企業概要
The Andersons, Inc. is an agriculture and renewable fuels enterprise that operates across the United States, Canada, Mexico, and international markets through its Agribusiness and Renewables segments, primarily selling commodities such as corn, wheat, and soybeans. The company operates within the Consumer Defensive sector and the Food Distribution industry, positioning it as a provider of essential goods that typically exhibit lower volatility during economic downturns compared to cyclical sectors. As of the latest data, the firm commands a market capitalization of 25 億ドル (2.53B) and generates annual revenue of 110.1 億ドル (11.01B) while employing 2,028 人 (2028). These valuation and revenue metrics indicate that the company holds a significant position within the agricultural distribution landscape, suggesting a substantial operational footprint capable of influencing commodity logistics and supply chain dynamics in North America.
財務健全性
The company reported revenue of 110.1 億ドル (11.01B) for the trailing twelve months, with net income of 9,571 万ドル (95.71M) and EBITDA reaching 26,624 万ドル (266.24M). The substantial disparity between the total revenue figure and the relatively modest net income reveals a highly leveraged cost structure where operating expenses and taxes absorb the vast majority of gross proceeds before reaching the bottom line. While the firm maintains cash reserves of 1 億 312 万ドル (103.12M), it carries a total debt load of 9 億 7,253 万ドル (972.53M), resulting in a free cash flow of -1 億 7,719 万 6,256 ドル (-177,196,256). The negative free cash flow indicates that current cash generation is insufficient to cover capital expenditures and working capital needs, implying limited financial flexibility for internal expansion without external financing. Profitability analysis shows a gross margin of 6.5%, an operating margin of 3.7%, and a profit margin of 0.9%, which collectively indicate a low-margin business model typical of high-volume commodity trading where efficiency is the primary driver of profitability. Regarding balance sheet leverage, the debt-to-equity ratio stands at 75.38, suggesting a highly leveraged capital structure where equity financing is significantly lower than debt obligations. Despite the high leverage, the current ratio of 1.41 indicates that current assets are more than 1.4 times current liabilities, pointing to adequate short-term liquidity to meet immediate obligations. Return on Equity is recorded at 8.3% while Return on Assets is 2.1%, revealing that the company generates returns primarily through financial leverage rather than organic asset efficiency, as the return on assets is relatively thin.
バリュエーション評価
The trailing twelve-month price-to-earnings ratio is 26.60, whereas the forward P/E is projected to be 13.21, implying that the market expects a significant expansion in earnings relative to the current period. The price-to-book ratio of 2.00 suggests that the stock trades at twice its book value, indicating a market premium that investors place on the company's intangible assets, brand, or future growth potential despite its current earnings profile. Alternative valuation metrics show a price-to-sales ratio of 0.23 and an EV/EBITDA of 12.79, which suggest that the stock is relatively cheap on a revenue basis but commands a moderate multiple on earnings before interest, taxes, depreciation, and amortization. The 52-week trading range spans from a low of 31.03 ドル to a high of 75.69 ドル, providing a context for price volatility and historical performance benchmarks. The beta value of 0.69 indicates that the stock's price volatility is approximately 31% lower than the broader market, suggesting it acts as a defensive holding with lower systemic risk.
Growth & Income
Revenue growth for the trailing twelve months is -18.8%, while earnings growth is a positive 51.4%, indicating that earnings are growing at a significantly faster rate than revenue, which often occurs during periods of margin expansion or one-time cost savings. The company offers a dividend yield of 1.1% with a payout ratio of 28.1%, suggesting that the dividend is sustainable given that the payout represents less than one-third of the net income. This low payout ratio allows the company to retain earnings for reinvestment or debt reduction, providing a cushion for the high debt-to-equity ratio and negative free cash flow situation. Overall, the growth and income profile presents a defensive income play with negative top-line growth but improving profitability and a conservative dividend policy relative to earnings generation.