Agriculture Comps

(USD millions except per-share and per-acre · non-USD listings translated to USD at live FX)

Last updated Oct 26, 2026, 7:02 AM · 178 tickers

178 tickers

		Exchange	Operations	Market Data				Operating Metrics							Valuation Multiples								Land Value
		Exchange	Operations	live $	$M	$M	$M	$M	$M	$M	EBITDA ÷ rev	NI ÷ rev	NI ÷ equity	NI ÷ (equity + net debt)	×	mkt cap ÷ rev	price ÷ EPS	div ÷ price	FCF ÷ mkt cap	Δshares × price ÷ mkt cap	DPS ÷ EPS	DPS × sh ÷ FCF	thousands	$ filed	$ FMV	$ implied	price ÷ FMV NAV (per detail page)	$ implied	NOI ÷ EV

Sector KPIsWALT12.1 yr(3/9)Occupancy96%(3/9)
WY	Weyerhaeuser	US	US	$19.49	$14,169	$4,400	$18,569	$7,400	$1,900	$700	25.7%	9.5%	7.5%	5.1%	9.77×	1.91×	20.30×	4.1%	7.8%	0.1%	83.3%	52.9%	10,600	$849	—	$1,752	0.89×	—	8.1%
RYN	Rayonier	US	US	$18.65	$2,798	$1,100	$3,898	$1,000	$290	$80	29.0%	8.0%	4.2%	2.7%	13.44×	2.80×	35.19×	6.1%	6.4%	(0.7%)	213.2%	94.2%	2,700	$778	—	$1,444	0.75×	—	6.2%
AGM	Federal Agricultural Mortgage Corp	US	US	$199.64	$2,116	$26,500	$28,616	$360	$240	$175	66.7%	48.6%	15.9%	0.6%	119.23×	5.88×	12.10×	2.8%	7.1%	(0.9%)	33.9%	39.6%	NaN	—	—	—	1.81×	—	1.1%
RFF.AX	Rural Funds Group	Australia	Australia	$1.37	$534	$564	$1,098	$90	$67	$7	73.8%	7.4%	0.8%	0.5%	16.44×	5.90×	29.18×	6.0%	6.2%	(0.2%)	175.1%	97.1%	1,829	$759	$759	$601	0.65×	$2.12	6.1%
FPI	Farmland Partners	US	US	$10.25	$442	$222	$664	$52	$30	$84	57.7%	160.9%	19.2%	12.7%	22.06×	8.46×	16.80×	3.5%	2.3%	0.5%	59.0%	153.3%	72	$8,608	$7,993	$9,272	1.26×	$8.13	6.3%
LAND	Gladstone Land	US	US	$8.87	$368	$513	$881	$88	$55	($12)	61.8%	(13.3%)	(1.5%)	(0.9%)	16.14×	4.16×	—	6.3%	(0.0%)	(0.5%)	—	—	100	$11,000	$20,807	$8,810	0.23×	$37.82	7.2%
MLP	Maui Land & Pineapple Co.	US	US	$14.27	$280	($11)	$268	$13	$1	$0	8.0%	1.6%	5.1%	—	268.19×	22.38×	1427.00×	0.0%	(0.2%)	0.0%	0.0%	—	22	$247	—	$12,027	71.35×	—	0.4%
LAND3.SA	Terra Santa Propriedades Agrícolas	Brazil	Brazil	$2.13	$205	$12	$217	$19	$14	$1	72.5%	4.9%	0.7%	0.7%	15.39×	10.56×	212.00×	2.7%	6.4%	0.0%	580.0%	42.9%	97	$1,456	$5,811	$2,240	0.37×	$5.73	7.0%
PCH	PotlatchDeltic	US	US	—	—	$900	—	$1,100	$220	$25	20.0%	2.3%	1.4%	0.9%	—	—	—	—	—	—	580.6%	144.0%	2,100	$905	—	—	—	—	—
Mean				$34.33	$2,614	$3,800	$6,776	$1,125	$313	$118	46.1%	25.5%	5.9%	2.8%	60.08×	7.76×	250.37×	3.9%	4.5%	(0.2%)	215.7%	89.1%	2,190	$3,075	$8,842	$5,163	9.66×	$13.45	5.3%
Median				$12.26	$488	$564	$990	$90	$67	$25	57.7%	7.4%	4.2%	0.8%	16.29×	5.89×	29.18×	3.8%	6.3%	(0.1%)	129.2%	94.2%	965	$877	$6,902	$2,240	0.82×	$6.93	6.2%

Sector KPIsPlanted area4008K ha(14/19)
LW	Lamb Weston	US	US	$53.83	$7,499	$3,779	$11,278	$6,451	$1,073	$357	16.6%	5.5%	27.9%	7.1%	10.51×	1.16×	21.45×	2.7%	3.1%	3.1%	58.2%	88.4%	NaN	—	—	—	—	—	5.9%
600598.SS	Heilongjiang Beidahuang Agriculture	China	China	$2.09	$3,712	($227)	$3,486	$801	$200	$163	25.0%	20.4%	5.9%	6.4%	17.41×	4.64×	22.82×	3.2%	3.4%	0.0%	72.1%	92.0%	2,135	—	—	$1,633	—	—	5.7%
SLCE3.SA	SLC Agrícola	Brazil	Brazil	$3.52	$1,562	$1,712	$3,273	$1,722	$524	$101	30.4%	5.8%	11.1%	3.8%	6.25×	0.91×	15.62×	4.6%	(1.9%)	(1.4%)	72.3%	—	561	$1,616	$4,813	$5,835	1.58×	$2.23	16.0%
SMTO3.SA	São Martinho	Brazil	Brazil	$4.24	$1,440	$1,027	$2,467	$1,289	$554	$181	43.0%	14.1%	12.2%	7.2%	4.45×	1.12×	7.94×	7.6%	5.6%	0.0%	60.4%	135.8%	408	$1,826	—	$6,046	0.97×	—	22.5%
BALRAMCHIN.NS	Balrampur Chini Mills	India	India	$6.61	$1,333	$116	$1,449	$609	$63	$14	10.3%	2.3%	4.2%	3.1%	23.00×	2.19×	95.38×	0.5%	0.9%	0.0%	45.5%	55.0%	NaN	—	—	—	—	—	4.3%
DOLE	Dole plc	US	US	$13.44	$1,277	$952	$2,229	$8,474	$382	$51	4.5%	0.6%	3.5%	2.1%	5.83×	0.15×	8.62×	2.4%	0.1%	(0.0%)	20.5%	1778.5%	109	—	—	$20,449	—	—	9.6%
AVO	Mission Produce	US	US	$11.69	$825	$31	$856	$1,391	$100	$38	7.2%	2.7%	6.9%	6.6%	8.58×	0.59×	22.06×	0.0%	4.5%	0.5%	0.0%	0.0%	NaN	—	—	—	—	—	7.6%
SCL.NZ	Scales Corporation	New Zealand	New Zealand	$3.70	$526	$48	$574	$308	$46	$16	14.8%	5.2%	5.5%	4.7%	12.60×	1.71×	32.50×	3.1%	3.8%	0.0%	100.0%	81.1%	25	$2,052	—	$22,978	1.81×	—	6.4%
SHV.AX	Select Harvests	Australia	Australia	$2.74	$389	$207	$597	$280	$58	$15	20.7%	5.5%	4.2%	2.7%	10.31×	1.39×	17.41×	1.3%	6.1%	(0.1%)	22.3%	20.9%	22	$18,797	$19,070	$26,632	1.77×	$1.55	8.8%
AGRO3.SA	BrasilAgro	Brazil	Brazil	$3.85	$385	$235	$620	$177	$54	$20	30.4%	11.4%	5.7%	3.4%	11.53×	2.18×	13.87×	3.9%	6.8%	0.0%	54.3%	57.6%	329	$1,898	$2,000	$1,884	0.91×	$4.24	8.7%
ALCO	Alico	US	US	$37.17	$284	$47	$332	$44	$23	$0	51.1%	0.0%	0.0%	0.0%	14.75×	6.45×	—	0.5%	5.1%	(0.5%)	—	10.5%	50	$2,870	$13,866	$6,702	0.45×	$83.52	6.8%
IMC.WA	IMC SA	Poland	Ukraine	$6.51	$203	$25	$228	$145	$35	$10	24.1%	6.9%	3.8%	3.4%	6.52×	1.40×	20.34×	0.0%	3.9%	0.0%	0.0%	0.0%	296	$270	—	$771	0.77×	—	10.9%
LMNR	Limoneira	US	US	$10.77	$192	$71	$263	$160	($11)	($29)	(7.0%)	(18.5%)	(13.5%)	(10.2%)	—	1.20×	—	2.8%	(10.0%)	(0.3%)	—	—	11	$16,443	$28,605	$25,017	0.84×	$12.89	1.9%
DBF.AX	Duxton Farms	Australia	Australia	$0.24	$26	$76	$102	$17	($6)	($9)	(37.5%)	(51.9%)	(11.4%)	(5.7%)	—	1.53×	—	0.0%	(18.9%)	(0.0%)	—	—	45	$1,907	$3,085	$2,279	0.42×	$0.58	3.4%
AGT.WA	Agroton Public Limited	Poland	Ukraine	$0.99	$21	$20	$41	$30	$5	($8)	16.7%	(26.7%)	(25.0%)	(15.4%)	8.30×	0.72×	—	0.0%	(14.0%)	0.0%	—	—	124	$202	—	$335	0.66×	—	9.6%
KSG.WA	KSG Agro	Poland	Ukraine	$0.70	$10	$31	$41	$45	$8	($3)	17.8%	(6.7%)	(10.0%)	(4.9%)	5.18×	0.23×	—	0.0%	(9.5%)	0.0%	—	—	59	$305	—	$703	0.35×	—	14.5%
ALAGR.PA	AgroGeneration	EU	Ukraine	$0.05	$5	$10	$15	$25	$6	($1)	25.2%	(4.4%)	(9.0%)	(4.9%)	2.41×	0.20×	—	0.0%	0.0%	(4.0%)	—	—	70	$48	$224	$219	0.93×	$0.05	41.5%
FDP	Fresh Del Monte Produce	US	US	—	—	$142	—	$4,322	$210	$91	4.9%	2.1%	4.5%	4.2%	—	—	—	—	—	—	63.2%	31.4%	NaN	—	—	—	—	—	—
CVGW	Calavo Growers, Inc.	US	US	—	—	($55)	—	$690	$32	$15	4.6%	2.1%	7.4%	10.4%	—	—	—	—	—	—	48.8%	39.6%	10	$2,500	—	—	—	—	—
Mean				$9.54	$1,158	$434	$1,638	$1,420	$177	$54	15.9%	(1.2%)	1.8%	1.3%	9.84×	1.63×	25.27×	1.9%	(0.6%)	(0.2%)	47.5%	183.9%	284	$3,902	$10,238	$8,677	0.95×	$15.01	10.8%
Median				$3.85	$389	$71	$597	$308	$54	$15	16.7%	2.3%	4.2%	3.4%	8.58×	1.20×	20.34×	1.3%	3.1%	0.0%	54.3%	55.0%	70	$1,898	$4,813	$4,057	0.87×	$2.23	8.7%

Sector KPIsFFB yield19.2 t/ha(28/35)OER22.0%(28/35)RSPO70%(28/35)
5285.KL	SD Guthrie (Sime Darby Plantation)	Malaysia	Malaysia	$1.40	$9,701	$2,176	$11,877	$4,857	$975	$362	20.1%	7.5%	7.0%	4.9%	12.18×	2.00×	18.31×	2.9%	4.1%	0.0%	52.3%	69.8%	1,330	$3,896	$5,661	$8,930	1.81×	$0.77	4.5%
1961.KL	IOI Corporation	Malaysia	Malaysia	$1.09	$6,772	$577	$7,349	$2,776	$414	$376	14.9%	13.6%	12.5%	10.5%	17.77×	2.44×	17.84×	2.4%	3.5%	0.0%	42.0%	66.4%	386	$5,985	$5,728	$19,039	4.15×	$0.26	5.6%
EB5.SI	First Resources	Singapore	Indonesia	$2.86	$4,447	($150)	$4,297	$1,039	$420	$165	40.4%	15.9%	10.9%	12.2%	10.23×	4.28×	17.89×	1.1%	3.9%	0.0%	20.0%	28.4%	432	$3,472	$5,575	$9,947	1.74×	$1.65	9.8%
2089.KL	United Plantations	Malaysia	Malaysia	$7.36	$3,055	($318)	$2,737	$441	$245	$202	55.6%	45.8%	27.7%	49.2%	11.17×	6.93×	17.38×	2.7%	5.8%	(50.4%)	46.8%	46.7%	126	$8,767	$7,502	$21,772	2.42×	$3.04	8.9%
E5H.SI	Golden Agri-Resources	Singapore	Indonesia	$0.22	$2,727	$2,000	$4,727	$10,910	$951	$220	8.7%	2.0%	5.4%	3.6%	4.97×	0.25×	7.17×	2.8%	12.8%	0.0%	20.0%	21.7%	1,031	$5,820	$4,868	$4,585	0.90×	$0.24	20.1%
P8Z.SI	Bumitama Agri	Singapore	Indonesia	$1.27	$2,196	$95	$2,291	$1,673	$456	$182	27.3%	10.9%	12.1%	11.4%	5.02×	1.31×	9.60×	6.2%	10.9%	0.0%	59.4%	56.6%	553	$2,580	$4,561	$4,144	0.90×	$1.40	19.9%
SMAR.JK	SMART Tbk (Sinar Mas Agro)	Indonesia	Indonesia	$0.69	$1,967	$1,088	$3,055	$6,842	$392	$182	5.7%	2.7%	12.7%	7.2%	7.80×	0.29×	10.81×	1.9%	10.7%	0.0%	20.5%	17.8%	341	$2,537	—	$8,960	1.37×	—	12.8%
AALI.JK	Astra Agro Lestari	Indonesia	Indonesia	$0.94	$1,814	($5)	$1,810	$2,182	$334	$137	15.3%	6.3%	6.1%	6.1%	5.42×	0.83×	15.81×	2.8%	8.0%	0.0%	44.9%	35.6%	527	$3,307	$7,086	$3,434	0.49×	$1.94	18.5%
DSNG.JK	Dharma Satya Nusantara	Indonesia	Indonesia	$0.14	$1,468	$318	$1,786	$912	$251	$109	27.5%	11.9%	15.0%	10.4%	7.12×	1.61×	13.53×	2.7%	9.9%	0.0%	37.1%	27.8%	277	$1,968	—	$6,448	2.03×	—	14.1%
MPE.L	MP Evans	UK	Indonesia	$23.74	$1,235	($20)	$1,215	$353	$100	$56	28.3%	15.9%	14.0%	14.7%	12.15×	3.50×	15.42×	2.8%	4.9%	0.0%	43.3%	57.8%	135	$2,229	$5,122	$9,023	1.74×	$13.64	8.2%
5126.KL	Sarawak Oil Palms	Malaysia	Malaysia	$1.27	$1,132	$171	$1,303	$1,388	$192	$96	13.8%	6.9%	13.6%	10.9%	6.79×	0.82×	10.34×	3.5%	9.1%	0.0%	36.0%	38.3%	190	$6,445	$5,777	$6,860	1.22×	$1.04	14.7%
SIMP.JK	Salim Ivomas Pratama	Indonesia	Indonesia	$0.05	$1,080	$650	$1,730	$1,597	$530	$54	33.2%	3.4%	2.5%	1.9%	3.26×	0.68×	5.35×	3.7%	17.1%	(21.6%)	20.0%	21.8%	530	$3,340	$7,544	$3,263	0.32×	$0.17	30.7%
STA.BK	Sri Trang Agro-Industry	Thailand	Thailand	$0.70	$1,072	$592	$1,664	$3,256	$326	$104	10.0%	3.2%	10.6%	6.6%	5.11×	0.33×	10.35×	1.7%	11.0%	0.0%	17.5%	15.3%	1,500	$276	—	$1,110	1.24×	—	11.6%
LSIP.JK	PP London Sumatra Indonesia	Indonesia	Indonesia	$0.15	$989	($278)	$711	$492	$118	$64	24.0%	13.0%	6.1%	8.3%	6.03×	2.01×	15.41×	3.2%	7.3%	0.0%	49.9%	44.5%	285	$1,979	—	$2,496	0.94×	—	16.6%
SSMS.JK	Sawit Sumbermas Sarana	Indonesia	Indonesia	$0.09	$848	$230	$1,078	$1,037	$225	$71	21.7%	6.8%	17.8%	11.3%	4.80×	0.82×	10.34×	5.3%	13.9%	0.0%	54.9%	38.1%	230	$2,174	$6,154	$4,686	0.72×	$0.12	20.8%
SGRO.JK	Sampoerna Agro	Indonesia	Indonesia	$0.42	$764	$237	$1,001	$554	$193	$35	34.9%	6.3%	6.1%	4.3%	5.19×	1.38×	10.20×	7.9%	7.1%	0.0%	80.2%	111.2%	234	$2,444	$5,807	$4,277	0.68×	$0.62	19.3%
5138.KL	Hap Seng Plantations	Malaysia	Malaysia	$0.56	$445	($24)	$420	$172	$62	$31	35.9%	17.8%	8.3%	8.9%	6.80×	2.59×	14.19×	3.3%	8.0%	0.0%	47.5%	41.9%	96	$3,827	$5,888	$4,378	0.75×	$0.74	14.7%
ANJT.JK	Austindo Nusantara Jaya	Indonesia	Indonesia	$0.13	$443	$122	$565	$368	$92	$39	25.0%	10.7%	7.0%	5.7%	6.14×	1.20×	11.29×	2.1%	6.3%	0.0%	24.0%	33.5%	128	$3,398	—	$4,412	0.78×	—	16.3%
TBLA.JK	Tunas Baru Lampung	Indonesia	Indonesia	$0.06	$296	$764	$1,060	$1,582	$224	$95	14.2%	6.0%	12.8%	6.3%	4.73×	0.19×	3.11×	8.0%	37.2%	0.0%	24.8%	21.4%	215	$2,940	—	$4,931	0.40×	—	21.1%
BWPT.JK	Eagle High Plantations	Indonesia	Indonesia	$0.01	$278	$443	$721	$430	$107	$6	25.0%	1.4%	1.7%	0.7%	6.72×	0.65×	10.53×	0.0%	11.5%	0.0%	0.0%	0.0%	287	$1,972	$2,675	$2,514	0.86×	$0.01	14.9%
1996.KL	Kim Loong Resources	Malaysia	Malaysia	$0.16	$148	($91)	$57	$446	$78	$48	17.6%	10.7%	18.9%	29.6%	0.73×	0.33×	3.10×	27.9%	35.7%	0.0%	86.5%	78.3%	40	$3,751	—	$1,439	0.59×	—	137.9%
AEP.L	Anglo-Eastern Plantations	UK	Indonesia	$2.11	$83	($181)	$-98	$372	$99	$56	26.7%	15.0%	10.0%	14.8%	-0.98×	0.22×	1.24×	24.1%	36.0%	0.0%	29.8%	67.0%	297	$915	$3,698	$-330	0.07×	$32.43	—
RE.L	REA Holdings	UK	Indonesia	$1.54	$67	$169	$236	$188	$59	$8	31.3%	4.3%	2.7%	1.7%	4.02×	0.36×	3.66×	0.0%	16.3%	0.0%	0.0%	0.0%	65	$5,954	$6,215	$3,631	0.29×	$5.37	21.2%
5210.KL	United Malacca	Malaysia	Malaysia	$0.08	$18	$6	$24	$162	$61	$28	37.9%	17.4%	8.6%	8.5%	0.39×	0.11×	0.63×	40.6%	131.3%	0.0%	25.5%	30.9%	156	$1,986	—	$153	0.05×	—	256.8%
KLK.KL	Kuala Lumpur Kepong	Malaysia	Malaysia	—	—	$2,514	—	$5,455	$672	$285	12.3%	5.2%	8.8%	5.0%	—	—	—	—	—	—	111.1%	61.7%	705	$4,892	$5,734	—	—	$1.26	—
WTK.NR	Williamson Tea Kenya	Kenya	Kenya	—	—	$2	—	$32	$5	$2	16.7%	5.2%	2.5%	2.4%	—	—	—	—	—	—	66.4%	125.0%	17	$1,335	$1,490	—	—	$1.34	—
GENP.KL	Genting Plantations	Malaysia	Malaysia	—	—	$313	—	$720	$171	$78	23.8%	10.9%	5.0%	4.2%	—	—	—	—	—	—	27.8%	31.5%	504	$2,645	$5,930	—	—	$2.98	—
KAPC.NR	Kakuzi PLC	Kenya	Kenya	—	—	($1)	—	$18	$3	$2	16.0%	9.7%	4.0%	4.1%	—	—	—	—	—	—	68.4%	40.2%	30	$608	—	—	—	—	—
5254.KL	Boustead Plantations	Malaysia	Malaysia	—	—	$197	—	$280	$113	$40	40.2%	14.4%	4.1%	3.4%	—	—	—	—	—	—	67.8%	52.1%	180	$5,646	—	—	—	—	—
PRESCO.LG	Presco Plc	Nigeria	Nigeria	—	—	$65	—	$152	$77	$63	50.7%	41.7%	62.4%	38.0%	—	—	—	—	—	—	33.1%	85.7%	99	$672	—	—	—	—	—
OKOMU.LG	Okomu Oil Palm Plc	Nigeria	Nigeria	—	—	($10)	—	$97	$53	$37	54.3%	38.7%	53.3%	61.9%	—	—	—	—	—	—	62.5%	74.2%	49	$595	—	—	—	—	—
SASN.NR	Sasini Plc	Kenya	Kenya	—	—	$11	—	$25	$3	$1	12.6%	2.9%	1.5%	1.2%	—	—	—	—	—	—	119.0%	63.3%	79	$414	—	—	—	—	—
LIMU.NR	Limuru Tea Company Plc	Kenya	Kenya	—	—	$-0	—	$1	$0	$0	20.7%	8.6%	1.5%	1.6%	—	—	—	—	—	—	64.0%	106.7%	2	$2,105	—	—	—	—	—
HNG.VN	HAGL Agrico	Vietnam	Vietnam	—	—	$0	—	$0	$0	$-0	13.3%	(100.0%)	(27.3%)	(10.8%)	—	—	—	—	—	—	—	—	200	$0	—	—	—	—	—
CRO.JO	Crookes Brothers	South Africa	South Africa	—	—	$13	—	$45	$8	$2	17.3%	4.7%	2.7%	2.3%	—	—	—	—	—	—	52.2%	36.6%	30	$803	—	—	—	—	—
Mean				$1.96	$1,794	$334	$2,151	$1,453	$229	$92	24.9%	8.5%	10.5%	10.4%	6.40×	1.46×	10.56×	6.7%	17.6%	(3.0%)	45.7%	48.5%	322	$2,905	$5,422	$5,837	1.10×	$3.63	31.3%
Median				$0.62	$1,076	$95	$1,259	$446	$118	$56	23.8%	8.6%	8.3%	6.3%	5.72×	0.82×	10.44×	2.8%	10.3%	0.0%	44.1%	41.1%	215	$2,537	$5,734	$4,395	0.88×	$1.26	16.3%

AAC.AX	Australian Agricultural Co	Australia	Australia	$0.95	$572	$341	$912	$272	$40	($7)	14.5%	(2.6%)	(0.7%)	(0.5%)	23.07×	2.10×	—	0.0%	2.1%	0.0%	—	0.0%	15,815	$75	$76	$58	0.66×	$1.44	4.5%
Mean				$0.95	$572	$341	$912	$272	$40	($7)	14.5%	(2.6%)	(0.7%)	(0.5%)	23.07×	2.10×	—	0.0%	2.1%	0.0%	—	0.0%	15,815	$75	$76	$58	0.66×	$1.44	4.5%
Median				$0.95	$572	$341	$912	$272	$40	($7)	14.5%	(2.6%)	(0.7%)	(0.5%)	23.07×	2.10×	—	0.0%	2.1%	0.0%	—	0.0%	15,815	$75	$76	$58	0.66×	$1.44	4.5%

Sector KPIsNon-ag rev34%(18/28)
AVI.JO	AVI Limited	South Africa	South Africa	$493.04	$163,689	$42	$163,731	$993	$199	$123	20.0%	12.4%	38.0%	33.6%	824.18×	164.79×	1320.97×	0.1%	0.1%	0.0%	93.5%	101.3%	NaN	—	—	—	327.60×	—	—
RCL.JO	RCL Foods Limited	South Africa	South Africa	$42.14	$37,083	$75	$37,158	$2,197	$193	$69	8.8%	3.2%	11.7%	10.4%	192.89×	16.88×	534.35×	0.1%	0.2%	0.0%	42.0%	33.4%	NaN	—	—	—	—	—	—
ABF.L	Associated British Foods plc	UK	UK	$26.03	$19,213	$134	$19,347	$28,340	$3,877	$1,765	13.7%	6.2%	11.2%	11.1%	4.99×	0.68×	10.88×	3.4%	7.7%	2.4%	37.2%	44.6%	NaN	—	—	—	—	—	—
F34.SI	Wilmar International	Singapore	Singapore	$2.60	$16,247	$32,000	$48,247	$67,380	$3,100	$1,170	4.6%	1.7%	5.3%	2.2%	15.56×	0.24×	14.47×	4.4%	5.2%	0.6%	63.9%	84.4%	NaN	—	—	—	—	—	—
2280.SR	Almarai	Saudi Arabia	Saudi Arabia	$10.93	$10,927	$2,702	$13,629	$5,591	$1,419	$740	25.4%	13.2%	14.6%	9.5%	9.61×	1.95×	17.75×	2.4%	5.7%	0.0%	43.3%	42.6%	124	$53,930	$1,108	$109,909	2.16×	—	—
ICBP.JK	Indofood CBP Sukses Makmur	Indonesia	Indonesia	$0.60	$6,997	$2,621	$9,618	$7,122	$1,900	$1,087	26.7%	15.3%	20.6%	13.8%	5.06×	0.98×	6.44×	4.1%	17.6%	0.0%	26.6%	23.5%	NaN	—	—	—	1.33×	—	—
CRESY	Cresud SACIF y A	US	Argentina	$11.45	$6,840	$785	$7,625	$1,230	$175	$388	14.2%	31.6%	57.1%	26.5%	43.57×	5.56×	17.62×	0.0%	—	0.0%	0.0%	—	1,460	—	—	$5,223	—	—	—
INDF.JK	Indofood Sukses Makmur	Indonesia	Indonesia	$0.67	$5,883	$1,580	$7,463	$11,652	$2,250	$1,050	19.3%	9.0%	9.5%	8.3%	3.32×	0.50×	5.60×	6.1%	24.6%	0.0%	34.4%	24.9%	NaN	—	—	—	0.79×	—	—
2050.SR	Savola Group	Saudi Arabia	Saudi Arabia	$5.74	$4,588	$1,572	$6,160	$7,489	$493	$330	6.6%	4.4%	10.7%	7.1%	12.50×	0.61×	13.88×	0.0%	5.7%	0.0%	0.6%	0.8%	NaN	—	—	—	1.48×	—	—
TWE.AX	Treasury Wine Estates	Australia	Australia	$4.09	$3,283	$1,089	$4,372	$1,897	$520	$172	27.4%	9.1%	5.6%	4.1%	8.41×	1.73×	19.40×	6.2%	6.0%	(10.1%)	120.0%	103.2%	30	$25,758	—	$145,733	0.97×	—	—
2607.T	Fuji Oil Holdings	Japan	Japan	$29.45	$2,532	$320	$2,852	$2,944	$205	$70	7.0%	2.4%	5.6%	4.5%	13.93×	0.86×	35.95×	1.3%	2.0%	0.0%	46.9%	64.5%	NaN	—	—	—	2.09×	—	—
097950.KS	CJ CheilJedang	South Korea	South Korea	$135.84	$2,047	$5,600	$7,647	$24,000	$2,000	$480	8.3%	2.0%	5.5%	3.3%	3.82×	0.09×	4.27×	3.2%	31.3%	0.0%	13.8%	10.4%	NaN	—	—	—	0.21×	—	—
CAM.L	Camellia	UK	Kenya	$71.52	$1,981	($94)	$1,887	$368	$27	($4)	7.3%	(1.1%)	(1.2%)	(1.7%)	70.60×	5.39×	5350.00×	4.9%	0.2%	0.0%	26000.0%	2400.7%	124	$2,156	$6,414	$15,222	2.23×	$32.09	—
CSAN3.SA	Cosan S.A.	Brazil	Brazil	$1.05	$1,961	$7,794	$9,755	$8,398	$2,578	($906)	30.7%	(10.8%)	(18.2%)	(7.1%)	3.78×	0.23×	—	10.6%	(15.4%)	0.0%	—	—	2,100	$815	—	$4,645	0.39×	—	—
2871.T	Nichirei Corporation	Japan	Japan	$14.05	$1,883	$480	$2,363	$4,224	$384	$160	9.1%	3.8%	8.6%	6.8%	6.15×	0.45×	11.74×	2.3%	6.8%	0.0%	26.7%	33.5%	NaN	—	—	—	1.00×	—	—
DCMSHRIRAM.NS	DCM Shriram Ltd	India	India	$10.24	$1,603	$205	$1,808	$1,250	$80	$24	6.4%	1.9%	4.5%	3.2%	22.65×	1.28×	67.27×	0.9%	1.3%	0.0%	58.6%	68.2%	NaN	—	—	—	—	—	—
TTEN3.SA	3tentos Agroindustrial	Brazil	Brazil	$2.85	$1,481	$433	$1,914	$1,611	$131	$89	8.1%	5.5%	12.3%	7.7%	14.62×	0.92×	16.64×	1.1%	(4.8%)	0.0%	17.6%	—	NaN	—	—	—	—	—	—
GODREJAGRO.NS	Godrej Agrovet	India	India	$6.33	$1,216	$121	$1,336	$998	$89	$47	8.9%	4.7%	18.0%	12.3%	14.97×	1.22×	26.22×	1.7%	3.0%	0.0%	43.5%	54.9%	75	—	—	$17,817	4.64×	—	—
AGRO	Adecoagro	US	Argentina	$10.12	$1,036	$1,567	$2,603	$1,530	$366	$63	23.9%	4.1%	4.7%	2.2%	7.12×	0.68×	—	0.0%	8.8%	2.6%	—	0.0%	512	$6,639	$5,339	$5,083	0.89×	$11.40	—
6010.SR	NADEC	Saudi Arabia	Saudi Arabia	$2.93	$882	($136)	$747	$940	$168	$73	17.9%	7.7%	5.9%	6.7%	4.43×	0.94×	8.40×	4.5%	6.9%	(0.3%)	38.2%	65.4%	124	$4,853	$1,758	$6,023	2.50×	$1.17	—
AGR.VI	AGRANA Beteiligungs-AG	EU	EU	$13.01	$813	$695	$1,509	$3,999	$241	$62	6.0%	1.5%	5.0%	3.2%	6.26×	0.20×	13.18×	7.3%	4.4%	0.0%	96.6%	166.0%	NaN	—	—	—	0.66×	—	—
AST.WA	Astarta Holding	Poland	Ukraine	$7.67	$188	$280	$468	$529	$112	$39	21.2%	7.4%	4.4%	3.3%	4.17×	0.35×	8.39×	0.0%	18.5%	0.0%	0.0%	0.0%	543	$413	$786	$862	1.28×	$5.99	—
TIPCO.BK	Tipco Foods PCL	Thailand	Thailand	$0.20	$97	$44	$140	$61	$5	($3)	7.6%	(4.5%)	(5.0%)	(2.8%)	30.27×	1.58×	—	10.8%	(2.0%)	0.1%	—	—	NaN	—	—	—	—	—	—
AVG.AX	Australian Vintage	Australia	Australia	$0.06	$14	$63	$77	$190	$21	($6)	11.1%	(3.0%)	(3.3%)	(2.4%)	3.68×	0.08×	—	0.0%	(24.7%)	0.0%	—	—	5	$11,240	—	$15,490	0.08×	—	—
URC.PS	Universal Robina Corporation	Philippines	Philippines	—	—	$345	—	$2,622	$306	$156	11.7%	5.9%	10.9%	8.8%	—	—	—	—	—	—	88.9%	103.7%	NaN	—	—	—	—	—	—
HAG.VN	Hoang Anh Gia Lai	Vietnam	Vietnam	$0.00	—	$0	—	$0	$0	$0	23.1%	5.4%	4.4%	2.2%	—	—	—	—	—	—	0.0%	0.0%	200	$0	—	—	—	—	—
EID.NS	EID Parry India	India	India	—	—	$546	—	$3,045	$294	$84	9.7%	2.8%	10.0%	6.1%	—	—	—	—	—	—	15.6%	17.8%	100	—	—	—	—	—	—
BALRAMPUR.NS	Balrampur Chini Mills	India	India	—	—	$179	—	$630	$89	$47	14.2%	7.5%	12.5%	8.5%	—	—	—	—	—	—	13.3%	20.0%	NaN	—	—	—	—	—	—
Mean				$36.10	$12,187	$2,180	$14,686	$6,830	$758	$263	14.2%	5.3%	9.6%	6.8%	55.27×	8.68×	375.17×	3.1%	4.8%	(0.2%)	1121.7%	150.6%	450	$11,756	$3,081	$32,601	20.61×	$12.66	—
Median				$7.67	$2,014	$389	$3,612	$2,047	$223	$78	11.4%	4.6%	7.3%	6.4%	9.01×	0.89×	15.55×	2.4%	5.2%	0.0%	37.7%	42.6%	124	$4,853	$1,758	$10,622	1.28×	$8.69	—

Sector KPIsPlants1225(23/25)
ARL.JO	Astral Foods Limited	South Africa	South Africa	$1,245.36	$48,195	($14)	$48,181	$1,433	$111	$55	7.8%	3.9%	22.4%	23.8%	432.63×	33.64×	870.30×	0.1%	0.1%	0.0%	61.0%	53.4%	NaN	—	—	—	—	—	—
002714.SZ	Muyuan Foods	China	China	$6.20	$33,882	$7,380	$41,262	$20,692	$4,680	$2,672	22.6%	12.9%	17.0%	11.5%	8.82×	1.64×	12.67×	2.6%	9.5%	(0.1%)	32.4%	26.9%	NaN	—	—	—	—	—	—
TSN	Tyson Foods	US	US	$56.70	$20,129	$7,050	$27,179	$54,200	$3,450	$1,050	6.4%	1.9%	5.5%	4.0%	7.88×	0.37×	19.22×	3.5%	6.5%	(0.1%)	67.8%	54.6%	NaN	—	—	—	—	—	—
000895.SZ	Henan Shuanghui Investment & Development	China	China	$3.59	$12,443	$356	$12,799	$8,957	$1,254	$766	14.0%	8.5%	30.4%	26.6%	10.20×	1.39×	16.63×	5.8%	6.5%	0.0%	97.2%	89.8%	NaN	—	—	—	—	—	—
HRL	Hormel Foods	US	US	$21.06	$11,562	$1,970	$13,532	$12,100	$1,620	$880	13.4%	7.3%	11.1%	8.9%	8.35×	0.96×	13.16×	5.6%	9.1%	(0.7%)	73.8%	61.7%	NaN	—	—	—	—	—	—
0288.HK	WH Group Limited	Hong Kong	China	$0.81	$10,510	$1,800	$12,310	$26,228	$3,204	$1,480	12.2%	5.6%	21.9%	17.3%	3.84×	0.40×	6.96×	31.3%	17.6%	3.6%	217.9%	177.9%	NaN	—	—	—	—	—	—
DAR	Darling Ingredients	US	US	$56.24	$8,908	$4,290	$13,199	$5,687	$818	$63	14.4%	1.1%	1.7%	0.8%	16.14×	1.57×	44.99×	0.0%	7.6%	0.8%	0.0%	0.0%	NaN	—	—	—	—	—	—
PPC	Pilgrim's Pride	US	US	$28.13	$6,667	$1,272	$7,939	$17,881	$1,937	$1,082	10.8%	6.1%	41.4%	27.9%	4.10×	0.37×	6.73×	0.0%	9.8%	0.0%	0.0%	0.0%	NaN	—	—	—	—	—	—
CPF.BK	Charoen Pokphand Foods	Thailand	Thailand	$0.59	$5,123	$11,455	$16,578	$17,405	$1,415	$563	8.1%	3.2%	7.8%	3.0%	11.72×	0.29×	9.10×	3.0%	17.0%	0.0%	27.1%	17.5%	NaN	—	—	—	—	—	—
POST	Post Holdings	US	US	$80.56	$4,713	$5,930	$10,643	$8,150	$1,430	$380	17.5%	4.7%	12.9%	4.3%	7.44×	0.58×	12.49×	0.0%	13.6%	1.1%	0.0%	0.0%	NaN	—	—	—	—	—	—
000876.SZ	New Hope Liuhe	China	China	$1.02	$4,638	$4,980	$9,618	$15,460	$795	$73	5.1%	0.5%	1.6%	0.8%	12.10×	0.30×	63.64×	0.4%	4.7%	0.0%	23.4%	7.8%	NaN	—	—	—	—	—	—
CPIN.JK	Charoen Pokphand Indonesia	Indonesia	Indonesia	$0.27	$4,444	$200	$4,644	$8,282	$690	$402	8.3%	4.9%	14.0%	13.1%	6.73×	0.54×	11.06×	2.2%	10.1%	0.0%	24.5%	21.9%	NaN	—	—	—	1.59×	—	—
CWK.L	Cranswick plc	UK	UK	$70.05	$3,763	$261	$4,024	$3,639	$361	$156	9.9%	4.3%	20.6%	15.4%	11.15×	1.03×	18.39×	1.9%	4.0%	(0.0%)	35.1%	47.5%	NaN	—	—	—	—	—	—
FRPT	Freshpet, Inc.	US	US	$64.12	$3,116	$162	$3,278	$975	$134	$139	13.7%	14.3%	19.9%	16.1%	24.46×	3.20×	53.43×	0.0%	0.4%	(2.3%)	0.0%	0.0%	NaN	—	—	—	—	—	—
JPFA.JK	Japfa Comfeed Indonesia	Indonesia	Indonesia	$0.18	$2,123	$710	$2,833	$5,462	$440	$195	8.1%	3.6%	12.8%	8.7%	6.44×	0.39×	10.88×	4.1%	8.2%	0.0%	45.1%	50.3%	NaN	—	—	—	1.52×	—	—
HFG.L	Hilton Food Group plc	UK	UK	$9.59	$860	$381	$1,241	$5,458	$213	$63	3.9%	1.2%	16.1%	8.2%	5.84×	0.16×	13.69×	4.7%	14.0%	(0.2%)	64.3%	33.6%	NaN	—	—	—	2.21×	—	—
MHPC.L	MHP S.E.	UK	Ukraine	$4.83	$523	$1,160	$1,683	$3,450	$720	$285	20.9%	8.3%	27.1%	12.9%	2.34×	0.15×	1.83×	0.0%	61.2%	0.0%	0.0%	0.0%	NaN	—	—	—	—	—	—
BEEF3.SA	Minerva S.A.	Brazil	Brazil	$0.86	$505	$1,954	$2,458	$7,734	$473	($73)	6.1%	(0.9%)	(14.6%)	(3.0%)	5.19×	0.07×	—	1.4%	4.0%	0.5%	—	35.2%	NaN	—	—	—	1.02×	—	—
GFPT.BK	GFPT PCL	Thailand	Thailand	$0.30	$371	$133	$504	$588	$73	$47	12.3%	8.0%	8.7%	7.0%	6.96×	0.63×	7.87×	4.5%	13.6%	0.0%	35.4%	33.2%	NaN	—	—	—	—	—	—
MAIN.JK	Malindo Feedmill	Indonesia	Indonesia	$0.06	$130	$123	$253	$912	$54	$16	5.9%	1.7%	7.5%	4.7%	4.68×	0.14×	8.23×	0.9%	16.9%	0.0%	7.1%	5.1%	NaN	—	—	—	0.61×	—	—
JBSS3.SA	JBS S.A.	Brazil	Brazil	—	—	$14,219	—	$83,803	$6,082	$1,363	7.3%	1.6%	21.1%	6.6%	—	—	—	—	—	—	34.4%	13.2%	NaN	—	—	—	—	—	—
MRFG3.SA	Marfrig Global Foods	Brazil	Brazil	—	—	$6,767	—	$30,673	$2,759	$145	9.0%	0.5%	7.4%	1.7%	—	—	—	—	—	—	47.1%	8.3%	NaN	—	—	—	—	—	—
BRFS3.SA	BRF S.A.	Brazil	Brazil	—	—	$1,974	—	$12,366	$1,651	$675	13.4%	5.5%	21.2%	13.1%	—	—	—	—	—	—	30.2%	26.6%	NaN	—	—	—	—	—	—
TUF.BK	Thai Union Group	Thailand	Thailand	—	—	$1,590	—	$4,111	$406	$199	9.9%	4.8%	10.6%	5.7%	—	—	—	—	—	—	43.6%	32.3%	NaN	—	—	—	—	—	—
DBC.VN	Dabaco Group	Vietnam	Vietnam	$0.00	—	$0	—	$0	$0	$0	8.8%	6.0%	14.2%	7.4%	—	—	—	—	—	—	48.4%	72.6%	NaN	—	—	—	—	—	—
Mean				$78.60	$9,130	$3,044	$11,708	$14,226	$1,391	$507	10.8%	4.8%	14.4%	9.9%	29.85×	2.39×	63.22×	3.6%	11.7%	0.1%	42.3%	34.8%	—	—	—	—	1.39×	—	—
Median				$4.83	$4,675	$1,590	$8,778	$8,150	$795	$199	9.9%	4.7%	14.0%	8.2%	7.66×	0.47×	12.67×	2.1%	9.3%	0.0%	34.8%	26.9%	—	—	—	—	1.52×	—	—

Sector KPIsBranded rev91%(4/13)IF rev41%(4/13)
A2M.AX	The a2 Milk Company	New Zealand	New Zealand	$4.92	$3,558	($576)	$2,982	$1,032	$160	$100	15.5%	9.7%	14.8%	102.9%	18.69×	3.45×	35.66×	1.0%	3.1%	(0.0%)	35.1%	31.5%	NaN	—	—	—	—	—	—
CALM	Cal-Maine Foods	US	US	$62.60	$3,049	($1,050)	$1,999	$3,850	$1,180	$850	30.6%	22.1%	36.2%	65.4%	1.69×	0.79×	3.60×	6.7%	30.2%	(0.2%)	24.1%	22.2%	NaN	—	—	—	—	—	—
HATSUN.NS	Hatsun Agro Products	India	India	$10.43	$2,316	$98	$2,414	$840	$68	$16	8.1%	1.9%	12.5%	7.0%	35.37×	2.76×	146.12×	0.2%	0.8%	0.0%	22.1%	18.5%	NaN	—	—	—	15.29×	—	—
2270.SR	Saudia Dairy & Foodstuff Company (SADAFCO)	Saudi Arabia	Saudi Arabia	$43.17	$1,403	($179)	$1,225	$640	$93	$73	14.6%	11.4%	11.1%	15.2%	13.13×	2.19×	19.29×	3.7%	4.7%	0.0%	71.4%	78.0%	NaN	—	—	—	2.13×	—	—
BGA.AX	Bega Cheese Limited	Australia	Australia	$4.38	$1,333	$130	$1,463	$2,424	$151	$30	6.2%	1.2%	4.8%	4.0%	9.69×	0.55×	45.22×	1.0%	5.8%	(0.4%)	43.5%	16.6%	NaN	—	—	—	—	—	—
1117.HK	China Modern Dairy	Hong Kong	Hong Kong	$0.17	$1,327	$1,808	$3,134	$1,362	$203	($220)	14.9%	(16.2%)	(12.8%)	(6.2%)	15.48×	0.97×	—	0.0%	(24.9%)	0.0%	—	—	NaN	—	—	—	—	—	—
DODLA.NS	Dodla Dairy	India	India	$10.17	$610	$0	$610	$368	$37	$19	10.0%	5.1%	17.1%	17.1%	16.61×	1.66×	32.29×	0.4%	2.6%	0.0%	13.3%	16.0%	NaN	—	—	—	4.40×	—	—
VITL	Vital Farms	US	US	$9.14	$405	($155)	$250	$606	$80	$66	13.1%	10.9%	19.9%	37.4%	3.13×	0.67×	7.55×	0.0%	(11.9%)	(5.9%)	0.0%	—	NaN	—	—	—	—	—	—
MLK.WA	Milkiland NV	Poland	Ukraine	$0.35	$11	$89	$100	$56	($2)	($11)	(4.0%)	(20.0%)	(66.7%)	(10.6%)	—	0.19×	—	0.0%	(51.3%)	0.0%	—	—	0	—	—	—	0.62×	—	—
AHF.AX	Australian Dairy Farms Group	Australia	Australia	$0.01	$5	$4	$8	$18	$-0	($2)	(1.9%)	(9.2%)	(11.3%)	(9.1%)	—	0.26×	—	0.0%	(7.4%)	(3.5%)	—	—	NaN	—	—	—	0.32×	—	—
VNM.HM	Vinamilk (Vietnam Dairy Products JSC)	Vietnam	Vietnam	—	—	$-0	—	$0	$0	$0	19.7%	15.3%	25.7%	44.8%	—	—	—	—	—	—	97.8%	112.1%	NaN	—	—	—	—	—	—
SM1.NZ	Synlait Milk Limited	New Zealand	New Zealand	—	—	$239	—	$963	$54	$7	5.6%	0.7%	1.5%	1.0%	—	—	—	—	—	—	0.0%	0.0%	NaN	—	—	—	—	—	—
OVO.WA	Ovostar Union NV	Poland	Ukraine	—	—	($10)	—	$105	$35	$22	33.3%	21.0%	12.6%	13.3%	—	—	—	—	—	—	0.0%	0.0%	22	$545	—	—	—	—	—
Mean				$14.53	$1,402	$31	$1,418	$943	$158	$73	12.8%	4.1%	5.0%	21.7%	14.22×	1.35×	41.39×	1.3%	(4.8%)	(1.0%)	30.7%	32.8%	11	$545	—	—	4.55×	—	—
Median				$7.03	$1,330	$-0	$1,344	$640	$68	$19	13.1%	5.1%	12.5%	13.3%	14.30×	0.88×	32.29×	0.3%	1.7%	(0.0%)	23.1%	18.5%	11	$545	—	—	2.13×	—	—

Sector KPIsHarvest1088 kt(5/9)EBIT/kgNOK 15.0(4/9)
MOWI.OL	Mowi ASA	Norway	Norway	$23.16	$11,974	$2,075	$14,049	$6,229	$1,261	$529	20.2%	8.5%	15.8%	9.8%	11.14×	1.92×	41.29×	6.8%	6.4%	0.0%	280.0%	106.1%	NaN	—	—	—	—	—	—
SALM.OL	SalMar ASA	Norway	Norway	$62.60	$8,197	$1,747	$9,944	$2,763	$738	$329	26.7%	11.9%	15.4%	8.5%	13.47×	2.97×	24.96×	3.8%	2.5%	0.0%	94.0%	151.6%	NaN	—	—	—	—	—	—
600438.SS	Tongwei Co Ltd	China	China	$1.73	$7,796	$5,250	$13,046	$16,500	$1,950	($750)	11.8%	(4.5%)	(9.1%)	(5.6%)	6.69×	0.47×	—	1.7%	5.8%	0.0%	—	30.0%	NaN	—	—	—	0.96×	—	—
BAKKA.OL	Bakkafrost P/F	Norway	Norway	$49.27	$2,913	$751	$3,664	$1,102	$283	$155	25.7%	14.1%	11.8%	7.5%	12.95×	2.64×	18.76×	2.6%	1.5%	0.0%	48.6%	167.5%	NaN	—	—	—	—	—	—
LSG.OL	Lerøy Seafood Group	Norway	Norway	$4.67	$2,785	$718	$3,503	$3,469	$379	$217	10.9%	6.3%	10.8%	8.0%	9.23×	0.80×	12.82×	4.6%	4.6%	0.0%	58.8%	99.3%	NaN	—	—	—	—	—	—
SAN.NZ	Sanford Limited	New Zealand	New Zealand	$3.48	$327	$66	$392	$291	$40	$11	13.7%	3.9%	4.0%	3.3%	9.83×	1.12×	29.05×	3.0%	4.4%	0.0%	85.7%	67.7%	NaN	—	—	—	1.15×	—	—
GSF.OL	Grieg Seafood	Norway	Norway	$2.44	$276	$423	$700	$750	$81	($14)	10.9%	(1.9%)	(4.2%)	(1.9%)	8.59×	0.37×	—	0.0%	(5.8%)	0.0%	—	—	NaN	—	—	—	—	—	—
VHC.VN	Vinh Hoan Corp	Vietnam	Vietnam	$0.00	—	$0	—	$0	$0	$0	16.4%	10.0%	13.8%	11.2%	—	—	—	—	—	—	30.5%	42.0%	NaN	—	—	—	—	—	—
AVANTI.NS	Avanti Feeds	India	India	—	—	($47)	—	$578	$68	$47	11.8%	8.2%	20.5%	25.7%	—	—	—	—	—	—	33.3%	37.4%	NaN	—	—	—	—	—	—
Mean				$18.42	$4,895	$1,220	$6,471	$3,520	$533	$58	16.5%	6.3%	8.7%	7.4%	10.27×	1.47×	25.37×	3.2%	2.8%	0.0%	90.1%	87.7%	—	—	—	—	1.06×	—	—
Median				$4.08	$2,913	$718	$3,664	$1,102	$283	$47	13.7%	8.2%	11.8%	8.0%	9.83×	1.12×	24.96×	3.0%	4.4%	0.0%	58.8%	83.5%	—	—	—	—	1.06×	—	—

Sector KPIsThroughput287.5 MMT(17/19)RMI$32B(17/19)
ADM	Archer-Daniels-Midland	US	US	$80.14	$38,563	$7,395	$45,958	$80,269	$3,053	$1,078	3.8%	1.3%	4.7%	3.6%	15.05×	0.48×	35.94×	2.5%	10.9%	2.0%	91.5%	23.4%	NaN	—	—	—	—	—	—
300999.SZ	Yihai Kerry Arawana Holdings	China	China	$3.93	$21,284	$6,250	$27,534	$35,742	$795	$375	2.2%	1.1%	3.6%	2.2%	34.65×	0.60×	56.89×	0.4%	6.9%	0.0%	24.1%	6.1%	NaN	—	—	—	—	—	—
BG	Bunge Global SA	US	US	$103.22	$19,973	$12,916	$32,889	$70,329	$2,435	$816	3.5%	1.2%	4.7%	2.7%	13.51×	0.28×	21.02×	2.7%	(4.4%)	(12.3%)	57.0%	—	NaN	—	—	—	—	—	—
INGR	Ingredion Incorporated	US	US	$95.70	$6,259	$893	$7,152	$7,424	$1,234	$729	16.6%	9.8%	26.5%	20.0%	5.80×	0.84×	9.58×	3.3%	8.2%	0.9%	32.0%	41.0%	NaN	—	—	—	—	—	—
2002.T	Nisshin Seifun Group	Japan	Japan	$13.45	$4,061	($64)	$3,997	$5,120	$384	$173	7.5%	3.4%	4.7%	4.7%	10.41×	0.79×	23.61×	1.7%	4.7%	0.0%	40.4%	36.2%	NaN	—	—	—	1.11×	—	—
TATE.L	Tate & Lyle plc	UK	UK	$7.55	$3,403	$588	$3,992	$2,202	$420	$179	19.1%	8.1%	10.0%	7.5%	9.51×	1.55×	19.07×	3.4%	4.0%	0.0%	65.0%	84.3%	NaN	—	—	—	—	—	—
EBRO.MC	Ebro Foods S.A.	EU	EU	$20.77	$3,196	$808	$4,004	$3,522	$426	$182	12.1%	5.2%	11.2%	7.5%	9.39×	0.91×	17.64×	3.2%	8.6%	0.0%	57.1%	37.7%	NaN	—	—	—	—	—	—
SZU.DE	Südzucker AG	EU	EU	$12.56	$2,565	$2,086	$4,651	$11,541	$702	($30)	6.1%	(0.3%)	(0.6%)	(0.4%)	6.62×	0.22×	—	3.6%	4.0%	0.0%	—	89.7%	NaN	—	—	—	—	—	—
ANDE	The Andersons	US	US	$64.93	$2,200	$525	$2,725	$11,009	$350	$96	3.2%	0.9%	7.1%	5.1%	7.79×	0.20×	22.94×	1.2%	(2.6%)	(0.1%)	27.9%	—	NaN	—	—	—	—	—	—
GNC.AX	GrainCorp Limited	Australia	Australia	$4.58	$1,019	$35	$1,054	$4,988	$200	$51	4.0%	1.0%	6.1%	5.9%	5.26×	0.20×	20.12×	4.9%	10.0%	0.8%	98.8%	49.1%	NaN	—	—	—	—	—	—
GPRE	Green Plains Inc	US	US	$13.98	$892	$392	$1,284	$2,496	($25)	($123)	(1.0%)	(4.9%)	(24.4%)	(13.7%)	—	0.36×	—	0.0%	8.3%	(0.2%)	—	0.0%	NaN	—	—	—	1.77×	—	—
KRBL.NS	KRBL Limited	India	India	$3.67	$864	($37)	$828	$578	$87	$58	15.1%	10.1%	12.4%	13.5%	9.50×	1.50×	14.88×	1.0%	5.0%	0.0%	15.3%	20.7%	NaN	—	—	—	—	—	—
KER.WA	Kernel Holding S.A.	Poland	Ukraine	$5.01	$408	$970	$1,378	$3,850	$510	$215	13.2%	5.6%	10.0%	6.9%	2.70×	0.11×	1.90×	0.0%	71.1%	0.0%	0.0%	0.0%	NaN	—	—	—	—	—	—
ALTO	Alto Ingredients, Inc.	US	US	$3.61	$274	$83	$357	$945	($42)	($83)	(4.4%)	(8.8%)	(128.5%)	(56.2%)	—	0.29×	—	0.0%	3.2%	(0.5%)	—	0.0%	NaN	—	—	—	4.25×	—	—
0606.HK	China Agri-Industries Holdings	Hong Kong	Hong Kong	$0.03	$160	$3,840	$4,000	$15,028	$308	$46	2.0%	0.3%	1.6%	0.7%	13.01×	0.01×	3.50×	19.7%	79.6%	0.0%	69.0%	24.7%	NaN	—	—	—	—	—	—
SOJA3.SA	Boa Safra Sementes	Brazil	Brazil	$1.68	$104	$125	$229	$342	$40	$19	11.8%	5.6%	11.1%	6.4%	5.69×	0.30×	5.57×	1.4%	1.9%	0.0%	8.0%	74.4%	NaN	—	—	—	—	—	—
AGXY3.SA	AgroGalaxy Participações	Brazil	Brazil	$0.12	$15	$413	$428	$906	($70)	($201)	(7.8%)	(22.2%)	(1250.0%)	(46.9%)	—	0.02×	—	0.0%	(542.4%)	0.0%	—	—	NaN	—	—	—	—	—	—
O32.SI	Olam Group	Singapore	Singapore	—	—	$12,823	—	$28,461	$1,290	($633)	4.5%	(2.2%)	(9.9%)	(3.3%)	—	—	—	—	—	—	—	14.0%	NaN	—	—	—	—	—	—
GRUMA.B.MX	Gruma SAB	Mexico	Mexico	—	—	$1,175	—	$6,141	$1,015	$481	16.5%	7.8%	23.7%	15.0%	—	—	—	—	—	—	21.4%	22.4%	NaN	—	—	—	—	—	—
Mean				$25.58	$6,191	$2,696	$8,380	$15,310	$690	$180	6.7%	1.2%	(67.2%)	(1.0%)	10.64×	0.51×	19.44×	2.9%	(19.0%)	(0.6%)	43.4%	32.7%	—	—	—	—	2.37×	—	—
Median				$7.55	$2,200	$808	$3,992	$5,120	$420	$96	4.5%	1.2%	4.7%	4.7%	9.44×	0.30×	19.07×	1.7%	5.0%	0.0%	36.2%	24.0%	—	—	—	—	1.77×	—	—

Sector KPIsCapacity utilization95%(1/18)R&D / sales3.9%(4/18)
NTR	Nutrien Ltd	US	US	$69.74	$34,382	$10,035	$44,417	$26,885	$6,105	$2,297	22.7%	8.5%	9.1%	6.5%	7.28×	1.28×	14.97×	3.1%	6.2%	4.4%	46.8%	50.6%	NaN	—	—	—	—	—	—
CF	CF Industries Holdings	US	US	$120.68	$18,549	$1,233	$19,782	$7,084	$3,198	$1,455	45.1%	20.5%	30.1%	24.0%	6.19×	2.62×	13.45×	1.7%	9.7%	10.6%	22.3%	17.1%	NaN	—	—	—	—	—	—
YAR.OL	Yara International	Norway	Norway	$43.19	$11,057	$2,800	$13,857	$13,700	$1,500	$350	10.9%	2.6%	4.7%	3.4%	9.24×	0.81×	31.53×	3.5%	2.3%	0.0%	109.5%	153.6%	NaN	—	—	—	1.44×	—	—
CTVA	Corteva, Inc.	US	US	$12.45	$8,373	($1,941)	$6,432	$17,401	$2,961	$1,094	17.0%	6.3%	4.5%	4.9%	2.17×	0.48×	7.78×	5.6%	33.6%	2.0%	43.7%	16.7%	NaN	—	—	—	—	—	—
ICL	ICL Group	US	Israel	$4.77	$6,153	$1,900	$8,053	$6,850	$1,450	$540	21.2%	7.9%	10.0%	7.4%	5.55×	0.90×	11.36×	3.8%	11.4%	0.0%	42.9%	33.2%	NaN	—	—	—	1.04×	—	—
MOS	The Mosaic Company	US	US	$17.84	$5,662	$4,777	$10,440	$12,052	$1,871	$541	15.5%	4.5%	4.5%	3.2%	5.58×	0.47×	10.49×	4.9%	(9.4%)	(0.2%)	51.8%	—	NaN	—	—	—	—	—	—
COROMANDEL.NS	Coromandel International	India	India	$18.12	$5,328	$53	$5,381	$2,520	$189	$147	7.5%	5.8%	15.6%	14.7%	28.47×	2.11×	36.26×	0.7%	2.6%	0.0%	25.2%	27.1%	NaN	—	—	—	2.88×	—	—
UPL.NS	UPL Limited	India	India	$5.24	$3,927	$1,995	$5,922	$4,830	$840	($21)	17.4%	(0.4%)	(0.8%)	(0.4%)	7.05×	0.81×	—	1.2%	8.0%	(12.0%)	—	15.0%	NaN	—	—	—	1.42×	—	—
SMG	Scotts Miracle-Gro	US	US	$59.29	$3,427	$2,070	$5,497	$3,413	$421	$145	12.3%	4.3%	427.1%	6.9%	13.05×	1.00×	23.53×	4.5%	8.0%	(1.2%)	104.8%	55.7%	NaN	—	—	—	—	—	—
PIIND.NS	PI Industries	India	India	$21.26	$3,232	($262)	$2,969	$840	$200	$147	23.8%	17.5%	15.6%	21.5%	14.88×	3.85×	22.01×	0.6%	3.9%	0.0%	13.0%	15.2%	NaN	—	—	—	3.38×	—	—
SDF.DE	K+S AG	EU	EU	$14.58	$2,785	$505	$3,290	$4,262	$673	$90	15.8%	2.1%	1.7%	1.5%	4.89×	0.65×	30.95×	3.8%	4.0%	0.0%	119.0%	95.5%	NaN	—	—	—	0.52×	—	—
TATACHEM.NS	Tata Chemicals	India	India	$6.50	$1,657	$473	$2,130	$1,628	$231	($8)	14.2%	(0.5%)	(0.6%)	(0.4%)	9.22×	1.02×	—	2.4%	5.1%	0.0%	—	47.8%	NaN	—	—	—	1.03×	—	—
CHAMBLFERT.NS	Chambal Fertilizers and Chemicals	India	India	$3.84	$1,597	$326	$1,922	$1,785	$168	$89	9.4%	5.0%	13.1%	8.9%	11.44×	0.89×	17.92×	1.6%	5.9%	0.0%	29.4%	27.7%	NaN	—	—	—	1.31×	—	—
NUF.AX	Nufarm	Australia	Australia	$2.11	$805	$457	$1,262	$2,178	$253	$21	11.6%	1.0%	1.7%	1.3%	4.99×	0.37×	37.50×	1.3%	5.2%	0.0%	50.0%	25.5%	NaN	—	—	—	0.65×	—	—
IPI	Intrepid Potash	US	US	$31.23	$410	($83)	$327	$298	$51	$11	17.2%	3.8%	2.3%	2.7%	6.38×	1.37×	36.31×	0.0%	3.4%	(1.7%)	0.0%	0.0%	NaN	—	—	—	—	—	—
VITT3.SA	Vittia Fertilizantes e Biológicos	Brazil	Brazil	$0.71	$65	$24	$89	$137	$32	$19	23.5%	13.9%	11.9%	10.3%	2.76×	0.47×	3.37×	5.1%	6.2%	0.0%	17.1%	81.9%	NaN	—	—	—	—	—	—
AVD	American Vanguard Corp	US	US	$1.03	$32	$164	$196	$506	$18	($56)	3.6%	(11.1%)	(34.5%)	(17.2%)	10.86×	0.06×	—	0.0%	(79.7%)	0.3%	—	—	NaN	—	—	—	0.19×	—	—
IPL.AX	Incitec Pivot	Australia	Australia	—	—	$492	—	$3,864	$667	$176	17.3%	4.5%	5.2%	4.5%	—	—	—	—	—	—	76.9%	55.4%	NaN	—	—	—	—	—	—
Mean				$25.45	$6,320	$1,390	$7,763	$6,124	$1,157	$391	17.0%	5.3%	28.9%	5.8%	8.82×	1.13×	21.25×	2.6%	1.6%	0.1%	50.2%	44.9%	—	—	—	—	1.39×	—	—
Median				$14.58	$3,427	$482	$5,381	$3,638	$544	$146	16.4%	4.5%	5.0%	4.7%	7.05×	0.89×	19.97×	2.4%	5.2%	0.0%	43.7%	30.5%	—	—	—	—	1.17×	—	—

ELD.AX	Elders Limited	Australia	Australia	$4.40	$690	$313	$1,002	$2,424	$137	$55	5.7%	2.3%	8.9%	5.9%	7.32×	0.28×	12.60×	5.1%	10.7%	0.0%	64.4%	47.8%	NaN	—	—	—	—	—	—
AGI.TO	Ag Growth International	Canada	Canada	$29.96	$569	$549	$1,118	$1,070	$207	$64	19.3%	6.0%	25.7%	8.0%	5.41×	0.53×	8.93×	1.4%	12.5%	(0.5%)	12.8%	11.4%	NaN	—	—	—	0.84×	—	—
Mean				$17.18	$629	$431	$1,060	$1,747	$172	$60	12.5%	4.1%	17.3%	7.0%	6.36×	0.41×	10.76×	3.3%	11.6%	(0.3%)	38.6%	29.6%	—	—	—	—	0.84×	—	—
Median				$17.18	$629	$431	$1,060	$1,747	$172	$60	12.5%	4.1%	17.3%	7.0%	6.36×	0.41×	10.76×	3.3%	11.6%	(0.3%)	38.6%	29.6%	—	—	—	—	0.84×	—	—
Mean				$28.22	$5,589	$1,574	$7,192	$6,088	$626	$210	17.1%	5.7%	2.9%	7.3%	23.04×	2.96×	98.17×	3.4%	3.4%	(0.7%)	226.6%	73.3%	744	$4,230	$6,265	$11,139	5.91×	$8.00	19.4%
Median				$4.63	$1,597	$315	$2,291	$1,412	$206	$65	14.2%	5.2%	7.4%	5.7%	8.38×	0.84×	15.52×	2.6%	5.8%	0.0%	43.3%	37.5%	156	$2,105	$5,695	$4,665	0.97×	$1.65	9.6%

Updated Oct 26, 2026, 7:02 AM. Source: issuer 10-K / 20-F / annual report filings for filing inputs; Yahoo Finance for live price and FX. Filing values are captured in each issuer's reporting currency (FX: 1 BRL = $0.2014, 1 AUD = $0.7025, 1 EUR = $1.1217, 1 GBP = $1.3368, 1 MYR = $0.2449, 1 SAR = $0.2665, 1 KES = $0.0077, 1 IDR = $0.0001, 1 SGD = $0.7819, 1 THB = $0.0296, 1 NZD = $0.5699, 1 NOK = $0.1072, 1 DKK = $0.1501, 1 CNY = $0.1500, 1 INR = $0.0105, 1 PHP = $0.0157, 1 ZAR = $0.0602, 1 NGN = $0.0007, 1 KRW = $0.0008, 1 JPY = $0.0064, 1 MXN = $0.0534, 1 CAD = $0.7134); market cap, EV, and absolute-$ multiples are translated to USD at live FX, while ratios (P/NAV, EV/EBITDA, cap rate, yield) are computed in local currency to avoid FX distortion.

Filing inputs (shares outstanding, debt, cash, acres, NAV, annual NOI, annual dividend) live in content/farmland-comps.json; update the file when a new annual report drops. Nothing here is investment advice.