FMC Corporation Overview
FMC Corporation is a Philadelphia-based, pure-play crop-protection company and one of the tier-one research-based agrochemical innovators, alongside Syngenta, Bayer, BASF and Corteva. It discovers, develops, manufactures and markets insecticides, herbicides, fungicides and "Plant Health" products (biologicals, crop nutrition, seed treatment) through distributors, retailers, cooperatives and, increasingly, direct-to-grower channels in Brazil.
Its economic franchise was built on the diamide insecticides acquired from DuPont in 2017: Rynaxypyr® (~USD 0.8bn of FY2025 sales) and Cyazypyr® (~USD 0.4bn). Both have now lost core patent protection. FMC is therefore in a deep transition. FY2025 revenue fell to USD 3.47bn and the company booked a USD 2.24bn GAAP loss. It has cut the dividend 86%, fallen to junk credit status, and in 2026 raised capital through asset sales, a Corteva licence and a 20% equity stake sale to Tessenderlo Group.
The equity case now rests on four new-mode-of-action active ingredients: Isoflex®, fluindapyr, Dodhylex™ and rimisoxafen.
Company's own description (FY2025 10-K, paraphrased)
FMC describes itself as a global agricultural sciences company that supplies farmers with innovative solutions to increase the productivity and resilience of their land, and states that it operates in a single business segment. It develops, markets and sells all three major classes of crop-protection chemicals (insecticides, herbicides and fungicides), together with biologicals, crop nutrition and seed-treatment products grouped as "Plant Health."
The 10-K calls FMC a "tier-one leader" in agrochemicals, positioned through technology, geographic balance and crop diversity. For 2026 it sets four operational priorities:
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strengthening the balance sheet;
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improving competitiveness of the core portfolio;
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managing the post-patent Rynaxypyr® transition;
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supporting the growth of new active ingredients.
Business model and revenue model
| Dimension | Characterization | Evidence |
|---|---|---|
| Revenue model | Overwhelmingly product sales of formulated crop-protection products and active ingredients (AIs) | 10-K FY2025 product table |
| Service revenue | Immaterial; Arc™ farm intelligence (precision-ag platform) is a commercial support tool, not a disclosed revenue line | 10-K FY2025 |
| Licensing / supply revenue | Growing: cost-plus diamide supply to partners; Albaugh licence on chlorantraniliprole process (Nov 2024); Corteva rimisoxafen co-exclusive supply and licence with a USD 200M prepayment (Jun 2026); India supply agreement with Crystal Crop on close | 10-K FY2025; Q4 FY2025 release; 10-Q Q2 FY2026 |
| Subscription | None disclosed | — |
| Product mix (FY2023, latest disclosed split) | Insecticides ~59%, herbicides ~29%, fungicides ~7%, Plant Health ~4%, other ~1% | 2023 Corporate Fact Sheet (label mapping inferred from chart) |
| Portfolio framing | "Core" portfolio = Rynaxypyr® plus legacy off-patent herbicides and insecticides. "Growth" portfolio = Cyazypyr®, the four new AIs and Plant Health | Q4 FY2024 release footnote; 10-K FY2025 |
Value-chain position
FMC is a discovery-to-formulation innovator that relies heavily on outsourcing. It owns large-scale AI plants in:
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Mobile, Alabama (USA)
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Manati, Puerto Rico
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Jinshan, China
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Rønland, Denmark
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Panoli, India
It also sources "critical intermediates and finished products" largely from third parties in China and India (10-K FY2025 risk factors). Downstream, it sells through:
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distributors, retailers and cooperatives in all four regions;
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direct sales to large growers in Brazil, an expanding channel cited as a Q4 FY2026 growth driver;
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alliance partners, including diamide partners on "cost-plus" contracts.
Customer types and end-markets
Customers are agricultural distributors and retailers, co-ops, large growers (Brazil), and other agrochemical companies that buy diamide AI under supply contracts. End-markets are row crops (soybean, corn, cotton, sugarcane, rice, cereals) and specialty crops (fruits, vegetables, tree nuts). Non-crop uses (pest control, turf) were largely exited with the sale of the Global Specialty Solutions business in November 2024.
Demand is seasonal. Northern-hemisphere demand runs March–September, weighting Q1/Q2. Southern-hemisphere demand runs July–February, weighting Q3, Q4 and Q1 (10-K FY2025).
Independent characterization
FMC is a mid-sized research-based agrochemical company. It has a disproportionately concentrated franchise: the diamides were roughly 35% of FY2025 GAAP revenue (USD ~1.2bn of USD 3.47bn).
The company is now caught between generic-driven price deflation on its legacy molecules and a still-sub-scale new-AI portfolio (USD ~200M in FY2025). It also faces an unusually leveraged balance sheet for a company of its size. Its strategy has shifted from "growth and returns" (2021–2023) to "survival and re-base" (2025–2026):
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monetize IP through partners (Corteva);
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shrink the manufacturing footprint (Project Foundation);
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exit structurally unprofitable markets (India commercial);
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recapitalize via a strategic minority investor (Tessenderlo).
Strategy
Stated strategy themes (10-K FY2025; Q2 FY2026 release)
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"Four operational pillars" (Q2 FY2026):
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reduce debt;
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improve core-portfolio competitiveness;
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manage the post-patent Rynaxypyr® transition;
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accelerate growth of new active ingredients.
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Innovation-led differentiation. FMC claims "one of the most productive" crop-protection pipelines, biased toward new modes of action (16 discovery areas; 19 AIs in development).
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Lower-cost diamide manufacturing to compete with generics while retaining formulation, mixture, trademark and data-exclusivity protection.
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Fit-for-purpose supply network and functional cost optimization (Project Focus, then Project Foundation).
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Partner-led IP monetization: licensing and supply agreements (Corteva rimisoxafen; Albaugh process licence; India supply to Crystal Crop).
Initiative register (last 24 months)
| Initiative | Announced | Description | Targets / status | Source |
|---|---|---|---|---|
| Project Focus | Nov 2023 | Global restructuring: headcount, supply-chain footprint, contract abandonment | USD 165M cost benefits in FY2024; residual charges in 2026 | 10-K FY2025; Q4 FY2024 8-K |
| Project Foundation | Dec 2025 | Multi-year plan: exit high-cost production sites, consolidate operations, streamline costs | ~USD 175M annual run-rate savings by end-2027 (secondary); charges of USD 172.0M in FY2025 and USD 226.6M in H1 FY2026 | Fintool/Motley Fool; Q4 FY2025 and Q2 FY2026 8-Ks |
| India commercial exit | Jul 2025 | Divest commercial operations; keep manufacturing, R&D and supply | Sale to Crystal Crop for USD 252M; close expected in 2026 | Q2 FY2026 8-K |
| Dividend reset | 30 Oct 2025 | Quarterly dividend from USD 0.58 to USD 0.08 | ~USD 250M/yr cash saved | 8-K Q3 FY2025; Barchart |
| Strategic options review | 4 Feb 2026 | Including a sale of the company | Concluded Jul 2026 with the Tessenderlo minority investment | Q4 FY2025 and Q2 FY2026 8-Ks |
| ~USD 1bn debt-reduction programme | Feb 2026 | Asset sales, licensing, equity | India USD 252M + Corteva USD 200M + Newark USD 114M + Tessenderlo USD 400M + minor asset sales | Q2 FY2026 8-K |
| Revolving credit facility amendment | H1 2026 | Covenant relief through end-2028, with tighter covenants | Completed | Tessenderlo release; Simply Wall St |
| Secured refinancing | May–Jun 2026 | USD 1.2bn 8% senior secured notes due 2031 | Proceeds repay the 3.2% Oct 2026 notes and revolver | FMC release; 8-K Jun 2026 |
| Direct-to-grower Brazil | 2025–2026 | Expanded market access via direct sales | Cited as a Q4 FY2026 volume driver | Q2 FY2026 8-K |
| New AI commercialization | Ongoing | Isoflex®, fluindapyr, Dodhylex™, rimisoxafen | New-AI sales target USD 300–400M in FY2026 (Feb guidance) | Q4 FY2025 8-K |
| Sustainability | Ongoing | Net-zero GHG goal; Climate Transition Plan; HHP phase-out (0.1% of FY2025 sales) | Net-zero target year not stated in the 10-K excerpt | 10-K FY2025 |
Medium-term targets and guidance
No multi-year financial targets are currently in force. A historical investor-day framework existed but has been superseded.
FY2026 guidance as revised 29 Jul 2026 (excluding India):
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Revenue: USD 3.50–3.70bn (−7% at midpoint)
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Adjusted EBITDA: USD 620–680M (−23%)
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Adjusted EPS: USD 1.19–1.49 (−55%)
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FCF: USD 75–225M, including the USD 200M Corteva prepayment
Management expects a return to year-over-year growth in Q4 FY2026. Turnaround commentary in the press points to 2028 (Motley Fool/Nasdaq).
Products & Services
FMC does not publish revenue or pricing by brand. Pricing models are generally per-unit sale to the channel; the cost-plus model applies only to certain diamide partners. The catalog below is organized by portfolio as FMC defines it.
Core portfolio: diamide (Rynaxypyr®) and legacy synthetics
| Product / brand | AI | Description and capability | Target customer | Launch / latest | Notes |
|---|---|---|---|---|---|
| Rynaxypyr® active | Chlorantraniliprole | World's leading insect-control technology (company claim); broad lepidopteran control | Growers via channel; diamide partners (cost-plus supply) | Acquired from DuPont 2017 | Composition-of-matter patents expired; key process/intermediate patents expired in many major markets Dec 2025; ~USD 0.8bn FY2025 sales |
| Elevest® insect control | Rynaxypyr® mixture | Novel formulation in the next-generation diamide line | US/Canada/Australia growers | From late 2020; more countries from 2025 | 10-K FY2025 |
| Vantacor® insect control | Rynaxypyr® (concentrated formulation) | Next-generation formulation | US and others | From late 2020 | 10-K FY2025 |
| Altacor® eVo insect control | Rynaxypyr® | Next-generation formulation | US/Canada/Australia | From late 2020 | 10-K FY2025 |
| Premio® Star insect control | Rynaxypyr® formulation | Brazil formulation | Brazilian row-crop growers | Brazil 2023; other LatAm countries from 2026 | 10-K FY2025 |
| Rynaxypyr® pipeline | Various | ~11 new Rynaxypyr®-containing products planned this decade; lower-cost solo formulations | Global | 2020s | 10-K FY2025 |
| Legacy herbicides and insecticides | Various off-patent AIs (e.g., bifenthrin/zeta-cypermethrin pyrethroid mixtures) | Broad-acre and specialty-crop protection | Global | Mature | Under competitive pressure; patent suit against Sharda over a bifenthrin/zeta-cypermethrin generic remanded for trial (10-K FY2025) |
Growth portfolio
| Product / brand | AI / class | Description and capability | Target crops / markets | Launch / registration status | Notes |
|---|---|---|---|---|---|
| Cyazypyr® active | Cyantraniliprole (diamide) | Broad-spectrum insecticide incl. sucking pests | Fruits, vegetables, row crops | Process patent expired 2025; ~7 new products planned this decade | ~USD 0.4bn FY2025 sales; "growth portfolio" member |
| Verimark® / Benevia® / Exirel® | Cyazypyr® brands | Soil/seed and foliar formulations | Southern Europe and globally | Southern European launches from 2023 | 10-K FY2025 |
| Isoflex® active | New herbicide mode of action (cereals) | Pre-emergent grass-weed control | Cereals (Australia, Argentina, Chile, China, Great Britain, India, Pakistan, Uruguay); Brazil cotton and rice, wheat to follow | Launched in multiple countries; EU approval in Q1 FY2026, the first new EU herbicide approval since 2019 (Q1 FY2026 call summary) | GB registration delay cut FY2025 new-AI sales (Q4 FY2025 release) |
| Dodhylex™ active | HRAC/WSSA Group 28 (first new herbicide MoA in 30+ years) | Rice herbicide | Rice in Colombia, Ecuador, Peru, South Korea (registered); Philippines conditional; dossiers in India, Brazil, US, Taiwan, Japan, Malaysia | Discovered at the Stine Research Center | 10-K FY2025 |
| Rimisoxafen | Dual mode of action (HRAC Groups 12 and 32) in a single molecule | Controls resistant Palmer amaranth, waterhemp and redroot pigweed | Corn, soybean, cereals, pulses, sunflower | First global regulatory submission filed with US EPA (2026); commercial sales expected by end of decade | Corteva co-exclusive deal for Americas corn and soybean (USD 200M prepayment); HRAC classification Feb 2026 |
| Fluindapyr | SDHI fungicide | Controls key row- and specialty-crop diseases | Soy, corn, cotton, cereals, oilseed rape, F&V, tree nuts, peanuts | Registered in US, Brazil, Paraguay, Mexico, South Korea, Ukraine, Argentina | 10-K FY2025 |
| Onsuva™ fungicide | Fluindapyr-based | Disease prevention in soybean, corn, peanut | Argentina, Brazil | Commercial | 10-K FY2025 |
| Adastrio™ fungicide | Fluindapyr-based | Controls anthracnose, rusts, gray leaf spot, NCLB | US corn, sorghum, wheat, triticale, barley | Registered (US) | 10-K FY2025 |
| Plant Health | Biologicals, crop nutrition, seed treatment | Biocontrol and biostimulants with high stability and low use rates | Global | Ongoing; Q2 FY2026 Plant Health sales declined | 10-K FY2025; Q2 FY2026 release |
| Pheromones (BioPhero) | Biologically produced pheromones | Insect mating disruption | Row crops (development) | Acquired 2022 (approx. – not re-verified) | Status not separately disclosed in FY2025 10-K |
Digital and services
| Offering | Description | Scale | Source |
|---|---|---|---|
| Arc™ farm intelligence | Proprietary mobile platform with predictive pest modelling, hyper-local weather and in-field sensors | >25 countries; ~20 million acres | 10-K FY2025 |
| FMC Ventures | Corporate VC investing in precision application, ag-fintech, molecule encapsulation and peptides | Portfolio values not publicly disclosed | 10-K FY2025 |
Pipeline scale
At FY2025 the R&D pipeline comprised 16 new active areas in discovery and 19 new AIs in development (10-K FY2025). The typical discovery-to-launch timeline is 8–10 years.
Financial Narrative
Sources: FY2021–FY2022 from the Q4 FY2022 8-K (7 Feb 2023); FY2023–FY2024 from the Q4 FY2024 8-K (4 Feb 2025); FY2025 from the Q4 FY2025 8-K (4 Feb 2026), consistent with the 10-K FY2025. Ratios are computed by the analyst from these filings.
Margins and growth
Revenue CAGR, FY2021→FY2025:
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GAAP: −8.9% p.a.
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Using FY2025 revenue excluding India (USD 3,889.3M): −6.3% p.a.
Dividends
FY2025 dividend detail: three quarterly declarations of USD 0.58, then a USD 0.08 declaration in late 2025 payable 15 Jan 2026. All 2026 declarations (Feb, Apr and Jul 2026) are USD 0.08.
FY2022 total shareholder return was USD 367M, including USD 100M of buybacks (Q4 FY2022 release).
Sources: FMC dividend releases; Quantisnow dividend history: ### Balance sheet (31 December)
Post-year-end balance sheet (30 Jun 2026, Q2 FY2026 8-K):
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Total debt: USD 4,280.6M (short-term USD 326.3M; long-term USD 3,954.3M)
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Cash: USD 476.6M, giving net debt of USD 3,804.0M
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Total equity: USD 1,661.1M
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PP&E: down to USD 554.7M (Project Foundation write-offs)
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Advance payments from customers: USD 35.5M (seasonal)
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Deferred revenue: the USD 200M Corteva prepayment sits in other long-term liabilities
Cash flow
Dividends paid and buybacks: FY2022 returned USD 367M including USD 100M of buybacks. FMC executed no buybacks in FY2025 (inferred from the debt-reduction priority; verify). The FY2025 dividend cut saves ~USD 250M per year (company commentary via Barchart and Zacks).
FCF definition change: FY2021–FY2022 FCF deducted "legacy and transformation" spending. From FY2023, FCF = CFO minus capex and other investing, plus discontinued-operations cash.
Ratios
Ratio notes:
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Working-capital days use year-end balances and GAAP revenue/COGS. FY2025 DSO computed on revenue excluding India is ~194 days.
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30 Jun 2026 LTM: GAAP ROIC −38.10%; Adjusted ROIC 6.80% (Q2 FY2026 8-K).
Commentary on trends and inflections
FY2021–FY2022: the peak. Revenue rose 15% to a record USD 5.80bn in FY2022 (+18% organically), on strong pricing in an inflationary input environment, North American volume, and >USD 600M of revenue from products launched in the prior five years. Adjusted EBITDA reached USD 1.41bn and adjusted EPS USD 7.41, while leverage stayed below 2x.
The quality of cash conversion was already deteriorating:
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CFO fell 27% in FY2022 to USD 660M.
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Receivables rose to USD 2.87bn.
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Guarantees of vendor financing were sizeable (USD 142M).
These are early signs of a channel-financed growth model.
FY2023: the destocking shock. Distributors globally destocked, so revenue fell 23% to USD 4.49bn and Adjusted EBITDA fell 30% to USD 978M. FCF swung to −USD 524M as inventory built to USD 1.72bn and payables collapsed to USD 602M.
GAAP net income of USD 1.32bn is misleading. It was driven by a USD 1.12bn tax benefit: Swiss incentives (USD 831M net) plus a USD 223M Brazil valuation-allowance release. Net debt/EBITDA nearly doubled to 3.7x.
FY2024: cash repair, structural price erosion. Working-capital release generated USD 737M of CFO and USD 614M of FCF. Price, however, fell 6% and revenue 5%. Project Focus delivered USD 165M of cost benefits (10-K FY2025) and the GSS sale added USD ~350M of proceeds (gain USD 174M).
FY2025: the franchise break.
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GAAP revenue fell 18% to USD 3.47bn, including a USD 422M India revenue reversal; revenue excluding India fell 8%.
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Price fell 6%, roughly half from cost-plus diamide-partner adjustments and half from generic pressure on the core portfolio and branded Rynaxypyr®.
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Charges totalled USD 1.96bn: USD 1,356M goodwill write-off, USD 289M restructuring, USD 99M environmental, plus India write-downs (USD 522M across lines).
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GAAP net loss was USD 2.24bn and equity halved to USD 2.10bn.
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CFO turned negative (−USD 6M) despite Adjusted EBITDA of USD 843M, an unusually poor conversion reflecting rebates, receivables, and lower advance payments.
FY2026 year to date: re-basing.
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H1 revenue was USD 1,625.7M (−12%).
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H1 Adjusted EBITDA was USD 224.7M (−31%).
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H1 GAAP net loss was USD 467.9M, including a USD 123M Swiss deferred-tax valuation allowance and Project Foundation write-offs of USD 226.6M. Within these, a USD 70.6M receivables write-off arose from a change in Latin American commercial strategy.
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Q2 FCF was positive at USD 357M, helped by the USD 200M Corteva prepayment.
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Interest expense is rising: H1 USD 136.1M vs USD 111.1M, reflecting 8% secured debt replacing cheaper unsecured notes.
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Results by Segment and Segment Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Revenue GAAP (USD Mn) | 4,486.8 | 4,246.1 | 3,467.4 |
Revenue excl India non-GAAP (USD Mn) | 4,486.8 | 4,246.1 | 3,889.3 |
Revenue YoY growth GAAP (%) | -22.7 | -5.4 | -18.3 |
Adjusted EBITDA (USD Mn) | 978.0 | 902.6 | 842.7 |
Adjusted EBITDA margin on GAAP revenue (%) | 21.8 | 21.3 | 24.3 |
Adjusted EBITDA margin on revenue excl India (%) | 21.8 | 21.3 | 21.7 |
Operating income GAAP pre-interest pre-tax (USD Mn) | 555.6 | 506.5 | -1,628.3 |
Pre-tax income continuing ops (USD Mn) | 300.2 | 252.5 | -1,886.6 |
Contribution to total revenue single segment (%) | 100 | 100 | 100 |
Revenue by Segment
| Portfolio element (USD Mn, approx.) | FY2024 | FY2025 |
|---|---|---|
New active ingredients sales Isoflex fluindapyr Dodhylex | 130 | 200 |
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View Subscription PlansMolecule Franchise FY2025 Details
| Molecule franchise FY2025 (USD Mn, approx.) | FY2025 |
|---|---|
Rynaxypyr chlorantraniliprole | 800 |
Cyazypyr cyantraniliprole | 400 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 5,045.2 | 5,802.3 | 4,486.8 | 4,246.1 | 3,467.4 |
Cost of sales and services (USD Mn) | 2,883.9 | 3,475.5 | 2,655.8 | 2,597.2 | 2,184.4 |
Gross profit (USD Mn) | 2,161.3 | 2,326.8 | 1,831.0 | 1,648.9 | 1,283.0 |
SG&A (USD Mn) | 714.1 | 775.2 | 734.3 | 644.6 | 684.9 |
R&D expense (USD Mn) | 304.7 | 314.2 | 328.8 | 278.0 | 266.1 |
Restructuring and other charges (USD Mn) | 108.0 | 93.1 | 212.3 | 219.8 | 1,960.3 |
Operating income pre-interest pre-tax (USD Mn) | 1,034.5 | 1,144.3 | 555.6 | 506.5 | -1,628.3 |
Depreciation and amortization (USD Mn) | 170.9 | 169.4 | 184.3 | 176.3 | 173.6 |
EBITDA GAAP-basis operating income plus D&A (USD Mn) | 1,205.4 | 1,313.7 | 739.9 | 682.8 | -1,454.7 |
Adjusted EBITDA company-defined (USD Mn) | 1,313.8 | 1,406.8 | 978.0 | 902.6 | 842.7 |
Interest expense net (USD Mn) | 131.1 | 151.8 | 237.2 | 235.8 | 239.6 |
Pre-tax income continuing ops (USD Mn) | 897.8 | 983.9 | 300.2 | 252.5 | -1,886.6 |
Income tax provision benefit (USD Mn) | 92.5 | 145.2 | -1,119.3 | -150.9 | 314.2 |
Net income attributable to FMC (USD Mn) | 739.6 | 736.5 | 1,321.5 | 341.1 | -2,238.9 |
EPS basic (USD) | 5.76 | 5.83 | 10.55 | 2.73 | -17.88 |
EPS diluted (USD) | 5.73 | 5.81 | 10.53 | 2.72 | -17.88 |
Adjusted EPS diluted (USD) | 6.87 | 7.41 | 3.78 | 3.48 | 2.96 |
Diluted shares GAAP (M) | 129.1 | 126.7 | 125.5 | 125.4 | 125.2 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 42.8 | 40.1 | 40.8 | 38.8 | 37.0 |
Operating margin (%) | 20.5 | 19.7 | 12.4 | 11.9 | -47.0 |
Adjusted EBITDA margin (%) | 26.0 | 24.2 | 21.8 | 21.3 | 24.3 |
Net margin (%) | 14.7 | 12.7 | 29.5 | 8.0 | -64.6 |
Revenue YoY growth (%) | 9.8 | 15.0 | -22.7 | -5.4 | -18.3 |
Per-Share Data
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Dividends declared per share (USD) | 2.32 | 2.32 | 1.82 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 10,673.1 | 11,171.3 | 11,926.2 | 11,653.3 | 9,687.2 |
Cash and equivalents (USD Mn) | 516.8 | 572.0 | 302.4 | 357.3 | 584.5 |
Trade receivables net (USD Mn) | 2,583.7 | 2,871.4 | 2,703.2 | 2,903.2 | 2,062.0 |
Inventories (USD Mn) | 1,521.9 | 1,651.6 | 1,724.6 | 1,201.6 | 1,219.6 |
Short-term debt and current LTD (USD Mn) | 440.8 | 540.8 | 934.0 | 337.4 | 1,305.1 |
Long-term debt (USD Mn) | 2,731.7 | 2,733.2 | 3,023.6 | 3,027.9 | 2,769.8 |
Total debt (USD Mn) | 3,172.5 | 3,274.0 | 3,957.6 | 3,365.3 | 4,074.9 |
Net debt (USD Mn) | 2,655.7 | 2,702.0 | 3,655.2 | 3,008.0 | 3,490.4 |
Total equity (USD Mn) | 3,143.7 | 3,400.9 | 4,433.4 | 4,508.8 | 2,098.9 |
Goodwill (USD Mn) | 1,463.3 | 1,589.3 | 1,593.6 | 1,507.0 | 0 |
Other intangibles net (USD Mn) | 2,521.9 | 2,508.1 | 2,465.1 | 2,360.7 | 2,361.8 |
Goodwill plus intangibles (USD Mn) | 3,985.2 | 4,097.4 | 4,058.7 | 3,867.7 | 2,361.8 |
Total current assets (USD Mn) | 5,053.8 | 5,438.6 | 5,129.1 | 4,958.3 | 4,959.0 |
Total current liabilities (USD Mn) | 3,520.3 | 3,799.6 | 3,384.6 | 3,019.2 | 3,755.3 |
Working capital (USD Mn) | 1,533.5 | 1,639.0 | 1,744.5 | 1,939.1 | 1,203.7 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow continuing ops (USD Mn) | 898.6 | 660.0 | -300.3 | 736.7 | -6.2 |
Capital expenditures (USD Mn) | 100.1 | 142.3 | 133.9 | 67.9 | 96.3 |
Free cash flow company-defined (USD Mn) | 713.3 | 514.2 | -524.3 | 613.5 | -165.3 |
Financing cash flow continuing ops (USD Mn) | -747.9 | -237.4 | 331.5 | -870.1 | 386.0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE on average equity (%) | 23.5 | 22.5 | 33.7 | 7.6 | -67.8 |
ROA on average assets (%) | 6.9 | 6.7 | 11.4 | 2.9 | -21.0 |
Adjusted ROIC company-reported (%) | 0 | 0 | 9.02 | 7.97 | 8.29 |
Current ratio (x) | 1.44 | 1.43 | 1.52 | 1.64 | 1.32 |
Debt to equity (x) | 1.01 | 0.96 | 0.89 | 0.75 | 1.94 |
Net debt to Adjusted EBITDA (x) | 2.02 | 1.92 | 3.74 | 3.33 | 4.14 |
Interest coverage Adjusted EBITDA to net interest (x) | 10.0 | 9.3 | 4.1 | 3.8 | 3.5 |
Interest coverage operating income to net interest (x) | 7.9 | 7.5 | 2.3 | 2.1 | -6.8 |
Asset turnover (x) | 0.47 | 0.53 | 0.39 | 0.36 | 0.32 |
DSO days | 187 | 181 | 220 | 250 | 217 |
DIO days | 193 | 173 | 237 | 169 | 204 |
DPO days | 144 | 132 | 83 | 108 | 129 |
Cash conversion cycle days | 236 | 222 | 374 | 311 | 292 |
Revenue by Region
| Region (USD Mn) | FY2024 | FY2025 |
|---|---|---|
North America | 1,173.4 | 1,102.2 |
Latin America | 1,389.5 | 1,351.4 |
EMEA | 834.8 | 871.5 |
Asia excluding India from H2 2025 | 848.4 | 564.2 |
India H2 2025 line incl one-time charges | 0 | -421.9 |
Total revenue GAAP | 4,246.1 | 3,467.4 |
Region YoY growth (%)
| Region YoY growth (%) | FY2025 |
|---|---|
North America | -6.1 |
Latin America | -2.7 |
EMEA | 4.4 |
Asia excluding India | -33.5 |
Revenue by Region (Quarterly)
| Region (USD Mn) | Q2 FY2025 | Q2 FY2026 |
|---|---|---|
North America | 321 | 249 |
Latin America | 310 | 278 |
EMEA | 260 | 214 |
Asia excl India | 159 | 101 |
India held for sale | 0 | 26 |
Total | 1,051 | 867 |
Long-lived assets by region (USD Mn)
| Long-lived assets by region (USD Mn) | FY2024 | FY2025 |
|---|---|---|
North America | 956.0 | 843.3 |
Latin America | 278.8 | 187.6 |
EMEA | 3,685.4 | 2,357.9 |
Asia | 251.0 | 123.8 |
Capital Markets
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Share price end-September USD nominal | 91.56 | 105.70 | 66.97 | 65.94 | 33.63 |
Share Price & Returns
| Month | Price |
|---|---|
Oct 2025 | 15.17 |
Dec 2025 | 13.87 |
Mar 2026 | 17.22 |
Jun 2026 | 11.50 |
Jul 2026 | 11.78 |
Latest quote (early Oct 2026, EarningsWhispers) | ~12.97 |
Valuation Multiples
| Multiple | FMC | Basis |
|---|---|---|
Market cap | ≈USD 1.6bn (≈USD 2.0bn pro forma for Tessenderlo shares) | ~125M shares × USD 12.97 |
Enterprise value | ≈USD 5.4bn | Market cap + net debt of USD 3.80bn (30 Jun 2026); pre-proceeds |
EV / FY2026E Adjusted EBITDA | ≈8.3x (≈6.8x pro forma for ~USD 1bn of proceeds) | Guidance midpoint USD 650M |
EV / FY2026E sales | ≈1.5x | Guidance midpoint USD 3.6bn |
P/E on FY2026E adjusted EPS | ≈9.7x | Midpoint USD 1.34 |
P/B | ≈1.0x (book USD 1.66bn at 30 Jun 2026); GuruFocus shows 0.82 at a lower price | Q2 FY2026 8-K |
Capital Markets — Current quarterly dividend
| Item | Detail |
|---|---|
Current quarterly dividend | USD 0.08 (USD 0.32 annualized; ~2.5% yield at USD 12.97). Declared 23 Jul 2026, payable 15 Oct 2026 |
History | USD 0.58 quarterly through Q3 2025; cut ~86% in Oct 2025 to prioritize debt reduction |
Policy | Board discretion; may be restricted by debt covenants (10-K FY2025) |
Buybacks | USD 100M in FY2022; none evident since. Remaining authorization not publicly disclosed in sources reviewed; inactive while deleveraging |
Credit Ratings
| Agency | Rating | Date | Source |
|---|---|---|---|
S&P Global | BB+ (from BBB−) | Nov 2025 | Simply Wall St; iTiger |
Moody's | — | Late 2025 / early 2026 | Zacks |
Fitch | — | Late 2025 / early 2026 | Zacks |
Capital Instruments
| Instrument | Amount | Coupon | Maturity | Status / source |
|---|---|---|---|---|
Senior secured notes | USD 1,200M | 8.000% | 1 Jun 2031 | Issued 5 Jun 2026; first-lien on US, Canada and Switzerland assets plus pledges of Singapore and Netherlands subsidiaries' equity |
Senior notes | — | 3.200% | 1 Oct 2026 | Targeted for repurchase or redemption with secured-note proceeds |
Revolving credit facility (Fifth A&R, 17 Jun 2022) | — | Floating | — | Amended 2026; covenant relief through end-2028 |
Other senior and junior subordinated notes (2029–2055 maturities) | Per prior filings | Various | Various | — |
Total debt (30 Jun 2026) | USD 4,280.6M | — | — | Q2 FY2026 8-K |
Analyst Conclusions
Management guidance (29 Jul 2026, excluding India)
| Period | Revenue | Adjusted EBITDA | Adjusted EPS |
|---|---|---|---|
| FY2026 | USD 3.50–3.70bn (−7%) | USD 620–680M (−23%) | USD 1.19–1.49 (−55%) |
| Q3 FY2026 | USD 840–900M (−9%) | USD 120–140M (−45%) | USD 0.05–0.13 |
| Q4 FY2026 | USD 1.06–1.20bn (+4%) | USD 275–315M (+5%) | USD 1.09–1.33 |
FY2026 FCF: USD 75–225M, including the USD 200M Corteva prepayment.
Guidance assumptions:
-
Price down mid-to-high single digits.
-
Volume flat excluding India.
-
FX a low-single-digit revenue tailwind but an EBITDA headwind.
-
Diluted shares of 125.9M, excluding the Tessenderlo issuance.
Consensus: a ~USD 2.06 EPS view for next year (secondary) implies expectations of a recovery in 2027.
Bull case
-
Pipeline optionality is underpriced. Corteva paid USD 200M up front for co-exclusive regional rights to one molecule (rimisoxafen). Yet the whole company trades at ≈USD 5.4bn EV, with three other new AIs already selling ~USD 200M (FY2025) and guided toward USD 300–400M.
-
Deleveraging plus cost take-out re-rates equity. About USD 1bn of proceeds, Project Foundation savings (~USD 175M run-rate by 2027) and a USD ~250M/yr dividend saving could cut net debt/EBITDA from ~5.9x toward ~4x by 2027. With a small equity base, each turn of EBITDA multiple moves the equity sharply.
-
Anchor shareholder and validated floor. Tessenderlo paid USD 13.30/share with a 3-year lock-up, close to the current price. Its long-term "cornerstone" posture reduces takeover-discount and governance risk.
Bear case
-
Generic erosion outruns innovation. Diamides (~USD 1.2bn) face accelerating price cuts and partner resets, while new AIs add only ~USD 100–200M per year. FY2026 Adjusted EBITDA guidance (USD 650M midpoint) is already ~54% below the FY2022 peak (USD 1.41bn).
-
Capital structure leaves little margin for error. With 8% secured debt, junk ratings, covenant relief, and interest costs consuming roughly a third of Adjusted EBITDA (H1 FY2026 net interest USD 136M vs Adjusted EBITDA USD 225M), another guidance miss could force dilutive equity or asset sales at weak prices.
-
Earnings quality and credibility. Recurring large "special charges" weaken reported results: Add negative operating cash flow in two of the last three years and three guidance cuts in 18 months. Securities litigation over channel-inventory disclosures remains pending.
Catalysts and monitorables (next 12 months)
| Catalyst | Expected timing |
|---|---|
| Q3 FY2026 results: delivery vs USD 120–140M EBITDA guide; evidence of the Q3→Q4 order shift | 2 Nov 2026 |
| Closing of the Tessenderlo investment and the India sale (regulatory approvals); Newark due diligence | H2 2026 |
| Q4 FY2026 return to growth; FY2027 guidance, including first post-patent full-year diamide pricing | Feb 2027 |
| New-AI sales trajectory vs the USD 300–400M FY2026 target; Isoflex® EU launch; Dodhylex™ registrations (India, Brazil, US) | Through 2027 |
| EPA review progress on rimisoxafen | 2027+ |
| Rating-agency actions after deleveraging | 2026–2027 |
| Rulings on the motion to dismiss in the securities class actions | Pending |
| Project Foundation savings realization; further site closures | Through 2027 |
| Working capital and CFO conversion (receivables, rebates, vendor-financing guarantees) | Ongoing |
| Tessenderlo board nominee and any expanded commercial cooperation | On closing |
Analyst verdict
| Measure | FY2022 | FY2026 guidance midpoint |
|---|---|---|
| Revenue | USD 5.80bn | ~USD 3.6bn |
| Adjusted EBITDA | USD 1.41bn | ~USD 650M |
| Adjusted EPS | USD 7.41 | ~USD 1.34 |
FMC is no longer the high-margin diamide franchise that earned USD 1.4bn of Adjusted EBITDA in 2022. It is a deleveraging special situation with a genuinely differentiated, but still small, innovation engine attached.
The filings show the scale of the reset. From FY2022 to the FY2026 guidance midpoint:
Over the same period equity fell from USD 4.5bn to USD 1.7bn, credit ratings dropped to junk, and the dividend was cut by 86%. Management's 2026 response has been decisive rather than cosmetic. It combined a secured refinancing, an IP licence that validates rimisoxafen, an India exit, a sale-leaseback, and a 20% strategic equity sale at USD 13.30. These steps buy roughly two years of runway through the 2028 covenant-relief window.
The investment debate now turns on a race. On one side are new-AI revenue (~USD 200M growing toward USD 300–400M), Project Foundation savings (~USD 175M) and rimisoxafen's late-decade launch. On the other is diamide price deflation on a ~USD 1.2bn base, against a capital structure that costs about 8% at the margin.
At ≈8x FY2026E EV/EBITDA (≈7x pro forma for proceeds) and ≈1x book, the market implies EBITDA stabilizes but does not recover. The bull outcome needs FY2027 to show flat-to-up EBITDA with positive organic cash conversion, and the bear outcome needs only one more guidance cut.
Assessment: speculative / high-risk. The risk-reward is asymmetric only for investors who can tolerate binary outcomes over 18–24 months. Prudent monitorables before re-underwriting are:
-
clean closing of the pending transactions;
-
Q4 FY2026 delivery of the guided return to growth;
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FY2026 operating cash flow excluding the Corteva prepayment;
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clarity on the trajectory of diamide pricing in 2027.
Until those confirm a trough, FMC is best viewed as a credit-led recovery story in which equity is the residual claim, not a quality compounder.
*End of dossier.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure | Age | Prior roles / notes |
|---|---|---|---|---|
Pierre R. Brondeau | Chairman, CEO and President | CEO 2010–2020 and Jun 2024–present; Chairman since 2010; Executive Chairman 2020–21 | 68 | Formerly President and CEO of Dow Advanced Materials and President and COO of Rohm and Haas; past boards include Marathon Oil, TE Connectivity and Livent; PhD (per Simply Wall St) |
Andrew D. Sandifer | EVP and CFO | CFO since 2018 | 56 | Formerly FMC Treasurer and VP Corporate Transformation; Koppers Holdings director (Audit Chair from 2025) |
Thaisa Hugenneyer | EVP Integrated Supply Chain; Chief Sustainability Officer | EVP since 2024; CSO since 2025 | 46 | Formerly VP Procurement, Logistics and Global Facilities |
Sara Ponessa | EVP, General Counsel and Secretary | Since 2025 | 54 | Formerly GC of Livent; formerly FMC Lithium and Alkali counsel |
Vsevolod Rostovtsev | EVP and Chief Technology Officer | CTO since 2023 (EVP since 2024) | 51 | Formerly FMC Discovery Chemistry; DuPont |
Jacqueline Scanlan | EVP and Chief Human Resources Officer | Since 2023 | 53 | Formerly CHRO of Axalta and Haemonetics |
Leonardo Bastos | VP and Chief Marketing Officer (non-executive officer) | — | — | Quoted in the Corteva release (Jun 2026) |
Curt Brooks | Director, Investor Relations | — | — | Q2 FY2026 release |
Directors' Remuneration
| Executive | Salary | Stock / option awards | Total |
|---|---|---|---|
Pierre Brondeau (CEO) | ≈11% of total | ≈89% of total (equity-heavy) | ≈USD 12.0M |
Governance Overview
| Attribute | Detail | Source |
|---|---|---|
Board size | 10 nominees for 2026 (down from 13 in 2025) | DEF 14A 2026; DEF 14A 2025 |
Chair / CEO | Combined (Brondeau); Lead Independent Director structure | DEF 14A 2025 (reference to Lead Director) |
Committees | Audit; Compensation and Human Capital; Nominating and Corporate Governance; others per proxy | DEF 14A |
Average board tenure | ≈4.8 years | Simply Wall St |
Tessenderlo nominee | Right to nominate one independent director on closing | Tessenderlo fact sheet Jun 2026 |
Major Shareholders
| Holder | Stake | Notes | Source |
|---|---|---|---|
Tessenderlo Group (pending) | ≈20.0% post-closing (30,319,166 new shares at USD 13.30) | Standstill; 3-year lock-up; one board nominee | Tessenderlo fact sheet |
Insider ownership | CEO ≈0.2–0.5% | — | Simply Wall St |
Competitive Landscape
Key Competitors
| Competitor | Overlap with FMC | Approx. scale | Positioning vs FMC |
|---|---|---|---|
Syngenta Group (incl. ADAMA) | All classes; diamide generics via ADAMA | Group sales ~USD 28–29bn (FY2024; approx.) | Largest; broad portfolio and seeds; China cost base |
Bayer Crop Science | Herbicides, insecticides, fungicides; seeds | ~EUR 22bn (FY2024; approx.) | Seed-plus-chemistry bundle; litigation-burdened |
BASF Agricultural Solutions | Fungicides, herbicides, insecticides | ~EUR 9.8bn (FY2024; approx.) | Strong fungicides and pipeline |
Corteva Agriscience | Crop protection plus seeds; now FMC's rimisoxafen partner | ~USD 17bn total; crop protection ~USD 7bn+ (FY2024; approx.) | Strong biologicals and seed integration; also partner |
UPL Ltd. | Post-patent and generic portfolio, LatAm and India strength | ~USD 5.5bn (FY2025; approx.) | Low-cost scale; direct threat in Brazil and India |
ADAMA (Syngenta Group) | Off-patent AIs incl. diamides | ~USD 4bn (approx.) | Generic diamide competitor |
Sumitomo Chemical (incl. Valent) | Insecticides, herbicides, biorationals | — | Japanese innovator, second tier |
Nufarm | Off-patent herbicides | ~AUD 3.5bn (approx.) | Generic competitor in Australia, NA and EU |
Albaugh | Off-patent AIs; licensed chlorantraniliprole process | Private; not disclosed | US generic competitor (now FMC licensee) |
Chinese / Indian generic manufacturers (e.g., Gharda, Sharda, Atticus as a US generic formulator) | Diamides and pyrethroids | — | Primary source of 2025–26 price erosion |
“—” = not publicly disclosed.
Peer Comparison FY2025
| Metric | FMC FY2025 | Corteva FY2024 approx. | BASF Ag FY2024 approx. | Bayer CS FY2024 approx. |
|---|---|---|---|---|
Revenue (USD Bn) | 3.47 | 16.9 | 10.6 | 24.0 |
Revenue growth YoY (%) | -18 | -1 | -4 | -2 |
Adj. EBITDA margin (%) | 24 | 20 | 18 | 20 |
R&D intensity (%) | 7.7 | 8 | 9 | 11 |
