Bioceres Crop Solutions Corp

Bioceres operates with a market cap of $28.7 million and a price-to-book ratio of 0.09, indicating a significant discount to its book value. The company's liquidity position is characterized by $16.4 million in cash and equivalents, but its long-term debt of $255.1 million creates a debt-to-equity ratio of 0.81, suggesting moderate leverage. The current ratio of 1.22 indicates the company can cover its short-term liabilities with its current assets, but the margin is narrow.

Profitability metrics show a return on equity of 2.95% and a return on assets of 1.11%, both below the industry median for Agricultural Chemicals. The company's net income of $9.3 million on $84 million in revenue yields a net margin of 11%, which is in line with the industry median but not exceptional. Gross profit of $42.7 million on $84 million in revenue results in a gross margin of 50.8%, which is strong and suggests efficient cost management.

Geographically, Bioceres' revenue is concentrated in a few key markets, with the Americas accounting for the majority of its sales. The company has not disclosed specific segment breakdowns, but its exposure to the agricultural sector makes it sensitive to commodity price fluctuations and regulatory changes in agrochemicals. The company's capital expenditures of -$16.7 million suggest a reduction in investment in physical assets, which may reflect a strategic shift or financial constraints.

Looking ahead, the company is expected to report a net loss of $0.16 per share in the current fiscal year, a significant improvement from the $0.82 loss in the previous year. However, the mean analyst recommendation of 3.00 (Hold) suggests limited upside potential in the near term. The company's free cash flow of $8.7 million indicates some capacity to fund operations or reduce debt, but the negative net cash position after subtracting total debt raises concerns about long-term liquidity.

The risk assessment highlights a medium liquidity risk due to the company's negative net cash position after subtracting total debt. The dilution risk is rated as low, with no significant dilution expected in the near term. The company's capital structure and financial flexibility are constrained by its high debt load, which could limit its ability to invest in growth opportunities.

Recent filings and transcripts indicate that the company is focused on expanding its product portfolio and entering new markets. However, the lack of strong buy recommendations from analysts and the current market price of $0.4494 suggest that investor sentiment remains cautious. The company's recent performance and strategic direction will be critical in determining its future trajectory.

Net margin of 11.0% ranks above the 75th percentile of the 139-company Agricultural Chemicals cohort benchmark.

Revenue grew at a 12.7% compound annual growth rate over the four-year period ending in fiscal 2025.

Cash conversion ratio of 1.99 is more than double the 0.9 cohort median, suggesting strong cash generation relative to earnings.

Gross profit reached $129.9 million in fiscal 2025, maintaining a robust margin despite significant revenue contraction.

The company carries a high credit risk flag, compounded by long-term debt increasing to $276.6 million in fiscal 2025.

Revenue $73.7M, −25,5% YoY; Operating income −47,6% YoY.

• ▍Revenue $73.7M, −25,5% YoY
• ▍Operating income −47,6% YoY
• ▍Net income −127 618,3% YoY
• ▍Free cash flow −130,0% YoY
• ▍Net margin -248.4%

Revenue $77.4M, −16,4% YoY; Operating income +204,3% YoY.

• ▍Revenue $77.4M, −16,4% YoY
• ▍Operating income +204,3% YoY
• ▍Net income −15,1% YoY
• ▍Free cash flow +25,8% YoY
• ▍Net margin -9.5%

Revenue $74.4M, −40,2% YoY; Operating income −228,0% YoY.

• ▍Revenue $74.4M, −40,2% YoY
• ▍Operating income −228,0% YoY
• ▍Net income −9 509,0% YoY
• ▍Free cash flow −9 825,5% YoY
• ▍Net margin -64.4%

Revenue $59.6M, −29,1% YoY; Operating income −92,9% YoY.

• ▍Revenue $59.6M, −29,1% YoY
• ▍Operating income −92,9% YoY
• ▍Net income −114,1% YoY
• ▍Free cash flow −85,1% YoY
• ▍Net margin -2.2%

Revenue $98.9M; Operating income $14.4M.

• ▍Revenue $98.9M
• ▍Operating income $14.4M
• ▍Net margin 0.1%

Revenue $92.6M; Operating income $2.4M.

• ▍Revenue $92.6M
• ▍Operating income $2.4M
• ▍Net margin -6.9%

Revenue $124.3M; Operating income $10.5M.

• ▍Revenue $124.3M
• ▍Operating income $10.5M
• ▍Net margin -0.4%

Revenue $84.0M; Operating income $13.2M.

• ▍Revenue $84.0M
• ▍Operating income $13.2M
• ▍Net margin 11.0%

Revenue $333.3M, −28,3% YoY; Operating income −104,9% YoY.

• ▍Revenue $333.3M, −28,3% YoY
• ▍Operating income −104,9% YoY
• ▍Net income −1 396,1% YoY
• ▍Free cash flow −1 012,4% YoY
• ▍Net margin -16.6%

Revenue $464.8M, +12,0% YoY; Operating income −15,4% YoY.

• ▍Revenue $464.8M, +12,0% YoY
• ▍Operating income −15,4% YoY
• ▍Net income −77,2% YoY
• ▍Free cash flow −66,0% YoY
• ▍Net margin 0.9%

Revenue $415.1M, +26,4% YoY; Operating income +35,9% YoY.

• ▍Revenue $415.1M, +26,4% YoY
• ▍Operating income +35,9% YoY
• ▍Net income +360,9% YoY
• ▍Free cash flow +545,1% YoY
• ▍Net margin 4.5%

Revenue $328.4M, +58,9% YoY; Operating income +3,9% YoY.

• ▍Revenue $328.4M, +58,9% YoY
• ▍Operating income +3,9% YoY
• ▍Net income −4,8% YoY
• ▍Free cash flow +67,6% YoY
• ▍Net margin -2.2%