Archer Daniels Midland

Philosophy is pragmatic: invest in the network and selective growth while returning excess cash. FY24 buybacks were $2.33 billion; dividends totaled $985 million. In 1H25, repurchases were paused amid investigations and portfolio actions, while the dividend was raised to $0.51 per quarter, continuing a 93‑year+ streak.

Management targets $500–$750 million of multi‑year cost savings and is closing or consolidating sites to improve asset productivity. We score capital allocation as average due to mixed acquisition outcomes in Nutrition and the accounting issues that led to restatements of segment disclosures, offset by long‑term discipline and recent cost focus.