CNH vs DE: CNH Industrial and Deere & compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Deere & is the larger company, worth $162.3B, about 10.8 times CNH Industrial.
- Deere & grew revenue faster over the last year (+4.9% vs +3.0%).
- On earnings, Deere & is the cheaper stock (33.8x vs 37.7x).
- Deere &'s price assumes faster free cash flow growth: about 9% a year, against -8% for CNH Industrial (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CNH | DE |
|---|---|---|
| Market cap | $15.0B | $162.3B |
| Share price | $12.46 | $620.93 |
| Revenue (last fiscal year) | $15.3B | $45.7B |
| Free cash flow (last fiscal year) | $2.0B | $6.1B |
| Revenue growth, last year | +3.0% | +4.9% |
| Revenue growth per year, last 5 fiscal years | -3.6% | +0.9% |
| Operating margin | — | 13.4% |
| Net margin | 2.0% | 10.2% |
| Return on equity | 4.0% | 17.4% |
| P/E (trailing) | 37.7x | 33.8x |
| Price / free cash flow | 7.50x | 50.2x |
| EV / EBITDA | 14.7x | 18.9x |
| FCF growth the price implies | -8.1% | 8.7% |
| Dividend yield | 0.81% | 1.1% |
| Debt / equity | 4.40x | 2.84x |
| Fundamental grade | D | D |
| Superinvestors holding it | 0 | 11 |
| Insider purchases, last 12 months | 4 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
CNH Industrial
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $17.8B | $3.7B | — |
| 2022 | $21.5B | $96M | — |
| 2023 | $22.1B | $263M | — |
| 2024 | $17.1B | $1.4B | — |
| 2025 | $15.3B | $2.0B | — |
Deere &
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $44.0B | $6.9B | 18.2% |
| 2022 | $52.6B | $3.6B | 18.1% |
| 2023 | $61.3B | $7.1B | 21.2% |
| 2024 | $51.7B | $7.6B | 17.5% |
| 2025 | $45.7B | $6.1B | 13.7% |
Where the revenue comes from
CNH Industrial · by segments, 2025
Agriculture$12.4B69%
Construction$3.0B16%
Financial Services$2.7B15%
Deere & · by segments, 2020
Agriculture and Turf$22.8B64%
Construction and Forestry$9.2B26%
Financial Services$3.6B10%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CNH in InvestinglyQuestions
Which is bigger, CNH Industrial or Deere &?
Deere & (DE), at $162.3B against $15.0B.
Is CNH or DE cheaper?
By trailing P/E, Deere & (33.8x) is cheaper than CNH Industrial (37.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, CNH or DE?
Deere &: revenue grew +4.9% over the last year, against +3.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.