# Farm Products — company-by-company sector analysis

> Farm Products: Archer-Daniels-Midland Company owns the largest revenue base; Vital Farms, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice.

## Bottom line

Farm Products has underperformed S&P 500 by 15.4% over 52 weeks and 7.9% over 13 weeks. 1 of 12 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 12 beat the sector itself. Archer-Daniels-Midland Company leads with revenue of $80,584 million, based on 9 of 12 comparable companies through Mar 2026.

## Sector relative strength

Farm Products has underperformed S&P 500 by 15.4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 7.9%. 1 of 12 covered companies currently beats the S&P 500 on Mansfield relative strength, so leadership inside the sector is broad. Archer-Daniels-Midland Company is the strongest against the sector itself at +21.4%.

13-week sector return versus NIFTY 500: -7.9%
52-week sector return versus NIFTY 500: -15%
Stocks leading NIFTY: 1/12
Stocks leading sector: 8/12

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: ₹88.2K 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): 60/100 — Mixed-positive evidence; evidence 81%
   - Growth & earnings 17.6/35 | Capital efficiency 12.6/25 | Valuation 14.4/20 | Relative strength 15.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 17.6 + 12.6 + 14.4 + 15.5 = 60.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Bunge Global SA (BG): 54/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 19.2/35 | Capital efficiency 14.4/25 | Valuation 10.3/20 | Relative strength 10.3/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 19.2 + 14.4 + 10.3 + 10.3 = 54.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Village Farms International, Inc. (VFF): 53/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 22.0/35 | Capital efficiency 15.5/25 | Valuation 11.5/20 | Relative strength 3.8/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 22 + 15.5 + 11.5 + 3.8 = 52.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. Dole plc (DOLE): 52/100 — Mixed-positive evidence; evidence 75%
   - Growth & earnings 16.1/35 | Capital efficiency 12.8/25 | Valuation 14.7/20 | Relative strength 8.2/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 16.1 + 12.8 + 14.7 + 8.2 = 51.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Tyson Foods, Inc. (TSN): 48/100 — Mixed-negative evidence; evidence 71%
   - Growth & earnings 18.1/35 | Capital efficiency 12.7/25 | Valuation 9.1/20 | Relative strength 8.5/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 18.1 + 12.7 + 9.1 + 8.5 = 48.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Alico, Inc. (ALCO): 47/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 20.4/35 | Capital efficiency 4.3/25 | Valuation 10.0/20 | Relative strength 12.5/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 20.4 + 4.3 + 10 + 12.5 = 47.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
7. Adecoagro S.A. (AGRO): 47/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 15.7/35 | Capital efficiency 12.2/25 | Valuation 13.3/20 | Relative strength 5.6/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 15.7 + 12.2 + 13.3 + 5.6 = 46.8
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
8. Cal-Maine Foods, Inc. (CALM): 45/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 11.9/35 | Capital efficiency 9.4/25 | Valuation 11.2/20 | Relative strength 12.3/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 11.9 + 9.4 + 11.2 + 12.3 = 44.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. Vital Farms, Inc. (VITL): 42/100 — Mixed-negative evidence; evidence 75%
   - Growth & earnings 16.4/35 | Capital efficiency 7.8/25 | Valuation 14.4/20 | Relative strength 3.0/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 2 of the last 12 weeks
   - Exact sum: 16.4 + 7.8 + 14.4 + 3 = 41.6
   - 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): 36/100 — Thin evidence · provisional; evidence 58%
   - Growth & earnings 10.6/35 | Capital efficiency 8.0/25 | Valuation 10.6/20 | Relative strength 6.6/20
   - Price stage: BASING — Behind the benchmark by 5% or more over the past year and still not ahead, but no longer falling further behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 10.6 + 8 + 10.6 + 6.6 = 35.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Limoneira Company (LMNR): 30/100 — Adverse evidence; evidence 61%
   - Growth & earnings 7.4/35 | Capital efficiency 3.5/25 | Valuation 8.8/20 | Relative strength 10.1/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 7.4 + 3.5 + 8.8 + 10.1 = 29.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. Forafric Global PLC (AFRI): 51/100 — Thin evidence · provisional; evidence 29%
   - Growth & earnings 18.1/35 | Capital efficiency 8.6/25 | Valuation 10.0/20 | Relative strength 14.7/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 1 of the last 12 weeks
   - Exact sum: 18.1 + 8.6 + 10 + 14.7 = 51.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Archer-Daniels-Midland Company has the strongest one-year price move in Farm Products at +38.1%. It also leads on Mansfield relative strength against the S&P 500 at +5.3%. 1 of 12 covered companies is above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. Archer-Daniels-Midland Company (ADM): 38%
2. Forafric Global PLC (AFRI): 36%
3. Bunge Global SA (BG): 29%
4. Alico, Inc. (ALCO): 19%
5. Village Farms International, Inc. (VFF): 16%

### Strongest relative strength versus NIFTY 500
1. Archer-Daniels-Midland Company (ADM): 5.3%
2. Forafric Global PLC (AFRI): -3.4%
3. Bunge Global SA (BG): -9.9%
4. Alico, Inc. (ALCO): -10%
5. Tyson Foods, Inc. (TSN): -11%

## Revenue Scale & Growth Durability

What the numbers say: Archer-Daniels-Midland Company is the scale leader at $80,584 million, 44.6% ahead of Tyson Foods, Inc.. Vital Farms, Inc.'s growth is 26.6% from a $785 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; Vital Farms, Inc. 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 Vital Farms, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Archer-Daniels-Midland Company · $80,584 million | 44.6% versus #2 · Tyson Foods, Inc. | 2/8 recent comparable periods | 9/12 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. Tyson Foods, Inc. (TSN): ₹55.7K Cr
3. Dole plc (DOLE): ₹9.4K Cr
4. Adecoagro S.A. (AGRO): ₹1.6K Cr
5. BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND): ₹1.0K Cr

### Revenue growth — fastest growers
1. Vital Farms, Inc. (VITL): 27%
2. Village Farms International, Inc. (VFF): 17%
3. Dole plc (DOLE): 11%
4. Tyson Foods, Inc. (TSN): 3.9%
5. Archer-Daniels-Midland Company (ADM): -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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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, 125.4% above Tyson Foods, Inc.. 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 | 125.4% versus #2 · Tyson Foods, Inc. | 3/8 recent comparable periods | 9/12 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. Tyson Foods, Inc. (TSN): ₹481 Cr
3. Dole plc (DOLE): ₹97 Cr
4. Vital Farms, Inc. (VITL): ₹47 Cr
5. Village Farms International, Inc. (VFF): ₹26 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. Adecoagro S.A. (AGRO): -72%

### 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 —

## Return On Capital Employed

What the numbers say: Village Farms International, Inc. leads ROCE at 10.9%, 6.6 percentage points above Bunge Global SA. 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% | 153.5% versus #2 · Bunge Global SA | 7/8 recent comparable periods | 12/12 companies · 227 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. Bunge Global SA (BG): 4.3%
3. Dole plc (DOLE): 2.1%
4. Tyson Foods, Inc. (TSN): 1.4%
5. Archer-Daniels-Midland Company (ADM): 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. Bunge Global SA (BG): +1.4 pp
5. Tyson Foods, Inc. (TSN): +1.1 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 —
- 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 —
- BG: Sep 2021 4.1% | Dec 2021 2.3% | Mar 2022 6.1% | Jun 2022 2.2% | Sep 2022 3.8% | Dec 2022 3.9% | Mar 2023 5.7% | Jun 2023 5.6% | Sep 2023 3.6% | Dec 2023 5.7% | Mar 2024 2.5% | Jun 2024 1.4% | Sep 2024 2.5% | Dec 2024 4.4% | Mar 2025 1.8% | Jun 2025 2.9% | Sep 2025 1.7% | Dec 2025 1.1% | Mar 2026 0.8% | Jun 2026 4.3%
- 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%
- 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 —
- 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 —
- 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 —
- 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 —
- BG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 +1.6 pp | Mar 2023 −0.4 pp | Jun 2023 +3.4 pp | Sep 2023 −0.2 pp | Dec 2023 +1.8 pp | Mar 2024 −3.2 pp | Jun 2024 −4.2 pp | Sep 2024 −1.1 pp | Dec 2024 −1.3 pp | Mar 2025 −0.7 pp | Jun 2025 +1.5 pp | Sep 2025 −0.8 pp | Dec 2025 −3.3 pp | Mar 2026 −1.0 pp | Jun 2026 +1.4 pp
- 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
- 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 —
- 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 —
- 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 PEG at 0.22×, 57.7% below Archer-Daniels-Midland Company. Only 4 of 12 companies have earnings and growth steady enough for the ratio to mean anything, 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 | 4/12 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. Dole plc (DOLE): 0.2
2. Archer-Daniels-Midland Company (ADM): 0.5
3. Adecoagro S.A. (AGRO): 0.8
4. 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): 20.6

### 20-quarter 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 —
- 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 —
- 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 —
- 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 —
- 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 —
- 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 20.6
- 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
- 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 —
- 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 —
- 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 —


## 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 ₹38.5K Cr; latest fundamentals Mar 2026
- Tyson Foods, Inc. (TSN) — market value ₹20.6K Cr; latest fundamentals Mar 2026
- Bunge Global SA (BG) — market value ₹20.5K Cr; latest fundamentals Jun 2026
- Cal-Maine Foods, Inc. (CALM) — market value ₹4.0K Cr; latest fundamentals Jun 2026
- Dole plc (DOLE) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- Adecoagro S.A. (AGRO) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- Vital Farms, Inc. (VITL) — market value ₹521 Cr; latest fundamentals Mar 2026
- BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) — market value ₹361 Cr; latest fundamentals Mar 2026
- Alico, Inc. (ALCO) — market value ₹283 Cr; latest fundamentals Mar 2026
- Forafric Global PLC (AFRI) — market value ₹283 Cr; latest fundamentals Dec 2025
- Limoneira Company (LMNR) — market value ₹246 Cr; latest fundamentals Jun 2026
- Village Farms International, Inc. (VFF) — market value ₹227 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-04.
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

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

Farm Products has underperformed S&P 500 by 15.4% over 52 weeks and 7.9% over 13 weeks. 1 of 12 covered companies beat the S&P 500 on Mansfield relative strength, while 8 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 9 of 12 comparable companies through Mar 2026.

### Which Farm Products company is growing fastest?

Vital Farms, Inc. has the fastest current revenue growth at 26.6%, across 9 of 12 comparable companies.

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

Archer-Daniels-Midland Company ranks first at 60.1/100 with 81.1% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Dole plc has the lowest comparable PEG at 0.22, among 4 of 12 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

### 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 Tyson Foods, Inc. at $55,710 million. That covers 9 of 12 companies with comparable reporting through Mar 2026.

### 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 9 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 PEG — where a LOWER number is cheaper — Dole plc screens cheapest at 0.22×. Only 4 of 12 companies have earnings and growth steady enough for the ratio to mean anything, 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.

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

Farm Products has underperformed S&P 500 by 15.4% over the last 52 weeks and 7.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 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 60.1 out of 100 with 81.1% evidence confidence, from 17.6 points on growth and earnings, 12.6 on capital efficiency, 14.4 on valuation and 15.5 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, 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 $88,167 million of combined market value. Archer-Daniels-Midland Company is the largest at $38,494 million, about 44% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### 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 2026-08-04.

### How is the Farm Products sector performing?

1 of the 12 covered Farm Products companies are beating S&P 500 on Mansfield relative strength. The sector itself is 15.4% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### 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.