Agriculture Comps

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

Last updated Sep 11, 2026, 4:55 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	$21.99	$15,987	$4,400	$20,387	$7,400	$1,900	$700	25.7%	9.5%	7.5%	5.1%	10.73×	2.16×	22.91×	3.6%	6.9%	0.1%	83.3%	52.9%	10,600	$849	—	$1,923	1.00×	—	7.4%
RYN	Rayonier	US	US	$20.28	$3,042	$1,100	$4,142	$1,000	$290	$80	29.0%	8.0%	4.2%	2.7%	14.28×	3.04×	38.26×	5.6%	5.9%	(0.7%)	213.2%	94.2%	2,700	$778	—	$1,534	0.81×	—	5.8%
AGM	Federal Agricultural Mortgage Corp	US	US	$224.60	$2,381	$26,500	$28,881	$360	$240	$175	66.7%	48.6%	15.9%	0.6%	120.34×	6.61×	13.61×	2.5%	6.3%	(0.9%)	33.9%	39.6%	NaN	—	—	—	2.04×	—	1.1%
RFF.AX	Rural Funds Group	Australia	Australia	$1.40	$545	$575	$1,120	$92	$68	$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	$774	$773	$612	0.65×	$2.16	6.1%
FPI	Farmland Partners	US	US	$10.64	$459	$222	$681	$52	$30	$84	57.7%	160.9%	19.2%	12.7%	22.61×	8.79×	17.44×	3.4%	2.2%	0.5%	59.0%	153.3%	72	$8,608	$7,993	$9,507	1.31×	$8.13	6.2%
LAND	Gladstone Land	US	US	$9.48	$393	$513	$906	$88	$55	($12)	61.8%	(13.3%)	(1.5%)	(0.9%)	16.60×	4.45×	—	5.9%	(0.0%)	(0.5%)	—	—	100	$11,000	$20,807	$9,063	0.25×	$37.82	7.0%
MLP	Maui Land & Pineapple Co.	US	US	$16.08	$315	($11)	$304	$13	$1	$0	8.0%	1.6%	5.1%	—	303.67×	25.21×	1608.00×	0.0%	(0.2%)	0.0%	0.0%	—	22	$247	—	$13,617	80.40×	—	0.3%
LAND3.SA	Terra Santa Propriedades Agrícolas	Brazil	Brazil	$1.96	$189	$11	$200	$19	$14	$1	72.5%	4.9%	0.7%	0.7%	14.56×	9.96×	200.00×	2.9%	6.8%	0.0%	580.0%	42.9%	97	$1,417	$5,655	$2,063	0.35×	$5.57	7.4%
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				$38.30	$2,914	$3,801	$7,077	$1,125	$313	$118	46.1%	25.5%	5.9%	2.8%	64.90×	8.27×	275.63×	3.7%	4.3%	(0.2%)	215.7%	89.1%	2,190	$3,072	$8,807	$5,474	10.85×	$13.42	5.1%
Median				$13.36	$502	$575	$1,013	$92	$68	$25	57.7%	7.4%	4.2%	0.8%	16.52×	6.26×	29.18×	3.5%	6.0%	(0.1%)	129.2%	94.2%	965	$877	$6,824	$2,063	0.91×	$6.85	6.1%

Sector KPIsPlanted area4008K ha(14/19)
LW	Lamb Weston	US	US	$47.32	$6,592	$3,779	$10,371	$6,451	$1,073	$357	16.6%	5.5%	27.9%	7.1%	9.67×	1.02×	18.85×	3.1%	3.5%	3.1%	58.2%	88.4%	NaN	—	—	—	—	—	6.4%
600598.SS	Heilongjiang Beidahuang Agriculture	China	China	$1.95	$3,473	($225)	$3,248	$796	$199	$162	25.0%	20.4%	5.9%	6.4%	16.33×	4.37×	21.49×	3.4%	3.6%	0.0%	72.1%	92.0%	2,135	—	—	$1,521	—	—	6.1%
SLCE3.SA	SLC Agrícola	Brazil	Brazil	$3.61	$1,601	$1,666	$3,267	$1,676	$510	$98	30.4%	5.8%	11.1%	3.8%	6.41×	0.96×	16.46×	4.4%	(1.8%)	(1.4%)	72.3%	—	561	$1,572	$4,684	$5,824	1.66×	$2.17	15.6%
BALRAMCHIN.NS	Balrampur Chini Mills	India	India	$7.21	$1,455	$114	$1,569	$603	$62	$14	10.3%	2.3%	4.2%	3.1%	25.14×	2.41×	105.06×	0.4%	0.8%	0.0%	45.5%	55.0%	NaN	—	—	—	—	—	4.0%
SMTO3.SA	São Martinho	Brazil	Brazil	$4.12	$1,398	$1,000	$2,397	$1,254	$539	$177	43.0%	14.1%	12.2%	7.2%	4.45×	1.11×	7.92×	7.6%	5.6%	0.0%	60.4%	135.8%	408	$1,777	—	$5,876	0.96×	—	22.5%
DOLE	Dole plc	US	US	$13.57	$1,290	$952	$2,241	$8,474	$382	$51	4.5%	0.6%	3.5%	2.1%	5.87×	0.15×	8.70×	2.4%	0.1%	(0.0%)	20.5%	1778.5%	109	—	—	$20,562	—	—	9.6%
AVO	Mission Produce	US	US	$13.24	$934	$31	$965	$1,391	$100	$38	7.2%	2.7%	6.9%	6.6%	9.67×	0.67×	24.98×	0.0%	4.0%	0.5%	0.0%	0.0%	NaN	—	—	—	—	—	6.8%
SCL.NZ	Scales Corporation	New Zealand	New Zealand	$3.96	$563	$50	$612	$315	$47	$16	14.8%	5.2%	5.5%	4.7%	13.13×	1.79×	34.00×	2.9%	3.6%	0.0%	100.0%	81.1%	25	$2,098	—	$24,496	1.89×	—	6.2%
SHV.AX	Select Harvests	Australia	Australia	$3.28	$466	$211	$677	$285	$59	$16	20.7%	5.5%	4.2%	2.7%	11.48×	1.63×	20.45×	1.1%	5.2%	(0.1%)	22.3%	20.9%	22	$19,166	$19,445	$30,245	2.08×	$1.58	7.9%
AGRO3.SA	BrasilAgro	Brazil	Brazil	$3.78	$377	$229	$606	$172	$52	$20	30.4%	11.4%	5.7%	3.4%	11.58×	2.19×	13.97×	3.9%	6.8%	0.0%	54.3%	57.6%	329	$1,847	$1,947	$1,842	0.92×	$4.12	8.6%
ALCO	Alico	US	US	$39.69	$304	$47	$351	$44	$23	$0	51.1%	0.0%	0.0%	0.0%	15.60×	6.89×	—	0.5%	4.8%	(0.5%)	—	10.5%	50	$2,870	$13,866	$7,092	0.48×	$83.52	6.4%
IMC.WA	IMC SA	Poland	Ukraine	$8.15	$255	$25	$280	$145	$35	$10	24.1%	6.9%	3.8%	3.4%	7.99×	1.76×	25.46×	0.0%	3.1%	0.0%	0.0%	0.0%	296	$270	—	$944	0.96×	—	8.9%
LMNR	Limoneira	US	US	$13.31	$237	$71	$308	$160	($11)	($29)	(7.0%)	(18.5%)	(13.5%)	(10.2%)	—	1.48×	—	2.3%	(8.1%)	(0.3%)	—	—	11	$16,443	$28,605	$29,323	1.03×	$12.89	1.6%
DBF.AX	Duxton Farms	Australia	Australia	$0.27	$28	$78	$106	$17	($6)	($9)	(37.5%)	(51.9%)	(11.4%)	(5.7%)	—	1.65×	—	0.0%	(17.7%)	(0.0%)	—	—	45	$1,944	$3,146	$2,366	0.45×	$0.59	3.4%
AGT.WA	Agroton Public Limited	Poland	Ukraine	$1.15	$25	$20	$45	$30	$5	($8)	16.7%	(26.7%)	(25.0%)	(15.4%)	9.01×	0.83×	—	0.0%	(12.0%)	0.0%	—	—	124	$202	—	$363	0.77×	—	8.9%
KSG.WA	KSG Agro	Poland	Ukraine	$0.88	$13	$31	$44	$45	$8	($3)	17.8%	(6.7%)	(10.0%)	(4.9%)	5.52×	0.29×	—	0.0%	(7.6%)	0.0%	—	—	59	$305	—	$748	0.44×	—	13.6%
ALAGR.PA	AgroGeneration	EU	Ukraine	$0.06	$6	$11	$16	$26	$7	($1)	25.2%	(4.4%)	(9.0%)	(4.9%)	2.45×	0.21×	—	0.0%	0.0%	(4.0%)	—	—	70	$49	$232	$231	0.98×	$0.06	40.7%
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				$9.74	$1,119	$430	$1,594	$1,416	$175	$53	15.9%	(1.2%)	1.8%	1.3%	10.29×	1.73×	27.03×	1.9%	(0.4%)	(0.2%)	47.5%	183.9%	284	$3,926	$10,275	$9,388	1.05×	$14.99	10.4%
Median				$3.96	$466	$71	$612	$315	$52	$16	16.7%	2.3%	4.2%	3.4%	9.67×	1.48×	20.45×	1.1%	3.1%	0.0%	54.3%	55.0%	70	$1,847	$4,684	$4,095	0.96×	$2.17	7.9%

Sector KPIsFFB yield19.2 t/ha(28/35)OER22.0%(28/35)RSPO70%(28/35)
5285.KL	SD Guthrie (Sime Darby Plantation)	Malaysia	Malaysia	$1.53	$10,565	$2,183	$12,748	$4,872	$978	$364	20.1%	7.5%	7.0%	4.9%	13.03×	2.17×	19.88×	2.6%	3.8%	0.0%	52.3%	69.8%	1,330	$3,909	$5,680	$9,585	1.97×	$0.78	4.2%
1961.KL	IOI Corporation	Malaysia	Malaysia	$1.18	$7,297	$579	$7,876	$2,785	$415	$377	14.9%	13.6%	12.5%	10.5%	18.98×	2.62×	19.16×	2.2%	3.3%	0.0%	42.0%	66.4%	386	$6,004	$5,747	$20,404	4.45×	$0.26	5.3%
EB5.SI	First Resources	Singapore	Indonesia	$3.49	$5,430	($150)	$5,280	$1,039	$420	$165	40.4%	15.9%	10.9%	12.2%	12.56×	5.23×	21.84×	0.9%	3.2%	0.0%	20.0%	28.4%	432	$3,472	$5,575	$12,223	2.12×	$1.65	8.0%
2089.KL	United Plantations	Malaysia	Malaysia	$8.19	$3,400	($319)	$3,080	$442	$246	$203	55.6%	45.8%	27.7%	49.2%	12.54×	7.69×	19.27×	2.4%	5.2%	(50.4%)	46.8%	46.7%	126	$8,796	$7,527	$24,504	2.69×	$3.05	8.0%
E5H.SI	Golden Agri-Resources	Singapore	Indonesia	$0.26	$3,251	$2,000	$5,251	$10,910	$951	$220	8.7%	2.0%	5.4%	3.6%	5.52×	0.30×	8.55×	2.3%	10.8%	0.0%	20.0%	21.7%	1,031	$5,820	$4,868	$5,093	1.08×	$0.24	18.1%
P8Z.SI	Bumitama Agri	Singapore	Indonesia	$1.63	$2,831	$95	$2,926	$1,673	$456	$182	27.3%	10.9%	12.1%	11.4%	6.41×	1.69×	12.38×	4.8%	8.5%	0.0%	59.4%	56.6%	553	$2,580	$4,561	$5,292	1.17×	$1.40	15.6%
SMAR.JK	SMART Tbk (Sinar Mas Agro)	Indonesia	Indonesia	$0.65	$1,852	$1,088	$2,940	$6,842	$392	$182	5.7%	2.7%	12.7%	7.2%	7.51×	0.27×	10.18×	2.0%	11.3%	0.0%	20.5%	17.8%	341	$2,537	—	$8,623	1.29×	—	13.3%
DSNG.JK	Dharma Satya Nusantara	Indonesia	Indonesia	$0.16	$1,738	$318	$2,056	$912	$251	$109	27.5%	11.9%	15.0%	10.4%	8.19×	1.91×	16.02×	2.3%	8.3%	0.0%	37.1%	27.8%	277	$1,968	—	$7,423	2.40×	—	12.2%
AALI.JK	Astra Agro Lestari	Indonesia	Indonesia	$0.86	$1,656	($5)	$1,651	$2,182	$334	$137	15.3%	6.3%	6.1%	6.1%	4.94×	0.76×	14.42×	3.1%	8.8%	0.0%	44.9%	35.6%	527	$3,307	$7,086	$3,133	0.44×	$1.94	20.2%
MPE.L	MP Evans	UK	Indonesia	$25.85	$1,344	($20)	$1,324	$353	$100	$56	28.3%	15.9%	14.0%	14.7%	13.24×	3.81×	16.78×	2.6%	4.5%	0.0%	43.3%	57.8%	135	$2,229	$5,122	$9,837	1.89×	$13.64	7.6%
5126.KL	Sarawak Oil Palms	Malaysia	Malaysia	$1.48	$1,327	$172	$1,499	$1,393	$193	$96	13.8%	6.9%	13.6%	10.9%	7.78×	0.95×	12.08×	3.0%	7.8%	0.0%	36.0%	38.3%	190	$6,466	$5,796	$7,888	1.43×	$1.04	12.9%
SIMP.JK	Salim Ivomas Pratama	Indonesia	Indonesia	$0.06	$1,251	$650	$1,901	$1,597	$530	$54	33.2%	3.4%	2.5%	1.9%	3.59×	0.78×	6.20×	3.2%	14.8%	(21.6%)	20.0%	21.8%	530	$3,340	$7,544	$3,587	0.37×	$0.17	27.9%
LSIP.JK	PP London Sumatra Indonesia	Indonesia	Indonesia	$0.17	$1,177	($278)	$899	$492	$118	$64	24.0%	13.0%	6.1%	8.3%	7.62×	2.39×	18.33×	2.7%	6.1%	0.0%	49.9%	44.5%	285	$1,979	—	$3,154	1.12×	—	13.1%
SSMS.JK	Sawit Sumbermas Sarana	Indonesia	Indonesia	$0.12	$1,148	$230	$1,378	$1,037	$225	$71	21.7%	6.8%	17.8%	11.3%	6.13×	1.11×	14.01×	3.9%	10.3%	0.0%	54.9%	38.1%	230	$2,174	$6,154	$5,990	0.97×	$0.12	16.3%
STA.BK	Sri Trang Agro-Industry	Thailand	Thailand	$0.66	$1,011	$604	$1,615	$3,322	$332	$106	10.0%	3.2%	10.6%	6.6%	4.86×	0.30×	9.56×	1.8%	12.0%	0.0%	17.5%	15.3%	1,500	$282	—	$1,076	1.15×	—	12.2%
SGRO.JK	Sampoerna Agro	Indonesia	Indonesia	$0.48	$866	$237	$1,103	$554	$193	$35	34.9%	6.3%	6.1%	4.3%	5.71×	1.56×	11.56×	6.9%	6.2%	0.0%	80.2%	111.2%	234	$2,444	$5,807	$4,712	0.77×	$0.62	17.5%
ANJT.JK	Austindo Nusantara Jaya	Indonesia	Indonesia	$0.16	$532	$122	$654	$368	$92	$39	25.0%	10.7%	7.0%	5.7%	7.10×	1.44×	13.56×	1.8%	5.3%	0.0%	24.0%	33.5%	128	$3,398	—	$5,106	0.94×	—	14.1%
5138.KL	Hap Seng Plantations	Malaysia	Malaysia	$0.63	$503	($25)	$479	$173	$62	$31	35.9%	17.8%	8.3%	8.9%	7.72×	2.92×	16.00×	3.0%	7.1%	0.0%	47.5%	41.9%	96	$3,839	$5,907	$4,986	0.85×	$0.74	12.9%
BWPT.JK	Eagle High Plantations	Indonesia	Indonesia	$0.01	$398	$443	$841	$430	$107	$6	25.0%	1.4%	1.7%	0.7%	7.83×	0.93×	15.07×	0.0%	8.0%	0.0%	0.0%	0.0%	287	$1,972	$2,675	$2,932	1.23×	$0.01	12.8%
TBLA.JK	Tunas Baru Lampung	Indonesia	Indonesia	$0.06	$325	$764	$1,089	$1,582	$224	$95	14.2%	6.0%	12.8%	6.3%	4.86×	0.21×	3.41×	7.3%	33.9%	0.0%	24.8%	21.4%	215	$2,940	—	$5,065	0.44×	—	20.6%
1996.KL	Kim Loong Resources	Malaysia	Malaysia	$0.16	$152	($91)	$60	$447	$79	$48	17.6%	10.7%	18.9%	29.6%	0.77×	0.34×	3.17×	27.3%	34.8%	0.0%	86.5%	78.3%	40	$3,763	—	$1,531	0.60×	—	130.0%
AEP.L	Anglo-Eastern Plantations	UK	Indonesia	$2.65	$104	($181)	$-77	$372	$99	$56	26.7%	15.0%	10.0%	14.8%	-0.77×	0.28×	1.55×	19.2%	28.7%	0.0%	29.8%	67.0%	297	$915	$3,698	$-259	0.08×	$32.43	—
RE.L	REA Holdings	UK	Indonesia	$1.49	$65	$169	$234	$188	$59	$8	31.3%	4.3%	2.7%	1.7%	3.98×	0.35×	3.54×	0.0%	16.9%	0.0%	0.0%	0.0%	65	$5,954	$6,215	$3,596	0.28×	$5.37	21.4%
5210.KL	United Malacca	Malaysia	Malaysia	$0.09	$19	$6	$25	$162	$61	$28	37.9%	17.4%	8.6%	8.5%	0.41×	0.12×	0.67×	38.4%	124.1%	0.0%	25.5%	30.9%	156	$1,992	—	$160	0.06×	—	246.2%
KLK.KL	Kuala Lumpur Kepong	Malaysia	Malaysia	—	—	$2,522	—	$5,473	$674	$286	12.3%	5.2%	8.8%	5.0%	—	—	—	—	—	—	111.1%	61.7%	705	$4,908	$5,753	—	—	$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	—	—	$314	—	$722	$172	$79	23.8%	10.9%	5.0%	4.2%	—	—	—	—	—	—	27.8%	31.5%	504	$2,653	$5,949	—	—	$2.99	—
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	—	—	$198	—	$281	$113	$41	40.2%	14.4%	4.1%	3.4%	—	—	—	—	—	—	67.8%	52.1%	180	$5,665	—	—	—	—	—
PRESCO.LG	Presco Plc	Nigeria	Nigeria	—	—	$74	—	$174	$88	$72	50.7%	41.7%	62.4%	38.0%	—	—	—	—	—	—	33.1%	85.7%	99	$768	—	—	—	—	—
OKOMU.LG	Okomu Oil Palm Plc	Nigeria	Nigeria	—	—	($11)	—	$110	$60	$43	54.3%	38.7%	53.3%	61.9%	—	—	—	—	—	—	62.5%	74.2%	49	$680	—	—	—	—	—
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	—	—	$14	—	$46	$8	$2	17.3%	4.7%	2.7%	2.3%	—	—	—	—	—	—	52.2%	36.6%	30	$824	—	—	—	—	—
Mean				$2.17	$2,010	$335	$2,368	$1,457	$230	$93	24.9%	8.5%	10.5%	10.4%	7.11×	1.67×	11.97×	6.0%	16.0%	(3.0%)	45.7%	48.5%	322	$2,915	$5,429	$6,485	1.24×	$3.63	29.1%
Median				$0.64	$1,214	$95	$1,438	$447	$118	$56	23.8%	8.6%	8.3%	6.3%	6.76×	1.03×	12.97×	2.7%	8.4%	0.0%	44.1%	41.1%	215	$2,537	$5,753	$5,079	1.10×	$1.26	13.3%

AAC.AX	Australian Agricultural Co	Australia	Australia	$0.93	$563	$347	$911	$278	$40	($7)	14.5%	(2.6%)	(0.7%)	(0.5%)	22.59×	2.03×	—	0.0%	2.2%	0.0%	—	0.0%	15,815	$76	$78	$58	0.64×	$1.46	4.6%
Mean				$0.93	$563	$347	$911	$278	$40	($7)	14.5%	(2.6%)	(0.7%)	(0.5%)	22.59×	2.03×	—	0.0%	2.2%	0.0%	—	0.0%	15,815	$76	$78	$58	0.64×	$1.46	4.6%
Median				$0.93	$563	$347	$911	$278	$40	($7)	14.5%	(2.6%)	(0.7%)	(0.5%)	22.59×	2.03×	—	0.0%	2.2%	0.0%	—	0.0%	15,815	$76	$78	$58	0.64×	$1.46	4.6%

Sector KPIsNon-ag rev34%(18/28)
AVI.JO	AVI Limited	South Africa	South Africa	$514.11	$170,686	$43	$170,729	$1,020	$204	$127	20.0%	12.4%	38.0%	33.6%	837.15×	167.39×	1341.77×	0.1%	0.1%	0.0%	93.5%	101.3%	NaN	—	—	—	332.76×	—	—
RCL.JO	RCL Foods Limited	South Africa	South Africa	$43.26	$38,069	$77	$38,146	$2,256	$198	$71	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	$25.12	$18,537	$135	$18,672	$28,628	$3,916	$1,783	13.7%	6.2%	11.2%	11.1%	4.77×	0.65×	10.39×	3.6%	8.0%	2.4%	37.2%	44.6%	NaN	—	—	—	—	—	—
F34.SI	Wilmar International	Singapore	Singapore	$2.91	$18,163	$32,000	$50,163	$67,380	$3,100	$1,170	4.6%	1.7%	5.3%	2.2%	16.18×	0.27×	16.17×	4.0%	4.7%	0.6%	63.9%	84.4%	NaN	—	—	—	—	—	—
2280.SR	Almarai	Saudi Arabia	Saudi Arabia	$12.71	$12,708	$2,700	$15,408	$5,587	$1,418	$739	25.4%	13.2%	14.6%	9.5%	10.87×	2.27×	20.66×	2.1%	4.9%	0.0%	43.3%	42.6%	124	$53,889	$1,107	$124,259	2.51×	—	—
ICBP.JK	Indofood CBP Sukses Makmur	Indonesia	Indonesia	$0.71	$8,280	$2,621	$10,901	$7,122	$1,900	$1,087	26.7%	15.3%	20.6%	13.8%	5.74×	1.16×	7.62×	3.5%	14.9%	0.0%	26.6%	23.5%	NaN	—	—	—	1.57×	—	—
CRESY	Cresud SACIF y A	US	Argentina	$12.61	$7,533	$785	$8,318	$1,230	$175	$388	14.2%	31.6%	57.1%	26.5%	47.53×	6.12×	19.40×	0.0%	—	0.0%	0.0%	—	1,460	—	—	$5,697	—	—	—
INDF.JK	Indofood Sukses Makmur	Indonesia	Indonesia	$0.73	$6,409	$1,580	$7,989	$11,652	$2,250	$1,050	19.3%	9.0%	9.5%	8.3%	3.55×	0.55×	6.10×	5.6%	22.6%	0.0%	34.4%	24.9%	NaN	—	—	—	0.86×	—	—
2050.SR	Savola Group	Saudi Arabia	Saudi Arabia	$6.92	$5,535	$1,571	$7,106	$7,483	$493	$330	6.6%	4.4%	10.7%	7.1%	14.42×	0.74×	16.76×	0.0%	4.7%	0.0%	0.6%	0.8%	NaN	—	—	—	1.79×	—	—
TWE.AX	Treasury Wine Estates	Australia	Australia	$3.75	$3,011	$1,110	$4,121	$1,934	$530	$175	27.4%	9.1%	5.6%	4.1%	7.78×	1.56×	17.45×	6.9%	6.7%	(10.1%)	120.0%	103.2%	30	$26,264	—	$137,379	0.87×	—	—
2607.T	Fuji Oil Holdings	Japan	Japan	$28.35	$2,438	$325	$2,763	$2,990	$208	$72	7.0%	2.4%	5.6%	4.5%	13.29×	0.82×	34.08×	1.4%	2.1%	0.0%	46.9%	64.5%	NaN	—	—	—	1.98×	—	—
CAM.L	Camellia	UK	Kenya	$77.99	$2,160	($95)	$2,066	$371	$27	($4)	7.3%	(1.1%)	(1.2%)	(1.7%)	76.48×	5.82×	5775.00×	4.5%	0.2%	0.0%	26000.0%	2400.7%	124	$2,178	$6,480	$16,659	2.41×	$32.42	—
2871.T	Nichirei Corporation	Japan	Japan	$14.15	$1,897	$488	$2,384	$4,290	$390	$163	9.1%	3.8%	8.6%	6.8%	6.11×	0.44×	11.64×	2.3%	6.9%	0.0%	26.7%	33.5%	NaN	—	—	—	0.99×	—	—
097950.KS	CJ CheilJedang	South Korea	South Korea	$125.72	$1,895	$4,900	$6,795	$21,000	$1,750	$420	8.3%	2.0%	5.5%	3.3%	3.88×	0.09×	4.51×	3.1%	29.6%	0.0%	13.8%	10.4%	NaN	—	—	—	0.22×	—	—
DCMSHRIRAM.NS	DCM Shriram Ltd	India	India	$10.35	$1,619	$203	$1,822	$1,238	$79	$24	6.4%	1.9%	4.5%	3.2%	23.05×	1.31×	68.61×	0.9%	1.3%	0.0%	58.6%	68.2%	NaN	—	—	—	—	—	—
CSAN3.SA	Cosan S.A.	Brazil	Brazil	$0.75	$1,413	$7,585	$8,998	$8,173	$2,509	($882)	30.7%	(10.8%)	(18.2%)	(7.1%)	3.59×	0.17×	—	14.3%	(20.8%)	0.0%	—	—	2,100	$793	—	$4,285	0.29×	—	—
GODREJAGRO.NS	Godrej Agrovet	India	India	$6.92	$1,329	$120	$1,448	$988	$88	$47	8.9%	4.7%	18.0%	12.3%	16.38×	1.34×	28.93×	1.5%	2.7%	0.0%	43.5%	54.9%	75	—	—	$19,310	5.12×	—	—
AGRO	Adecoagro	US	Argentina	$12.33	$1,262	$1,567	$2,829	$1,530	$366	$63	23.9%	4.1%	4.7%	2.2%	7.73×	0.82×	—	0.0%	7.2%	2.6%	—	0.0%	512	$6,639	$5,339	$5,525	1.08×	$11.40	—
TTEN3.SA	3tentos Agroindustrial	Brazil	Brazil	$2.31	$1,202	$421	$1,623	$1,568	$127	$86	8.1%	5.5%	12.3%	7.7%	12.74×	0.77×	13.87×	1.3%	(5.7%)	0.0%	17.6%	—	NaN	—	—	—	—	—	—
6010.SR	NADEC	Saudi Arabia	Saudi Arabia	$3.94	$1,186	($135)	$1,051	$939	$168	$73	17.9%	7.7%	5.9%	6.7%	6.24×	1.26×	11.30×	3.4%	5.2%	(0.3%)	38.2%	65.4%	124	$4,849	$1,757	$8,475	3.36×	$1.17	—
AGR.VI	AGRANA Beteiligungs-AG	EU	EU	$13.35	$834	$720	$1,554	$4,139	$250	$64	6.0%	1.5%	5.0%	3.2%	6.23×	0.20×	13.07×	7.4%	4.5%	0.0%	96.6%	166.0%	NaN	—	—	—	0.65×	—	—
AST.WA	Astarta Holding	Poland	Ukraine	$10.67	$261	$290	$551	$548	$116	$41	21.2%	7.4%	4.4%	3.3%	4.75×	0.48×	11.28×	0.0%	13.8%	0.0%	0.0%	0.0%	543	$428	$814	$1,015	1.72×	$6.20	—
TIPCO.BK	Tipco Foods PCL	Thailand	Thailand	$0.21	$101	$45	$145	$62	$5	($3)	7.6%	(4.5%)	(5.0%)	(2.8%)	30.73×	1.62×	—	10.6%	(2.0%)	0.1%	—	—	NaN	—	—	—	—	—	—
AVG.AX	Australian Vintage	Australia	Australia	$0.06	$14	$64	$79	$193	$21	($6)	11.1%	(3.0%)	(3.3%)	(2.4%)	3.66×	0.07×	—	0.0%	(25.3%)	0.0%	—	—	5	$11,461	—	$15,725	0.08×	—	—
URC.PS	Universal Robina Corporation	Philippines	Philippines	—	—	$352	—	$2,672	$312	$159	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	—	—	$541	—	$3,016	$291	$83	9.7%	2.8%	10.0%	6.1%	—	—	—	—	—	—	15.6%	17.8%	100	—	—	—	—	—	—
BALRAMPUR.NS	Balrampur Chini Mills	India	India	—	—	$177	—	$624	$88	$47	14.2%	7.5%	12.5%	8.5%	—	—	—	—	—	—	13.3%	20.0%	NaN	—	—	—	—	—	—
Mean				$37.20	$12,773	$2,150	$15,236	$6,737	$749	$263	14.2%	5.3%	9.6%	6.8%	56.49×	8.87×	398.15×	3.2%	3.8%	(0.2%)	1121.7%	150.6%	450	$11,833	$3,099	$33,833	21.07×	$12.80	—
Median				$10.35	$2,028	$387	$3,475	$2,095	$229	$78	11.4%	4.6%	7.3%	6.4%	9.32×	0.82×	16.47×	2.2%	4.7%	0.0%	37.7%	42.6%	124	$4,849	$1,757	$12,100	1.57×	$8.80	—

Sector KPIsPlants1225(23/25)
ARL.JO	Astral Foods Limited	South Africa	South Africa	$1,217.46	$47,116	($14)	$47,101	$1,471	$114	$57	7.8%	3.9%	22.4%	23.8%	411.98×	32.03×	828.78×	0.1%	0.1%	0.0%	61.0%	53.4%	NaN	—	—	—	—	—	—
002714.SZ	Muyuan Foods	China	China	$6.30	$34,431	$7,331	$41,761	$20,554	$4,649	$2,654	22.6%	12.9%	17.0%	11.5%	8.98×	1.68×	12.96×	2.5%	9.3%	(0.1%)	32.4%	26.9%	NaN	—	—	—	—	—	—
TSN	Tyson Foods	US	US	$52.46	$18,623	$7,050	$25,673	$54,200	$3,450	$1,050	6.4%	1.9%	5.5%	4.0%	7.44×	0.34×	17.78×	3.8%	7.0%	(0.1%)	67.8%	54.6%	NaN	—	—	—	—	—	—
000895.SZ	Henan Shuanghui Investment & Development	China	China	$3.52	$12,210	$354	$12,564	$8,898	$1,246	$761	14.0%	8.5%	30.4%	26.6%	10.08×	1.37×	16.42×	5.9%	6.6%	0.0%	97.2%	89.8%	NaN	—	—	—	—	—	—
HRL	Hormel Foods	US	US	$20.84	$11,441	$1,970	$13,411	$12,100	$1,620	$880	13.4%	7.3%	11.1%	8.9%	8.28×	0.95×	13.02×	5.7%	9.2%	(0.7%)	73.8%	61.7%	NaN	—	—	—	—	—	—
0288.HK	WH Group Limited	Hong Kong	China	$0.83	$10,666	$1,800	$12,466	$26,228	$3,204	$1,480	12.2%	5.6%	21.9%	17.3%	3.89×	0.41×	7.06×	30.9%	17.3%	3.6%	217.9%	177.9%	NaN	—	—	—	—	—	—
DAR	Darling Ingredients	US	US	$66.37	$10,513	$4,290	$14,803	$5,687	$818	$63	14.4%	1.1%	1.7%	0.8%	18.10×	1.85×	53.10×	0.0%	6.5%	0.8%	0.0%	0.0%	NaN	—	—	—	—	—	—
PPC	Pilgrim's Pride	US	US	$29.93	$7,093	$1,272	$8,365	$17,881	$1,937	$1,082	10.8%	6.1%	41.4%	27.9%	4.32×	0.40×	7.16×	0.0%	9.2%	0.0%	0.0%	0.0%	NaN	—	—	—	—	—	—
CPF.BK	Charoen Pokphand Foods	Thailand	Thailand	$0.72	$6,189	$11,687	$17,877	$17,758	$1,444	$575	8.1%	3.2%	7.8%	3.0%	12.38×	0.35×	10.77×	2.5%	14.4%	0.0%	27.1%	17.5%	NaN	—	—	—	—	—	—
CPIN.JK	Charoen Pokphand Indonesia	Indonesia	Indonesia	$0.32	$5,198	$200	$5,398	$8,282	$690	$402	8.3%	4.9%	14.0%	13.1%	7.82×	0.63×	12.94×	1.9%	8.7%	0.0%	24.5%	21.9%	NaN	—	—	—	1.86×	—	—
000876.SZ	New Hope Liuhe	China	China	$1.11	$5,060	$4,947	$10,007	$15,357	$790	$73	5.1%	0.5%	1.6%	0.8%	12.67×	0.33×	69.91×	0.3%	4.3%	0.0%	23.4%	7.8%	NaN	—	—	—	—	—	—
POST	Post Holdings	US	US	$80.28	$4,696	$5,930	$10,626	$8,150	$1,430	$380	17.5%	4.7%	12.9%	4.3%	7.43×	0.58×	12.45×	0.0%	13.6%	1.1%	0.0%	0.0%	NaN	—	—	—	—	—	—
CWK.L	Cranswick plc	UK	UK	$68.33	$3,671	$263	$3,934	$3,676	$365	$158	9.9%	4.3%	20.6%	15.4%	10.79×	1.00×	17.75×	2.0%	4.2%	(0.0%)	35.1%	47.5%	NaN	—	—	—	—	—	—
FRPT	Freshpet, Inc.	US	US	$65.17	$3,167	$162	$3,329	$975	$134	$139	13.7%	14.3%	19.9%	16.1%	24.85×	3.25×	54.31×	0.0%	0.4%	(2.3%)	0.0%	0.0%	NaN	—	—	—	—	—	—
JPFA.JK	Japfa Comfeed Indonesia	Indonesia	Indonesia	$0.23	$2,639	$710	$3,349	$5,462	$440	$195	8.1%	3.6%	12.8%	8.7%	7.61×	0.48×	13.52×	3.3%	6.6%	0.0%	45.1%	50.3%	NaN	—	—	—	1.89×	—	—
HFG.L	Hilton Food Group plc	UK	UK	$9.01	$809	$385	$1,193	$5,514	$215	$63	3.9%	1.2%	16.1%	8.2%	5.56×	0.15×	12.74×	5.0%	15.0%	(0.2%)	64.3%	33.6%	NaN	—	—	—	2.05×	—	—
MHPC.L	MHP S.E.	UK	Ukraine	$4.87	$528	$1,160	$1,688	$3,450	$720	$285	20.9%	8.3%	27.1%	12.9%	2.34×	0.15×	1.85×	0.0%	60.6%	0.0%	0.0%	0.0%	NaN	—	—	—	—	—	—
BEEF3.SA	Minerva S.A.	Brazil	Brazil	$0.78	$458	$1,901	$2,359	$7,526	$461	($71)	6.1%	(0.9%)	(14.6%)	(3.0%)	5.12×	0.06×	—	1.5%	4.3%	0.5%	—	35.2%	NaN	—	—	—	0.95×	—	—
GFPT.BK	GFPT PCL	Thailand	Thailand	$0.32	$405	$136	$541	$599	$74	$48	12.3%	8.0%	8.7%	7.0%	7.31×	0.68×	8.43×	4.2%	12.7%	0.0%	35.4%	33.2%	NaN	—	—	—	—	—	—
MAIN.JK	Malindo Feedmill	Indonesia	Indonesia	$0.07	$152	$123	$275	$912	$54	$16	5.9%	1.7%	7.5%	4.7%	5.10×	0.17×	9.65×	0.7%	14.4%	0.0%	7.1%	5.1%	NaN	—	—	—	0.72×	—	—
JBSS3.SA	JBS S.A.	Brazil	Brazil	—	—	$13,838	—	$81,556	$5,919	$1,327	7.3%	1.6%	21.1%	6.6%	—	—	—	—	—	—	34.4%	13.2%	NaN	—	—	—	—	—	—
MRFG3.SA	Marfrig Global Foods	Brazil	Brazil	—	—	$6,586	—	$29,851	$2,685	$141	9.0%	0.5%	7.4%	1.7%	—	—	—	—	—	—	47.1%	8.3%	NaN	—	—	—	—	—	—
BRFS3.SA	BRF S.A.	Brazil	Brazil	—	—	$1,921	—	$12,034	$1,607	$657	13.4%	5.5%	21.2%	13.1%	—	—	—	—	—	—	30.2%	26.6%	NaN	—	—	—	—	—	—
TUF.BK	Thai Union Group	Thailand	Thailand	—	—	$1,622	—	$4,195	$414	$203	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				$77.57	$9,253	$3,025	$11,836	$14,093	$1,379	$505	10.8%	4.8%	14.4%	9.9%	29.10×	2.34×	62.14×	3.5%	11.2%	0.1%	42.3%	34.8%	—	—	—	—	1.50×	—	—
Median				$4.87	$5,129	$1,622	$9,186	$8,150	$790	$203	9.9%	4.7%	14.0%	8.2%	7.72×	0.53×	12.96×	1.9%	8.9%	0.0%	34.8%	26.9%	—	—	—	—	1.86×	—	—

Sector KPIsBranded rev91%(4/13)IF rev41%(4/13)
CALM	Cal-Maine Foods	US	US	$73.71	$3,590	($1,050)	$2,540	$3,850	$1,180	$850	30.6%	22.1%	36.2%	65.4%	2.15×	0.93×	4.24×	5.7%	25.6%	(0.2%)	24.1%	22.2%	NaN	—	—	—	—	—	—
A2M.AX	The a2 Milk Company	New Zealand	New Zealand	$4.78	$3,457	($589)	$2,868	$1,055	$163	$102	15.5%	9.7%	14.8%	102.9%	17.57×	3.28×	33.87×	1.0%	3.3%	(0.0%)	35.1%	31.5%	NaN	—	—	—	—	—	—
HATSUN.NS	Hatsun Agro Products	India	India	$12.56	$2,789	$97	$2,885	$832	$68	$16	8.1%	1.9%	12.5%	7.0%	42.68×	3.35×	177.62×	0.1%	0.7%	0.0%	22.1%	18.5%	NaN	—	—	—	18.58×	—	—
2270.SR	Saudia Dairy & Foodstuff Company (SADAFCO)	Saudi Arabia	Saudi Arabia	$54.46	$1,770	($178)	$1,591	$639	$93	$73	14.6%	11.4%	11.1%	15.2%	17.07×	2.77×	24.35×	2.9%	3.8%	0.0%	71.4%	78.0%	NaN	—	—	—	2.69×	—	—
1117.HK	China Modern Dairy	Hong Kong	Hong Kong	$0.21	$1,659	$1,795	$3,454	$1,353	$201	($219)	14.9%	(16.2%)	(12.8%)	(6.2%)	17.17×	1.23×	—	0.0%	(19.8%)	0.0%	—	—	NaN	—	—	—	—	—	—
BGA.AX	Bega Cheese Limited	Australia	Australia	$4.22	$1,282	$133	$1,415	$2,471	$154	$30	6.2%	1.2%	4.8%	4.0%	9.19×	0.52×	42.64×	1.0%	6.1%	(0.4%)	43.5%	16.6%	NaN	—	—	—	—	—	—
DODLA.NS	Dodla Dairy	India	India	$11.18	$671	$0	$671	$364	$36	$19	10.0%	5.1%	17.1%	17.1%	18.42×	1.84×	35.82×	0.4%	2.3%	0.0%	13.3%	16.0%	NaN	—	—	—	4.88×	—	—
VITL	Vital Farms	US	US	$9.79	$434	($155)	$279	$606	$80	$66	13.1%	10.9%	19.9%	37.4%	3.50×	0.72×	8.09×	0.0%	(11.1%)	(5.9%)	0.0%	—	NaN	—	—	—	—	—	—
MLK.WA	Milkiland NV	Poland	Ukraine	$0.40	$12	$92	$104	$58	($2)	($12)	(4.0%)	(20.0%)	(66.7%)	(10.6%)	—	0.21×	—	0.0%	(46.8%)	0.0%	—	—	0	—	—	—	0.68×	—	—
AHF.AX	Australian Dairy Farms Group	Australia	Australia	$0.01	$5	$4	$9	$19	$-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	—	—	$245	—	$985	$55	$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				$17.13	$1,567	$29	$1,582	$949	$159	$73	12.8%	4.1%	5.0%	21.7%	15.97×	1.51×	46.66×	1.1%	(4.3%)	(1.0%)	30.7%	32.8%	11	$545	—	—	5.43×	—	—
Median				$7.28	$1,470	$-0	$1,503	$639	$68	$19	13.1%	5.1%	12.5%	13.3%	17.12×	1.08×	33.87×	0.2%	1.5%	(0.0%)	23.1%	18.5%	11	$545	—	—	2.69×	—	—

Sector KPIsHarvest1088 kt(5/9)EBIT/kgNOK 15.0(4/9)
AVANTI.NS	Avanti Feeds	India	India	$362,729,078.40	$49,331,154,662	($47)	$49,331,154,616	$572	$68	$47	11.8%	8.2%	20.5%	25.7%	729750807.92×	86243277.38×	1056902909.09×	0.0%	0.0%	0.0%	33.3%	37.4%	NaN	—	—	—	158535436.36×	—	—
MOWI.OL	Mowi ASA	Norway	Norway	$21.80	$11,272	$2,148	$13,420	$6,446	$1,305	$548	20.2%	8.5%	15.8%	9.8%	10.28×	1.75×	37.55×	7.5%	7.0%	0.0%	280.0%	106.1%	NaN	—	—	—	—	—	—
SALM.OL	SalMar ASA	Norway	Norway	$60.53	$7,925	$1,756	$9,680	$2,775	$742	$330	26.7%	11.9%	15.4%	8.5%	13.05×	2.86×	24.02×	3.9%	2.6%	0.0%	94.0%	151.6%	NaN	—	—	—	—	—	—
600438.SS	Tongwei Co Ltd	China	China	$1.64	$7,402	$5,215	$12,617	$16,390	$1,937	($745)	11.8%	(4.5%)	(9.1%)	(5.6%)	6.51×	0.45×	—	1.8%	6.0%	0.0%	—	30.0%	NaN	—	—	—	0.92×	—	—
LSG.OL	Lerøy Seafood Group	Norway	Norway	$4.71	$2,804	$722	$3,526	$3,485	$381	$218	10.9%	6.3%	10.8%	8.0%	9.25×	0.80×	12.85×	4.6%	4.6%	0.0%	58.8%	99.3%	NaN	—	—	—	—	—	—
BAKKA.OL	Bakkafrost P/F	Norway	Norway	$47.28	$2,796	$777	$3,572	$1,140	$293	$160	25.7%	14.1%	11.8%	7.5%	12.20×	2.45×	17.40×	2.8%	1.7%	0.0%	48.6%	167.5%	NaN	—	—	—	—	—	—
SAN.NZ	Sanford Limited	New Zealand	New Zealand	$3.92	$368	$67	$435	$297	$41	$12	13.7%	3.9%	4.0%	3.3%	10.67×	1.24×	32.00×	2.7%	4.0%	0.0%	85.7%	67.7%	NaN	—	—	—	1.27×	—	—
GSF.OL	Grieg Seafood	Norway	Norway	$2.91	$329	$425	$754	$754	$82	($15)	10.9%	(1.9%)	(4.2%)	(1.9%)	9.21×	0.44×	—	0.0%	(4.9%)	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	—	—	—	—	—	—
Mean				$40,303,246.80	$6,166,398,445	$1,229	$6,166,399,828	$3,540	$539	$62	16.5%	6.3%	8.7%	7.4%	91218859.89×	10780410.92×	176150505.49×	2.9%	2.6%	0.0%	90.1%	87.7%	—	—	—	—	52845146.18×	—	—
Median				$4.71	$5,103	$722	$6,626	$1,140	$293	$47	13.7%	8.2%	11.8%	8.0%	10.48×	1.49×	28.01×	2.7%	3.3%	0.0%	58.8%	83.5%	—	—	—	—	1.27×	—	—

Sector KPIsThroughput287.5 MMT(17/19)RMI$32B(17/19)
ADM	Archer-Daniels-Midland	US	US	$86.91	$41,821	$7,395	$49,216	$80,269	$3,053	$1,078	3.8%	1.3%	4.7%	3.6%	16.12×	0.52×	38.97×	2.3%	10.1%	2.0%	91.5%	23.4%	NaN	—	—	—	—	—	—
BG	Bunge Global SA	US	US	$124.59	$24,108	$12,916	$37,024	$70,329	$2,435	$816	3.5%	1.2%	4.7%	2.7%	15.20×	0.34×	25.37×	2.2%	(3.6%)	(12.3%)	57.0%	—	NaN	—	—	—	—	—	—
300999.SZ	Yihai Kerry Arawana Holdings	China	China	$3.96	$21,449	$6,208	$27,658	$35,504	$789	$373	2.2%	1.1%	3.6%	2.2%	35.04×	0.60×	57.72×	0.4%	6.8%	0.0%	24.1%	6.1%	NaN	—	—	—	—	—	—
INGR	Ingredion Incorporated	US	US	$101.13	$6,614	$893	$7,507	$7,424	$1,234	$729	16.6%	9.8%	26.5%	20.0%	6.08×	0.89×	10.12×	3.2%	7.7%	0.9%	32.0%	41.0%	NaN	—	—	—	—	—	—
2002.T	Nisshin Seifun Group	Japan	Japan	$13.32	$4,021	($65)	$3,956	$5,200	$390	$176	7.5%	3.4%	4.7%	4.7%	10.14×	0.77×	23.02×	1.8%	4.8%	0.0%	40.4%	36.2%	NaN	—	—	—	1.08×	—	—
TATE.L	Tate & Lyle plc	UK	UK	$7.52	$3,392	$594	$3,986	$2,224	$424	$181	19.1%	8.1%	10.0%	7.5%	9.40×	1.53×	18.82×	3.5%	4.1%	0.0%	65.0%	84.3%	NaN	—	—	—	—	—	—
EBRO.MC	Ebro Foods S.A.	EU	EU	$21.20	$3,262	$836	$4,097	$3,645	$441	$188	12.1%	5.2%	11.2%	7.5%	9.29×	0.89×	17.39×	3.3%	8.7%	0.0%	57.1%	37.7%	NaN	—	—	—	—	—	—
SZU.DE	Südzucker AG	EU	EU	$15.02	$3,067	$2,159	$5,226	$11,945	$727	($31)	6.1%	(0.3%)	(0.6%)	(0.4%)	7.19×	0.26×	—	3.1%	3.4%	0.0%	—	89.7%	NaN	—	—	—	—	—	—
ANDE	The Andersons	US	US	$71.88	$2,435	$525	$2,960	$11,009	$350	$96	3.2%	0.9%	7.1%	5.1%	8.46×	0.22×	25.40×	1.1%	(2.3%)	(0.1%)	27.9%	—	NaN	—	—	—	—	—	—
GNC.AX	GrainCorp Limited	Australia	Australia	$4.71	$1,047	$36	$1,082	$5,086	$204	$52	4.0%	1.0%	6.1%	5.9%	5.30×	0.21×	20.28×	4.9%	9.9%	0.8%	98.8%	49.1%	NaN	—	—	—	—	—	—
KRBL.NS	KRBL Limited	India	India	$4.41	$1,038	($36)	$1,001	$572	$86	$58	15.1%	10.1%	12.4%	13.5%	11.60×	1.81×	18.04×	0.8%	4.1%	0.0%	15.3%	20.7%	NaN	—	—	—	—	—	—
GPRE	Green Plains Inc	US	US	$15.34	$979	$392	$1,371	$2,496	($25)	($123)	(1.0%)	(4.9%)	(24.4%)	(13.7%)	—	0.39×	—	0.0%	7.5%	(0.2%)	—	0.0%	NaN	—	—	—	1.94×	—	—
KER.WA	Kernel Holding S.A.	Poland	Ukraine	$5.26	$428	$970	$1,398	$3,850	$510	$215	13.2%	5.6%	10.0%	6.9%	2.74×	0.11×	1.99×	0.0%	67.8%	0.0%	0.0%	0.0%	NaN	—	—	—	—	—	—
ALTO	Alto Ingredients, Inc.	US	US	$3.96	$301	$83	$384	$945	($42)	($83)	(4.4%)	(8.8%)	(128.5%)	(56.2%)	—	0.32×	—	0.0%	2.9%	(0.5%)	—	0.0%	NaN	—	—	—	4.66×	—	—
0606.HK	China Agri-Industries Holdings	Hong Kong	Hong Kong	$0.03	$171	$3,814	$3,985	$14,928	$305	$45	2.0%	0.3%	1.6%	0.7%	13.05×	0.01×	3.76×	18.3%	74.1%	0.0%	69.0%	24.7%	NaN	—	—	—	—	—	—
SOJA3.SA	Boa Safra Sementes	Brazil	Brazil	$1.52	$94	$122	$215	$333	$39	$19	11.8%	5.6%	11.1%	6.4%	5.50×	0.28×	5.15×	1.6%	2.1%	0.0%	8.0%	74.4%	NaN	—	—	—	—	—	—
AGXY3.SA	AgroGalaxy Participações	Brazil	Brazil	$0.23	$29	$402	$431	$882	($69)	($196)	(7.8%)	(22.2%)	(1250.0%)	(46.9%)	—	0.03×	—	0.0%	(268.9%)	0.0%	—	—	NaN	—	—	—	—	—	—
O32.SI	Olam Group	Singapore	Singapore	—	—	$12,936	—	$28,712	$1,302	($639)	4.5%	(2.2%)	(9.9%)	(3.3%)	—	—	—	—	—	—	—	14.0%	NaN	—	—	—	—	—	—
GRUMA.B.MX	Gruma SAB	Mexico	Mexico	—	—	$1,296	—	$6,774	$1,119	$530	16.5%	7.8%	23.7%	15.0%	—	—	—	—	—	—	21.4%	22.4%	NaN	—	—	—	—	—	—
Mean				$28.29	$6,721	$2,709	$8,912	$15,375	$699	$183	6.7%	1.2%	(67.2%)	(1.0%)	11.08×	0.54×	20.46×	2.7%	(3.6%)	(0.6%)	43.4%	32.7%	—	—	—	—	2.56×	—	—
Median				$7.52	$2,435	$836	$3,956	$5,200	$424	$96	4.5%	1.2%	4.7%	4.7%	9.34×	0.34×	18.82×	1.8%	4.8%	0.0%	36.2%	24.0%	—	—	—	—	1.94×	—	—

Sector KPIsCapacity utilization95%(1/18)R&D / sales3.9%(4/18)
CTVA	Corteva, Inc.	US	US	$84.49	$56,820	($1,941)	$54,879	$17,401	$2,961	$1,094	17.0%	6.3%	4.5%	4.9%	18.53×	3.27×	52.81×	0.8%	5.0%	2.0%	43.7%	16.7%	NaN	—	—	—	—	—	—
NTR	Nutrien Ltd	US	US	$78.74	$38,819	$10,035	$48,854	$26,885	$6,105	$2,297	22.7%	8.5%	9.1%	6.5%	8.00×	1.44×	16.90×	2.8%	5.5%	4.4%	46.8%	50.6%	NaN	—	—	—	—	—	—
CF	CF Industries Holdings	US	US	$135.11	$20,766	$1,233	$21,999	$7,084	$3,198	$1,455	45.1%	20.5%	30.1%	24.0%	6.88×	2.93×	15.06×	1.5%	8.7%	10.6%	22.3%	17.1%	NaN	—	—	—	—	—	—
YAR.OL	Yara International	Norway	Norway	$49.68	$12,719	$2,800	$15,519	$13,700	$1,500	$350	10.9%	2.6%	4.7%	3.4%	10.35×	0.93×	36.26×	3.0%	2.0%	0.0%	109.5%	153.6%	NaN	—	—	—	1.66×	—	—
MOS	The Mosaic Company	US	US	$25.40	$8,062	$4,777	$12,839	$12,052	$1,871	$541	15.5%	4.5%	4.5%	3.2%	6.86×	0.67×	14.94×	3.5%	(6.6%)	(0.2%)	51.8%	—	NaN	—	—	—	—	—	—
ICL	ICL Group	US	Israel	$5.72	$7,379	$1,900	$9,279	$6,850	$1,450	$540	21.2%	7.9%	10.0%	7.4%	6.40×	1.08×	13.62×	3.1%	9.5%	0.0%	42.9%	33.2%	NaN	—	—	—	1.24×	—	—
COROMANDEL.NS	Coromandel International	India	India	$20.03	$5,888	$52	$5,940	$2,496	$187	$146	7.5%	5.8%	15.6%	14.7%	31.73×	2.36×	40.45×	0.6%	2.3%	0.0%	25.2%	27.1%	NaN	—	—	—	3.21×	—	—
UPL.NS	UPL Limited	India	India	$5.95	$4,460	$1,976	$6,436	$4,784	$832	($21)	17.4%	(0.4%)	(0.8%)	(0.4%)	7.74×	0.93×	—	1.0%	7.0%	(12.0%)	—	15.0%	NaN	—	—	—	1.63×	—	—
SDF.DE	K+S AG	EU	EU	$19.90	$3,800	$522	$4,323	$4,411	$697	$93	15.8%	2.1%	1.7%	1.5%	6.21×	0.86×	40.81×	2.9%	3.1%	0.0%	119.0%	95.5%	NaN	—	—	—	0.69×	—	—
PIIND.NS	PI Industries	India	India	$24.24	$3,685	($260)	$3,425	$832	$198	$146	23.8%	17.5%	15.6%	21.5%	17.33×	4.43×	25.33×	0.5%	3.4%	0.0%	13.0%	15.2%	NaN	—	—	—	3.88×	—	—
SMG	Scotts Miracle-Gro	US	US	$56.16	$3,246	$2,070	$5,316	$3,413	$421	$145	12.3%	4.3%	427.1%	6.9%	12.62×	0.95×	22.29×	4.7%	8.4%	(1.2%)	104.8%	55.7%	NaN	—	—	—	—	—	—
CHAMBLFERT.NS	Chambal Fertilizers and Chemicals	India	India	$4.35	$1,808	$322	$2,130	$1,768	$166	$88	9.4%	5.0%	13.1%	8.9%	12.80×	1.02×	20.48×	1.4%	5.2%	0.0%	29.4%	27.7%	NaN	—	—	—	1.49×	—	—
TATACHEM.NS	Tata Chemicals	India	India	$6.25	$1,594	$468	$2,062	$1,612	$229	($8)	14.2%	(0.5%)	(0.6%)	(0.4%)	9.01×	0.99×	—	2.5%	5.2%	0.0%	—	47.8%	NaN	—	—	—	1.00×	—	—
NUF.AX	Nufarm	Australia	Australia	$2.26	$862	$466	$1,328	$2,221	$258	$21	11.6%	1.0%	1.7%	1.3%	5.15×	0.39×	39.38×	1.3%	5.0%	0.0%	50.0%	25.5%	NaN	—	—	—	0.68×	—	—
IPI	Intrepid Potash	US	US	$40.28	$529	($83)	$445	$298	$51	$11	17.2%	3.8%	2.3%	2.7%	8.70×	1.77×	46.84×	0.0%	2.6%	(1.7%)	0.0%	0.0%	NaN	—	—	—	—	—	—
AVD	American Vanguard Corp	US	US	$2.23	$68	$164	$232	$506	$18	($56)	3.6%	(11.1%)	(34.5%)	(17.2%)	12.90×	0.13×	—	0.0%	(36.8%)	0.3%	—	—	NaN	—	—	—	0.42×	—	—
VITT3.SA	Vittia Fertilizantes e Biológicos	Brazil	Brazil	$0.63	$58	$24	$81	$134	$31	$19	23.5%	13.9%	11.9%	10.3%	2.59×	0.43×	3.08×	5.6%	6.8%	0.0%	17.1%	81.9%	NaN	—	—	—	—	—	—
IPL.AX	Incitec Pivot	Australia	Australia	—	—	$501	—	$3,940	$680	$179	17.3%	4.5%	5.2%	4.5%	—	—	—	—	—	—	76.9%	55.4%	NaN	—	—	—	—	—	—
Mean				$33.02	$10,033	$1,390	$11,476	$6,133	$1,159	$391	17.0%	5.3%	28.9%	5.8%	10.81×	1.45×	27.73×	2.1%	2.1%	0.1%	50.2%	44.9%	—	—	—	—	1.59×	—	—
Median				$20.03	$3,800	$485	$5,316	$3,676	$551	$145	16.4%	4.5%	5.0%	4.7%	8.70×	0.99×	23.81×	1.5%	5.0%	0.0%	43.7%	30.5%	—	—	—	—	1.37×	—	—

ELD.AX	Elders Limited	Australia	Australia	$4.58	$719	$319	$1,038	$2,471	$140	$56	5.7%	2.3%	8.9%	5.9%	7.43×	0.29×	12.88×	5.0%	10.5%	0.0%	64.4%	47.8%	NaN	—	—	—	—	—	—
AGI.TO	Ag Growth International	Canada	Canada	$35.65	$677	$556	$1,234	$1,084	$210	$65	19.3%	6.0%	25.7%	8.0%	5.89×	0.62×	10.50×	1.2%	10.7%	(0.5%)	12.8%	11.4%	NaN	—	—	—	0.99×	—	—
Mean				$20.12	$698	$438	$1,136	$1,778	$175	$60	12.5%	4.1%	17.3%	7.0%	6.66×	0.46×	11.69×	3.1%	10.6%	(0.3%)	38.6%	29.6%	—	—	—	—	0.99×	—	—
Median				$20.12	$698	$438	$1,136	$1,778	$175	$60	12.5%	4.1%	17.3%	7.0%	6.66×	0.46×	11.69×	3.1%	10.6%	(0.3%)	38.6%	29.6%	—	—	—	—	0.99×	—	—
Mean				$2,402,209.00	$333,324,812	$1,568	$333,326,400	$6,065	$624	$210	17.1%	5.7%	2.9%	7.3%	5175561.44×	582727.94×	8592810.53×	3.2%	4.8%	(0.6%)	226.6%	73.3%	744	$4,251	$6,274	$11,853	1781303.21×	$8.01	18.2%
Median				$4.71	$1,657	$318	$2,391	$1,432	$209	$69	14.2%	5.2%	7.4%	5.7%	9.01×	0.94×	16.90×	2.3%	5.2%	0.0%	43.3%	37.5%	156	$2,105	$5,668	$5,199	1.08×	$1.65	8.9%

Updated Sep 11, 2026, 4:55 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 = $0.1960, 1 AUD = $0.7163, 1 EUR = $1.1609, 1 GBP = $1.3504, 1 MYR = $0.2457, 1 SAR = $0.2663, 1 KES = $0.0077, 1 IDR = $0.0001, 1 SGD = $0.7888, 1 THB = $0.0302, 1 NZD = $0.5829, 1 NOK = $0.1077, 1 DKK = $0.1553, 1 CNY = $0.1490, 1 INR = $0.0104, 1 PHP = $0.0160, 1 ZAR = $0.0618, 1 NGN = $0.0008, 1 KRW = $0.0007, 1 JPY = $0.0065, 1 MXN = $0.0589, 1 CAD = $0.7226); market cap, EV, and absolute-$ 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.