Deere & Company (DE)
Deere is the leading maker of agricultural and construction equipment, sold under the John Deere brand. It is layering precision-agriculture technology and autonomy onto its machinery to lift farmer productivity.
DE vs ITW: how the two businesses compare
- Bigger business: DE, with $45.7B of yearly revenue, about 2.8× ITW's $16.0B.
- More cash from each sale: ITW turns 19 cents of each sales dollar into operating cash flow, against 16 cents at DE.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Deere (DE) is the larger business by reported revenue: $45.7B in its fiscal year ended Nov 2025, about 2.8× ITW's $16.0B (fiscal year ended Dec 2025). The SEC places them in related industries (Farm Machinery & Equipment; General Industrial Machinery & Equipment), and both map to the Economic trends research theme.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Industrials
- Different
- Separate classifications
- Different
- DE November 1 · ITW December 31
- Feb 13, 2026
DE vs ITW: quick comparison
| Company fact | DE | ITW |
|---|---|---|
| Company | Deere & Company | Illinois Tool Works Inc. |
| Exchange | NYSE | NYSE |
| Headquarters | Moline, Illinois | — |
| Founded | 1837 | — |
| SEC industry | Farm Machinery & Equipment | General Industrial Machinery & Equipment |
| Fiscal year-end | November 1 | December 31 |
| Latest annual filing | 10-K · 2025-12-18 | 10-K · 2026-02-13 |
DE vs ITW: audited financials
- Scale: DE's $45.7B of revenue is about 2.8× ITW's $16.0B.
- Cash conversion: operating cash flow equalled DE 16.3% of revenue, or 1.48× net income; ITW 19.5% of revenue. 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 2 months apart (2025-11-02 for DE, 2025-12-31 for ITW), so each figure reflects somewhat different demand and cost conditions.
| Metric | DE | ITW |
|---|---|---|
| Revenue | $45.7B2024-10-28 to 2025-11-02 · SEC filing | $16.0B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $5.0B2024-10-28 to 2025-11-02 · SEC filing | — |
| Operating cash flow | $7.5B2024-10-28 to 2025-11-02 · SEC filing | $3.1B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $18.502024-10-28 to 2025-11-02 · SEC filing | $10.492025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 11.0%2024-10-28 to 2025-11-02 · SEC filing | — |
DE: FY ending 2025-11-02 · ITW: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where DE and ITW overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 35.
- Shared research theme: Economic trends.
Differences
- Different four-digit SIC codes: DE is 3523 (Farm Machinery & Equipment); ITW is 3560 (General Industrial Machinery & Equipment).
- Offset fiscal calendars: DE's year ends November 1 and ITW's December 31, about 2 months apart.
- Scale: DE reported about 2.8× the annual revenue of ITW.
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.
Illinois Tool Works Inc. (ITW)
Illinois Tool Works makes engineered fasteners, equipment, and consumables across diversified industrial markets.
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 DE
- Agricultural equipment demand tied to farm income and crop prices
- Precision-agriculture and autonomy technology attach rates as a margin lever beyond hardware
- Construction and forestry equipment demand tied to infrastructure and construction spending
- Dealer and used-equipment inventory levels as a leading indicator of new-equipment orders
What moves ITW
We have not yet published a company-specific driver list for ITW. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-13.
The investment question
You now know DE reports about 2.8× ITW's revenue. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, including “Agricultural equipment demand tied to farm income and crop prices” at DE, and which evidence in the next filings would prove that assumption wrong.
Members-only research
What members are reading this month
- Issue 07: The Vote That Knocked Almost a Quarter off Data Center Stocks
Texas has frozen new data center approvals since the summer. The vote extends that freeze, but it cannot unplug campuses that already have power. We map who is exposed, test whether the sell-off overshot and say where the real risk sits.
- Citadel bought the AI fire sale. The seller had run out of time.
Up 439% in the first half, down about 67% in July: how an AI hedge fund ended up selling a roughly $16 billion stock book to Citadel at a discount.
The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
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. DE's fiscal year ends November 1, while ITW's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 21 matched transaction rows for DE and 19 matched transaction rows for ITW. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
DE primary filings
ITW 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.
More comparisons involving DE or ITW
DE vs ITW FAQs
Are DE and ITW direct competitors?
Not necessarily. Deere files as Farm Machinery & Equipment and Illinois Tool Works as General Industrial Machinery & Equipment. The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is DE or ITW the bigger company by revenue?
Deere (DE) is the larger business by reported revenue: $45.7B in its fiscal year ended Nov 2025, about 2.8× ITW's $16.0B (fiscal year ended Dec 2025). The SEC places them in related industries (Farm Machinery & Equipment; General Industrial Machinery & Equipment), and both map to the Economic trends research theme. 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, DE or ITW?
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 DE vs ITW 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 Deere & Company and Illinois Tool Works Inc. 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?
DE vs ITW 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
$39/mo or $249/yr · cancel future renewals anytime · sources included