World No.1 farm machinery · precision-ag SaaS & autonomy
Deere & Company
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.
DE Updated Jul 12, 2026 4 AI consumers
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).
Financials & Segments
- Total revenue · 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
- Segments · Production & Precision Ag(39%) · Small Ag & Turf(23%) · Construction & Forestry(26%) · Financial Services(13%)
Revenue from
- 건설·임업 딜러망 High confidence
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.Confirms EN U.S. Securities and Exchange Commission Published Dec 18, 2025: Deere & Company Form 10-K (fiscal year ended 2025-11-02) - 농가·딜러 (정밀농업 구독) High confidence
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.Mentions EN MarketBeat Published Jun 1, 2026: Deere & Company (DE) Stock Forecast and Analyst Price TargetsConfirms EN U.S. Securities and Exchange Commission Published Dec 18, 2025: Deere & Company Form 10-K (fiscal year ended 2025-11-02)Mentions EN Deere & Company Published Jan 15, 2025: John Deere Announces Strategic Partnership with SpaceX (Starlink SATCOM)
Pays to
- SpaceX (스타링크 SATCOM) High confidence
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.Confirms EN U.S. Securities and Exchange Commission Published Dec 18, 2025: Deere & Company Form 10-K (fiscal year ended 2025-11-02)Confirms EN Deere & Company Published Jan 15, 2025: John Deere Announces Strategic Partnership with SpaceX (Starlink SATCOM)Mentions KO Nongmin News Published Sep 30, 2024: Overseas autonomous farm machinery moves beyond unmanned to satellite connectivity - 철강·전자부품 공급사 (원자재) High confidence
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.Confirms EN U.S. Securities and Exchange Commission Published Dec 18, 2025: Deere & Company Form 10-K (fiscal year ended 2025-11-02)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Deere & Company | node | +28.9 | +26.6 | -5.5 | +7.6 | +11.4 | +26.7 |
| SpaceX | benef1 | · | · | · | · | · | +0.7 |
| STMicroelectronics | benef2 | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +176.6 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-10