AGCO vs DE: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: AGCO is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AGCO and DE share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AGCO and DE exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

AGCO Corporation is one of the world's largest agricultural-equipment manufacturers, designing and selling tractors, combines, sprayers, hay tools and related machinery under the Fendt, Massey Ferguson, Valtra and PTx brands through a global dealer network. Roughly half of its sales come from Europe, the Middle East and Africa (where the premium Fendt brand is dominant), with the rest split across North America and South America. In recent years the company has reshaped its portfolio to focus on high-margin machinery and technology: it formed the PTx Trimble precision-ag joint venture in April 2024 (taking an 85% stake by folding in Trimble's agriculture assets) and sold the majority of its lower-margin Grain & Protein business to American Industrial Partners in an all-cash deal valued around $700 million later that year.

Full AGCO guide

Deere & Company is the largest manufacturer of agricultural equipment in the world (the John Deere brand) and a major manufacturer of construction, forestry, turf, and utility equipment. The company is also one of the largest captive finance operators serving agriculture and construction. The agricultural equipment business is the largest and most strategically important, with the John Deere brand being one of the most recognized industrial brands globally.

Full DE guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AGCO drivers: Farm-cycle recovery; Precision agriculture and PTx.
• DE drivers: Precision agriculture technology; Commodity crop and farmer income cycles.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: AGCO is highly cyclical, and a prolonged farm recession or another leg down in crop prices would keep pressuring volumes, pricing and margins. For DE, commodity crop cycle volatility affects farmer purchasing power.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AGCO if you believe its drivers more; DE if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AGCO and DE guides.

AGCO. Revenue fell through the 2024 to 2025 ag-equipment downcycle from a 2023 peak near $14.4 billion, and 2025 landed around $9.8 billion. Q1 2026 net sales rose about 14% year over year to roughly $2.34 billion on a production recovery and European strength, and management guides full-year 2026 sales to roughly $10.5 to $10.7 billion with adjusted EPS near $6.00. The stock trades at a low-teens or lower earnings multiple, which reflects both cyclical trough earnings and skepticism about the timing of a recovery.

DE. Deere trades at a premium to traditional industrials reflecting the precision agriculture technology story, the dominant agricultural equipment market position, and the demonstrated through-cycle operating discipline. The multiple compresses during commodity crop down-cycles when equipment demand weakens.

Headline figures (approximate, MAY 2026): AGCO shows revenue (2025 full year) ~$9.8B, revenue (2026 guidance) ~$10.5-10.7B, adj. eps (2026 guidance) ~$6.00, market cap ~$8.4B; DE shows revenue (ttm) ~$50 billion, operating margin ~17% (cyclical), net income (ttm) ~$7 billion, eps (ttm) ~$25.00.

AGCO and DE are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AGCO and DE exposure against your real portfolio. It is not an investment adviser.