Agriculture Comps

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

Last updated Jun 17, 2026, 8:50 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	$24.79	$18,022	$4,400	$22,422	$7,400	$1,900	$700	25.7%	9.5%	7.5%	5.1%	11.80×	2.44×	25.82×	3.2%	6.1%	0.1%	83.3%	52.9%	10,600	$849	—	$2,115	1.13×	—	6.7%
RYN	Rayonier	US	US	$21.32	$3,198	$1,100	$4,298	$1,000	$290	$80	29.0%	8.0%	4.2%	2.7%	14.82×	3.20×	40.23×	5.3%	5.6%	(0.7%)	213.2%	94.2%	2,700	$778	—	$1,592	0.85×	—	5.6%
AGM	Federal Agricultural Mortgage Corp	US	US	$184.01	$1,951	$26,500	$28,451	$360	$240	$175	66.7%	48.6%	15.9%	0.6%	118.54×	5.42×	11.15×	3.0%	7.7%	(0.9%)	33.9%	39.6%	NaN	—	—	—	1.67×	—	1.1%
RFF.AX	Rural Funds Group	Australia	Australia	$1.45	$566	$567	$1,133	$91	$67	$7	73.8%	7.4%	0.8%	0.5%	16.87×	6.22×	30.75×	5.7%	5.9%	(0.2%)	175.1%	97.1%	1,829	$763	$763	$619	0.68×	$2.13	5.9%
FPI	Farmland Partners	US	US	$9.80	$422	$222	$644	$52	$30	$84	57.7%	160.9%	19.2%	12.7%	21.41×	8.09×	16.07×	3.7%	2.4%	0.5%	59.0%	153.3%	72	$8,608	$7,993	$9,001	1.21×	$8.13	6.5%
LAND	Gladstone Land	US	US	$8.78	$364	$513	$877	$88	$55	($12)	61.8%	(13.3%)	(1.5%)	(0.9%)	16.07×	4.12×	—	6.4%	(0.0%)	(0.5%)	—	—	100	$11,000	$20,807	$8,772	0.23×	$37.82	7.2%
MLP	Maui Land & Pineapple Co.	US	US	$17.83	$349	($11)	$338	$13	$1	$0	8.0%	1.6%	5.1%	—	337.97×	27.96×	1783.00×	0.0%	(0.1%)	0.0%	0.0%	—	22	$247	—	$15,156	89.15×	—	0.3%
LAND3.SA	Terra Santa Propriedades Agrícolas	Brazil	Brazil	$1.60	$154	$11	$165	$19	$14	$1	72.5%	4.9%	0.7%	0.7%	11.99×	8.10×	162.60×	3.6%	8.3%	0.0%	580.0%	42.9%	97	$1,420	$5,667	$1,703	0.29×	$5.59	8.9%
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				$33.70	$3,128	$3,800	$7,291	$1,125	$313	$118	46.1%	25.5%	5.9%	2.8%	68.68×	8.19×	295.66×	3.9%	4.5%	(0.2%)	215.7%	89.1%	2,190	$3,071	$8,807	$5,565	11.90×	$13.41	5.3%
Median				$13.82	$494	$567	$1,005	$91	$67	$25	57.7%	7.4%	4.2%	0.8%	16.47×	5.82×	30.75×	3.6%	5.7%	(0.1%)	129.2%	94.2%	965	$877	$6,830	$2,115	0.99×	$6.86	6.2%

Sector KPIsPlanted area4008K ha(14/19)
LW	Lamb Weston	US	US	$45.09	$6,281	$3,779	$10,060	$6,451	$1,073	$357	16.6%	5.5%	27.9%	7.1%	9.38×	0.97×	17.96×	3.2%	3.7%	3.1%	58.2%	88.4%	NaN	—	—	—	—	—	6.6%
600598.SS	Heilongjiang Beidahuang Agriculture	China	China	$2.06	$3,668	($224)	$3,444	$790	$198	$161	25.0%	20.4%	5.9%	6.4%	17.43×	4.64×	22.85×	3.2%	3.4%	0.0%	72.1%	92.0%	2,135	—	—	$1,613	—	—	5.7%
FDP	Fresh Del Monte Produce	US	US	$28.90	$1,369	$142	$1,511	$4,322	$210	$91	4.9%	2.1%	4.5%	4.2%	7.20×	0.32×	15.21×	4.2%	13.2%	1.2%	63.2%	31.4%	NaN	—	—	—	—	—	9.1%
DOLE	Dole plc	US	US	$14.36	$1,365	$952	$2,316	$8,474	$382	$51	4.5%	0.6%	3.5%	2.1%	6.06×	0.16×	9.21×	2.2%	0.1%	(0.0%)	20.5%	1778.5%	109	—	—	$21,251	—	—	9.3%
SLCE3.SA	SLC Agrícola	Brazil	Brazil	$2.76	$1,222	$1,669	$2,892	$1,679	$511	$98	30.4%	5.8%	11.1%	3.8%	5.66×	0.73×	12.54×	5.8%	(2.4%)	(1.4%)	72.3%	—	561	$1,575	$4,694	$5,155	1.27×	$2.17	17.7%
BALRAMCHIN.NS	Balrampur Chini Mills	India	India	$5.79	$1,168	$117	$1,284	$615	$64	$14	10.3%	2.3%	4.2%	3.1%	20.19×	1.90×	82.76×	0.5%	1.0%	0.0%	45.5%	55.0%	NaN	—	—	—	—	—	5.0%
SMTO3.SA	São Martinho	Brazil	Brazil	$3.14	$1,065	$1,002	$2,067	$1,257	$540	$177	43.0%	14.1%	12.2%	7.2%	3.83×	0.85×	6.03×	10.0%	7.4%	0.0%	60.4%	135.8%	408	$1,781	—	$5,066	0.73×	—	26.1%
AVO	Mission Produce	US	US	$11.58	$817	$31	$848	$1,391	$100	$38	7.2%	2.7%	6.9%	6.6%	8.50×	0.59×	21.85×	0.0%	4.6%	0.5%	0.0%	0.0%	NaN	—	—	—	—	—	7.7%
SCL.NZ	Scales Corporation	New Zealand	New Zealand	$3.60	$511	$49	$560	$314	$47	$16	14.8%	5.2%	5.5%	4.7%	12.03×	1.63×	30.90×	3.2%	4.0%	0.0%	100.0%	81.1%	25	$2,094	—	$22,401	1.72×	—	6.8%
CVGW	Calavo Growers, Inc.	US	US	$26.09	$464	($55)	$409	$690	$32	$15	4.6%	2.1%	7.4%	10.4%	12.79×	0.67×	31.82×	1.5%	3.9%	0.0%	48.8%	39.6%	10	$2,500	—	$40,940	2.78×	—	8.1%
SHV.AX	Select Harvests	Australia	Australia	$2.80	$398	$208	$607	$281	$58	$16	20.7%	5.5%	4.2%	2.7%	10.43×	1.42×	17.72×	1.3%	6.0%	(0.1%)	22.3%	20.9%	22	$18,896	$19,171	$27,086	1.80×	$1.56	8.7%
AGRO3.SA	BrasilAgro	Brazil	Brazil	$3.67	$367	$229	$596	$172	$52	$20	30.4%	11.4%	5.7%	3.4%	11.36×	2.13×	13.55×	4.0%	7.0%	0.0%	54.3%	57.6%	329	$1,851	$1,951	$1,811	0.89×	$4.13	8.8%
IMC.WA	IMC SA	Poland	Ukraine	$10.03	$313	$25	$338	$145	$35	$10	24.1%	6.9%	3.8%	3.4%	9.67×	2.16×	31.35×	0.0%	2.6%	0.0%	0.0%	0.0%	296	$270	—	$1,143	1.18×	—	7.4%
ALCO	Alico	US	US	$40.20	$308	$47	$355	$44	$23	$0	51.1%	0.0%	0.0%	0.0%	15.78×	6.98×	—	0.5%	4.8%	(0.5%)	—	10.5%	50	$2,870	$13,866	$7,171	0.48×	$83.52	6.3%
LMNR	Limoneira	US	US	$13.00	$231	$71	$302	$160	($11)	($29)	(7.0%)	(18.5%)	(13.5%)	(10.2%)	—	1.45×	—	2.3%	(8.3%)	(0.3%)	—	—	11	$16,443	$28,605	$28,797	1.01×	$12.89	1.7%
DBF.AX	Duxton Farms	Australia	Australia	$0.32	$34	$77	$111	$17	($6)	($9)	(37.5%)	(51.9%)	(11.4%)	(5.7%)	—	2.02×	—	0.0%	(14.4%)	(0.0%)	—	—	45	$1,917	$3,101	$2,476	0.55×	$0.58	3.2%
AGT.WA	Agroton Public Limited	Poland	Ukraine	$1.39	$30	$20	$50	$30	$5	($8)	16.7%	(26.7%)	(25.0%)	(15.4%)	10.02×	1.00×	—	0.0%	(10.0%)	0.0%	—	—	124	$202	—	$404	0.93×	—	8.0%
KSG.WA	KSG Agro	Poland	Ukraine	$0.98	$15	$31	$46	$45	$8	($3)	17.8%	(6.7%)	(10.0%)	(4.9%)	5.70×	0.32×	—	0.0%	(6.8%)	0.0%	—	—	59	$305	—	$773	0.49×	—	13.2%
ALAGR.PA	AgroGeneration	EU	Ukraine	$0.06	$6	$11	$16	$26	$7	($1)	25.2%	(4.4%)	(9.0%)	(4.9%)	2.46×	0.21×	—	0.0%	0.0%	(4.0%)	—	—	70	$49	$232	$231	0.99×	$0.06	40.7%
Mean				$11.36	$1,033	$431	$1,464	$1,416	$175	$53	15.9%	(1.2%)	1.8%	1.3%	9.91×	1.59×	24.13×	2.2%	1.0%	(0.1%)	47.5%	183.9%	284	$3,904	$10,231	$11,088	1.14×	$14.99	10.5%
Median				$3.67	$464	$71	$596	$314	$52	$16	16.7%	2.3%	4.2%	3.4%	9.67×	1.00×	17.96×	1.5%	3.4%	0.0%	54.3%	55.0%	70	$1,851	$4,694	$5,066	0.99×	$2.17	8.0%

Sector KPIsFFB yield19.2 t/ha(28/35)OER22.0%(28/35)RSPO70%(28/35)
5285.KL	SD Guthrie (Sime Darby Plantation)	Malaysia	Malaysia	$1.48	$10,216	$2,189	$12,405	$4,884	$981	$365	20.1%	7.5%	7.0%	4.9%	12.65×	2.09×	19.18×	2.7%	3.9%	0.0%	52.3%	69.8%	1,330	$3,919	$5,694	$9,327	1.90×	$0.78	4.3%
1961.KL	IOI Corporation	Malaysia	Malaysia	$1.04	$6,459	$581	$7,040	$2,792	$416	$378	14.9%	13.6%	12.5%	10.5%	16.92×	2.31×	16.92×	2.5%	3.7%	0.0%	42.0%	66.4%	386	$6,019	$5,761	$18,238	3.93×	$0.27	5.9%
EB5.SI	First Resources	Singapore	Indonesia	$2.39	$3,708	($150)	$3,558	$1,039	$420	$165	40.4%	15.9%	10.9%	12.2%	8.47×	3.57×	14.91×	1.3%	4.7%	0.0%	20.0%	28.4%	432	$3,472	$5,575	$8,235	1.45×	$1.65	11.8%
2089.KL	United Plantations	Malaysia	Malaysia	$7.94	$3,293	($320)	$2,973	$443	$246	$203	55.6%	45.8%	27.7%	49.2%	12.07×	7.43×	18.62×	2.5%	5.4%	(50.4%)	46.8%	46.7%	126	$8,817	$7,545	$23,653	2.60×	$3.06	8.3%
E5H.SI	Golden Agri-Resources	Singapore	Indonesia	$0.21	$2,670	$2,000	$4,670	$10,910	$951	$220	8.7%	2.0%	5.4%	3.6%	4.91×	0.24×	7.02×	2.9%	13.1%	0.0%	20.0%	21.7%	1,031	$5,820	$4,868	$4,529	0.88×	$0.24	20.4%
P8Z.SI	Bumitama Agri	Singapore	Indonesia	$1.32	$2,285	$95	$2,380	$1,673	$456	$182	27.3%	10.9%	12.1%	11.4%	5.22×	1.37×	9.99×	5.9%	10.5%	0.0%	59.4%	56.6%	553	$2,580	$4,561	$4,304	0.94×	$1.40	19.2%
SMAR.JK	SMART Tbk (Sinar Mas Agro)	Indonesia	Indonesia	$0.46	$1,321	$1,088	$2,409	$6,842	$392	$182	5.7%	2.7%	12.7%	7.2%	6.15×	0.19×	7.26×	2.8%	15.9%	0.0%	20.5%	17.8%	341	$2,537	—	$7,065	0.92×	—	16.3%
AALI.JK	Astra Agro Lestari	Indonesia	Indonesia	$0.63	$1,203	($5)	$1,199	$2,182	$334	$137	15.3%	6.3%	6.1%	6.1%	3.59×	0.55×	10.48×	4.3%	12.1%	0.0%	44.9%	35.6%	527	$3,307	$7,086	$2,274	0.32×	$1.94	27.9%
DSNG.JK	Dharma Satya Nusantara	Indonesia	Indonesia	$0.11	$1,192	$318	$1,510	$912	$251	$109	27.5%	11.9%	15.0%	10.4%	6.02×	1.31×	10.99×	3.4%	12.2%	0.0%	37.1%	27.8%	277	$1,968	—	$5,453	1.65×	—	16.6%
SIMP.JK	Salim Ivomas Pratama	Indonesia	Indonesia	$0.06	$1,110	$650	$1,760	$1,597	$530	$54	33.2%	3.4%	2.5%	1.9%	3.32×	0.70×	5.50×	3.6%	16.7%	(21.6%)	20.0%	21.8%	530	$3,340	$7,544	$3,321	0.33×	$0.17	30.1%
MPE.L	MP Evans	UK	Indonesia	$20.65	$1,074	($20)	$1,054	$353	$100	$56	28.3%	15.9%	14.0%	14.7%	10.54×	3.04×	13.41×	3.2%	5.6%	0.0%	43.3%	57.8%	135	$2,229	$5,122	$7,828	1.51×	$13.64	9.5%
5126.KL	Sarawak Oil Palms	Malaysia	Malaysia	$1.12	$1,004	$172	$1,176	$1,396	$193	$96	13.8%	6.9%	13.6%	10.9%	6.09×	0.72×	9.12×	3.9%	10.3%	0.0%	36.0%	38.3%	190	$6,482	$5,810	$6,192	1.08×	$1.04	16.4%
STA.BK	Sri Trang Agro-Industry	Thailand	Thailand	$0.58	$886	$614	$1,500	$3,377	$338	$107	10.0%	3.2%	10.6%	6.6%	4.44×	0.26×	8.25×	2.1%	13.9%	0.0%	17.5%	15.3%	1,500	$287	—	$1,000	0.99×	—	13.3%
LSIP.JK	PP London Sumatra Indonesia	Indonesia	Indonesia	$0.13	$877	($278)	$599	$492	$118	$64	24.0%	13.0%	6.1%	8.3%	5.07×	1.78×	13.66×	3.7%	8.2%	0.0%	49.9%	44.5%	285	$1,979	—	$2,101	0.83×	—	19.7%
AEP.L	Anglo-Eastern Plantations	UK	Indonesia	$21.67	$854	($181)	$673	$372	$99	$56	26.7%	15.0%	10.0%	14.8%	6.77×	2.29×	12.67×	2.4%	3.5%	0.0%	29.8%	67.0%	297	$915	$3,698	$2,268	0.67×	$32.43	13.4%
SSMS.JK	Sawit Sumbermas Sarana	Indonesia	Indonesia	$0.08	$748	$230	$978	$1,037	$225	$71	21.7%	6.8%	17.8%	11.3%	4.35×	0.72×	9.12×	6.0%	15.8%	0.0%	54.9%	38.1%	230	$2,174	$6,154	$4,251	0.63×	$0.12	23.0%
ANJT.JK	Austindo Nusantara Jaya	Indonesia	Indonesia	$0.16	$525	$122	$647	$368	$92	$39	25.0%	10.7%	7.0%	5.7%	7.03×	1.43×	13.39×	1.8%	5.3%	0.0%	24.0%	33.5%	128	$3,398	—	$5,054	0.93×	—	14.2%
SGRO.JK	Sampoerna Agro	Indonesia	Indonesia	$0.29	$522	$237	$759	$554	$193	$35	34.9%	6.3%	6.1%	4.3%	3.93×	0.94×	6.97×	11.5%	10.3%	0.0%	80.2%	111.2%	234	$2,444	$5,807	$3,243	0.47×	$0.62	25.4%
5138.KL	Hap Seng Plantations	Malaysia	Malaysia	$0.54	$433	($25)	$409	$173	$62	$31	35.9%	17.8%	8.3%	8.9%	6.58×	2.51×	13.75×	3.5%	8.2%	0.0%	47.5%	41.9%	96	$3,848	$5,921	$4,259	0.73×	$0.74	15.2%
TBLA.JK	Tunas Baru Lampung	Indonesia	Indonesia	$0.06	$330	$764	$1,094	$1,582	$224	$95	14.2%	6.0%	12.8%	6.3%	4.88×	0.21×	3.47×	7.1%	33.3%	0.0%	24.8%	21.4%	215	$2,940	—	$5,089	0.44×	—	20.5%
BWPT.JK	Eagle High Plantations	Indonesia	Indonesia	$0.01	$243	$443	$687	$430	$107	$6	25.0%	1.4%	1.7%	0.7%	6.39×	0.57×	9.21×	0.0%	13.2%	0.0%	0.0%	0.0%	287	$1,972	$2,675	$2,392	0.75×	$0.01	15.6%
1996.KL	Kim Loong Resources	Malaysia	Malaysia	$0.17	$157	($91)	$65	$448	$79	$48	17.6%	10.7%	18.9%	29.6%	0.83×	0.35×	3.27×	26.5%	33.8%	0.0%	86.5%	78.3%	40	$3,772	—	$1,651	0.62×	—	120.8%
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×	3.55×	0.0%	16.8%	0.0%	0.0%	0.0%	65	$5,954	$6,215	$3,601	0.28×	$5.37	21.4%
5210.KL	United Malacca	Malaysia	Malaysia	$0.08	$17	$6	$23	$163	$62	$28	37.9%	17.4%	8.6%	8.5%	0.37×	0.10×	0.59×	43.1%	139.4%	0.0%	25.5%	30.9%	156	$1,997	—	$147	0.05×	—	268.4%
KLK.KL	Kuala Lumpur Kepong	Malaysia	Malaysia	—	—	$2,528	—	$5,486	$675	$287	12.3%	5.2%	8.8%	5.0%	—	—	—	—	—	—	111.1%	61.7%	705	$4,920	$5,767	—	—	$1.27	—
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	—	—	$315	—	$724	$172	$79	23.8%	10.9%	5.0%	4.2%	—	—	—	—	—	—	27.8%	31.5%	504	$2,660	$5,964	—	—	$3.00	—
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	—	$282	$113	$41	40.2%	14.4%	4.1%	3.4%	—	—	—	—	—	—	67.8%	52.1%	180	$5,679	—	—	—	—	—
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	—	—	$14	—	$46	$8	$2	17.3%	4.7%	2.7%	2.3%	—	—	—	—	—	—	52.2%	36.6%	30	$821	—	—	—	—	—
Mean				$2.61	$1,716	$335	$2,075	$1,459	$230	$93	24.9%	8.5%	10.5%	10.4%	6.27×	1.46×	10.05×	6.1%	17.3%	(3.0%)	45.7%	48.5%	322	$2,914	$5,435	$5,645	1.04×	$3.64	31.6%
Median				$0.50	$945	$95	$1,135	$448	$118	$56	23.8%	8.6%	8.3%	6.3%	5.62×	0.83×	9.60×	3.3%	11.3%	0.0%	44.1%	41.1%	215	$2,537	$5,767	$4,281	0.86×	$1.27	16.5%

AAC.AX	Australian Agricultural Co	Australia	Australia	$0.93	$558	$343	$900	$274	$40	($7)	14.5%	(2.6%)	(0.7%)	(0.5%)	22.64×	2.04×	—	0.0%	2.2%	0.0%	—	0.0%	15,815	$75	$77	$57	0.64×	$1.44	4.6%
Mean				$0.93	$558	$343	$900	$274	$40	($7)	14.5%	(2.6%)	(0.7%)	(0.5%)	22.64×	2.04×	—	0.0%	2.2%	0.0%	—	0.0%	15,815	$75	$77	$57	0.64×	$1.44	4.6%
Median				$0.93	$558	$343	$900	$274	$40	($7)	14.5%	(2.6%)	(0.7%)	(0.5%)	22.64×	2.04×	—	0.0%	2.2%	0.0%	—	0.0%	15,815	$75	$77	$57	0.64×	$1.44	4.6%

Sector KPIsNon-ag rev34%(18/28)
AVI.JO	AVI Limited	South Africa	South Africa	$599.31	$198,970	$43	$199,013	$1,016	$203	$126	20.0%	12.4%	38.0%	33.6%	979.01×	195.76×	1569.19×	0.1%	0.1%	0.0%	93.5%	101.3%	NaN	—	—	—	389.16×	—	—
RCL.JO	RCL Foods Limited	South Africa	South Africa	$49.90	$43,908	$77	$43,985	$2,248	$197	$71	8.8%	3.2%	11.7%	10.4%	223.14×	19.53×	618.32×	0.1%	0.2%	0.0%	42.0%	33.4%	NaN	—	—	—	—	—	—
ABF.L	Associated British Foods plc	UK	UK	$24.97	$18,425	$134	$18,559	$28,433	$3,889	$1,770	13.7%	6.2%	11.2%	11.1%	4.77×	0.65×	10.40×	3.6%	8.0%	2.4%	37.2%	44.6%	NaN	—	—	—	—	—	—
F34.SI	Wilmar International	Singapore	Singapore	$2.82	$17,612	$32,000	$49,612	$67,380	$3,100	$1,170	4.6%	1.7%	5.3%	2.2%	16.00×	0.26×	15.68×	4.1%	4.8%	0.6%	63.9%	84.4%	NaN	—	—	—	—	—	—
2280.SR	Almarai	Saudi Arabia	Saudi Arabia	$12.02	$12,024	$2,702	$14,727	$5,591	$1,419	$740	25.4%	13.2%	14.6%	9.5%	10.38×	2.15×	19.53×	2.2%	5.2%	0.0%	43.3%	42.6%	124	$53,930	$1,108	$118,764	2.37×	—	—
ICBP.JK	Indofood CBP Sukses Makmur	Indonesia	Indonesia	$0.66	$7,697	$2,621	$10,318	$7,122	$1,900	$1,087	26.7%	15.3%	20.6%	13.8%	5.43×	1.08×	7.08×	3.8%	16.0%	0.0%	26.6%	23.5%	NaN	—	—	—	1.46×	—	—
CRESY	Cresud SACIF y A	US	Argentina	$12.07	$7,211	$785	$7,996	$1,230	$175	$388	14.2%	31.6%	57.1%	26.5%	45.69×	5.86×	18.57×	0.0%	—	0.0%	0.0%	—	1,460	—	—	$5,476	—	—	—
2050.SR	Savola Group	Saudi Arabia	Saudi Arabia	$7.78	$6,221	$1,572	$7,794	$7,489	$493	$330	6.6%	4.4%	10.7%	7.1%	15.81×	0.83×	18.83×	0.0%	4.2%	0.0%	0.6%	0.8%	NaN	—	—	—	2.01×	—	—
INDF.JK	Indofood Sukses Makmur	Indonesia	Indonesia	$0.68	$5,927	$1,580	$7,507	$11,652	$2,250	$1,050	19.3%	9.0%	9.5%	8.3%	3.34×	0.51×	5.64×	6.1%	24.5%	0.0%	34.4%	24.9%	NaN	—	—	—	0.79×	—	—
TWE.AX	Treasury Wine Estates	Australia	Australia	$3.41	$2,739	$1,095	$3,834	$1,907	$523	$173	27.4%	9.1%	5.6%	4.1%	7.34×	1.44×	16.10×	7.5%	7.2%	(10.1%)	120.0%	103.2%	30	$25,894	—	$127,787	0.81×	—	—
097950.KS	CJ CheilJedang	South Korea	South Korea	$138.11	$2,081	$4,900	$6,981	$21,000	$1,750	$420	8.3%	2.0%	5.5%	3.3%	3.99×	0.10×	4.96×	2.8%	26.9%	0.0%	13.8%	10.4%	NaN	—	—	—	0.25×	—	—
CAM.L	Camellia	UK	Kenya	$74.42	$2,062	($94)	$1,968	$369	$27	($4)	7.3%	(1.1%)	(1.2%)	(1.7%)	73.35×	5.59×	5549.00×	4.7%	0.2%	0.0%	26000.0%	2400.7%	124	$2,163	$6,436	$15,868	2.31×	$32.20	—
2607.T	Fuji Oil Holdings	Japan	Japan	$21.66	$1,862	$310	$2,172	$2,852	$198	$68	7.0%	2.4%	5.6%	4.5%	10.95×	0.65×	27.29×	1.7%	2.7%	0.0%	46.9%	64.5%	NaN	—	—	—	1.59×	—	—
DCMSHRIRAM.NS	DCM Shriram Ltd	India	India	$11.18	$1,750	$207	$1,956	$1,261	$81	$24	6.4%	1.9%	4.5%	3.2%	24.28×	1.39×	72.74×	0.8%	1.2%	0.0%	58.6%	68.2%	NaN	—	—	—	—	—	—
2871.T	Nichirei Corporation	Japan	Japan	$12.69	$1,700	$465	$2,165	$4,092	$372	$155	9.1%	3.8%	8.6%	6.8%	5.82×	0.42×	10.94×	2.4%	7.3%	0.0%	26.7%	33.5%	NaN	—	—	—	0.93×	—	—
TTEN3.SA	3tentos Agroindustrial	Brazil	Brazil	$2.87	$1,491	$422	$1,913	$1,571	$128	$86	8.1%	5.5%	12.3%	7.7%	14.99×	0.95×	17.18×	1.0%	(4.6%)	0.0%	17.6%	—	NaN	—	—	—	—	—	—
6010.SR	NADEC	Saudi Arabia	Saudi Arabia	$4.28	$1,288	($136)	$1,153	$940	$168	$73	17.9%	7.7%	5.9%	6.7%	6.84×	1.37×	12.26×	3.1%	4.8%	(0.3%)	38.2%	65.4%	124	$4,853	$1,758	$9,296	3.64×	$1.17	—
CSAN3.SA	Cosan S.A.	Brazil	Brazil	$0.64	$1,202	$7,601	$8,803	$8,190	$2,514	($884)	30.7%	(10.8%)	(18.2%)	(7.1%)	3.50×	0.15×	—	16.8%	(24.5%)	0.0%	—	—	2,100	$795	—	$4,192	0.25×	—	—
GODREJAGRO.NS	Godrej Agrovet	India	India	$6.08	$1,168	$122	$1,290	$1,007	$90	$48	8.9%	4.7%	18.0%	12.3%	14.31×	1.16×	24.95×	1.7%	3.2%	0.0%	43.5%	54.9%	75	—	—	$17,195	4.41×	—	—
AGRO	Adecoagro	US	Argentina	$9.93	$1,016	$1,567	$2,583	$1,530	$366	$63	23.9%	4.1%	4.7%	2.2%	7.06×	0.66×	—	0.0%	9.0%	2.6%	—	0.0%	512	$6,639	$5,339	$5,045	0.87×	$11.40	—
AGR.VI	AGRANA Beteiligungs-AG	EU	EU	$13.75	$859	$719	$1,579	$4,137	$249	$64	6.0%	1.5%	5.0%	3.2%	6.33×	0.21×	13.47×	7.2%	4.3%	0.0%	96.6%	166.0%	NaN	—	—	—	0.67×	—	—
AST.WA	Astarta Holding	Poland	Ukraine	$13.06	$319	$290	$610	$548	$116	$41	21.2%	7.4%	4.4%	3.3%	5.25×	0.58×	13.80×	0.0%	11.3%	0.0%	0.0%	0.0%	543	$427	$814	$1,123	2.11×	$6.20	—
TIPCO.BK	Tipco Foods PCL	Thailand	Thailand	$0.18	$89	$45	$134	$63	$5	($3)	7.6%	(4.5%)	(5.0%)	(2.8%)	27.96×	1.41×	—	12.2%	(2.2%)	0.1%	—	—	NaN	—	—	—	—	—	—
AVG.AX	Australian Vintage	Australia	Australia	$0.05	$12	$64	$75	$191	$21	($6)	11.1%	(3.0%)	(3.3%)	(2.4%)	3.54×	0.06×	—	0.0%	(30.6%)	0.0%	—	—	5	$11,299	—	$15,021	0.07×	—	—
URC.PS	Universal Robina Corporation	Philippines	Philippines	—	—	$365	—	$2,772	$324	$165	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	—	—	$551	—	$3,074	$297	$85	9.7%	2.8%	10.0%	6.1%	—	—	—	—	—	—	15.6%	17.8%	100	—	—	—	—	—	—
BALRAMPUR.NS	Balrampur Chini Mills	India	India	—	—	$180	—	$636	$90	$48	14.2%	7.5%	12.5%	8.5%	—	—	—	—	—	—	13.3%	20.0%	NaN	—	—	—	—	—	—
Mean				$40.90	$14,068	$2,150	$16,530	$6,725	$748	$262	14.2%	5.3%	9.6%	6.8%	63.30×	10.12×	402.30×	3.4%	3.4%	(0.2%)	1121.7%	150.6%	450	$11,778	$3,091	$31,977	24.34×	$12.74	—
Median				$9.93	$1,962	$394	$3,208	$2,078	$226	$79	11.4%	4.6%	7.3%	6.4%	8.86×	0.89×	16.64×	2.3%	4.3%	0.0%	37.7%	42.6%	124	$4,853	$1,758	$12,158	1.46×	$8.80	—

Sector KPIsPlants1225(23/25)
ARL.JO	Astral Foods Limited	South Africa	South Africa	$1,404.79	$54,365	($14)	$54,351	$1,466	$114	$57	7.8%	3.9%	22.4%	23.8%	476.93×	37.08×	959.40×	0.1%	0.1%	0.0%	61.0%	53.4%	NaN	—	—	—	—	—	—
002714.SZ	Muyuan Foods	China	China	$5.13	$28,049	$7,282	$35,331	$20,416	$4,618	$2,636	22.6%	12.9%	17.0%	11.5%	7.65×	1.37×	10.63×	3.0%	11.3%	(0.1%)	32.4%	26.9%	NaN	—	—	—	—	—	—
TSN	Tyson Foods	US	US	$57.24	$20,320	$7,050	$27,370	$54,200	$3,450	$1,050	6.4%	1.9%	5.5%	4.0%	7.93×	0.37×	19.40×	3.5%	6.4%	(0.1%)	67.8%	54.6%	NaN	—	—	—	—	—	—
0288.HK	WH Group Limited	Hong Kong	China	$1.13	$14,628	$1,800	$16,428	$26,228	$3,204	$1,480	12.2%	5.6%	21.9%	17.3%	5.13×	0.56×	9.68×	22.5%	12.6%	3.6%	217.9%	177.9%	NaN	—	—	—	—	—	—
HRL	Hormel Foods	US	US	$24.65	$13,533	$1,970	$15,503	$12,100	$1,620	$880	13.4%	7.3%	11.1%	8.9%	9.57×	1.12×	15.41×	4.8%	7.8%	(0.7%)	73.8%	61.7%	NaN	—	—	—	—	—	—
000895.SZ	Henan Shuanghui Investment & Development	China	China	$3.41	$11,821	$352	$12,172	$8,838	$1,238	$756	14.0%	8.5%	30.4%	26.6%	9.84×	1.34×	16.01×	6.1%	6.8%	0.0%	97.2%	89.8%	NaN	—	—	—	—	—	—
DAR	Darling Ingredients	US	US	$55.18	$8,741	$4,290	$13,031	$5,687	$818	$63	14.4%	1.1%	1.7%	0.8%	15.93×	1.54×	44.14×	0.0%	7.8%	0.8%	0.0%	0.0%	NaN	—	—	—	—	—	—
PPC	Pilgrim's Pride	US	US	$29.09	$6,894	$1,272	$8,166	$17,881	$1,937	$1,082	10.8%	6.1%	41.4%	27.9%	4.22×	0.39×	6.96×	0.0%	9.5%	0.0%	0.0%	0.0%	NaN	—	—	—	—	—	—
CPIN.JK	Charoen Pokphand Indonesia	Indonesia	Indonesia	$0.34	$5,510	$200	$5,710	$8,282	$690	$402	8.3%	4.9%	14.0%	13.1%	8.27×	0.67×	13.71×	1.8%	8.2%	0.0%	24.5%	21.9%	NaN	—	—	—	1.98×	—	—
POST	Post Holdings	US	US	$92.37	$5,404	$5,930	$11,334	$8,150	$1,430	$380	17.5%	4.7%	12.9%	4.3%	7.93×	0.66×	14.32×	0.0%	11.8%	1.1%	0.0%	0.0%	NaN	—	—	—	—	—	—
CPF.BK	Charoen Pokphand Foods	Thailand	Thailand	$0.59	$5,049	$11,881	$16,930	$18,052	$1,467	$584	8.1%	3.2%	7.8%	3.0%	11.54×	0.28×	8.64×	3.1%	17.9%	0.0%	27.1%	17.5%	NaN	—	—	—	—	—	—
000876.SZ	New Hope Liuhe	China	China	$0.94	$4,247	$4,914	$9,160	$15,254	$784	$72	5.1%	0.5%	1.6%	0.8%	11.68×	0.28×	59.07×	0.4%	5.1%	0.0%	23.4%	7.8%	NaN	—	—	—	—	—	—
CWK.L	Cranswick plc	UK	UK	$73.10	$3,927	$262	$4,188	$3,651	$362	$157	9.9%	4.3%	20.6%	15.4%	11.57×	1.08×	19.12×	1.8%	3.9%	(0.0%)	35.1%	47.5%	NaN	—	—	—	—	—	—
FRPT	Freshpet, Inc.	US	US	$57.09	$2,775	$162	$2,937	$975	$134	$139	13.7%	14.3%	19.9%	16.1%	21.91×	2.85×	47.58×	0.0%	0.4%	(2.3%)	0.0%	0.0%	NaN	—	—	—	—	—	—
JPFA.JK	Japfa Comfeed Indonesia	Indonesia	Indonesia	$0.19	$2,246	$710	$2,956	$5,462	$440	$195	8.1%	3.6%	12.8%	8.7%	6.72×	0.41×	11.51×	3.9%	7.8%	0.0%	45.1%	50.3%	NaN	—	—	—	1.61×	—	—
HFG.L	Hilton Food Group plc	UK	UK	$6.89	$618	$382	$1,000	$5,476	$213	$63	3.9%	1.2%	16.1%	8.2%	4.69×	0.11×	9.81×	6.6%	19.5%	(0.2%)	64.3%	33.6%	NaN	—	—	—	1.58×	—	—
MHPC.L	MHP S.E.	UK	Ukraine	$4.84	$524	$1,160	$1,684	$3,450	$720	$285	20.9%	8.3%	27.1%	12.9%	2.34×	0.15×	1.84×	0.0%	61.0%	0.0%	0.0%	0.0%	NaN	—	—	—	—	—	—
BEEF3.SA	Minerva S.A.	Brazil	Brazil	$0.73	$431	$1,905	$2,336	$7,542	$462	($71)	6.1%	(0.9%)	(14.6%)	(3.0%)	5.06×	0.06×	—	1.6%	4.6%	0.5%	—	35.2%	NaN	—	—	—	0.89×	—	—
GFPT.BK	GFPT PCL	Thailand	Thailand	$0.27	$333	$138	$471	$609	$75	$49	12.3%	8.0%	8.7%	7.0%	6.26×	0.55×	6.81×	5.2%	15.7%	0.0%	35.4%	33.2%	NaN	—	—	—	—	—	—
MAIN.JK	Malindo Feedmill	Indonesia	Indonesia	$0.07	$161	$123	$284	$912	$54	$16	5.9%	1.7%	7.5%	4.7%	5.26×	0.18×	10.21×	0.7%	13.6%	0.0%	7.1%	5.1%	NaN	—	—	—	0.76×	—	—
JBSS3.SA	JBS S.A.	Brazil	Brazil	—	—	$13,866	—	$81,722	$5,931	$1,330	7.3%	1.6%	21.1%	6.6%	—	—	—	—	—	—	34.4%	13.2%	NaN	—	—	—	—	—	—
MRFG3.SA	Marfrig Global Foods	Brazil	Brazil	—	—	$6,599	—	$29,912	$2,691	$141	9.0%	0.5%	7.4%	1.7%	—	—	—	—	—	—	47.1%	8.3%	NaN	—	—	—	—	—	—
BRFS3.SA	BRF S.A.	Brazil	Brazil	—	—	$1,925	—	$12,059	$1,610	$659	13.4%	5.5%	21.2%	13.1%	—	—	—	—	—	—	30.2%	26.6%	NaN	—	—	—	—	—	—
TUF.BK	Thai Union Group	Thailand	Thailand	—	—	$1,649	—	$4,264	$421	$206	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				$86.57	$9,479	$3,032	$12,067	$14,104	$1,379	$504	10.8%	4.8%	14.4%	9.9%	32.02×	2.55×	67.59×	3.3%	11.6%	0.1%	42.3%	34.8%	—	—	—	—	1.36×	—	—
Median				$4.84	$5,226	$1,649	$8,663	$8,150	$784	$206	9.9%	4.7%	14.0%	8.2%	7.93×	0.55×	13.71×	1.8%	8.0%	0.0%	34.8%	26.9%	—	—	—	—	1.58×	—	—

Sector KPIsBranded rev91%(4/13)IF rev41%(4/13)
CALM	Cal-Maine Foods	US	US	$79.03	$3,849	($1,050)	$2,799	$3,850	$1,180	$850	30.6%	22.1%	36.2%	65.4%	2.37×	1.00×	4.54×	5.3%	23.9%	(0.2%)	24.1%	22.2%	NaN	—	—	—	—	—	—
A2M.AX	The a2 Milk Company	New Zealand	New Zealand	$4.24	$3,071	($588)	$2,483	$1,053	$163	$102	15.5%	9.7%	14.8%	102.9%	15.24×	2.92×	30.14×	1.2%	3.7%	(0.0%)	35.1%	31.5%	NaN	—	—	—	—	—	—
HATSUN.NS	Hatsun Agro Products	India	India	$9.69	$2,151	$99	$2,249	$848	$69	$16	8.1%	1.9%	12.5%	7.0%	32.65×	2.54×	134.40×	0.2%	0.9%	0.0%	22.1%	18.5%	NaN	—	—	—	14.06×	—	—
2270.SR	Saudia Dairy & Foodstuff Company (SADAFCO)	Saudi Arabia	Saudi Arabia	$60.12	$1,954	($179)	$1,775	$640	$93	$73	14.6%	11.4%	11.1%	15.2%	19.03×	3.06×	26.86×	2.7%	3.4%	0.0%	71.4%	78.0%	NaN	—	—	—	2.97×	—	—
BGA.AX	Bega Cheese Limited	Australia	Australia	$3.97	$1,207	$131	$1,338	$2,436	$152	$30	6.2%	1.2%	4.8%	4.0%	8.81×	0.50×	40.72×	1.1%	6.4%	(0.4%)	43.5%	16.6%	NaN	—	—	—	—	—	—
1117.HK	China Modern Dairy	Hong Kong	Hong Kong	$0.13	$1,036	$1,783	$2,820	$1,344	$200	($217)	14.9%	(16.2%)	(12.8%)	(6.2%)	14.11×	0.77×	—	0.0%	(31.4%)	0.0%	—	—	NaN	—	—	—	—	—	—
DODLA.NS	Dodla Dairy	India	India	$11.67	$700	$0	$700	$371	$37	$19	10.0%	5.1%	17.1%	17.1%	18.88×	1.89×	36.71×	0.4%	2.3%	0.0%	13.3%	16.0%	NaN	—	—	—	5.01×	—	—
VITL	Vital Farms	US	US	$10.70	$474	($155)	$319	$606	$80	$66	13.1%	10.9%	19.9%	37.4%	4.00×	0.78×	8.84×	0.0%	(10.2%)	(5.9%)	0.0%	—	NaN	—	—	—	—	—	—
MLK.WA	Milkiland NV	Poland	Ukraine	$0.45	$14	$92	$106	$58	($2)	($12)	(4.0%)	(20.0%)	(66.7%)	(10.6%)	—	0.24×	—	0.0%	(41.1%)	0.0%	—	—	0	—	—	—	0.78×	—	—
AHF.AX	Australian Dairy Farms Group	Australia	Australia	$0.01	$5	$4	$9	$18	$-0	($2)	(1.9%)	(9.2%)	(11.3%)	(9.1%)	—	0.28×	—	0.0%	(6.9%)	(3.5%)	—	—	NaN	—	—	—	0.34×	—	—
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	—	—	$244	—	$983	$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				$18.00	$1,446	$29	$1,460	$947	$159	$73	12.8%	4.1%	5.0%	21.7%	14.39×	1.40×	40.32×	1.1%	(4.9%)	(1.0%)	30.7%	32.8%	11	$545	—	—	4.63×	—	—
Median				$6.97	$1,122	$-0	$1,557	$640	$69	$19	13.1%	5.1%	12.5%	13.3%	14.68×	0.89×	30.14×	0.3%	1.6%	(0.0%)	23.1%	18.5%	11	$545	—	—	2.97×	—	—

Sector KPIsHarvest1088 kt(5/9)EBIT/kgNOK 15.0(4/9)
AVANTI.NS	Avanti Feeds	India	India	$369,704,637.60	$50,279,830,714	($48)	$50,279,830,666	$583	$69	$48	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	$20.39	$10,546	$2,147	$12,693	$6,444	$1,304	$548	20.2%	8.5%	15.8%	9.8%	9.73×	1.64×	35.15×	8.0%	7.5%	0.0%	280.0%	106.1%	NaN	—	—	—	—	—	—
600438.SS	Tongwei Co Ltd	China	China	$1.95	$8,778	$5,180	$13,958	$16,280	$1,924	($740)	11.8%	(4.5%)	(9.1%)	(5.6%)	7.25×	0.54×	—	1.5%	5.1%	0.0%	—	30.0%	NaN	—	—	—	1.10×	—	—
SALM.OL	SalMar ASA	Norway	Norway	$56.86	$7,445	$1,718	$9,163	$2,716	$726	$323	26.7%	11.9%	15.4%	8.5%	12.63×	2.74×	23.06×	4.1%	2.7%	0.0%	94.0%	151.6%	NaN	—	—	—	—	—	—
BAKKA.OL	Bakkafrost P/F	Norway	Norway	$44.54	$2,634	$776	$3,410	$1,139	$293	$160	25.7%	14.1%	11.8%	7.5%	11.66×	2.31×	16.40×	3.0%	1.8%	0.0%	48.6%	167.5%	NaN	—	—	—	—	—	—
LSG.OL	Lerøy Seafood Group	Norway	Norway	$4.37	$2,605	$706	$3,311	$3,411	$373	$213	10.9%	6.3%	10.8%	8.0%	8.87×	0.76×	12.20×	4.8%	4.9%	0.0%	58.8%	99.3%	NaN	—	—	—	—	—	—
SAN.NZ	Sanford Limited	New Zealand	New Zealand	$4.19	$394	$67	$461	$297	$41	$12	13.7%	3.9%	4.0%	3.3%	11.31×	1.33×	34.29×	2.5%	3.7%	0.0%	85.7%	67.7%	NaN	—	—	—	1.36×	—	—
GSF.OL	Grieg Seafood	Norway	Norway	$3.14	$355	$416	$771	$738	$80	($14)	10.9%	(1.9%)	(4.2%)	(1.9%)	9.63×	0.48×	—	0.0%	(4.5%)	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				$41,078,308.12	$6,284,982,934	$1,218	$6,284,984,304	$3,512	$534	$61	16.5%	6.3%	8.7%	7.4%	91218859.88×	10780410.90×	176150505.03×	3.0%	2.6%	0.0%	90.1%	87.7%	—	—	—	—	52845146.27×	—	—
Median				$4.37	$5,039	$706	$6,286	$1,139	$293	$48	13.7%	8.2%	11.8%	8.0%	10.52×	1.48×	28.67×	2.7%	3.2%	0.0%	58.8%	83.5%	—	—	—	—	1.36×	—	—

Sector KPIsThroughput287.5 MMT(17/19)RMI$32B(17/19)
ADM	Archer-Daniels-Midland	US	US	$78.02	$37,543	$7,395	$44,938	$80,269	$3,053	$1,078	3.8%	1.3%	4.7%	3.6%	14.72×	0.47×	34.99×	2.6%	11.2%	2.0%	91.5%	23.4%	NaN	—	—	—	—	—	—
BG	Bunge Global SA	US	US	$119.42	$23,108	$12,916	$36,024	$70,329	$2,435	$816	3.5%	1.2%	4.7%	2.7%	14.79×	0.33×	24.32×	2.3%	(3.8%)	(12.3%)	57.0%	—	NaN	—	—	—	—	—	—
300999.SZ	Yihai Kerry Arawana Holdings	China	China	$3.65	$19,813	$6,167	$25,979	$35,265	$784	$370	2.2%	1.1%	3.6%	2.2%	33.14×	0.56×	53.67×	0.4%	7.3%	0.0%	24.1%	6.1%	NaN	—	—	—	—	—	—
INGR	Ingredion Incorporated	US	US	$100.81	$6,593	$893	$7,486	$7,424	$1,234	$729	16.6%	9.8%	26.5%	20.0%	6.07×	0.89×	10.09×	3.2%	7.8%	0.9%	32.0%	41.0%	NaN	—	—	—	—	—	—
2002.T	Nisshin Seifun Group	Japan	Japan	$11.79	$3,559	($62)	$3,497	$4,960	$372	$167	7.5%	3.4%	4.7%	4.7%	9.40×	0.72×	21.36×	1.9%	5.2%	0.0%	40.4%	36.2%	NaN	—	—	—	1.00×	—	—
TATE.L	Tate & Lyle plc	UK	UK	$7.59	$3,421	$590	$4,011	$2,209	$421	$180	19.1%	8.1%	10.0%	7.5%	9.53×	1.55×	19.11×	3.4%	4.0%	0.0%	65.0%	84.3%	NaN	—	—	—	—	—	—
EBRO.MC	Ebro Foods S.A.	EU	EU	$20.72	$3,189	$835	$4,024	$3,644	$441	$188	12.1%	5.2%	11.2%	7.5%	9.13×	0.88×	17.01×	3.4%	8.9%	0.0%	57.1%	37.7%	NaN	—	—	—	—	—	—
SZU.DE	Südzucker AG	EU	EU	$12.56	$2,564	$2,158	$4,722	$11,939	$726	($31)	6.1%	(0.3%)	(0.6%)	(0.4%)	6.50×	0.21×	—	3.7%	4.1%	0.0%	—	89.7%	NaN	—	—	—	—	—	—
ANDE	The Andersons	US	US	$69.21	$2,345	$525	$2,870	$11,009	$350	$96	3.2%	0.9%	7.1%	5.1%	8.20×	0.21×	24.46×	1.1%	(2.4%)	(0.1%)	27.9%	—	NaN	—	—	—	—	—	—
GPRE	Green Plains Inc	US	US	$14.80	$944	$392	$1,336	$2,496	($25)	($123)	(1.0%)	(4.9%)	(24.4%)	(13.7%)	—	0.38×	—	0.0%	7.8%	(0.2%)	—	0.0%	NaN	—	—	—	1.87×	—	—
KRBL.NS	KRBL Limited	India	India	$3.94	$928	($37)	$891	$583	$88	$59	15.1%	10.1%	12.4%	13.5%	10.13×	1.59×	15.83×	1.0%	4.7%	0.0%	15.3%	20.7%	NaN	—	—	—	—	—	—
GNC.AX	GrainCorp Limited	Australia	Australia	$3.70	$823	$35	$858	$5,014	$201	$51	4.0%	1.0%	6.1%	5.9%	4.26×	0.16×	16.17×	6.1%	12.4%	0.8%	98.8%	49.1%	NaN	—	—	—	—	—	—
KER.WA	Kernel Holding S.A.	Poland	Ukraine	$5.24	$427	$970	$1,397	$3,850	$510	$215	13.2%	5.6%	10.0%	6.9%	2.74×	0.11×	1.99×	0.0%	67.9%	0.0%	0.0%	0.0%	NaN	—	—	—	—	—	—
ALTO	Alto Ingredients, Inc.	US	US	$4.84	$368	$83	$451	$945	($42)	($83)	(4.4%)	(8.8%)	(128.5%)	(56.2%)	—	0.39×	—	0.0%	2.4%	(0.5%)	—	0.0%	NaN	—	—	—	5.69×	—	—
0606.HK	China Agri-Industries Holdings	Hong Kong	Hong Kong	$0.04	$191	$3,789	$3,980	$14,827	$303	$45	2.0%	0.3%	1.6%	0.7%	13.12×	0.01×	4.24×	16.3%	65.8%	0.0%	69.0%	24.7%	NaN	—	—	—	—	—	—
SOJA3.SA	Boa Safra Sementes	Brazil	Brazil	$1.21	$75	$122	$197	$334	$39	$19	11.8%	5.6%	11.1%	6.4%	5.00×	0.22×	4.09×	2.0%	2.6%	0.0%	8.0%	74.4%	NaN	—	—	—	—	—	—
AGXY3.SA	AgroGalaxy Participações	Brazil	Brazil	$0.35	$44	$403	$447	$884	($69)	($196)	(7.8%)	(22.2%)	(1250.0%)	(46.9%)	—	0.05×	—	0.0%	(177.8%)	0.0%	—	—	NaN	—	—	—	—	—	—
O32.SI	Olam Group	Singapore	Singapore	—	—	$12,787	—	$28,381	$1,287	($632)	4.5%	(2.2%)	(9.9%)	(3.3%)	—	—	—	—	—	—	—	14.0%	NaN	—	—	—	—	—	—
GRUMA.B.MX	Gruma SAB	Mexico	Mexico	—	—	$1,276	—	$6,670	$1,102	$522	16.5%	7.8%	23.7%	15.0%	—	—	—	—	—	—	21.4%	22.4%	NaN	—	—	—	—	—	—
Mean				$26.93	$6,231	$2,697	$8,418	$15,317	$695	$183	6.7%	1.2%	(67.2%)	(1.0%)	10.48×	0.51×	19.03×	2.8%	1.7%	(0.6%)	43.4%	32.7%	—	—	—	—	2.86×	—	—
Median				$7.59	$2,345	$835	$3,497	$5,014	$421	$96	4.5%	1.2%	4.7%	4.7%	9.26×	0.38×	17.01×	2.0%	5.2%	0.0%	36.2%	24.0%	—	—	—	—	1.87×	—	—

Sector KPIsCapacity utilization95%(1/18)R&D / sales3.9%(4/18)
CTVA	Corteva, Inc.	US	US	$76.87	$51,695	($1,941)	$49,754	$17,401	$2,961	$1,094	17.0%	6.3%	4.5%	4.9%	16.80×	2.97×	48.04×	0.9%	5.4%	2.0%	43.7%	16.7%	NaN	—	—	—	—	—	—
NTR	Nutrien Ltd	US	US	$65.48	$32,282	$10,035	$42,317	$26,885	$6,105	$2,297	22.7%	8.5%	9.1%	6.5%	6.93×	1.20×	14.05×	3.3%	6.6%	4.4%	46.8%	50.6%	NaN	—	—	—	—	—	—
CF	CF Industries Holdings	US	US	$105.59	$16,229	$1,233	$17,462	$7,084	$3,198	$1,455	45.1%	20.5%	30.1%	24.0%	5.46×	2.29×	11.77×	1.9%	11.1%	10.6%	22.3%	17.1%	NaN	—	—	—	—	—	—
YAR.OL	Yara International	Norway	Norway	$47.95	$12,274	$2,800	$15,074	$13,700	$1,500	$350	10.9%	2.6%	4.7%	3.4%	10.05×	0.90×	35.00×	3.1%	2.0%	0.0%	109.5%	153.6%	NaN	—	—	—	1.60×	—	—
ICL	ICL Group	US	Israel	$5.41	$6,979	$1,900	$8,879	$6,850	$1,450	$540	21.2%	7.9%	10.0%	7.4%	6.12×	1.02×	12.88×	3.3%	10.0%	0.0%	42.9%	33.2%	NaN	—	—	—	1.18×	—	—
MOS	The Mosaic Company	US	US	$21.69	$6,884	$4,777	$11,662	$12,052	$1,871	$541	15.5%	4.5%	4.5%	3.2%	6.23×	0.57×	12.76×	4.1%	(7.8%)	(0.2%)	51.8%	—	NaN	—	—	—	—	—	—
COROMANDEL.NS	Coromandel International	India	India	$21.58	$6,345	$53	$6,398	$2,544	$191	$148	7.5%	5.8%	15.6%	14.7%	33.53×	2.49×	42.77×	0.6%	2.2%	0.0%	25.2%	27.1%	NaN	—	—	—	3.39×	—	—
UPL.NS	UPL Limited	India	India	$6.48	$4,859	$2,014	$6,873	$4,876	$848	($21)	17.4%	(0.4%)	(0.8%)	(0.4%)	8.11×	1.00×	—	1.0%	6.5%	(12.0%)	—	15.0%	NaN	—	—	—	1.75×	—	—
PIIND.NS	PI Industries	India	India	$30.07	$4,571	($265)	$4,306	$848	$201	$148	23.8%	17.5%	15.6%	21.5%	21.38×	5.39×	30.83×	0.4%	2.8%	0.0%	13.0%	15.2%	NaN	—	—	—	4.73×	—	—
SMG	Scotts Miracle-Gro	US	US	$63.08	$3,646	$2,070	$5,716	$3,413	$421	$145	12.3%	4.3%	427.1%	6.9%	13.57×	1.07×	25.03×	4.2%	7.5%	(1.2%)	104.8%	55.7%	NaN	—	—	—	—	—	—
SDF.DE	K+S AG	EU	EU	$15.96	$3,048	$522	$3,570	$4,410	$696	$93	15.8%	2.1%	1.7%	1.5%	5.13×	0.69×	32.74×	3.6%	3.8%	0.0%	119.0%	95.5%	NaN	—	—	—	0.55×	—	—
CHAMBLFERT.NS	Chambal Fertilizers and Chemicals	India	India	$5.14	$2,139	$329	$2,468	$1,802	$170	$90	9.4%	5.0%	13.1%	8.9%	14.55×	1.19×	23.78×	1.2%	4.5%	0.0%	29.4%	27.7%	NaN	—	—	—	1.73×	—	—
TATACHEM.NS	Tata Chemicals	India	India	$7.74	$1,973	$477	$2,450	$1,643	$233	($8)	14.2%	(0.5%)	(0.6%)	(0.4%)	10.50×	1.20×	—	2.1%	4.3%	0.0%	—	47.8%	NaN	—	—	—	1.22×	—	—
NUF.AX	Nufarm	Australia	Australia	$1.99	$761	$459	$1,220	$2,189	$254	$21	11.6%	1.0%	1.7%	1.3%	4.80×	0.35×	35.25×	1.4%	5.6%	0.0%	50.0%	25.5%	NaN	—	—	—	0.61×	—	—
IPI	Intrepid Potash	US	US	$34.19	$449	($83)	$365	$298	$51	$11	17.2%	3.8%	2.3%	2.7%	7.14×	1.50×	39.76×	0.0%	3.1%	(1.7%)	0.0%	0.0%	NaN	—	—	—	—	—	—
AVD	American Vanguard Corp	US	US	$2.64	$81	$164	$245	$506	$18	($56)	3.6%	(11.1%)	(34.5%)	(17.2%)	13.60×	0.16×	—	0.0%	(31.1%)	0.3%	—	—	NaN	—	—	—	0.50×	—	—
VITT3.SA	Vittia Fertilizantes e Biológicos	Brazil	Brazil	$0.65	$59	$24	$83	$134	$31	$19	23.5%	13.9%	11.9%	10.3%	2.64×	0.44×	3.16×	5.4%	6.6%	0.0%	17.1%	81.9%	NaN	—	—	—	—	—	—
IPL.AX	Incitec Pivot	Australia	Australia	—	—	$494	—	$3,884	$671	$177	17.3%	4.5%	5.2%	4.5%	—	—	—	—	—	—	76.9%	55.4%	NaN	—	—	—	—	—	—
Mean				$30.15	$9,075	$1,392	$10,520	$6,140	$1,160	$391	17.0%	5.3%	28.9%	5.8%	10.97×	1.44×	26.27×	2.2%	2.5%	0.1%	50.2%	44.9%	—	—	—	—	1.73×	—	—
Median				$21.58	$4,571	$486	$5,716	$3,649	$546	$147	16.4%	4.5%	5.0%	4.7%	8.11×	1.07×	27.93×	1.9%	4.5%	0.0%	43.7%	30.5%	—	—	—	—	1.41×	—	—

AGI.TO	Ag Growth International	Canada	Canada	$38.42	$730	$550	$1,280	$1,071	$207	$64	19.3%	6.0%	25.7%	8.0%	6.18×	0.68×	11.44×	1.1%	9.8%	(0.5%)	12.8%	11.4%	NaN	—	—	—	1.08×	—	—
ELD.AX	Elders Limited	Australia	Australia	$3.68	$577	$314	$891	$2,436	$138	$55	5.7%	2.3%	8.9%	5.9%	6.47×	0.24×	10.48×	6.1%	12.9%	0.0%	64.4%	47.8%	NaN	—	—	—	—	—	—
Mean				$21.05	$653	$432	$1,086	$1,754	$172	$60	12.5%	4.1%	17.3%	7.0%	6.33×	0.46×	10.96×	3.6%	11.3%	(0.3%)	38.6%	29.6%	—	—	—	—	1.08×	—	—
Median				$21.05	$653	$432	$1,086	$1,754	$172	$60	12.5%	4.1%	17.3%	7.0%	6.33×	0.46×	10.96×	3.6%	11.3%	(0.3%)	38.6%	29.6%	—	—	—	—	1.08×	—	—
Mean				$2,416,401.01	$335,205,020	$1,567	$335,206,587	$6,058	$623	$210	17.1%	5.7%	2.9%	7.3%	5103177.56×	574958.41×	8455327.23×	3.3%	5.7%	(0.6%)	226.6%	73.3%	744	$4,238	$6,268	$11,589	1761511.61×	$8.00	19.3%
Median				$5.13	$1,367	$315	$2,283	$1,431	$205	$65	14.2%	5.2%	7.4%	5.7%	8.81×	0.89×	15.83×	2.4%	5.2%	0.0%	43.3%	37.5%	156	$2,105	$5,680	$5,045	1.00×	$1.65	9.2%

Updated Jun 17, 2026, 8:50 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 = $0.1964, 1 AUD = $0.7062, 1 EUR = $1.1604, 1 GBP = $1.3412, 1 MYR = $0.2463, 1 SAR = $0.2665, 1 KES = $0.0077, 1 IDR = $0.0001, 1 SGD = $0.7797, 1 THB = $0.0307, 1 NZD = $0.5818, 1 NOK = $0.1054, 1 DKK = $0.1552, 1 CNY = $0.1480, 1 INR = $0.0106, 1 PHP = $0.0166, 1 ZAR = $0.0616, 1 NGN = $0.0007, 1 KRW = $0.0007, 1 JPY = $0.0062, 1 MXN = $0.0580, 1 CAD = $0.7143); market cap, EV, and absolute-$ 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.