Cargill vs Constellation: A Comprehensive Comparison
Revenue and Scale Comparison
Cargill is approximately 14-15 times larger by revenue:
Cargill’s annual revenue was $154 billion for fiscal year 2025 (ended May 2025)
Constellation Software’s TTM revenue is $10.74 billion USD as of September 2025
Historical Context:
Cargill generated revenue of about $177 billion in 2023 (record year)
Cargill reported $160 billion in 2024, close to a 10% drop from the previous year
Cargill’s 2025 revenue of $154 billion represents a 4-year low, continuing a decline from recent peaks
Market Position and Global Reach
Cargill’s Dominant Physical Presence: Cargill is “the largest privately held company in the United States in terms of revenue” and operates globally in around 70 countries with more than 155,000 employees . It “handles a quarter of all U.S. grain exports, produces more than 20 percent of U.S. beef and pork” .
Constellation Software’s Specialized Niche: Constellation Software has over 64,000 employees and has acquired over 500 businesses since being founded , but operates in software rather than physical commodities.
Fundamental Business Model Differences
Different Industries, Different Roles:
Cargill operates in physical agricultural commodities - it actually moves, processes, and trades the grain, livestock, and food products
Constellation/Cultura/Greenstone provides the software systems that companies like Cargill (and Cargill’s competitors) use to manage their operations
Relationship in the Agricultural Ecosystem
Cargill as Customer, Not Competitor: The relationship is more complementary than competitive. Greenstone’s AGRIS is “the most widely used ERP system in the U.S. grain industry” , meaning companies like Cargill likely use or could use Greenstone’s software to manage their operations.
Infrastructure vs. Operations:
Cargill: Has 196 facilities with 348 million bushels of licensed storage in North America, making it the third-largest grain handling company
Greenstone/Cultura: Provides the software that manages those facilities
Growth Trajectories
Contrasting Recent Performance:
Cargill: Revenue declining for two consecutive years, down from $177B (2023) to $154B (2025), amid “weaker commodity prices”
Constellation: Growing revenue from $8.40 billion (2023) to $10.06 billion (2024) to $10.74 billion (TTM)
World Economy Position
Scale in Global Context:
Cargill: Among the world’s largest private companies by revenue, with massive physical infrastructure controlling significant portions of global food supply chains
Constellation/Cultura/Greenstone: Ranks 8th-11th among global software brands but represents a much smaller absolute economic impact
Strategic Importance: While Cargill is vastly larger, Constellation’s agricultural software portfolio (particularly Greenstone) holds critical infrastructure-level importance - they provide the technological backbone that enables companies like Cargill to operate efficiently. This creates a different but strategically vital role in the global food system.
In essence, you’re comparing a massive physical commodity giant (Cargill) with a specialized technology company (Constellation) that provides essential software tools to agricultural companies. Cargill moves the grain; Greenstone provides the software that tracks, manages, and accounts for it.
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