No they don't. There's no magical set cycle of outsized profits and losses waves for Deere. Globalization and the world adding 80 million new people per year has created a potent demand for their product, which is why their sales have done well over the last ~5 years ($26b to $42b) - there's another 400 million mouths to feed in that time and another billion more on the way. And those people have more money to spend on calories than past generations. It adds up to the world needing a lot more farm output and a lot more farm equipment.

> Looking at the last 4 quarters doesn’t give you the full picture.

I wasn't only looking at their last four quarters.

Their last five fiscal years have been stellar in fact and getting better by the year. Covid only barely slowed them down. This past decade has been the best, by a dramatic margin, in the history of Deere.

What do you mean “no they dont”?