Sep 2022 ₹8.3K Cr | Dec 2022 ₹8.3K Cr | Mar 2023 — | Jun 2023 ₹8.9K Cr | Sep 2023 ₹9.3K Cr | Dec 2023 ₹9.7K Cr | Mar 2024 ₹11.0K Cr | Jun 2024 ₹11.0K Cr | Sep 2024 ₹9.8K Cr | Dec 2024 ₹9.8K Cr | Mar 2025 ₹9.1K Cr | Jun 2025 ₹9.1K Cr | Sep 2025 ₹8.8K Cr | Dec 2025 ₹8.4K Cr | Mar 2026 ₹8.1K Cr | Jun 2026 —
- CALM: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr
- AGRO: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹2.2K Cr | Jun 2026 —
- DOLE: Sep 2021 ₹1.7K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.5K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- VITL: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹19 Cr | Mar 2025 ₹19 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹56 Cr | Dec 2025 ₹53 Cr | Mar 2026 ₹54 Cr | Jun 2026 —
- LND: Sep 2021 ₹799 Cr | Dec 2021 ₹787 Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹702 Cr | Sep 2022 ₹670 Cr | Dec 2022 ₹883 Cr | Mar 2023 ₹2.1K Cr | Jun 2023 ₹872 Cr | Sep 2023 ₹864 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.0K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹3.0K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- ALCO: Sep 2021 ₹125 Cr | Dec 2021 ₹134 Cr | Mar 2022 ₹123 Cr | Jun 2022 ₹107 Cr | Sep 2022 ₹111 Cr | Dec 2022 ₹124 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹122 Cr | Sep 2023 ₹129 Cr | Dec 2023 ₹85 Cr | Mar 2024 ₹84 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹92 Cr | Dec 2024 ₹105 Cr | Mar 2025 ₹90 Cr | Jun 2025 ₹85 Cr | Sep 2025 ₹86 Cr | Dec 2025 ₹86 Cr | Mar 2026 ₹85 Cr | Jun 2026 —
- LMNR: Sep 2021 ₹123 Cr | Dec 2021 ₹133 Cr | Mar 2022 ₹145 Cr | Jun 2022 ₹139 Cr | Sep 2022 ₹133 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹52 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹58 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹90 Cr | Jun 2026 ₹94 Cr
- VFF: Sep 2021 ₹71 Cr | Dec 2021 ₹77 Cr | Mar 2022 ₹77 Cr | Jun 2022 ₹72 Cr | Sep 2022 ₹72 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹65 Cr | Jun 2023 ₹69 Cr | Sep 2023 ₹67 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹59 Cr | Dec 2024 ₹50 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹39 Cr | Mar 2026 ₹40 Cr | Jun 2026 —

### 20-quarter Net debt history
- ADM: Sep 2021 ₹8.9K Cr | Dec 2021 ₹9.6K Cr | Mar 2022 ₹13.0K Cr | Jun 2022 ₹11.6K Cr | Sep 2022 ₹8.6K Cr | Dec 2022 ₹9.3K Cr | Mar 2023 ₹10.7K Cr | Jun 2023 ₹8.4K Cr | Sep 2023 ₹8.0K Cr | Dec 2023 ₹8.2K Cr | Mar 2024 ₹10.5K Cr | Jun 2024 ₹11.1K Cr | Sep 2024 ₹10.6K Cr | Dec 2024 ₹10.7K Cr | Mar 2025 ₹11.5K Cr | Jun 2025 ₹9.6K Cr | Sep 2025 ₹8.0K Cr | Dec 2025 ₹8.7K Cr | Mar 2026 ₹10.0K Cr | Jun 2026 —
- BG: Sep 2021 ₹6.3K Cr | Dec 2021 ₹5.9K Cr | Mar 2022 ₹7.0K Cr | Jun 2022 ₹6.7K Cr | Sep 2022 ₹5.2K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹3.6K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.2K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹4.4K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹15.4K Cr | Dec 2025 ₹14.3K Cr | Mar 2026 ₹15.2K Cr | Jun 2026 —
- TSN: Sep 2021 ₹8.7K Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹6.4K Cr | Jun 2022 ₹7.2K Cr | Sep 2022 ₹7.3K Cr | Dec 2022 ₹7.3K Cr | Mar 2023 — | Jun 2023 ₹8.4K Cr | Sep 2023 ₹8.6K Cr | Dec 2023 ₹8.2K Cr | Mar 2024 ₹8.8K Cr | Jun 2024 ₹8.5K Cr | Sep 2024 ₹8.1K Cr | Dec 2024 ₹7.5K Cr | Mar 2025 ₹8.1K Cr | Jun 2025 ₹7.5K Cr | Sep 2025 ₹7.6K Cr | Dec 2025 ₹7.1K Cr | Mar 2026 ₹7.6K Cr | Jun 2026 —
- CALM: Sep 2021 ₹-88 Cr | Dec 2021 ₹-83 Cr | Mar 2022 ₹-95 Cr | Jun 2022 ₹-175 Cr | Sep 2022 ₹-282 Cr | Dec 2022 ₹-379 Cr | Mar 2023 ₹-645 Cr | Jun 2023 ₹-648 Cr | Sep 2023 ₹-610 Cr | Dec 2023 ₹-568 Cr | Mar 2024 ₹-695 Cr | Jun 2024 ₹-812 Cr | Sep 2024 ₹-754 Cr | Dec 2024 ₹-797 Cr | Mar 2025 ₹-1.2K Cr | Jun 2025 ₹-1.4K Cr | Sep 2025 ₹-1.3K Cr | Dec 2025 ₹-1.1K Cr | Mar 2026 ₹-1.2K Cr | Jun 2026 ₹-924 Cr
- AGRO: Sep 2021 ₹956 Cr | Dec 2021 ₹865 Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹881 Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹977 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹865 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹2.0K Cr | Jun 2026 —
- DOLE: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹967 Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹971 Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- VITL: Sep 2021 ₹-98 Cr | Dec 2021 ₹-100 Cr | Mar 2022 ₹-89 Cr | Jun 2022 ₹-87 Cr | Sep 2022 ₹-85 Cr | Dec 2022 ₹-68 Cr | Mar 2023 ₹-73 Cr | Jun 2023 ₹-85 Cr | Sep 2023 ₹-80 Cr | Dec 2023 ₹-94 Cr | Mar 2024 ₹-115 Cr | Jun 2024 ₹-131 Cr | Sep 2024 ₹-142 Cr | Dec 2024 ₹-141 Cr | Mar 2025 ₹-142 Cr | Jun 2025 ₹-137 Cr | Sep 2025 ₹-89 Cr | Dec 2025 ₹-60 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- LND: Sep 2021 ₹-394 Cr | Dec 2021 ₹-113 Cr | Mar 2022 ₹933 Cr | Jun 2022 ₹172 Cr | Sep 2022 ₹178 Cr | Dec 2022 ₹563 Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹460 Cr | Sep 2023 ₹485 Cr | Dec 2023 ₹828 Cr | Mar 2024 ₹839 Cr | Jun 2024 ₹850 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- ALCO: Sep 2021 ₹124 Cr | Dec 2021 ₹134 Cr | Mar 2022 ₹99 Cr | Jun 2022 ₹100 Cr | Sep 2022 ₹110 Cr | Dec 2022 ₹124 Cr | Mar 2023 ₹126 Cr | Jun 2023 ₹120 Cr | Sep 2023 ₹128 Cr | Dec 2023 ₹66 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹89 Cr | Dec 2024 ₹101 Cr | Mar 2025 ₹75 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹32 Cr | Jun 2026 —
- LMNR: Sep 2021 ₹122 Cr | Dec 2021 ₹133 Cr | Mar 2022 ₹144 Cr | Jun 2022 ₹138 Cr | Sep 2022 ₹132 Cr | Dec 2022 ₹105 Cr | Mar 2023 ₹29 Cr | Jun 2023 ₹31 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹37 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹59 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹61 Cr | Dec 2025 ₹70 Cr | Mar 2026 ₹89 Cr | Jun 2026 ₹93 Cr
- VFF: Sep 2021 ₹-13 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹36 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹49 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹30 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹31 Cr | Jun 2024 ₹30 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹40 Cr | Jun 2025 ₹-21 Cr | Sep 2025 ₹-49 Cr | Dec 2025 ₹-47 Cr | Mar 2026 ₹-16 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Village Farms International, Inc. leads ROCE at 10.9%, 8.8 percentage points above Dole plc. Alico, Inc. has the strongest latest improvement at +44.9 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Village Farms International, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Village Farms International, Inc. · 10.9% | 419% versus #2 · Dole plc | 7/8 recent comparable periods | 12/12 companies · 226 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Village Farms International, Inc. (VFF): 11%
2. Dole plc (DOLE): 2.1%
3. Tyson Foods, Inc. (TSN): 1.4%
4. Archer-Daniels-Midland Company (ADM): 1.0%
5. Bunge Global SA (BG): 1.0%

### ROCE change — fastest improvers
1. Alico, Inc. (ALCO): +44.9 pp
2. Forafric Global PLC (AFRI): +3.3 pp — older report
3. Village Farms International, Inc. (VFF): +2.8 pp
4. Tyson Foods, Inc. (TSN): +1.1 pp
5. Adecoagro S.A. (AGRO): +0.5 pp

### 20-quarter ROCE history
- ADM: Sep 2021 1.8% | Dec 2021 2.8% | Mar 2022 3.2% | Jun 2022 3.9% | Sep 2022 3.0% | Dec 2022 2.9% | Mar 2023 3.4% | Jun 2023 2.8% | Sep 2023 2.6% | Dec 2023 1.9% | Mar 2024 2.0% | Jun 2024 1.4% | Sep 2024 0.0% | Dec 2024 1.6% | Mar 2025 0.7% | Jun 2025 1.1% | Sep 2025 0.7% | Dec 2025 0.8% | Mar 2026 1.0% | Jun 2026 —
- BG: Sep 2021 4.1% | Dec 2021 2.6% | Mar 2022 6.4% | Jun 2022 3.0% | Sep 2022 3.9% | Dec 2022 2.9% | Mar 2023 5.2% | Jun 2023 6.0% | Sep 2023 3.8% | Dec 2023 4.6% | Mar 2024 2.6% | Jun 2024 1.3% | Sep 2024 1.9% | Dec 2024 3.6% | Mar 2025 1.2% | Jun 2025 1.7% | Sep 2025 1.6% | Dec 2025 1.6% | Mar 2026 1.0% | Jun 2026 —
- TSN: Sep 2021 — | Dec 2021 6.3% | Mar 2022 4.7% | Jun 2022 3.8% | Sep 2022 3.4% | Dec 2022 2.5% | Mar 2023 — | Jun 2023 -0.2% | Sep 2023 -1.1% | Dec 2023 0.7% | Mar 2024 1.0% | Jun 2024 1.1% | Sep 2024 1.7% | Dec 2024 1.8% | Mar 2025 0.3% | Jun 2025 0.8% | Sep 2025 0.5% | Dec 2025 1.0% | Mar 2026 1.4% | Jun 2026 —
- CALM: Sep 2021 -3.6% | Dec 2021 -0.2% | Mar 2022 3.5% | Jun 2022 12% | Sep 2022 13% | Dec 2022 20% | Mar 2023 29% | Jun 2023 9.0% | Sep 2023 -0.4% | Dec 2023 0.9% | Mar 2024 9.1% | Jun 2024 7.6% | Sep 2024 9.7% | Dec 2024 14% | Mar 2025 28% | Jun 2025 18% | Sep 2025 10% | Dec 2025 4.8% | Mar 2026 1.3% | Jun 2026 -2.1%
- AGRO: Sep 2021 4.8% | Dec 2021 2.0% | Mar 2022 2.7% | Jun 2022 3.1% | Sep 2022 2.7% | Dec 2022 -1.1% | Mar 2023 2.2% | Jun 2023 3.1% | Sep 2023 2.6% | Dec 2023 0.2% | Mar 2024 1.5% | Jun 2024 2.4% | Sep 2024 1.1% | Dec 2024 1.8% | Mar 2025 0.1% | Jun 2025 0.2% | Sep 2025 1.9% | Dec 2025 0.8% | Mar 2026 0.6% | Jun 2026 —
- DOLE: Sep 2021 -1.2% | Dec 2021 -1.9% | Mar 2022 1.9% | Jun 2022 2.9% | Sep 2022 0.9% | Dec 2022 1.3% | Mar 2023 2.0% | Jun 2023 3.0% | Sep 2023 2.6% | Dec 2023 1.4% | Mar 2024 3.9% | Jun 2024 3.0% | Sep 2024 1.7% | Dec 2024 1.2% | Mar 2025 2.4% | Jun 2025 3.5% | Sep 2025 0.8% | Dec 2025 1.0% | Mar 2026 2.1% | Jun 2026 —
- VITL: Sep 2021 -1.2% | Dec 2021 -2.9% | Mar 2022 -2.7% | Jun 2022 0.5% | Sep 2022 1.3% | Dec 2022 2.2% | Mar 2023 6.6% | Jun 2023 4.7% | Sep 2023 3.0% | Dec 2023 4.8% | Mar 2024 12% | Jun 2024 7.8% | Sep 2024 4.0% | Dec 2024 5.3% | Mar 2025 8.2% | Jun 2025 8.3% | Sep 2025 6.6% | Dec 2025 6.3% | Mar 2026 -0.7% | Jun 2026 —
- LND: Sep 2021 5.8% | Dec 2021 17% | Mar 2022 7.6% | Jun 2022 1.7% | Sep 2022 1.2% | Dec 2022 1.2% | Mar 2023 2.3% | Jun 2023 9.6% | Sep 2023 0.6% | Dec 2023 0.1% | Mar 2024 0.7% | Jun 2024 9.4% | Sep 2024 4.3% | Dec 2024 2.1% | Mar 2025 0.9% | Jun 2025 2.7% | Sep 2025 -0.2% | Dec 2025 0.5% | Mar 2026 -0.3% | Jun 2026 —
- ALCO: Sep 2021 -0.6% | Dec 2021 -0.2% | Mar 2022 0.4% | Jun 2022 -0.3% | Sep 2022 -6.0% | Dec 2022 -1.5% | Mar 2023 -2.2% | Jun 2023 3.1% | Sep 2023 -0.4% | Dec 2023 -4.3% | Mar 2024 -5.2% | Jun 2024 -1.7% | Sep 2024 -5.7% | Dec 2024 -2.7% | Mar 2025 -49% | Jun 2025 -10% | Sep 2025 -3.1% | Dec 2025 -2.9% | Mar 2026 -3.6% | Jun 2026 —
- AFRI: Sep 2021 -0.8% | Dec 2021 -0.9% | Mar 2022 0.4% | Jun 2022 0.5% | Sep 2022 -1.0% | Dec 2022 -1.1% | Mar 2023 -0.8% | Jun 2023 -1.0% | Sep 2023 2.0% | Dec 2023 2.0% | Mar 2024 -4.0% | Jun 2024 -4.0% | Sep 2024 -4.0% | Dec 2024 -4.0% | Mar 2025 -3.4% | Jun 2025 -3.4% | Sep 2025 -0.7% | Dec 2025 -0.7% | Mar 2026 — | Jun 2026 —
- LMNR: Sep 2021 — | Dec 2021 -1.8% | Mar 2022 -2.7% | Jun 2022 0.7% | Sep 2022 3.1% | Dec 2022 -0.5% | Mar 2023 8.1% | Jun 2023 -1.2% | Sep 2023 -0.5% | Dec 2023 -3.2% | Mar 2024 -2.8% | Jun 2024 -1.7% | Sep 2024 3.3% | Dec 2024 -1.0% | Mar 2025 -2.0% | Jun 2025 -1.2% | Sep 2025 -0.2% | Dec 2025 -4.1% | Mar 2026 -3.8% | Jun 2026 -8.1%
- VFF: Sep 2021 0.8% | Dec 2021 0.4% | Mar 2022 -1.7% | Jun 2022 -9.7% | Sep 2022 -2.1% | Dec 2022 -6.4% | Mar 2023 -1.1% | Jun 2023 -1.2% | Sep 2023 -0.3% | Dec 2023 -5.1% | Mar 2024 -0.2% | Jun 2024 -4.0% | Sep 2024 -0.2% | Dec 2024 -2.4% | Mar 2025 8.1% | Jun 2025 2.0% | Sep 2025 4.6% | Dec 2025 1.3% | Mar 2026 11% | Jun 2026 —

### 20-quarter ROCE change history
- ADM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.2 pp | Dec 2022 +0.1 pp | Mar 2023 +0.2 pp | Jun 2023 −1.1 pp | Sep 2023 −0.4 pp | Dec 2023 −1.0 pp | Mar 2024 −1.4 pp | Jun 2024 −1.4 pp | Sep 2024 −2.6 pp | Dec 2024 −0.3 pp | Mar 2025 −1.3 pp | Jun 2025 −0.3 pp | Sep 2025 +0.7 pp | Dec 2025 −0.8 pp | Mar 2026 +0.3 pp | Jun 2026 —
- BG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 +0.3 pp | Mar 2023 −1.2 pp | Jun 2023 +3.0 pp | Sep 2023 −0.1 pp | Dec 2023 +1.7 pp | Mar 2024 −2.6 pp | Jun 2024 −4.7 pp | Sep 2024 −1.9 pp | Dec 2024 −1.0 pp | Mar 2025 −1.4 pp | Jun 2025 +0.4 pp | Sep 2025 −0.3 pp | Dec 2025 −2.0 pp | Mar 2026 −0.2 pp | Jun 2026 —
- TSN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −3.8 pp | Mar 2023 — | Jun 2023 −4.0 pp | Sep 2023 −4.5 pp | Dec 2023 −1.8 pp | Mar 2024 — | Jun 2024 +1.3 pp | Sep 2024 +2.8 pp | Dec 2024 +1.1 pp | Mar 2025 −0.7 pp | Jun 2025 −0.3 pp | Sep 2025 −1.2 pp | Dec 2025 −0.8 pp | Mar 2026 +1.1 pp | Jun 2026 —
- CALM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +17.0 pp | Dec 2022 +20.4 pp | Mar 2023 +25.2 pp | Jun 2023 −3.2 pp | Sep 2023 −13.8 pp | Dec 2023 −19.3 pp | Mar 2024 −19.6 pp | Jun 2024 −1.4 pp | Sep 2024 +10.1 pp | Dec 2024 +12.9 pp | Mar 2025 +19.2 pp | Jun 2025 +10.8 pp | Sep 2025 +0.3 pp | Dec 2025 −9.0 pp | Mar 2026 −27.0 pp | Jun 2026 −20.5 pp
- AGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.1 pp | Dec 2022 −3.1 pp | Mar 2023 −0.5 pp | Jun 2023 0.0 pp | Sep 2023 −0.1 pp | Dec 2023 +1.3 pp | Mar 2024 −0.7 pp | Jun 2024 −0.7 pp | Sep 2024 −1.5 pp | Dec 2024 +1.6 pp | Mar 2025 −1.4 pp | Jun 2025 −2.2 pp | Sep 2025 +0.8 pp | Dec 2025 −1.0 pp | Mar 2026 +0.5 pp | Jun 2026 —
- DOLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.1 pp | Dec 2022 +3.2 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 +1.7 pp | Dec 2023 +0.1 pp | Mar 2024 +1.9 pp | Jun 2024 0.0 pp | Sep 2024 −0.9 pp | Dec 2024 −0.2 pp | Mar 2025 −1.5 pp | Jun 2025 +0.5 pp | Sep 2025 −0.9 pp | Dec 2025 −0.2 pp | Mar 2026 −0.3 pp | Jun 2026 —
- VITL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.5 pp | Dec 2022 +5.1 pp | Mar 2023 +9.3 pp | Jun 2023 +4.2 pp | Sep 2023 +1.7 pp | Dec 2023 +2.6 pp | Mar 2024 +5.3 pp | Jun 2024 +3.1 pp | Sep 2024 +1.0 pp | Dec 2024 +0.5 pp | Mar 2025 −3.7 pp | Jun 2025 +0.5 pp | Sep 2025 +2.6 pp | Dec 2025 +1.0 pp | Mar 2026 −8.9 pp | Jun 2026 —
- LND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.6 pp | Dec 2022 −15.6 pp | Mar 2023 −5.3 pp | Jun 2023 +7.9 pp | Sep 2023 −0.6 pp | Dec 2023 −1.1 pp | Mar 2024 −1.6 pp | Jun 2024 −0.2 pp | Sep 2024 +3.7 pp | Dec 2024 +2.0 pp | Mar 2025 +0.2 pp | Jun 2025 −6.7 pp | Sep 2025 −4.5 pp | Dec 2025 −1.6 pp | Mar 2026 −1.2 pp | Jun 2026 —
- ALCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.4 pp | Dec 2022 −1.3 pp | Mar 2023 −2.6 pp | Jun 2023 +3.4 pp | Sep 2023 +5.6 pp | Dec 2023 −2.8 pp | Mar 2024 −3.0 pp | Jun 2024 −4.8 pp | Sep 2024 −5.3 pp | Dec 2024 +1.6 pp | Mar 2025 −43.3 pp | Jun 2025 −8.6 pp | Sep 2025 +2.6 pp | Dec 2025 −0.2 pp | Mar 2026 +44.9 pp | Jun 2026 —
- AFRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.2 pp | Dec 2022 −0.2 pp | Mar 2023 −1.2 pp | Jun 2023 −1.5 pp | Sep 2023 +3.0 pp | Dec 2023 +3.1 pp | Mar 2024 −3.2 pp | Jun 2024 −3.0 pp | Sep 2024 −6.0 pp | Dec 2024 −6.0 pp | Mar 2025 +0.6 pp | Jun 2025 +0.6 pp | Sep 2025 +3.3 pp | Dec 2025 +3.3 pp | Mar 2026 — | Jun 2026 —
- LMNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.3 pp | Mar 2023 +10.8 pp | Jun 2023 −1.9 pp | Sep 2023 −3.6 pp | Dec 2023 −2.7 pp | Mar 2024 −10.9 pp | Jun 2024 −0.5 pp | Sep 2024 +3.8 pp | Dec 2024 +2.2 pp | Mar 2025 +0.8 pp | Jun 2025 +0.5 pp | Sep 2025 −3.5 pp | Dec 2025 −3.1 pp | Mar 2026 −1.8 pp | Jun 2026 −6.9 pp
- VFF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.9 pp | Dec 2022 −6.8 pp | Mar 2023 +0.6 pp | Jun 2023 +8.5 pp | Sep 2023 +1.8 pp | Dec 2023 +1.3 pp | Mar 2024 +0.9 pp | Jun 2024 −2.8 pp | Sep 2024 +0.1 pp | Dec 2024 +2.7 pp | Mar 2025 +8.3 pp | Jun 2025 +6.0 pp | Sep 2025 +4.8 pp | Dec 2025 +3.7 pp | Mar 2026 +2.8 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Dole plc has the lowest comparable Guarded PEG at 0.22×, 57.7% below Archer-Daniels-Midland Company. Only 5 of 12 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Dole plc · 0.22× | 57.7% versus #2 · Archer-Daniels-Midland Company | 0/8 recent comparable periods | 5/12 companies · 16 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Dole plc (DOLE): 0.2
2. Archer-Daniels-Midland Company (ADM): 0.5
3. Bunge Global SA (BG): 0.6
4. Adecoagro S.A. (AGRO): 0.8
5. Vital Farms, Inc. (VITL): 1.0

### P/E — lowest P/E
1. Village Farms International, Inc. (VFF): 8.1
2. Cal-Maine Foods, Inc. (CALM): 11.3
3. Vital Farms, Inc. (VITL): 12.6
4. BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND): 15.1
5. Bunge Global SA (BG): 29.5

### 20-quarter Guarded PEG history
- ADM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.5 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- BG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.6 | Sep 2023 0.3 | Dec 2023 0.2 | Mar 2024 0.5 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.7 | Sep 2025 0.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CALM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.2 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- AGRO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.8 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- DOLE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.2 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VITL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.8 | Jun 2025 6.1 | Sep 2025 1.8 | Dec 2025 1.0 | Mar 2026 — | Jun 2026 —
- LND: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- ADM: Sep 2021 13.0 | Dec 2021 14.1 | Mar 2022 16.6 | Jun 2022 12.2 | Sep 2022 11.1 | Dec 2022 12.0 | Mar 2023 9.9 | Jun 2023 10.0 | Sep 2023 10.4 | Dec 2023 11.2 | Mar 2024 11.0 | Jun 2024 12.1 | Sep 2024 17.1 | Dec 2024 13.8 | Mar 2025 17.2 | Jun 2025 23.3 | Sep 2025 24.4 | Dec 2025 25.8 | Mar 2026 32.6 | Jun 2026 —
- BG: Sep 2021 5.1 | Dec 2021 6.8 | Mar 2022 8.8 | Jun 2022 7.8 | Sep 2022 8.4 | Dec 2022 9.5 | Mar 2023 9.4 | Jun 2023 7.3 | Sep 2023 8.4 | Dec 2023 6.8 | Mar 2024 8.6 | Jun 2024 12.8 | Sep 2024 13.0 | Dec 2024 9.7 | Mar 2025 10.6 | Jun 2025 8.6 | Sep 2025 9.4 | Dec 2025 18.1 | Mar 2026 29.5 | Jun 2026 —
- TSN: Sep 2021 — | Dec 2021 9.4 | Mar 2022 8.5 | Jun 2022 8.1 | Sep 2022 7.6 | Dec 2022 7.4 | Mar 2023 — | Jun 2023 14.2 | Sep 2023 55.5 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 26.5 | Dec 2024 19.5 | Mar 2025 24.2 | Jun 2025 25.0 | Sep 2025 40.7 | Dec 2025 102.7 | Mar 2026 49.9 | Jun 2026 —
- CALM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17.7 | Sep 2022 9.7 | Dec 2022 6.0 | Mar 2023 3.8 | Jun 2023 3.1 | Sep 2023 3.7 | Dec 2023 5.3 | Mar 2024 9.9 | Jun 2024 10.8 | Sep 2024 8.3 | Dec 2024 7.6 | Mar 2025 4.5 | Jun 2025 3.8 | Sep 2025 4.5 | Dec 2025 3.5 | Mar 2026 6.1 | Jun 2026 11.3
- AGRO: Sep 2021 8.5 | Dec 2021 6.8 | Mar 2022 7.8 | Jun 2022 5.4 | Sep 2022 5.7 | Dec 2022 8.5 | Mar 2023 13.4 | Jun 2023 10.8 | Sep 2023 8.6 | Dec 2023 5.3 | Mar 2024 4.7 | Jun 2024 4.8 | Sep 2024 7.4 | Dec 2024 10.5 | Mar 2025 17.8 | Jun 2025 25.6 | Sep 2025 33.7 | Dec 2025 — | Mar 2026 883.5 | Jun 2026 —
- DOLE: Sep 2021 24.9 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 13.8 | Dec 2022 10.6 | Mar 2023 11.0 | Jun 2023 12.5 | Sep 2023 10.2 | Dec 2023 9.5 | Mar 2024 6.3 | Jun 2024 5.3 | Sep 2024 8.3 | Dec 2024 10.3 | Mar 2025 14.6 | Jun 2025 56.0 | Sep 2025 89.6 | Dec 2025 28.3 | Mar 2026 31.8 | Jun 2026 —
- VITL: Sep 2021 151.6 | Dec 2021 288.5 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 516.0 | Mar 2023 67.8 | Jun 2023 35.6 | Sep 2023 26.0 | Dec 2023 26.6 | Mar 2024 27.4 | Jun 2024 44.1 | Sep 2024 31.4 | Dec 2024 31.7 | Mar 2025 26.5 | Jun 2025 34.7 | Sep 2025 32.1 | Dec 2025 22.0 | Mar 2026 12.6 | Jun 2026 —
- LND: Sep 2021 7.5 | Dec 2021 4.0 | Mar 2022 5.2 | Jun 2022 4.8 | Sep 2022 6.7 | Dec 2022 21.2 | Mar 2023 46.7 | Jun 2023 9.2 | Sep 2023 11.6 | Dec 2023 10.1 | Mar 2024 10.8 | Jun 2024 11.4 | Sep 2024 8.9 | Dec 2024 18.9 | Mar 2025 14.7 | Jun 2025 15.1 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ALCO: Sep 2021 7.4 | Dec 2021 6.8 | Mar 2022 5.0 | Jun 2022 8.3 | Sep 2022 17.1 | Dec 2022 9.8 | Mar 2023 — | Jun 2023 — | Sep 2023 104.0 | Dec 2023 4.9 | Mar 2024 6.0 | Jun 2024 8.5 | Sep 2024 30.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LMNR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 11.3 | Jun 2023 17.1 | Sep 2023 30.4 | Dec 2023 28.6 | Mar 2024 — | Jun 2024 — | Sep 2024 76.0 | Dec 2024 64.1 | Mar 2025 56.2 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VFF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 11.0 | Sep 2025 16.5 | Dec 2025 13.5 | Mar 2026 8.1 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Village Farms International, Inc. leads ev/ebitda at 3.19×; Dole plc leads p/bv at 0.99×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Village Farms International, Inc. · 3.19× | 41.7% versus #2 · Cal-Maine Foods, Inc. | 0/8 recent comparable periods | 12/12 companies · 178 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Village Farms International, Inc. (VFF): 3.2
2. Cal-Maine Foods, Inc. (CALM): 5.5
3. Vital Farms, Inc. (VITL): 6.5
4. Dole plc (DOLE): 7.7
5. Adecoagro S.A. (AGRO): 10.4

### P/BV — lowest P/BV
1. Dole plc (DOLE): 1.0
2. Village Farms International, Inc. (VFF): 1.1
3. BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND): 1.1
4. Adecoagro S.A. (AGRO): 1.2
5. Tyson Foods, Inc. (TSN): 1.2

### 20-quarter EV/EBITDA history
- ADM: Sep 2021 10.6 | Dec 2021 12.2 | Mar 2022 15.1 | Jun 2022 11.1 | Sep 2022 9.8 | Dec 2022 10.9 | Mar 2023 9.6 | Jun 2023 9.2 | Sep 2023 9.3 | Dec 2023 9.2 | Mar 2024 9.5 | Jun 2024 10.2 | Sep 2024 13.0 | Dec 2024 12.0 | Mar 2025 14.3 | Jun 2025 15.1 | Sep 2025 14.5 | Dec 2025 16.0 | Mar 2026 19.1 | Jun 2026 —
- BG: Sep 2021 6.9 | Dec 2021 8.0 | Mar 2022 8.8 | Jun 2022 8.1 | Sep 2022 6.8 | Dec 2022 7.4 | Mar 2023 6.4 | Jun 2023 5.6 | Sep 2023 5.6 | Dec 2023 5.3 | Mar 2024 5.8 | Jun 2024 8.4 | Sep 2024 8.4 | Dec 2024 7.3 | Mar 2025 8.4 | Jun 2025 8.7 | Sep 2025 15.2 | Dec 2025 16.5 | Mar 2026 19.4 | Jun 2026 —
- TSN: Sep 2021 — | Dec 2021 5.5 | Mar 2022 6.3 | Jun 2022 6.2 | Sep 2022 5.9 | Dec 2022 4.8 | Mar 2023 — | Jun 2023 9.5 | Sep 2023 15.1 | Dec 2023 72.0 | Mar 2024 38.5 | Jun 2024 19.2 | Sep 2024 7.6 | Dec 2024 10.1 | Mar 2025 11.7 | Jun 2025 11.0 | Sep 2025 7.7 | Dec 2025 14.8 | Mar 2026 13.7 | Jun 2026 —
- CALM: Sep 2021 71.7 | Dec 2021 193.5 | Mar 2022 40.6 | Jun 2022 10.3 | Sep 2022 5.8 | Dec 2022 3.6 | Mar 2023 2.1 | Jun 2023 1.6 | Sep 2023 2.0 | Dec 2023 2.9 | Mar 2024 5.3 | Jun 2024 5.6 | Sep 2024 4.7 | Dec 2024 4.7 | Mar 2025 2.4 | Jun 2025 2.0 | Sep 2025 2.6 | Dec 2025 1.8 | Mar 2026 3.1 | Jun 2026 5.5
- AGRO: Sep 2021 3.9 | Dec 2021 3.6 | Mar 2022 5.2 | Jun 2022 4.4 | Sep 2022 4.8 | Dec 2022 4.0 | Mar 2023 10.5 | Jun 2023 11.3 | Sep 2023 12.0 | Dec 2023 4.1 | Mar 2024 4.6 | Jun 2024 4.4 | Sep 2024 5.0 | Dec 2024 4.0 | Mar 2025 5.0 | Jun 2025 5.6 | Sep 2025 5.4 | Dec 2025 7.5 | Mar 2026 10.4 | Jun 2026 —
- DOLE: Sep 2021 42.0 | Dec 2021 51.3 | Mar 2022 26.4 | Jun 2022 13.9 | Sep 2022 10.3 | Dec 2022 8.3 | Mar 2023 8.3 | Jun 2023 8.2 | Sep 2023 6.6 | Dec 2023 6.6 | Mar 2024 6.1 | Jun 2024 6.3 | Sep 2024 7.9 | Dec 2024 6.3 | Mar 2025 7.7 | Jun 2025 7.3 | Sep 2025 7.1 | Dec 2025 7.6 | Mar 2026 7.7 | Jun 2026 —
- VITL: Sep 2021 112.6 | Dec 2021 90.2 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 39.1 | Mar 2023 25.8 | Jun 2023 17.5 | Sep 2023 14.7 | Dec 2023 12.4 | Mar 2024 14.4 | Jun 2024 26.6 | Sep 2024 18.4 | Dec 2024 18.6 | Mar 2025 14.9 | Jun 2025 18.3 | Sep 2025 17.9 | Dec 2025 12.2 | Mar 2026 6.5 | Jun 2026 —
- LND: Sep 2021 3.9 | Dec 2021 2.8 | Mar 2022 4.1 | Jun 2022 2.4 | Sep 2022 4.3 | Dec 2022 11.9 | Mar 2023 20.3 | Jun 2023 3.6 | Sep 2023 9.1 | Dec 2023 9.7 | Mar 2024 8.8 | Jun 2024 8.6 | Sep 2024 6.8 | Dec 2024 8.7 | Mar 2025 5.6 | Jun 2025 5.4 | Sep 2025 18.4 | Dec 2025 16.8 | Mar 2026 36.2 | Jun 2026 —
- ALCO: Sep 2021 13.1 | Dec 2021 16.1 | Mar 2022 19.6 | Jun 2022 31.0 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 28.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 74.3 | Jun 2026 —
- AFRI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 66.0 | Mar 2024 74.2 | Jun 2024 94.2 | Sep 2024 299.5 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 322.6 | Dec 2025 151.5 | Mar 2026 — | Jun 2026 —
- LMNR: Sep 2021 — | Dec 2021 126.3 | Mar 2022 — | Jun 2022 — | Sep 2022 51.1 | Dec 2022 28.1 | Mar 2023 6.0 | Jun 2023 8.7 | Sep 2023 12.1 | Dec 2023 16.3 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 237.5 | Mar 2025 108.6 | Jun 2025 58.7 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- VFF: Sep 2021 70.0 | Dec 2021 — | Mar 2022 142.2 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 7.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.9 | Jun 2025 1.4 | Sep 2025 8.6 | Dec 2025 5.0 | Mar 2026 3.2 | Jun 2026 —

### 20-quarter P/BV history
- ADM: Sep 2021 1.5 | Dec 2021 1.7 | Mar 2022 2.1 | Jun 2022 1.8 | Sep 2022 1.8 | Dec 2022 2.1 | Mar 2023 1.8 | Jun 2023 1.6 | Sep 2023 1.6 | Dec 2023 1.5 | Mar 2024 1.4 | Jun 2024 1.3 | Sep 2024 1.3 | Dec 2024 1.1 | Mar 2025 1.0 | Jun 2025 1.1 | Sep 2025 1.3 | Dec 2025 1.2 | Mar 2026 1.5 | Jun 2026 —
- BG: Sep 2021 1.5 | Dec 2021 1.7 | Mar 2022 1.7 | Jun 2022 1.6 | Sep 2022 1.4 | Dec 2022 1.6 | Mar 2023 1.3 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 1.4 | Mar 2024 1.4 | Jun 2024 1.5 | Sep 2024 1.3 | Dec 2024 1.1 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 1.1 | Mar 2026 1.5 | Jun 2026 —
- TSN: Sep 2021 — | Dec 2021 1.6 | Mar 2022 1.7 | Jun 2022 1.7 | Sep 2022 1.6 | Dec 2022 1.2 | Mar 2023 — | Jun 2023 1.1 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 1.2 | Jun 2024 1.1 | Sep 2024 1.2 | Dec 2024 1.1 | Mar 2025 1.2 | Jun 2025 1.1 | Sep 2025 1.1 | Dec 2025 1.1 | Mar 2026 1.2 | Jun 2026 —
- CALM: Sep 2021 1.8 | Dec 2021 1.8 | Mar 2022 2.1 | Jun 2022 2.1 | Sep 2022 2.3 | Dec 2022 2.1 | Mar 2023 1.9 | Jun 2023 1.5 | Sep 2023 1.5 | Dec 2023 1.5 | Mar 2024 1.6 | Jun 2024 1.7 | Sep 2024 1.9 | Dec 2024 2.3 | Mar 2025 1.9 | Jun 2025 1.8 | Sep 2025 2.1 | Dec 2025 1.5 | Mar 2026 1.5 | Jun 2026 1.3
- AGRO: Sep 2021 1.1 | Dec 2021 0.8 | Mar 2022 1.2 | Jun 2022 0.9 | Sep 2022 0.8 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 1.0 | Dec 2023 1.0 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.8 | Dec 2024 0.7 | Mar 2025 0.8 | Jun 2025 0.7 | Sep 2025 0.6 | Dec 2025 0.7 | Mar 2026 1.2 | Jun 2026 —
- DOLE: Sep 2021 1.4 | Dec 2021 1.2 | Mar 2022 1.1 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 1.0 | Jun 2023 1.1 | Sep 2023 0.9 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 0.9 | Sep 2024 1.1 | Dec 2024 1.0 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 0.9 | Dec 2025 1.1 | Mar 2026 1.0 | Jun 2026 —
- VITL: Sep 2021 4.8 | Dec 2021 4.6 | Mar 2022 3.4 | Jun 2022 2.4 | Sep 2022 3.1 | Dec 2022 4.0 | Mar 2023 3.6 | Jun 2023 3.1 | Sep 2023 2.7 | Dec 2023 3.4 | Mar 2024 4.6 | Jun 2024 8.4 | Sep 2024 6.1 | Dec 2024 6.1 | Mar 2025 4.6 | Jun 2025 5.6 | Sep 2025 5.7 | Dec 2025 4.1 | Mar 2026 1.8 | Jun 2026 —
- LND: Sep 2021 1.3 | Dec 2021 1.2 | Mar 2022 1.3 | Jun 2022 1.1 | Sep 2022 1.3 | Dec 2022 1.5 | Mar 2023 1.2 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 1.3 | Mar 2024 1.3 | Jun 2024 1.2 | Sep 2024 1.1 | Dec 2024 1.0 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 1.1 | Jun 2026 —
- ALCO: Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 1.1 | Jun 2022 1.0 | Sep 2022 0.9 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 1.8 | Jun 2025 2.2 | Sep 2025 2.6 | Dec 2025 2.8 | Mar 2026 3.0 | Jun 2026 —
- AFRI: Sep 2021 0.1 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12.5 | Mar 2024 29.7 | Jun 2024 30.6 | Sep 2024 -182.2 | Dec 2024 -164.8 | Mar 2025 120.5 | Jun 2025 109.3 | Sep 2025 -26.9 | Dec 2025 -34.2 | Mar 2026 — | Jun 2026 —
- LMNR: Sep 2021 — | Dec 2021 1.5 | Mar 2022 1.5 | Jun 2022 1.2 | Sep 2022 1.2 | Dec 2022 1.2 | Mar 2023 1.2 | Jun 2023 1.5 | Sep 2023 1.4 | Dec 2023 1.4 | Mar 2024 1.8 | Jun 2024 1.9 | Sep 2024 2.0 | Dec 2024 2.4 | Mar 2025 2.2 | Jun 2025 1.5 | Sep 2025 1.5 | Dec 2025 1.4 | Mar 2026 1.5 | Jun 2026 1.5
- VFF: Sep 2021 1.9 | Dec 2021 1.4 | Mar 2022 1.2 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.4 | Mar 2023 0.3 | Jun 2023 0.2 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 0.5 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.4 | Sep 2025 1.2 | Dec 2025 1.4 | Mar 2026 1.1 | Jun 2026 —

## Market action

Archer-Daniels-Midland Company has the strongest one-year price move in Farm Products at +54.5%. It also leads on Mansfield relative strength against the S&P 500 at +14.3%. 3 of 12 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Archer-Daniels-Midland Company (ADM): 55%
2. Bunge Global SA (BG): 51%
3. Forafric Global PLC (AFRI): 36%
4. Village Farms International, Inc. (VFF): 33%
5. Alico, Inc. (ALCO): 20%

### Strongest relative strength versus NIFTY 500
1. Archer-Daniels-Midland Company (ADM): 14%
2. Bunge Global SA (BG): 3.1%
3. Forafric Global PLC (AFRI): 0.2%
4. Cal-Maine Foods, Inc. (CALM): -0.8%
5. Tyson Foods, Inc. (TSN): -3.6%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.

## Every company
- Archer-Daniels-Midland Company (ADM) — market value ₹40.1K Cr; latest fundamentals Mar 2026
- Bunge Global SA (BG) — market value ₹22.8K Cr; latest fundamentals Mar 2026
- Tyson Foods, Inc. (TSN) — market value ₹21.5K Cr; latest fundamentals Mar 2026
- Cal-Maine Foods, Inc. (CALM) — market value ₹4.4K Cr; latest fundamentals Jun 2026
- Adecoagro S.A. (AGRO) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- Dole plc (DOLE) — market value ₹1.4K Cr; latest fundamentals Mar 2026
- Vital Farms, Inc. (VITL) — market value ₹592 Cr; latest fundamentals Mar 2026
- BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) — market value ₹370 Cr; latest fundamentals Mar 2026
- Alico, Inc. (ALCO) — market value ₹284 Cr; latest fundamentals Mar 2026
- Forafric Global PLC (AFRI) — market value ₹281 Cr; latest fundamentals Dec 2025
- Limoneira Company (LMNR) — market value ₹245 Cr; latest fundamentals Jun 2026
- Village Farms International, Inc. (VFF) — market value ₹234 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Farm Products company is the biggest?

Archer-Daniels-Midland Company is the largest, with trailing-twelve-month revenue of $80,584 million, ahead of Bunge Global SA at $80,547 million. That covers 10 of 12 companies with comparable reporting through Mar 2026.

### Which Farm Products company is growing fastest?

Bunge Global SA has the fastest revenue growth at 56.9% year on year, across 10 of 12 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Farm Products company has the best profit margins?

Village Farms International, Inc. has the highest operating margin at 73.5%, from 11 of 12 comparable companies. Alico, Inc. shows the biggest recent improvement, at +704.9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Farm Products company makes the most profit?

Archer-Daniels-Midland Company earns the most, at $1,084 million of trailing-twelve-month net profit, from 10 of 12 comparable companies. Vital Farms, Inc. has the fastest profit growth at -7.8%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Farm Products company earns the highest return on capital?

Village Farms International, Inc. leads on return on capital employed at 10.9%, across 12 of 12 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Farm Products stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Dole plc screens cheapest at 0.22×. Only 5 of 12 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Farm Products company has the strongest balance sheet?

Cal-Maine Foods, Inc. carries the lowest comparable gross debt at $0 million, from 11 of 12 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Farm Products company is investing most in new capacity?

Bunge Global SA reports the largest capital spending at $336 million, across 12 of 12 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Farm Products sector beating the market?

Farm Products has underperformed S&P 500 by 4.3% over the last 52 weeks and 5.6% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 12 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Farm Products stock has the strongest price momentum?

Archer-Daniels-Midland Company has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Farm Products company scores highest for research priority?

Archer-Daniels-Midland Company scores 65.3 out of 100 with 82% evidence confidence, from 18.1 points on growth and earnings, 13.8 on capital efficiency, 13.4 on valuation and 20 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Farm Products companies does this comparison cover, and over what period?

It compares 12 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Farm Products sector?

The 12 Farm Products companies on this page carry $93,586 million of combined market value. Archer-Daniels-Midland Company is the largest at $40,089 million, about 43% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Farm Products sector's P/E ratio?

The median price-to-earnings ratio across the 12 Farm Products companies on this page is 30.7×, measured on the 11 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Farm Products sector performing?

3 of the 12 covered Farm Products companies are beating S&P 500 on Mansfield relative strength. The sector itself is 4.3% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Farm Products stocks are listed in the US?

This comparison covers 12 listed Farm Products companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/farm-products