{"slug":"deere-company","name":"디어 앤 컴퍼니","name_en":"Deere & Company","ticker":"DE","updated_at":"2026-07-12T04:18:20.574914+00:00","canonical":"https://valuechain.wiki/deere-company","citable":"밸류체인 그래프 기준 디어 앤 컴퍼니의 직접 연결 기업은 1곳(관계 기준 공급 1·매출 0)이고, 사슬을 2차까지 넓히면 2곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Deere & Company is directly linked to 1 companies (1 supply, 0 revenue relationships) and reaches 2 companies within two hops; the links are backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"농기계 세계 1위 · 정밀농업 SaaS·자율주행","kicker_en":"World No.1 farm machinery · precision-ag SaaS & autonomy","lead":"존 디어 브랜드로 알려진 세계 최대 농기계 제조사다. 대형 트랙터와 콤바인 매출이 가장 크고, 정밀농업 소프트웨어를 구독형(SaaS)으로 전환하며 자율주행 트랙터로 확장하고 있다. 지상 통신망이 닿지 않는 농지를 연결하기 위해 스페이스X 스타링크 위성통신(SATCOM)을 장비에 붙였다. FY2025 총 매출·수익은 $45.7B로 농업 경기 둔화에 전년비 12% 줄었다.","lead_en":"Deere is the world's largest maker of farm machinery, known by the John Deere brand. Large tractors and combines are its biggest revenue source, and it is moving precision-agriculture software to a subscription (SaaS) model while expanding autonomous tractors. To connect farmland beyond cellular coverage, it fitted equipment with SpaceX Starlink satellite communications (SATCOM). Total net sales and revenues were $45.7B in FY2025, down 12% year over year on a softer agricultural market.","segments":{"fy":2025,"parts":[{"desc":"대형 트랙터·콤바인·정밀농업","name":"생산·정밀 농업","share":"39%"},{"desc":"소형 트랙터·잔디장비","name":"소형 농업·잔디","share":"23%"},{"desc":"건설·도로·임업 장비","name":"건설·임업","share":"26%"},{"desc":"장비 금융·리스","name":"금융 서비스","share":"13%"}],"total":"총 매출·수익 $45.68B (FY2025, FY2024 $51.72B 대비 -12%). 장비 순매출 $38.92B, 매출원가율 72.4%(전년 68.8%, 관세·저물량). 부문 순매출·수익: 생산·정밀농업 $17.75B·소형농업잔디 $10.46B·건설임업 $11.65B·금융 $5.82B","source":"https://www.sec.gov/Archives/edgar/data/315189/000110465925122321/de-20251102x10k.htm"},"segments_en":{"fy":2025,"parts":[{"desc":"Large tractors, combines, precision ag","name":"Production & Precision Ag","share":"39%"},{"desc":"Small tractors and turf equipment","name":"Small Ag & Turf","share":"23%"},{"desc":"Construction, roadbuilding, forestry","name":"Construction & Forestry","share":"26%"},{"desc":"Equipment financing and leasing","name":"Financial Services","share":"13%"}],"total":"Total net sales and revenues $45.68B (FY2025, down 12% from $51.72B in FY2024). Equipment net sales $38.92B; cost of sales to net sales 72.4% (68.8% prior year, tariffs and lower volume). Segment net sales and revenues: Production & Precision Ag $17.75B, Small Ag & Turf $10.46B, Construction & Forestry $11.65B, Financial Services $5.82B"},"returns_yearly":{"2021":28.9,"2022":26.6,"2023":-5.5,"2024":7.6,"2025":11.4,"2026":26.7},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"spacex","name":"스페이스X","name_en":"SpaceX","tier":1,"returns_yearly":{"2026":0.7}},{"slug":"stmicroelectronics","name":"ST마이크로일렉트로닉스","name_en":"STMicroelectronics","tier":2,"returns_yearly":{"2021":32.4,"2022":-26.8,"2023":41.7,"2024":-49.7,"2025":5.3,"2026":176.6}},{"slug":"cohu","name":"코후","name_en":"Cohu","tier":3,"returns_yearly":{"2021":-0.2,"2022":-15.9,"2023":10.4,"2024":-24.6,"2025":-12.8,"2026":141.4}},{"slug":"wolfspeed","name":"울프스피드","name_en":"Wolfspeed","tier":3,"returns_yearly":{"2026":102.7}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":3,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}}],"analysis":"디어의 투자 논점은 '농기계 사이클 하강 위에 얹힌 정밀농업 SaaS 전환'이다. 세계 최대 농기계사로 FY2025 총매출·수익은 $45.7B로 농업 경기 둔화에 -12% 줄었고, 관세·저물량으로 매출원가율이 68.8%→72.4%로 올라 하강 국면을 드러낸다 — 대형 트랙터·콤바인(생산·정밀농업 $17.3B)이 최대 매출이다. 재평가 축은 정밀농업 소프트웨어(오퍼레이션스 센터·See & Spray)의 SaaS 구독 전환과 자율주행으로, 반복 매출이 잔혹한 농업 사이클을 완충할 수 있다 — 다만 채택은 예상보다 더디다. 그래프상 이 연결성을 스페이스X 스타링크 위성통신에 의존해 통신 음영 농지까지 자율주행·원격진단을 넓힌다. 관건은 구독 채택과 사이클 저점 통과이며(컨센서스 매수 ~$640), 리스크는 농가 소득·관세다.","analysis_en":"Deere's thesis is 'a precision-ag SaaS transition layered on a farm-machinery cycle downturn.' As the world's largest farm-machinery maker, FY2025 total net sales and revenues of $45.7B fell 12% on a softer agricultural market, with cost-of-sales rising from 68.8% to 72.4% on tariffs and low volume, revealing the down-cycle — large tractors and combines (Production & Precision Ag $17.3B) are its biggest revenue. The re-rating axis is shifting precision-ag software (Operations Center, See & Spray) to SaaS subscriptions plus autonomy, where recurring revenue could cushion the brutal ag cycle — though adoption is slower than expected. In the graph it depends on SpaceX Starlink satellite comms to extend that connectivity, enabling autonomy and remote diagnostics on off-grid farmland. The keys are subscription adoption and passing the cycle trough (consensus Buy ~$640); the risks are farm income and tariffs.","analysis_asof":"2026-07-10"},"edges":[{"direction":"cost","counterparty":"SpaceX (스타링크 SATCOM)","counterparty_slug":"spacex","confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"스타링크 위성통신을 정밀농업 장비에 장착 — 지상망이 닿지 않는 농지를 오퍼레이션스 센터에 연결하는 상류 인프라로, 자율주행·구독형 정밀농업 전환의 통신 병목을 스페이스X 의존으로 푼다.","note_en":"Fits Starlink SATCOM onto precision-ag equipment — the upstream infrastructure connecting off-grid farmland to the Operations Center, solving the connectivity bottleneck for autonomy and subscription precision-ag through dependence on SpaceX.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2025-12-18","url":"https://www.sec.gov/Archives/edgar/data/315189/000110465925122321/de-20251102x10k.htm","title":"Deere & Company Form 10-K (FY2025, 회계연도 2025-11-02 종료)","title_en":"Deere & Company Form 10-K (fiscal year ended 2025-11-02)","excerpt":"무선주파수(RF) 스펙트럼과 위성 기능에 대한 접근이 장비·운영·소유주·딜러·기술자의 연결성을 가능케 한다.","excerpt_en":"access to radio frequency (RF) spectrum and satellite functionality which enables connectivity for equipment, operations, owners, dealers, and technicians"},{"stance":"confirms","publisher":"디어 앤 컴퍼니","publisher_en":"Deere & Company","kind":"ir","lang":"en","published_at":"2025-01-15","url":"https://www.deere.com/en/our-company/static/john-deere-partnership-with-spacex/","title":"존 디어, 스페이스X와 전략적 파트너십 발표(스타링크 SATCOM)","title_en":"John Deere Announces Strategic Partnership with SpaceX (Starlink SATCOM)","excerpt":"존 디어는 스페이스X를 위성통신(SATCOM) 서비스 파트너로 선정, 지상망이 닿지 않는 지역의 장비 연결성을 제공한다.","excerpt_en":"John Deere selected SpaceX to provide satellite communications (SATCOM) service, delivering connectivity for equipment in areas that lack adequate cellular service."},{"stance":"mentions","publisher":"농민신문","publisher_en":"Nongmin News","kind":"news","lang":"ko","published_at":"2024-09-30","url":"https://www.nongmin.com/article/20240930500650","title":"자율주행 농기계, 해외는 무인화 넘어 위성통신 활용 단계 진입","title_en":"Overseas autonomous farm machinery moves beyond unmanned to satellite connectivity","excerpt":"존디어는 1월 스페이스X를 위성통신 파트너로 선정, 오지에서도 농기계 자율주행이 가능한 발판을 구축했다.","excerpt_en":"John Deere named SpaceX its satellite-communications partner in January, laying groundwork for autonomous machinery even in remote areas."}]},{"direction":"revenue","counterparty":"건설·임업 딜러망","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"건설·임업 부문 FY2025 순매출 $11.38B. 최상급 딜러 채널을 통해 건설·도로·임업 장비를 판매하며, 2026년 소형농업·건설임업 매출 개선 전망.","note_en":"The Construction & Forestry segment posted FY2025 net sales of $11.38B, sold through a best-in-class dealer channel; small-ag/turf and construction/forestry sales are expected to improve in 2026.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2025-12-18","url":"https://www.sec.gov/Archives/edgar/data/315189/000110465925122321/de-20251102x10k.htm","title":"Deere & Company Form 10-K (FY2025, 회계연도 2025-11-02 종료)","title_en":"Deere & Company Form 10-K (fiscal year ended 2025-11-02)","excerpt":"제품 품질과 제조 우수성에 대한 명성을 최상급 딜러 채널이 뒷받침한다. (Construction & Forestry 순매출 $11,382M)","excerpt_en":"a reputation of product quality and manufacturing excellence, supported by a best-in-class dealer channel (Construction & Forestry net sales $11,382M)"}]},{"direction":"revenue","counterparty":"농가·딜러 (정밀농업 구독)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"생산·정밀농업 부문이 FY2025 순매출 $17.31B로 최대. 정밀농업 소프트웨어(오퍼레이션스 센터·See & Spray)를 SaaS 구독으로 전환 중이나 채택은 예상보다 더디다.","note_en":"The Production & Precision Agriculture segment is the largest, with FY2025 net sales of $17.31B. Deere is shifting precision-ag software (Operations Center, See & Spray) to SaaS subscriptions, though adoption has been slower than expected.","sources":[{"stance":"mentions","publisher":"마켓비트","publisher_en":"MarketBeat","kind":"research","lang":"en","published_at":"2026-06-01","url":"https://www.marketbeat.com/stocks/NYSE/DE/forecast/","title":"디어 주가 전망·애널리스트 목표주가","title_en":"Deere & Company (DE) Stock Forecast and Analyst Price Targets","excerpt":"애널리스트는 정밀농업 구독 성장과 하강 국면 성숙이 실적을 지지할 것으로 본다. 컨센서스 '매수', 목표주가 약 $640.","excerpt_en":"Analysts see precision-ag subscription growth and a maturing downturn supporting results; consensus Moderate Buy, target near $640."},{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2025-12-18","url":"https://www.sec.gov/Archives/edgar/data/315189/000110465925122321/de-20251102x10k.htm","title":"Deere & Company Form 10-K (FY2025, 회계연도 2025-11-02 종료)","title_en":"Deere & Company Form 10-K (fiscal year ended 2025-11-02)","excerpt":"정밀 기술 솔루션과 SaaS 구독 서비스 일부에 대해 예상보다 더딘 고객 채택을 경험했다. (Production & Precision Ag 순매출 $17,311M)","excerpt_en":"we have experienced slower than expected customer adoption of some of our precision technology solutions, and SaaS subscription services (Production & Precision Ag net sales $17,311M)"},{"stance":"mentions","publisher":"디어 앤 컴퍼니","publisher_en":"Deere & Company","kind":"ir","lang":"en","published_at":"2025-01-15","url":"https://www.deere.com/en/our-company/static/john-deere-partnership-with-spacex/","title":"존 디어, 스페이스X와 전략적 파트너십 발표(스타링크 SATCOM)","title_en":"John Deere Announces Strategic Partnership with SpaceX (Starlink SATCOM)","excerpt":"Connectivity enables autonomy and machine-to-machine communication for customers.","excerpt_en":"Connectivity underpins autonomy subscriptions."}]},{"direction":"cost","counterparty":"철강·전자부품 공급사 (원자재)","counterparty_slug":null,"confidence":"high","metric":{"qualifier":"confirmed_no_disclosed_value"},"note":"엔진·파워트레인·전자부품과 강재를 글로벌 공급사에서 조달. FY2025 매출원가율은 관세와 저물량 비효율로 68.8%→72.4%로 상승.","note_en":"Deere sources engines, power-train and electronic components and steel from global suppliers. FY2025 cost of sales to net sales rose from 68.8% to 72.4% on tariffs and low-volume inefficiency.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC)","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2025-12-18","url":"https://www.sec.gov/Archives/edgar/data/315189/000110465925122321/de-20251102x10k.htm","title":"Deere & Company Form 10-K (FY2025, 회계연도 2025-11-02 종료)","title_en":"Deere & Company Form 10-K (fiscal year ended 2025-11-02)","excerpt":"이들 소재·부품에는 다양한 강재, 금속 주조·단조품, 플라스틱, 유압, 전자부품, 사양별 조립부품이 포함된다. 매출원가율 72.4%.","excerpt_en":"These materials and components include a variety of steel products, metal castings, forgings, plastics, hydraulics, electronics, and ready-to-assemble components made to certain specifications. Cost of sales to net sales 72.4%."}]}]}