Deere & Company

Deere’s hierarchy prioritizes reinvestment in precision ag, autonomy, and the Smart Industrial model, alongside targeted M&A such as Blue River in prior years and ongoing upgrades to the tech stack.

Dividends have risen steadily and repurchases reduced the share count meaningfully over the last several years, with repurchase pacing trimmed in FY2025 to respect the cycle. Management targets a strong balance sheet and maintains an A-level credit profile.

We view the blend of internal investment, disciplined buybacks, and a growing dividend as rational and shareholder aligned for a cyclically exposed, moat-heavy franchise.