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 in its market perception. The company is currently considered overvalued, with a Price-to-Earnings (P/E) ratio of 22, which is significantly higher than its peers such as Pilgrim's Pride Corp. at 8.20 and Cal-Maine Foods, Inc. at 6.80. Additionally, Adecoagro's EV to EBITDA stands at 9.26, while its return on equity (ROE) is only 3.16%, further highlighting its underperformance compared to its competitors.
In terms of recent performance, Adecoagro has seen a year-to-date return of -18.98%, which starkly contrasts with the S&P 500's positive return of 13.30% over the same period. This underperformance, combined with its high valuation ratios, reinforces the conclusion that Adecoagro SA is overvalued in the current market environment.