AGCO vs TRMB: How AGCO Corporation and Trimble Compare (2026)
Last updated July 2026
Short answer
TRMB is the larger of the two ($13.60B market cap): the incumbent the market prices for continued execution (14.30x forward earnings, beta 1.38). AGCO is the smaller challenger ($8.41B), priced similarly on forward earnings (14.54x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
AGCO vs TRMB: the tie-breaker metrics
Same yardstick, side by side (as of July 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.
| Metric | AGCO | TRMB | What it tells you |
|---|---|---|---|
| Market cap | $8.41B | $13.60B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 14.54 | 14.30 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 11.20 | 30.55 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 1.07 | 1.38 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 38% of range | 26% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 1.96 | 2.40 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Before you buy: how AGCO and TRMB affect your concentration
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 TRMB 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 TRMB 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.
What does AGCO Corporation (AGCO) do?
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.
What does Trimble (TRMB) do?
Trimble is a technology company specializing in precise positioning, measurement, and workflow software for industries that build and manage the physical world. It combines hardware (GPS and GNSS receivers, optical instruments, laser scanners, and sensors) with software and services to deliver high-accuracy positioning and data-driven workflows for construction, agriculture, geospatial, and transportation customers. In construction, Trimble offers tools and software that help design, lay out, and manage building and civil projects. In agriculture, it provides precision-farming guidance and automation that help farmers plant, spray, and harvest more efficiently. In transportation and logistics, it offers fleet and freight software. Trimble has shifted its mix toward higher-margin, recurring software and subscription revenue, moving away from being purely a hardware vendor. The company makes money selling hardware, software licenses, and subscriptions across these end markets. Headquartered in Westminster, Colorado, Trimble serves customers globally across construction, agriculture, geospatial, and transportation sectors.
AGCO vs TRMB: how do they differ?
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.
- TRMB drivers: Shift toward recurring software revenue; Precision technology across large markets.
Which fits which kind of investor
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 TRMB, trimble's hardware businesses are exposed to cyclical end markets: construction activity, farm incomes (which swing with crop prices), and freight cycles can all soften and reduce equipment demand.
AGCO or TRMB: which should you pick?
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; TRMB 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 TRMB guides.
AGCO vs TRMB: the full fundamentals
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.
TRMB. Trimble trades at a valuation that prices in its transition toward higher-margin, recurring software revenue. The qualitative profile is a precision-technology company evolving from hardware vendor into a software-and-services platform for construction, agriculture, and transportation. The premium leaves it sensitive to execution on recurring-revenue growth and to cycles in its end markets.
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; TRMB shows revenue (ttm) ~$3.5 billion, recurring revenue a growing share, the strategic focus, software and services mix rising versus hardware over time, operating margin ~20%+ on an adjusted basis.
The bottom line: AGCO vs TRMB
AGCO and TRMB 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 TRMB exposure against your real portfolio. It is not an investment adviser.
Wondering how AGCO or TRMB fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in AGCO Corporation with AI
Connect the broker you already use and ask Walnut's AI how AGCO fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between AGCO and TRMB?
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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. Trimble is a technology company specializing in precise positioning, measurement, and workflow software for industries that build and manage the physical world. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is AGCO or TRMB the better stock?
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Neither is universally better. TRMB is the larger incumbent; AGCO is the smaller challenger and looks pricier on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, AGCO or TRMB?
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On forward P/E (as of July 2026), AGCO trades at 14.54x and TRMB at 14.30x, so TRMB is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both AGCO and TRMB?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of AGCO vs TRMB?
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AGCO: AGCO is highly cyclical, and a prolonged farm recession or another leg down in crop prices would keep pressuring volumes, pricing and margins. The company is smaller and less profitable than Deere, so it has less pricing power and a thinner margin cushion when demand falls. Tariffs, foreign-exchange swings (given heavy European and South American exposure) and rising manufacturing costs have already weighed on gross margin. Elevated dealer inventories can delay any recovery even after underlying farmer demand improves. Execution risk on the precision-ag strategy and integration of PTx Trimble adds further uncertainty to the higher-margin growth story. TRMB: Trimble's hardware businesses are exposed to cyclical end markets: construction activity, farm incomes (which swing with crop prices), and freight cycles can all soften and reduce equipment demand. The transition from hardware to software is ongoing and complex, with execution and integration risk, including from acquisitions and divestitures as the company reshapes its portfolio. Competition is significant across each segment, from precision-ag rivals to construction-software and geospatial competitors. Agriculture revenue can be volatile with commodity prices and farmer sentiment. Currency exposure from global sales adds variability. The stock trades at a valuation that reflects the software-transition optimism, so any stumble in recurring-revenue growth or margin progression could pressure the multiple. Macro slowdowns in construction or freight would weigh on results.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell AGCO or TRMB; figures are approximate and dated (as of July 2026). Verify current data before investing.