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Andersons Valuation Multiples

Discover revenue and EBITDA valuation multiples for Andersons and similar public comparables like Luenmei Quantum Co, Pertamina Geothermal, Renewables Infrastructure Group, SMA Solar Technology and more.

Andersons Overview

About Andersons

Andersons Inc is an agriculture and renewable fuels company. Its operations are classified into two reportable business segments: Agribusiness, which generates maximum revenue, and Renewables. The Agribusiness segment includes merchandising and managing logistics across various commodities, as well as being a manufacturer, distributor, and retailer of agricultural and related plant nutrients. The segment specializes in the movement of physical commodities such as whole grains, grain products, feed ingredients, and domestic fuel products, among other agricultural commodities. The Renewables segment mainly produces, purchases, and sells ethanol and co-products. Geographically, the company generates maximum revenue from the United States, followed by Canada, Mexico, and other markets.


Founded

1947

HQ

United States

Employees

2.1K

Financials (LTM)

Revenue: $11B
EBITDA: $365M

EV

$4B

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Andersons Financials

Andersons reported last 12-month revenue of $11B and EBITDA of $365M.

In the same LTM period, Andersons generated $758M in gross profit, $365M in EBITDA, and $128M in net income.

Revenue (LTM)


Andersons P&L

In the most recent fiscal year, Andersons reported revenue of $11B and EBITDA of $337M.

Andersons is profitable as of last fiscal year, with gross margin of 6%, EBITDA margin of 3%, and net margin of 1%.

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LTMLast FY202320242025202620272028
Revenue$11B$11B$15B$11B$11B
Gross Profit$758M$714M$745M$694M$714M
Gross Margin7%6%5%6%6%
EBITDA$365M$337M$342M$360M$322M
EBITDA Margin3%3%2%3%3%
EBIT Margin1%1%2%2%1%
Net Profit$128M$96M$101M$114M$96M
Net Margin1%1%1%1%1%
Net Debt—$775M———

Financial data powered by Morningstar, Inc.

Andersons Stock Performance

Andersons has current market cap of $2B, and enterprise value of $4B.

Market Cap Evolution


Andersons' stock price is $69.93.

Andersons share price decreased by 10.9% in the last 30 days, and increased by 96.9% in the last year.

Andersons has an EPS (earnings per share) of $2.81.

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EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$4B$2B-1.3%-10.9%7.1%96.9%$2.81

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Andersons Valuation Multiples

Andersons trades at 0.3x EV/Revenue multiple, and 9.9x EV/EBITDA.

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EV / Revenue (LTM)


Andersons Financial Valuation Multiples

As of May 20, 2026, Andersons has market cap of $2B and EV of $4B.

Andersons has a P/E ratio of 18.5x.

LTMLast FY202320242025202620272028
EV/Revenue0.3x0.3x0.2x0.3x0.3x
EV/EBITDA9.9x10.7x10.6x10.0x11.2x
EV/EBIT27.6x28.2x14.3x19.0x28.2x
EV/Gross Profit4.8x5.1x4.9x5.2x5.1x
P/E18.5x24.9x23.5x20.9x24.9x
EV/FCF(23.1x)(64.5x)4.5x19.8x(64.5x)

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Andersons Valuation Multiples

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Andersons Margins & Growth Rates

Andersons grew revenue by 7% and EBITDA by 22% in the last fiscal year.

In the most recent fiscal year, Andersons reported gross margin of 6%, EBITDA margin of 3%, and net margin of 1%.

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Andersons Margins

Last FY202420252026202720282029
Gross Margin6%6%6%6%
EBITDA Margin3%3%3%3%
EBIT Margin1%2%1%1%
Net Margin1%1%1%2%
FCF Margin(1%)2%(1%)(2%)

Andersons Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth7%(24%)(2%)7%
Gross Profit Growth6%(7%)3%6%
EBITDA Growth22%6%(11%)28%
EBIT Growth18%(25%)(33%)18%
Net Profit Growth89%13%(16%)89%
FCF Growth320%(77%)(131%)320%

Data powered by FactSet, Inc. and Morningstar, Inc.

Andersons Operational KPIs

Andersons' revenue per employee in the last FY averaged $5.2M, while opex per employee averaged $0.3M for the same period.

Andersons' Rule of 40 is 10% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Andersons' Rule of X is 20% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for Andersons
LTMLast FY202320242025202620272028
Rule of 409%10%———
Bessemer Rule of X17%20%———
Revenue per Employee—$5.2M———
Opex per Employee—$0.3M———
G&A Expenses to Revenue5%5%——5%
Opex to Revenue—5%3%4%5%

Data powered by FactSet, Inc. and Morningstar, Inc.

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Andersons Competitors

Andersons competitors include Luenmei Quantum Co, Pertamina Geothermal, Renewables Infrastructure Group, SMA Solar Technology, Cadeler, Aksa Enerji, Genus, Auren Energia, ACEN and Terna Energy.

Most Andersons public comparables operate across Agriculture and Renewable Energy.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
Luenmei Quantum Co3.4x3.4x6.7x7.8x
Pertamina Geothermal5.4x5.3x6.8x6.7x
Renewables Infrastructure Group5.1x4.6x6.5x5.7x
SMA Solar Technology1.4x1.3x(32.4x)111.5x
Cadeler14.9x5.1x29.2x8.4x
Aksa Enerji2.6x2.7x8.2x7.6x
Genus2.7x2.7x14.9x13.6x
Auren Energia2.5x2.6x7.8x9.8x

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Andersons M&A Activity

Andersons has acquired 6 companies to date.

Last acquisition by Andersons was on August 4th 2025. Andersons acquired The Andersons Renewables for $852M (EV/Revenue multiple of ).

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Latest Acquisitions by Andersons

The Andersons Renewables
Skyland Grain
Lansing Trade Group
Purity Foods
Description
The Andersons Renewables is a division of The Andersons Inc. that produces ethanol and co-products from corn at four facilities in Ohio and Indiana. These plants collectively generate 500 million gallons of ethanol annually, along with distillers dried grains and corn oil for animal feed and biodiesel markets. Headquartered in Maumee, Ohio, the unit supports the broader agribusiness operations of its parent company, which reported $12.6 billion in revenue for fiscal 2023. Established through acquisitions like the 2007 purchase of an Albion, Michigan plant, it emphasizes renewable fuel production amid growing demand for low-carbon alternatives.
Skyland Grain is a Virginia-based agribusiness cooperative supplying corn, soybeans, wheat, agronomy consulting, fuels, and crop financing to farmers in the Mid-Atlantic region. The company operates grain elevators, fuel depots, and precision agriculture services across multiple facilities. Established in 1923, Skyland Grain processes millions of bushels annually and partners with producers for seed, fertilizer, and market risk management programs.
Lansing Trade Group is a Kansas City-headquartered agribusiness merchant trading grains, oilseeds, and feed ingredients across North America and export markets. Founded in 1998, it handles 100 million bushels annually, sourcing from Midwest farmers and supplying processors in Asia and Europe. The company operates elevators in Kansas and Nebraska, providing hedging, logistics, and merchandising services through proprietary analytics.
Purity Foods is a supplier of organic cereals, flours, granolas, pastas, and seeds across North America and international markets. The company distributes baking flours, beans, grains, pretzels, and sesame sticks through retail stores, supermarkets, health food outlets, and wholesalers.
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
Dallas, TX
Ulysses, KS
Kansas City, KS
Lansing, MI
Deal Date4 Aug 20254 Nov 202415 Oct 201825 Apr 2017
Valuation$852Mundisclosed$452Mundisclosed
EV/Revenue
EV/EBITDA

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Andersons Investment Activity

Andersons has invested in 1 company to date.

Latest investment by Andersons was on July 13th 2023. Andersons invested in Bushel in their $26M Undisclosed stage round (EV/Revenue multiple of ).

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Latest Investments by Andersons

Bushel
Bushel
Description
Bushel delivers integrated software for agriculture from Fargo, North Dakota, encompassing customer relationship management, portals, offer management, and farm advisement. Its subsidiary Bushel Exchange handles digital payments, powering facilities that represent over half of U.S. and Canadian grain origination while meeting SOC 2 Type II standards via bushelpowered.com.
Bushel delivers integrated software for agriculture from Fargo, North Dakota, encompassing customer relationship management, portals, offer management, and farm advisement. Its subsidiary Bushel Exchange handles digital payments, powering facilities that represent over half of U.S. and Canadian grain origination while meeting SOC 2 Type II standards via bushelpowered.com.
HQ CountryUnited StatesUnited States
HQ City
Fargo, ND
Fargo, ND
Deal Date13 Jul 202320 Apr 2021
RoundUndisclosed stageSeries B
Raised$26M$47M
Investors50 South Capital; Agrifood; Cargill; Continental Grain Company; Germin8 Ventures; Lewis & Clark AgriFood; Andersons; The Banc Funds; The Scoular CompanyCargill; CGB Enterprises; Continental Grain Company; Germin8 Ventures; Lewis & Clark AgriFood; Andersons; The Scoular Company
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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About Andersons

When was Andersons founded?Andersons was founded in 1947.
Where is Andersons headquartered?Andersons is headquartered in United States.
How many employees does Andersons have?As of today, Andersons has over 2K employees.
Who is the CEO of Andersons?Andersons' CEO is William E. Krueger.
Is Andersons publicly listed?Yes, Andersons is a public company listed on Nasdaq.
What is the stock symbol of Andersons?Andersons trades under ANDE ticker.
When did Andersons go public?Andersons went public in 1996.
Who are competitors of Andersons?Andersons main competitors include Luenmei Quantum Co, Pertamina Geothermal, Renewables Infrastructure Group, SMA Solar Technology, Cadeler, Aksa Enerji, Genus, Auren Energia, ACEN, Terna Energy.
What is the current market cap of Andersons?Andersons' current market cap is $2B.
What is the current revenue of Andersons?Andersons' last 12 months revenue is $11B.
What is the current revenue growth of Andersons?Andersons revenue growth (NTM/LTM) is 5%.
What is the current EV/Revenue multiple of Andersons?Current revenue multiple of Andersons is 0.3x.
Is Andersons profitable?Yes, Andersons is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Andersons?Andersons' last 12 months EBITDA is $365M.
What is Andersons' EBITDA margin?Andersons' last 12 months EBITDA margin is 3%.
What is the current EV/EBITDA multiple of Andersons?Current EBITDA multiple of Andersons is 9.9x.
What is the current FCF of Andersons?Andersons' last 12 months FCF is ($156M).
What is Andersons' FCF margin?Andersons' last 12 months FCF margin is (1%).
What is the current EV/FCF multiple of Andersons?Current FCF multiple of Andersons is (23.1x).
How many companies Andersons has acquired to date?As of May 2026, Andersons has acquired 6 companies.
What was the largest acquisition by Andersons?$852M acquisition of The Andersons Renewables on 4th August 2025 was the largest M&A Andersons has done to date.
What companies Andersons acquired?Andersons acquired The Andersons Renewables, Lansing Trade Group, Auburn Bean & Grain, Purity Foods, Skyland Grain, and Nature's Legacy.
In how many companies Andersons has invested to date?As of May 2026, Andersons has invested in 1 company.
What was the last Andersons investment?On 13th July 2023 Andersons invested in Bushel, participating in a $26M Undisclosed stage round, alongside 50 South Capital, Agrifood, Cargill, Continental Grain Company, Germin8 Ventures, Lewis & Clark AgriFood, The Banc Funds, and The Scoular Company.
In what companies Andersons invested in?Andersons invested in Bushel.

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