Agriculture Comps

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

Last updated Oct 26, 2026, 9:18 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	$1.38	$535	$565	$1,100	$91	$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	$760	$760	$602	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	$2.12	$204	$11	$216	$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	$1,448	$5,779	$2,228	0.37×	$5.70	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	$6,777	$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	$3,074	$8,835	$5,162	9.66×	$13.44	5.3%
Median				$12.26	$489	$565	$991	$91	$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	$6,886	$2,228	0.82×	$6.91	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	$2.08	$3,691	($227)	$3,464	$801	$200	$163	25.0%	20.4%	5.9%	6.4%	17.30×	4.61×	22.69×	3.2%	3.5%	0.0%	72.1%	92.0%	2,135	—	—	$1,623	—	—	5.8%
SLCE3.SA	SLC Agrícola	Brazil	Brazil	$3.50	$1,553	$1,703	$3,256	$1,713	$521	$100	30.4%	5.8%	11.1%	3.8%	6.25×	0.91×	15.62×	4.6%	(1.9%)	(1.4%)	72.3%	—	561	$1,607	$4,787	$5,803	1.58×	$2.22	16.0%
SMTO3.SA	São Martinho	Brazil	Brazil	$4.22	$1,432	$1,022	$2,453	$1,282	$551	$180	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	$1,816	—	$6,013	0.97×	—	22.5%
BALRAMCHIN.NS	Balrampur Chini Mills	India	India	$6.59	$1,329	$116	$1,445	$609	$63	$14	10.3%	2.3%	4.2%	3.1%	22.93×	2.18×	95.09×	0.5%	0.9%	0.0%	45.5%	55.0%	NaN	—	—	—	—	—	4.4%
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	$525	$48	$574	$307	$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	$2,048	—	$22,942	1.81×	—	6.4%
SHV.AX	Select Harvests	Australia	Australia	$2.74	$390	$208	$598	$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	$18,831	$19,106	$26,681	1.77×	$1.55	8.8%
AGRO3.SA	BrasilAgro	Brazil	Brazil	$3.83	$383	$234	$617	$176	$53	$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	$1,887	$1,989	$1,874	0.91×	$4.21	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	$6.73	$210	$25	$235	$145	$35	$10	24.1%	6.9%	3.8%	3.4%	6.72×	1.45×	21.02×	0.0%	3.8%	0.0%	0.0%	0.0%	296	$270	—	$795	0.79×	—	10.6%
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	$1,910	$3,091	$2,283	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%)	8.29×	0.72×	—	0.0%	(14.0%)	0.0%	—	—	124	$202	—	$334	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%	(9.6%)	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%)	2.36×	0.19×	—	0.0%	0.0%	(4.0%)	—	—	70	$48	$224	$214	0.87×	$0.05	42.4%
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				$9.55	$1,156	$433	$1,635	$1,419	$176	$54	15.9%	(1.2%)	1.8%	1.3%	9.84×	1.63×	25.30×	1.9%	(0.7%)	(0.2%)	47.5%	183.9%	284	$3,903	$10,238	$8,674	0.95×	$15.00	10.9%
Median				$3.83	$390	$71	$598	$307	$53	$15	16.7%	2.3%	4.2%	3.4%	8.58×	1.20×	21.02×	1.3%	3.1%	0.0%	54.3%	55.0%	70	$1,887	$4,787	$4,043	0.85×	$2.22	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	$9,646	$2,175	$11,821	$4,855	$975	$362	20.1%	7.5%	7.0%	4.9%	12.13×	1.99×	18.22×	2.9%	4.1%	0.0%	52.3%	69.8%	1,330	$3,895	$5,659	$8,888	1.80×	$0.77	4.5%
1961.KL	IOI Corporation	Malaysia	Malaysia	$1.09	$6,784	$577	$7,361	$2,775	$413	$376	14.9%	13.6%	12.5%	10.5%	17.80×	2.44×	17.88×	2.3%	3.5%	0.0%	42.0%	66.4%	386	$5,982	$5,726	$19,071	4.15×	$0.26	5.6%
EB5.SI	First Resources	Singapore	Indonesia	$2.85	$4,421	($150)	$4,271	$1,039	$420	$165	40.4%	15.9%	10.9%	12.2%	10.16×	4.26×	17.78×	1.1%	4.0%	0.0%	20.0%	28.4%	432	$3,472	$5,575	$9,887	1.73×	$1.65	9.8%
2089.KL	United Plantations	Malaysia	Malaysia	$7.32	$3,038	($318)	$2,719	$441	$245	$202	55.6%	45.8%	27.7%	49.2%	11.11×	6.89×	17.28×	2.7%	5.8%	(50.4%)	46.8%	46.7%	126	$8,764	$7,499	$21,634	2.41×	$3.04	9.0%
E5H.SI	Golden Agri-Resources	Singapore	Indonesia	$0.21	$2,726	$2,000	$4,726	$10,910	$951	$220	8.7%	2.0%	5.4%	3.6%	4.97×	0.25×	7.16×	2.8%	12.8%	0.0%	20.0%	21.7%	1,031	$5,820	$4,868	$4,584	0.90×	$0.24	20.1%
P8Z.SI	Bumitama Agri	Singapore	Indonesia	$1.25	$2,168	$95	$2,263	$1,673	$456	$182	27.3%	10.9%	12.1%	11.4%	4.96×	1.30×	9.48×	6.3%	11.1%	0.0%	59.4%	56.6%	553	$2,580	$4,561	$4,093	0.89×	$1.40	20.2%
SMAR.JK	SMART Tbk (Sinar Mas Agro)	Indonesia	Indonesia	$0.68	$1,946	$1,088	$3,034	$6,842	$392	$182	5.7%	2.7%	12.7%	7.2%	7.75×	0.28×	10.69×	1.9%	10.8%	0.0%	20.5%	17.8%	341	$2,537	—	$8,897	1.35×	—	12.9%
AALI.JK	Astra Agro Lestari	Indonesia	Indonesia	$0.95	$1,829	($5)	$1,824	$2,182	$334	$137	15.3%	6.3%	6.1%	6.1%	5.46×	0.84×	15.93×	2.8%	7.9%	0.0%	44.9%	35.6%	527	$3,307	$7,086	$3,461	0.49×	$1.94	18.3%
DSNG.JK	Dharma Satya Nusantara	Indonesia	Indonesia	$0.14	$1,489	$318	$1,807	$912	$251	$109	27.5%	11.9%	15.0%	10.4%	7.20×	1.63×	13.72×	2.7%	9.7%	0.0%	37.1%	27.8%	277	$1,968	—	$6,524	2.06×	—	13.9%
MPE.L	MP Evans	UK	Indonesia	$24.10	$1,253	($20)	$1,233	$353	$100	$56	28.3%	15.9%	14.0%	14.7%	12.33×	3.55×	15.65×	2.8%	4.8%	0.0%	43.3%	57.8%	135	$2,229	$5,122	$9,160	1.77×	$13.64	8.1%
5126.KL	Sarawak Oil Palms	Malaysia	Malaysia	$1.27	$1,136	$171	$1,307	$1,388	$192	$95	13.8%	6.9%	13.6%	10.9%	6.81×	0.82×	10.38×	3.5%	9.1%	0.0%	36.0%	38.3%	190	$6,442	$5,775	$6,880	1.23×	$1.04	14.7%
STA.BK	Sri Trang Agro-Industry	Thailand	Thailand	$0.70	$1,081	$592	$1,673	$3,256	$326	$104	10.0%	3.2%	10.6%	6.6%	5.14×	0.33×	10.44×	1.7%	10.9%	0.0%	17.5%	15.3%	1,500	$276	—	$1,116	1.25×	—	11.5%
SIMP.JK	Salim Ivomas Pratama	Indonesia	Indonesia	$0.05	$1,059	$650	$1,709	$1,597	$530	$54	33.2%	3.4%	2.5%	1.9%	3.22×	0.66×	5.25×	3.8%	17.5%	(21.6%)	20.0%	21.8%	530	$3,340	$7,544	$3,225	0.32×	$0.17	31.0%
LSIP.JK	PP London Sumatra Indonesia	Indonesia	Indonesia	$0.15	$993	($278)	$715	$492	$118	$64	24.0%	13.0%	6.1%	8.3%	6.06×	2.02×	15.46×	3.2%	7.3%	0.0%	49.9%	44.5%	285	$1,979	—	$2,508	0.94×	—	16.5%
SSMS.JK	Sawit Sumbermas Sarana	Indonesia	Indonesia	$0.09	$886	$230	$1,116	$1,037	$225	$71	21.7%	6.8%	17.8%	11.3%	4.97×	0.85×	10.81×	5.1%	13.3%	0.0%	54.9%	38.1%	230	$2,174	$6,154	$4,851	0.75×	$0.12	20.1%
SGRO.JK	Sampoerna Agro	Indonesia	Indonesia	$0.42	$755	$237	$992	$554	$193	$35	34.9%	6.3%	6.1%	4.3%	5.14×	1.36×	10.08×	8.0%	7.2%	0.0%	80.2%	111.2%	234	$2,444	$5,807	$4,238	0.67×	$0.62	19.5%
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	$3,825	$5,885	$4,376	0.75×	$0.74	14.7%
ANJT.JK	Austindo Nusantara Jaya	Indonesia	Indonesia	$0.13	$441	$122	$563	$368	$92	$39	25.0%	10.7%	7.0%	5.7%	6.12×	1.20×	11.25×	2.1%	6.3%	0.0%	24.0%	33.5%	128	$3,398	—	$4,399	0.78×	—	16.3%
TBLA.JK	Tunas Baru Lampung	Indonesia	Indonesia	$0.06	$291	$764	$1,055	$1,582	$224	$95	14.2%	6.0%	12.8%	6.3%	4.71×	0.18×	3.05×	8.1%	37.8%	0.0%	24.8%	21.4%	215	$2,940	—	$4,906	0.39×	—	21.2%
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	$0.15	$144	($91)	$53	$446	$78	$48	17.6%	10.7%	18.9%	29.6%	0.68×	0.32×	3.03×	28.6%	36.5%	0.0%	86.5%	78.3%	40	$3,749	—	$1,351	0.57×	—	146.8%
AEP.L	Anglo-Eastern Plantations	UK	Indonesia	$2.15	$85	($181)	$-97	$372	$99	$56	26.7%	15.0%	10.0%	14.8%	-0.97×	0.23×	1.26×	23.7%	35.5%	0.0%	29.8%	67.0%	297	$915	$3,698	$-326	0.07×	$32.43	—
RE.L	REA Holdings	UK	Indonesia	$1.53	$67	$169	$236	$188	$59	$8	31.3%	4.3%	2.7%	1.7%	4.01×	0.36×	3.64×	0.0%	16.4%	0.0%	0.0%	0.0%	65	$5,954	$6,215	$3,625	0.28×	$5.37	21.2%
5210.KL	United Malacca	Malaysia	Malaysia	$0.08	$17	$6	$24	$162	$61	$28	37.9%	17.4%	8.6%	8.5%	0.39×	0.11×	0.62×	41.2%	133.2%	0.0%	25.5%	30.9%	156	$1,985	—	$151	0.05×	—	259.6%
KLK.KL	Kuala Lumpur Kepong	Malaysia	Malaysia	—	—	$2,513	—	$5,453	$671	$285	12.3%	5.2%	8.8%	5.0%	—	—	—	—	—	—	111.1%	61.7%	705	$4,890	$5,732	—	—	$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	$2,644	$5,928	—	—	$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	$5,644	—	—	—	—	—
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	$804	—	—	—	—	—
Mean				$1.97	$1,791	$334	$2,148	$1,453	$229	$92	24.9%	8.5%	10.5%	10.4%	6.40×	1.46×	10.57×	6.7%	17.7%	(3.0%)	45.7%	48.5%	322	$2,904	$5,421	$5,834	1.10×	$3.63	31.8%
Median				$0.62	$1,070	$95	$1,270	$446	$118	$56	23.8%	8.6%	8.3%	6.3%	5.76×	0.85×	10.61×	2.8%	10.3%	0.0%	44.1%	41.1%	215	$2,537	$5,732	$4,387	0.88×	$1.26	16.3%

AAC.AX	Australian Agricultural Co	Australia	Australia	$0.95	$573	$341	$914	$273	$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	$573	$341	$914	$273	$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	$573	$341	$914	$273	$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	$498.08	$165,362	$42	$165,404	$995	$199	$124	20.0%	12.4%	38.0%	33.6%	831.22×	166.20×	1332.26×	0.1%	0.1%	0.0%	93.5%	101.3%	NaN	—	—	—	330.40×	—	—
RCL.JO	RCL Foods Limited	South Africa	South Africa	$44.92	$39,533	$75	$39,608	$2,201	$193	$69	8.8%	3.2%	11.7%	10.4%	205.27×	17.96×	568.70×	0.1%	0.2%	0.0%	42.0%	33.4%	NaN	—	—	—	—	—	—
ABF.L	Associated British Foods plc	UK	UK	$26.09	$19,252	$134	$19,385	$28,317	$3,874	$1,763	13.7%	6.2%	11.2%	11.1%	5.00×	0.68×	10.91×	3.4%	7.6%	2.4%	37.2%	44.6%	NaN	—	—	—	—	—	—
F34.SI	Wilmar International	Singapore	Singapore	$2.59	$16,143	$32,000	$48,143	$67,380	$3,100	$1,170	4.6%	1.7%	5.3%	2.2%	15.53×	0.24×	14.37×	4.4%	5.3%	0.6%	63.9%	84.4%	NaN	—	—	—	—	—	—
2280.SR	Almarai	Saudi Arabia	Saudi Arabia	$11.00	$10,996	$2,702	$13,698	$5,591	$1,419	$740	25.4%	13.2%	14.6%	9.5%	9.65×	1.97×	17.86×	2.4%	5.7%	0.0%	43.3%	42.6%	124	$53,930	$1,108	$110,468	2.17×	—	—
ICBP.JK	Indofood CBP Sukses Makmur	Indonesia	Indonesia	$0.60	$6,968	$2,621	$9,589	$7,122	$1,900	$1,087	26.7%	15.3%	20.6%	13.8%	5.05×	0.98×	6.41×	4.2%	17.7%	0.0%	26.6%	23.5%	NaN	—	—	—	1.32×	—	—
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	$5,861	$1,580	$7,441	$11,652	$2,250	$1,050	19.3%	9.0%	9.5%	8.3%	3.31×	0.50×	5.58×	6.2%	24.7%	0.0%	34.4%	24.9%	NaN	—	—	—	0.79×	—	—
2050.SR	Savola Group	Saudi Arabia	Saudi Arabia	$5.95	$4,759	$1,572	$6,331	$7,489	$493	$330	6.6%	4.4%	10.7%	7.1%	12.84×	0.64×	14.40×	0.0%	5.5%	0.0%	0.6%	0.8%	NaN	—	—	—	1.54×	—	—
TWE.AX	Treasury Wine Estates	Australia	Australia	$4.10	$3,289	$1,091	$4,380	$1,900	$521	$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	$25,806	—	$146,002	0.97×	—	—
2607.T	Fuji Oil Holdings	Japan	Japan	$29.48	$2,535	$320	$2,855	$2,944	$205	$70	7.0%	2.4%	5.6%	4.5%	13.94×	0.86×	35.98×	1.3%	2.0%	0.0%	46.9%	64.5%	NaN	—	—	—	2.09×	—	—
097950.KS	CJ CheilJedang	South Korea	South Korea	$135.92	$2,048	$5,600	$7,648	$24,000	$2,000	$480	8.3%	2.0%	5.5%	3.3%	3.82×	0.09×	4.27×	3.2%	31.2%	0.0%	13.8%	10.4%	NaN	—	—	—	0.21×	—	—
CAM.L	Camellia	UK	Kenya	$71.46	$1,979	($93)	$1,886	$367	$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	$2,154	$6,409	$15,209	2.23×	$32.07	—
CSAN3.SA	Cosan S.A.	Brazil	Brazil	$1.04	$1,950	$7,752	$9,701	$8,353	$2,564	($901)	30.7%	(10.8%)	(18.2%)	(7.1%)	3.78×	0.23×	—	10.6%	(15.4%)	0.0%	—	—	2,100	$811	—	$4,620	0.39×	—	—
2871.T	Nichirei Corporation	Japan	Japan	$14.04	$1,882	$480	$2,362	$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	$10.22	$1,599	$205	$1,804	$1,250	$80	$24	6.4%	1.9%	4.5%	3.2%	22.60×	1.28×	67.10×	0.9%	1.3%	0.0%	58.6%	68.2%	NaN	—	—	—	—	—	—
TTEN3.SA	3tentos Agroindustrial	Brazil	Brazil	$2.83	$1,473	$431	$1,903	$1,602	$130	$88	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	$6.44	$1,236	$121	$1,356	$998	$89	$47	8.9%	4.7%	18.0%	12.3%	15.20×	1.24×	26.65×	1.6%	3.0%	0.0%	43.5%	54.9%	75	—	—	$18,085	4.71×	—	—
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	$3.04	$914	($136)	$779	$940	$168	$73	17.9%	7.7%	5.9%	6.7%	4.62×	0.97×	8.70×	4.4%	6.7%	(0.3%)	38.2%	65.4%	124	$4,853	$1,758	$6,282	2.59×	$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	$7.90	$193	$280	$474	$529	$112	$39	21.2%	7.4%	4.4%	3.3%	4.22×	0.36×	8.64×	0.0%	18.0%	0.0%	0.0%	0.0%	543	$413	$786	$872	1.32×	$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	$78	$190	$21	($6)	11.1%	(3.0%)	(3.3%)	(2.4%)	3.68×	0.08×	—	0.0%	(24.7%)	0.0%	—	—	5	$11,261	—	$15,519	0.08×	—	—
URC.PS	Universal Robina Corporation	Philippines	Philippines	—	—	$343	—	$2,605	$304	$155	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				$36.45	$12,365	$2,179	$14,863	$6,827	$757	$263	14.2%	5.3%	9.6%	6.8%	56.11×	8.78×	377.52×	3.1%	4.7%	(0.2%)	1121.7%	150.6%	450	$11,763	$3,080	$32,736	20.79×	$12.66	—
Median				$7.90	$2,014	$387	$3,618	$2,051	$223	$78	11.4%	4.6%	7.3%	6.4%	9.03×	0.89×	15.52×	2.4%	5.3%	0.0%	37.7%	42.6%	124	$4,853	$1,758	$10,745	1.32×	$8.69	—

Sector KPIsPlants1225(23/25)
ARL.JO	Astral Foods Limited	South Africa	South Africa	$1,272.63	$49,251	($14)	$49,237	$1,435	$112	$55	7.8%	3.9%	22.4%	23.8%	441.37×	34.32×	887.88×	0.1%	0.1%	0.0%	61.0%	53.4%	NaN	—	—	—	—	—	—
002714.SZ	Muyuan Foods	China	China	$6.23	$34,071	$7,380	$41,451	$20,692	$4,680	$2,672	22.6%	12.9%	17.0%	11.5%	8.86×	1.65×	12.74×	2.5%	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	$3.60	$12,490	$356	$12,846	$8,957	$1,254	$766	14.0%	8.5%	30.4%	26.6%	10.24×	1.39×	16.69×	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	$0.80	$10,370	$1,800	$12,170	$26,228	$3,204	$1,480	12.2%	5.6%	21.9%	17.3%	3.80×	0.40×	6.87×	31.7%	17.8%	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	$0.60	$5,174	$11,455	$16,629	$17,405	$1,415	$563	8.1%	3.2%	7.8%	3.0%	11.75×	0.30×	9.19×	3.0%	16.9%	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	$4,631	$4,980	$9,611	$15,460	$795	$73	5.1%	0.5%	1.6%	0.8%	12.09×	0.30×	63.55×	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	$70.12	$3,767	$260	$4,028	$3,636	$361	$156	9.9%	4.3%	20.6%	15.4%	11.17×	1.04×	18.42×	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	$9.56	$857	$381	$1,238	$5,454	$212	$63	3.9%	1.2%	16.1%	8.2%	5.83×	0.16×	13.65×	4.7%	14.0%	(0.2%)	64.3%	33.6%	NaN	—	—	—	2.20×	—	—
MHPC.L	MHP S.E.	UK	Ukraine	$4.82	$522	$1,160	$1,682	$3,450	$720	$285	20.9%	8.3%	27.1%	12.9%	2.34×	0.15×	1.83×	0.0%	61.3%	0.0%	0.0%	0.0%	NaN	—	—	—	—	—	—
BEEF3.SA	Minerva S.A.	Brazil	Brazil	$0.86	$502	$1,943	$2,445	$7,692	$471	($72)	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	$379	$133	$512	$588	$73	$47	12.3%	8.0%	8.7%	7.0%	7.06×	0.64×	8.03×	4.4%	13.3%	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	—	—	$14,141	—	$83,345	$6,049	$1,356	7.3%	1.6%	21.1%	6.6%	—	—	—	—	—	—	34.4%	13.2%	NaN	—	—	—	—	—	—
MRFG3.SA	Marfrig Global Foods	Brazil	Brazil	—	—	$6,730	—	$30,506	$2,744	$144	9.0%	0.5%	7.4%	1.7%	—	—	—	—	—	—	47.1%	8.3%	NaN	—	—	—	—	—	—
BRFS3.SA	BRF S.A.	Brazil	Brazil	—	—	$1,963	—	$12,298	$1,642	$672	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				$79.90	$9,190	$3,039	$11,767	$14,196	$1,388	$507	10.8%	4.8%	14.4%	9.9%	30.30×	2.43×	64.16×	3.6%	11.7%	0.1%	42.3%	34.8%	—	—	—	—	1.39×	—	—
Median				$4.82	$4,672	$1,590	$8,775	$8,150	$795	$199	9.9%	4.7%	14.0%	8.2%	7.66×	0.47×	12.74×	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	$4.93	$3,564	($575)	$2,990	$1,030	$159	$100	15.5%	9.7%	14.8%	102.9%	18.77×	3.46×	35.78×	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	$10.36	$2,300	$98	$2,398	$840	$68	$16	8.1%	1.9%	12.5%	7.0%	35.14×	2.74×	145.13×	0.2%	0.8%	0.0%	22.1%	18.5%	NaN	—	—	—	15.18×	—	—
2270.SR	Saudia Dairy & Foodstuff Company (SADAFCO)	Saudi Arabia	Saudi Arabia	$45.97	$1,494	($179)	$1,316	$640	$93	$73	14.6%	11.4%	11.1%	15.2%	14.10×	2.34×	20.54×	3.5%	4.5%	0.0%	71.4%	78.0%	NaN	—	—	—	2.27×	—	—
BGA.AX	Bega Cheese Limited	Australia	Australia	$4.39	$1,336	$130	$1,466	$2,428	$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	$1,317	$1,808	$3,124	$1,362	$203	($220)	14.9%	(16.2%)	(12.8%)	(6.2%)	15.43×	0.97×	—	0.0%	(25.1%)	0.0%	—	—	NaN	—	—	—	—	—	—
DODLA.NS	Dodla Dairy	India	India	$10.23	$614	$0	$614	$368	$37	$19	10.0%	5.1%	17.1%	17.1%	16.71×	1.67×	32.49×	0.4%	2.6%	0.0%	13.3%	16.0%	NaN	—	—	—	4.43×	—	—
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%)	—	0.20×	—	0.0%	(50.7%)	0.0%	—	—	0	—	—	—	0.63×	—	—
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	—	$962	$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				$14.82	$1,410	$31	$1,426	$943	$158	$73	12.8%	4.1%	5.0%	21.7%	14.33×	1.36×	41.47×	1.3%	(4.8%)	(1.0%)	30.7%	32.8%	11	$545	—	—	4.57×	—	—
Median				$7.03	$1,326	$-0	$1,391	$640	$68	$19	13.1%	5.1%	12.5%	13.3%	14.77×	0.88×	32.49×	0.3%	1.7%	(0.0%)	23.1%	18.5%	11	$545	—	—	2.27×	—	—

Sector KPIsHarvest1088 kt(5/9)EBIT/kgNOK 15.0(4/9)
MOWI.OL	Mowi ASA	Norway	Norway	$22.98	$11,885	$2,075	$13,960	$6,229	$1,261	$529	20.2%	8.5%	15.8%	9.8%	11.07×	1.91×	40.98×	6.8%	6.4%	0.0%	280.0%	106.1%	NaN	—	—	—	—	—	—
SALM.OL	SalMar ASA	Norway	Norway	$62.60	$8,196	$1,744	$9,940	$2,757	$737	$328	26.7%	11.9%	15.4%	8.5%	13.49×	2.97×	25.00×	3.8%	2.5%	0.0%	94.0%	151.6%	NaN	—	—	—	—	—	—
600438.SS	Tongwei Co Ltd	China	China	$1.74	$7,817	$5,250	$13,067	$16,500	$1,950	($750)	11.8%	(4.5%)	(9.1%)	(5.6%)	6.70×	0.47×	—	1.7%	5.8%	0.0%	—	30.0%	NaN	—	—	—	0.96×	—	—
BAKKA.OL	Bakkafrost P/F	Norway	Norway	$49.05	$2,900	$750	$3,650	$1,101	$283	$155	25.7%	14.1%	11.8%	7.5%	12.91×	2.63×	18.69×	2.6%	1.6%	0.0%	48.6%	167.5%	NaN	—	—	—	—	—	—
LSG.OL	Lerøy Seafood Group	Norway	Norway	$4.68	$2,787	$717	$3,504	$3,463	$379	$217	10.9%	6.3%	10.8%	8.0%	9.25×	0.80×	12.86×	4.6%	4.6%	0.0%	58.8%	99.3%	NaN	—	—	—	—	—	—
SAN.NZ	Sanford Limited	New Zealand	New Zealand	$3.47	$326	$65	$392	$290	$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	$698	$749	$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				$18.37	$4,884	$1,220	$6,459	$3,518	$533	$58	16.5%	6.3%	8.7%	7.4%	10.26×	1.47×	25.31×	3.2%	2.8%	0.0%	90.1%	87.7%	—	—	—	—	1.06×	—	—
Median				$4.07	$2,900	$717	$3,650	$1,101	$283	$47	13.7%	8.2%	11.8%	8.0%	9.83×	1.12×	25.00×	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	$3.92	$21,276	$6,250	$27,526	$35,742	$795	$375	2.2%	1.1%	3.6%	2.2%	34.64×	0.60×	56.87×	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	$13.43	$4,056	($64)	$3,992	$5,120	$384	$173	7.5%	3.4%	4.7%	4.7%	10.40×	0.79×	23.58×	1.7%	4.7%	0.0%	40.4%	36.2%	NaN	—	—	—	1.10×	—	—
TATE.L	Tate & Lyle plc	UK	UK	$7.52	$3,392	$588	$3,979	$2,200	$419	$179	19.1%	8.1%	10.0%	7.5%	9.49×	1.54×	19.02×	3.4%	4.1%	0.0%	65.0%	84.3%	NaN	—	—	—	—	—	—
EBRO.MC	Ebro Foods S.A.	EU	EU	$20.62	$3,172	$808	$3,980	$3,522	$426	$182	12.1%	5.2%	11.2%	7.5%	9.34×	0.90×	17.50×	3.3%	8.7%	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	$4.59	$1,021	$35	$1,056	$4,997	$201	$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	$3.66	$861	($37)	$824	$578	$87	$58	15.1%	10.1%	12.4%	13.5%	9.46×	1.49×	14.83×	1.0%	5.0%	0.0%	15.3%	20.7%	NaN	—	—	—	—	—	—
KER.WA	Kernel Holding S.A.	Poland	Ukraine	$4.99	$407	$970	$1,377	$3,850	$510	$215	13.2%	5.6%	10.0%	6.9%	2.70×	0.11×	1.89×	0.0%	71.3%	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	$1.67	$104	$124	$228	$341	$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	$411	$425	$901	($70)	($200)	(7.8%)	(22.2%)	(1250.0%)	(46.9%)	—	0.02×	—	0.0%	(542.4%)	0.0%	—	—	NaN	—	—	—	—	—	—
O32.SI	Olam Group	Singapore	Singapore	—	—	$12,818	—	$28,450	$1,290	($633)	4.5%	(2.2%)	(9.9%)	(3.3%)	—	—	—	—	—	—	—	14.0%	NaN	—	—	—	—	—	—
GRUMA.B.MX	Gruma SAB	Mexico	Mexico	—	—	$1,177	—	$6,153	$1,017	$482	16.5%	7.8%	23.7%	15.0%	—	—	—	—	—	—	21.4%	22.4%	NaN	—	—	—	—	—	—
Mean				$25.57	$6,188	$2,695	$8,377	$15,310	$690	$180	6.7%	1.2%	(67.2%)	(1.0%)	10.63×	0.51×	19.41×	2.9%	(19.0%)	(0.6%)	43.4%	32.7%	—	—	—	—	2.37×	—	—
Median				$7.52	$2,200	$808	$3,979	$5,120	$419	$96	4.5%	1.2%	4.7%	4.7%	9.40×	0.30×	19.02×	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	$42.80	$10,957	$2,800	$13,757	$13,700	$1,500	$350	10.9%	2.6%	4.7%	3.4%	9.17×	0.80×	31.24×	3.5%	2.3%	0.0%	109.5%	153.6%	NaN	—	—	—	1.43×	—	—
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	$18.20	$5,352	$53	$5,405	$2,520	$189	$147	7.5%	5.8%	15.6%	14.7%	28.60×	2.12×	36.42×	0.7%	2.6%	0.0%	25.2%	27.1%	NaN	—	—	—	2.89×	—	—
UPL.NS	UPL Limited	India	India	$5.23	$3,921	$1,995	$5,916	$4,830	$840	($21)	17.4%	(0.4%)	(0.8%)	(0.4%)	7.04×	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	$21.13	$3,211	($262)	$2,949	$840	$200	$147	23.8%	17.5%	15.6%	21.5%	14.78×	3.82×	21.87×	0.6%	3.9%	0.0%	13.0%	15.2%	NaN	—	—	—	3.35×	—	—
SDF.DE	K+S AG	EU	EU	$14.34	$2,738	$505	$3,243	$4,262	$673	$90	15.8%	2.1%	1.7%	1.5%	4.82×	0.64×	30.43×	3.9%	4.1%	0.0%	119.0%	95.5%	NaN	—	—	—	0.51×	—	—
TATACHEM.NS	Tata Chemicals	India	India	$6.26	$1,595	$473	$2,068	$1,628	$231	($8)	14.2%	(0.5%)	(0.6%)	(0.4%)	8.95×	0.98×	—	2.5%	5.3%	0.0%	—	47.8%	NaN	—	—	—	0.99×	—	—
CHAMBLFERT.NS	Chambal Fertilizers and Chemicals	India	India	$3.78	$1,571	$326	$1,897	$1,785	$168	$89	9.4%	5.0%	13.1%	8.9%	11.29×	0.88×	17.63×	1.7%	6.0%	0.0%	29.4%	27.7%	NaN	—	—	—	1.28×	—	—
NUF.AX	Nufarm	Australia	Australia	$2.11	$807	$457	$1,264	$2,182	$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	—	—	$493	—	$3,871	$669	$176	17.3%	4.5%	5.2%	4.5%	—	—	—	—	—	—	76.9%	55.4%	NaN	—	—	—	—	—	—
Mean				$25.39	$6,306	$1,390	$7,749	$6,125	$1,157	$391	17.0%	5.3%	28.9%	5.8%	8.79×	1.12×	21.17×	2.6%	1.6%	0.1%	50.2%	44.9%	—	—	—	—	1.38×	—	—
Median				$14.34	$3,427	$483	$5,405	$3,642	$545	$146	16.4%	4.5%	5.0%	4.7%	7.04×	0.88×	19.75×	2.5%	5.3%	0.0%	43.7%	30.5%	—	—	—	—	1.16×	—	—

ELD.AX	Elders Limited	Australia	Australia	$4.41	$691	$313	$1,004	$2,428	$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	$1,119	$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	$630	$431	$1,061	$1,749	$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	$630	$431	$1,061	$1,749	$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				$28.47	$5,623	$1,572	$7,226	$6,083	$625	$210	17.1%	5.7%	2.9%	7.3%	23.25×	2.99×	98.70×	3.5%	3.4%	(0.7%)	226.6%	73.3%	744	$4,231	$6,263	$11,161	5.94×	$8.00	19.6%
Median				$4.63	$1,571	$316	$2,263	$1,413	$206	$65	14.2%	5.2%	7.4%	5.7%	8.38×	0.85×	15.63×	2.5%	5.7%	0.0%	43.3%	37.5%	156	$2,105	$5,692	$4,736	0.97×	$1.65	9.6%

Updated Oct 26, 2026, 9:18 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 = $0.2003, 1 AUD = $0.7038, 1 EUR = $1.1217, 1 GBP = $1.3357, 1 MYR = $0.2448, 1 SAR = $0.2665, 1 KES = $0.0077, 1 IDR = $0.0001, 1 SGD = $0.7816, 1 THB = $0.0296, 1 NZD = $0.5690, 1 NOK = $0.1070, 1 DKK = $0.1500, 1 CNY = $0.1500, 1 INR = $0.0105, 1 PHP = $0.0156, 1 ZAR = $0.0603, 1 NGN = $0.0007, 1 KRW = $0.0008, 1 JPY = $0.0064, 1 MXN = $0.0535, 1 CAD = $0.7135); market cap, EV, and absolute-$ 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.