# FMC (FMC.US)

Canonical: https://gigainvestors.com/s/FMC

Analysis as of: 2026-10-16T07:28:35.068Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $5.62 per share; close as of 2026-10-15.

Estimated value: low $40.63 per share, central $45.78 per share, high $52.64 per share. Buy at or below the central value $45.78 per share. Valuation as of 2026-10-16T07:28:35.068Z; scenarios are not confidence intervals.

Expected annual return: 146.5% at the stated quote. About 146.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 2

- Operating margin variation: 8.85×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.18×

- FY2018: 0.22×

- FY2019: 0.21×

- FY2020: 0.24×

- FY2021: 0.23×

- FY2022: 0.22×

- FY2023: 0.19×

- FY2024: 0.15×

- FY2025: -0.54×

- LTM to Jun 2026: -0.72×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 4.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 16.0%

- ROIC, second-lowest year: 6.9%

- Typical minus recent gross margin: 4.8 pp

- Typical gross margin (annual median): 41.8%

- Recent gross margin (lower of latest and 3-year median): 37.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.6%

- ROIC including acquisitions, ten-year median: 9.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.3%

- FY2017: 7.5%

- FY2018: 19.7%

- FY2019: 19.4%

- FY2020: 20.3%

- FY2021: 23.4%

- FY2022: 23.7%

- FY2023: 12.7%

- FY2024: 6.9%

- FY2025: -26.2%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.45×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.3B

- Net income, five-year total: $897M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 1.4 pp

- Working capital / revenue, change between three-year averages: 12.7 pp

- Working capital / revenue, final three-year average: 82.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.10×

- FY2022: 1.04×

- FY2023: 1.09×

- FY2024: 1.32×

- FY2025: 0.97×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.3% vs 6.9%

- Per-share earnings: 3.17 to 2.72 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.1%

- Ordinary dilution, 5-year annual growth: -0.8%

- Market cap gain: -$7.0B

- Cumulative retained earnings: $665M

- Diluted shares, 10-year annual growth: -2.1%

- Diluted shares, 5-year annual growth: -0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -1.9%

- Per-share value change: -$0.45

- Per-share value, starting three-year median: $3.17

- Per-share value, ending three-year median: $2.72

- Buybacks concentrated in cheaper years (correlation): 0.19

- Average buyback yield: 1.1%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $3.1B

- Cumulative net income, 10 years: $3.2B

- ROIC, first three-year median: 8.3%

- ROIC, last three-year median: 6.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.35

- FY2017: $3.99

- FY2018: $3.70

- FY2019: $3.62

- FY2020: $4.23

- FY2021: $5.73

- FY2022: $5.81

- FY2023: $10.51

- FY2024: $2.72

- FY2025: -$17.89

### accounting: pass

- Sloan accruals: -22.3%

- Receivables to sales index (DSRI): 0.80×

- Restructuring years, last five: 2

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.14×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.7%

- FY2017: 2.2%

- FY2018: 1.3%

- FY2019: -0.1%

- FY2020: -0.9%

- FY2021: -0.8%

- FY2022: 1.4%

- FY2023: 14.3%

- FY2024: -2.8%

- FY2025: -22.3%

## Holders

- [William Browne](https://gigainvestors.com/TB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 96% since Jan 2023 · "EBITDA: Declined 25% due to lower price, FX headwinds, and reduced volume." (finance.yahoo.com, May 2025) · sales -6.2%

Story as of 2026-10-16T09:58:46.291Z; price observation 2026-10-15.

Price needs cash profits to shrink 42.1% a year for ten years

- 2026-01-08: FMC Corporation (FMC) Balances Earnings Growth with Plant Closures and Cost Savings Plan ([finance.yahoo.com](https://finance.yahoo.com/news/fmc-corporation-fmc-balances-earnings-185957360.html))

- 2026-02-05: FMC's Q4 Earnings and Revenues Miss Estimates on Lower Prices ([finance.yahoo.com](https://finance.yahoo.com/news/fmcs-q4-earnings-revenues-miss-150500224.html))

- 2026-07-30: FMC Q2 Earnings Beat Estimates on Favorable Costs, Revenues Miss ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/fmc-q2-earnings-beat-estimates-172200147.html))

- 2026-08-01: FMC (FMC) Cuts Outlook As Its Undervalued Narrative Faces A Fresh Test ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/fmc-fmc-cuts-outlook-undervalued-081440594.html))

### Sales · FY2025–2026

sales -6.2%; source https://www.sec.gov/Archives/edgar/data/37785/000003778526000041/fmc-20251231.htm; observed 2026-02-27.

- FY2017: $2.9B 

- FY2018: $4.3B 

- FY2019: $4.6B 

- FY2020: $4.6B 

- FY2021: $5.0B 

- FY2022: $5.8B 

- FY2023: $4.5B 

- FY2024: $4.2B 

- FY2025: $3.5B 

- FY2026: $3.3B 

### Gross margin · FY2025

gross margin 37%; source https://www.sec.gov/Archives/edgar/data/37785/000003778526000041/fmc-20251231.htm; observed 2026-02-27.

- FY2016: 29.0% 

- FY2017: 39.1% 

- FY2018: 44.8% 

- FY2019: 43.2% 

- FY2020: 44.5% 

- FY2021: 43.3% 

- FY2022: 41.1% 

- FY2023: 42.5% 

- FY2024: 38.8% 

- FY2025: 37.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in agricultural inputs; annual sales are USD 3.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/37785/000003778526000041/fmc-20251231.htm (filed 2026-02-27); FY2025: revenue 3467400000; grossProfit 1283000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FMC.US: FMC Corporation, an agricultural sciences company, develops, markets, and sells crop protection chemicals in Latin America, North America, Europe, the Middle East, Africa, and Asia. The company offers crop protection chemicals, including insecticides, herbicides, and fungicides. It also provides biologicals, crop nutrition, and seed treatment products. It markets its products through its sales organization and alliance partners, independent distributors, and sales representatives. The company was founded in 1883 and is headquartered in Philadelphia, Pennsylvania.

### Why customers stay

Margins ranged from 37% to 42.5% during 2023–25; it earns 16% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 42.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 38.8%.

- Source: https://www.sec.gov/Archives/edgar/data/37785/000003778526000041/fmc-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 37%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.08284812126569292],[2017,0.07478964770265648],[2018,0.19682187945155066],[2019,0.19388193291677872],[2020,0.20344192223199842],[2021,0.23354223895404377],[2022,0.23709260024076154],[2023,0.12656908505913808],[2024,0.06921606118546846],[2025,-0.2621291638819515]]; median 0.1602255089879584. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1.8 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 1937945.987751618; upkeep 128862054.01224838; owner earnings 180837945.9877516. Growth capex / owner earnings = 0.01071647865256597.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 0; upkeep 85700000; owner earnings 559800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 6400000; upkeep 150200000; owner earnings 502100000. Growth capex / owner earnings = 0.012746464847639912.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 0; upkeep 93900000; owner earnings 533600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 0; upkeep 67200000; owner earnings 647900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 0; upkeep 100100000; owner earnings 810400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 0; upkeep 142300000; owner earnings 763600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 0; upkeep 133900000; owner earnings 1436100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 67900000; owner earnings 449500000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,88600000],[2017,88800000],[2018,89200000],[2019,210300000],[2020,228500000],[2021,247200000],[2022,267500000],[2023,290500000],[2024,290600000],[2025,291300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/37785/000003778526000041/fmc-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 1800000 USD.

### Are managers owners

Insiders own 20.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); FMC.US SharesStats.PercentInsiders = 20.746000000000002 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 42.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Ten-year compound average after fade. Initial solved rate -0.5659605746277703. Price 5.62; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.23707546695884 → FY2025 -17.270417538869626. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $46.89 per share

- 2016-11: $56.12 per share

- 2016-12: $56.56 per share

- 2017-01: $60.16 per share

- 2017-02: $57.62 per share

- 2017-03: $69.59 per share

- 2017-04: $73.23 per share

- 2017-05: $75.37 per share

- 2017-06: $73.05 per share

- 2017-07: $76.38 per share

- 2017-08: $86.22 per share

- 2017-09: $89.31 per share

- 2017-10: $92.86 per share

- 2017-11: $94.40 per share

- 2017-12: $94.66 per share

- 2018-01: $91.33 per share

- 2018-02: $78.48 per share

- 2018-03: $76.57 per share

- 2018-04: $79.73 per share

- 2018-05: $87.09 per share

- 2018-06: $89.21 per share

- 2018-07: $89.88 per share

- 2018-08: $85.45 per share

- 2018-09: $87.18 per share

- 2018-10: $78.08 per share

- 2018-11: $82.74 per share

- 2018-12: $73.96 per share

- 2019-01: $79.80 per share

- 2019-02: $89.50 per share

- 2019-03: $76.82 per share

- 2019-04: $79.06 per share

- 2019-05: $73.45 per share

- 2019-06: $82.95 per share

- 2019-07: $86.42 per share

- 2019-08: $86.33 per share

- 2019-09: $87.68 per share

- 2019-10: $91.50 per share

- 2019-11: $97.96 per share

- 2019-12: $99.82 per share

- 2020-01: $95.59 per share

- 2020-02: $93.10 per share

- 2020-03: $81.69 per share

- 2020-04: $91.90 per share

- 2020-05: $98.41 per share

- 2020-06: $99.62 per share

- 2020-07: $106.05 per share

- 2020-08: $106.86 per share

- 2020-09: $105.91 per share

- 2020-10: $102.74 per share

- 2020-11: $116.01 per share

- 2020-12: $114.93 per share

- 2021-01: $108.29 per share

- 2021-02: $101.69 per share

- 2021-03: $110.61 per share

- 2021-04: $118.24 per share

- 2021-05: $116.69 per share

- 2021-06: $108.20 per share

- 2021-07: $106.95 per share

- 2021-08: $93.63 per share

- 2021-09: $91.56 per share

- 2021-10: $91.01 per share

- 2021-11: $100.19 per share

- 2021-12: $109.89 per share

- 2022-01: $110.37 per share

- 2022-02: $117.25 per share

- 2022-03: $131.57 per share

- 2022-04: $132.54 per share

- 2022-05: $122.58 per share

- 2022-06: $107.01 per share

- 2022-07: $111.10 per share

- 2022-08: $108.08 per share

- 2022-09: $105.70 per share

- 2022-10: $118.90 per share

- 2022-11: $130.64 per share

- 2022-12: $124.80 per share

- 2023-01: $133.13 per share

- 2023-02: $129.15 per share

- 2023-03: $122.13 per share

- 2023-04: $123.58 per share

- 2023-05: $104.08 per share

- 2023-06: $104.34 per share

- 2023-07: $96.23 per share

- 2023-08: $86.23 per share

- 2023-09: $66.97 per share

- 2023-10: $53.20 per share

- 2023-11: $53.66 per share

- 2023-12: $63.05 per share

- 2024-01: $56.20 per share

- 2024-02: $56.39 per share

- 2024-03: $63.70 per share

- 2024-04: $59.01 per share

- 2024-05: $60.95 per share

- 2024-06: $57.55 per share

- 2024-07: $58.36 per share

- 2024-08: $64.58 per share

- 2024-09: $65.94 per share

- 2024-10: $64.99 per share

- 2024-11: $59.09 per share

- 2024-12: $48.61 per share

- 2025-01: $55.78 per share

- 2025-02: $36.90 per share

- 2025-03: $42.19 per share

- 2025-04: $41.92 per share

- 2025-05: $40.56 per share

- 2025-06: $41.75 per share

- 2025-07: $39.04 per share

- 2025-08: $39.10 per share

- 2025-09: $33.63 per share

- 2025-10: $15.17 per share

- 2025-11: $14.29 per share

- 2025-12: $13.87 per share

- 2026-01: $15.80 per share

- 2026-02: $14.74 per share

- 2026-03: $17.22 per share

- 2026-04: $15.38 per share

- 2026-05: $13.66 per share

- 2026-06: $11.50 per share

- 2026-07: $10.71 per share

- 2026-08: $11.53 per share

- 2026-09: $8.92 per share

- 2026-10: $5.62 per share

## Annual estimated value (USD per share)

- FY2016: low $14.61 per share, central $16.62 per share, high $19.30 per share

- FY2017: low $16.48 per share, central $18.52 per share, high $21.24 per share

- FY2018: low $43.02 per share, central $51.17 per share, high $59.45 per share

- FY2019: low $46.82 per share, central $53.28 per share, high $61.59 per share

- FY2020: low $52.93 per share, central $64.59 per share, high $74.74 per share

- FY2021: low $67.98 per share, central $83.64 per share, high $97.05 per share

- FY2022: low $75.21 per share, central $92.57 per share, high $107.40 per share

- FY2023: low $56.22 per share, central $63.74 per share, high $73.75 per share

- FY2024: low $53.85 per share, central $60.97 per share, high $70.45 per share

- FY2025: low $43.97 per share, central $49.46 per share, high $56.77 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/37785/000003778526000041/fmc-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.