Archer-Daniels-Midland Company (ADM)
Archer-Daniels-Midland processes and trades agricultural commodities such as grains, oilseeds, and food ingredients.
ADM vs COST: how the two businesses compare
- Bigger business: COST, with $275.2B of yearly revenue, about 3.4× ADM's $80.3B.
- More profitable: COST keeps 3 cents of each sales dollar as profit, against 1 cents at ADM.
- More cash from each sale: ADM turns 7 cents of each sales dollar into operating cash flow, against 5 cents at COST.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Costco Wholesale (COST) is the larger business by reported revenue: $275.2B in its fiscal year ended Aug 2025, about 3.4× ADM's $80.3B (fiscal year ended Dec 2025). ADM's net margin was 1.3% and COST's 2.9%. The SEC classifies them differently (Fats & Oils; Retail-Variety Stores); what connects them is shared exposure to the Economic trends research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Consumer Staples
- Different
- Separate classifications
- Different
- ADM December 31 · COST August 30
- Oct 7, 2026
ADM vs COST: quick comparison
| Company fact | ADM | COST |
|---|---|---|
| Company | Archer-Daniels-Midland Company | Costco Wholesale Corporation |
| Exchange | NYSE | NASDAQ |
| Headquarters | — | Issaquah, Washington |
| Founded | — | 1983 |
| SEC industry | Fats & Oils | Retail-Variety Stores |
| Fiscal year-end | December 31 | August 30 |
| Latest annual filing | 10-K · 2026-02-17 | 10-K · 2026-10-07 |
ADM vs COST: audited financials
- Scale: COST's $275.2B of revenue is about 3.4× ADM's $80.3B.
- Net margin: COST kept 2.9% of revenue as net income versus 1.3% at ADM.
- Cash conversion: operating cash flow equalled ADM 6.8% of revenue, or 5.06× net income; COST 4.8% of revenue, or 1.65× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 4 months apart (2025-12-31 for ADM, 2025-08-31 for COST), so each figure reflects somewhat different demand and cost conditions.
| Metric | ADM | COST |
|---|---|---|
| Revenue | $80.3B2025-01-01 to 2025-12-31 · SEC filing | $275.2B2024-09-02 to 2025-08-31 · SEC filing |
| Net income | $1.1B2025-01-01 to 2025-12-31 · SEC filing | $8.1B2024-09-02 to 2025-08-31 · SEC filing |
| Operating cash flow | $5.5B2025-01-01 to 2025-12-31 · SEC filing | $13.3B2024-09-02 to 2025-08-31 · SEC filing |
| Diluted EPS | $2.232025-01-01 to 2025-12-31 · SEC filing | $18.212024-09-02 to 2025-08-31 · SEC filing |
| Net margin | 1.3%2025-01-01 to 2025-12-31 · SEC filing | 2.9%2024-09-02 to 2025-08-31 · SEC filing |
ADM: FY ending 2025-12-31 · COST: FY ending 2025-08-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where ADM and COST overlap, and where they don't
Overlap
- Shared research theme: Economic trends.
Differences
- Different SEC industries: ADM files as Fats & Oils; COST as Retail-Variety Stores.
- Offset fiscal calendars: ADM's year ends December 31 and COST's August 30, about 4 months apart.
- Only ADM maps to Tariffs & trade.
- Scale: COST reported about 3.4× the annual revenue of ADM.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Costco Wholesale Corporation (COST)
Costco runs a membership warehouse-club model that earns much of its profit from annual membership fees rather than product markups. High renewal rates and bulk pricing have built a loyal customer base.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves ADM
We have not yet published a company-specific driver list for ADM. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-17.
What moves COST
- Membership fee revenue, renewal rates, and Executive member penetration
- Comparable warehouse sales and new warehouse openings
- Concentration in U.S. and Canadian operations, particularly California
- Kirkland Signature penetration and gross margin management
The investment question
You now know COST reports about 3.4× ADM's revenue, and COST keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, including “Membership fee revenue, renewal rates, and Executive member penetration” at COST, and which evidence in the next filings would prove that assumption wrong.
Members-only research
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. ADM's fiscal year ends December 31, while COST's ends August 30. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 4 matched transaction rows for ADM and 33 matched transaction rows for COST. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
ADM primary filings
COST primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
ADM vs COST FAQs
Are ADM and COST direct competitors?
Not necessarily. Archer-Daniels-Midland files as Fats & Oils and Costco Wholesale as Retail-Variety Stores. The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is ADM or COST the bigger company by revenue?
Costco Wholesale (COST) is the larger business by reported revenue: $275.2B in its fiscal year ended Aug 2025, about 3.4× ADM's $80.3B (fiscal year ended Dec 2025). ADM's net margin was 1.3% and COST's 2.9%. The SEC classifies them differently (Fats & Oils; Retail-Variety Stores); what connects them is shared exposure to the Economic trends research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, ADM or COST?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this ADM vs COST comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Archer-Daniels-Midland Company and Costco Wholesale Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
ADM vs COST compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
Members-only research
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