FMC CORP
$5.21
+0.15 (+2.96%) · delayed · Nov 13, 2026
Five-year price
52w $4.37 to $18.29
- Market cap
- $652M
- Enterprise value
- $3.4B
- P/E
- —
- EV / EBIT
- —
- FCF yield
- −15.7%
- ROIC
- −26.6%
- Debt / equity
- 1.62
- Piotroski F
- 2/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
33
- ○ROIC > 12% (5y avg)5y avg ROIC 4.5%
- ○ROE > 15% (5y avg)5y avg ROE -5.0%
- ○Stable operating marginsMargin volatility 25.5% (σ, 5y)
- ●Earnings convert to cashFCF / net income 85% (5y avg)
- ○Growing revenueRevenue CAGR 5y -5.7%
- ●Shrinking share countDiluted shares -4.2% over 5y
Value
n/a
- –P/E below 15P/E n/a
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield -15.7%
- –Price below Graham NumberGraham Number n/a
- ●P/B below 3P/B 0.3
Safety
0
- ○Debt / equity below 0.5D/E 1.62
- ○Debt payable in < 4 yrs of earningsNet debt $2.8B
- ○Interest coverage > 8xCoverage -6.8x
- ○Current ratio > 1.5Current ratio 1.32
- ○Piotroski F-score ≥ 6F-score 2/9
Graham Defensive
40
- ●Adequate size (revenue > $2B)Revenue $3.5B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.32
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -150%
- –Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) n/a
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
Starting cash flow
Net debt $2.8B · 125M shares · 5y revenue CAGR −5.7%
Intrinsic value
$-18.95
Price
$5.21
Margin of safety
127%
What the price implies
The market is paying for 23.8% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
44% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2,539 | 2,531 | 4,285 | 4,610 | 4,642 | 5,045 | 5,802 | 4,487 | 4,246 | 3,467 |
| Gross profit | 931 | 952 | 1,880 | 2,084 | 2,047 | 2,161 | 2,327 | 1,831 | 1,649 | 1,283 |
| Operating income | 267 | 159 | 741 | 822 | 897 | 1,035 | 1,144 | 556 | 507 | (1,628) |
| Operating margin | 10.5% | 6.3% | 17.3% | 17.8% | 19.3% | 20.5% | 19.7% | 12.4% | 11.9% | -47.0% |
| Pre-tax income | 181 | 96 | 608 | 655 | 731 | 898 | 984 | 300 | 253 | (1,887) |
| Income tax | 50 | 229 | 71 | 112 | 151 | 93 | 145 | (1,119) | (151) | 314 |
| Net income | 209 | 536 | 502 | 477 | 552 | 740 | 737 | 1,322 | 341 | (2,239) |
| EPS (diluted) | 1.56 | 3.99 | 3.69 | 3.62 | 4.23 | 5.73 | 5.81 | 10.53 | 2.72 | -17.88 |
| Diluted shares | 135 | 134 | 136 | 132 | 131 | 129 | 127 | 126 | 125 | 125 |
Who owns it