Is Adecoagro SA overvalued or undervalued?

As of 17 October 2025, the valuation grade for Adecoagro SA has moved from attractive to expensive, indicating a shift towards overvaluation. The company appears to be overvalued based on its P/E ratio of 22, which is significantly higher than peers like Pilgrim's Pride Corp. with a P/E of 8.20 and Cal-Maine Foods, Inc. at 6.80. Additionally, Adecoagro's EV to EBITDA stands at 9.26, while its ROE is only 3.16%, suggesting inefficiencies in generating returns relative to its equity.
In comparison to the S&P 500, Adecoagro has underperformed across multiple time frames, with a year-to-date return of -18.98% versus the S&P 500's 13.30%. This trend reinforces the notion that the stock may be overvalued, as it struggles to keep pace with broader market performance. Overall, Adecoagro SA's current valuation metrics and performance relative to peers and the market suggest it is overvalued.