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Develops and sells crop protection chemicals (herbicides, insecticides, fungicides) for global agriculture.
Develops and sells crop protection chemicals (herbicides, insecticides, fungicides) for global agriculture.
Earns from active ingredients it discovers or licenses and sells under brand names through distributors, with insecticides built on Rynaxypyr (sold as Coragen and Altacor) as the franchise whose patents are now expiring. Latin America, notably Brazil, is a large market. Since spinning off its lithium arm in 2018 it has been a pure crop-protection company.
Moat: narrow (IP / patents, distribution, scale). Patented active ingredients and a global distribution network, though facing generic competition as patents expire.
Headquarters: Philadelphia, Pennsylvania, US · Founded: 1883 · Employees: 5,500
Size FMC (FMC) is a United States Materials company (Chemicals: Agricultural) with a market value of $876M, the 2330th largest of 3,117 United States companies the cockpit tracks. Shares closed at $5.63 on 6 Nov 2026.
Performance Over six months the shares fell 58.0%, against -19.0% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue fell 22.0% over the last twelve months (peer median +8.9%); the operating margin is -20.9% (peer median 6.0%).
Valuation It trades at 6.2× forward earnings against a peer median of 10.3× (3rd cheapest of 12).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is -6%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 18.7 points below its cost of capital (5.7% WACC).
Credit FMC has 6 bonds outstanding ($3.95B), rated B+ by the agencies and trading like B at a weighted spread of 675 bp.
Short interest Short interest is 19.6% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.81B | $3.47B | $4.25B | $4.49B | $5.80B |
| Revenue growth | — | -18% | -5% | -23% | — |
| Gross profit | $547M | $1.18B | $1.58B | $1.91B | $2.39B |
| EBITDA | -$324M | $499M | $906M | $1.09B | $1.46B |
| Net income | -$4.26B | -$2.24B | $340M | $1.32B | $735M |
| Free cash flow | $296M | -$176M | $603M | -$520M | $440M |
| Capital expenditure | $55.7M | $96.3M | $67.9M | $134M | $142M |
| Total debt | $4.30B | $4.20B | $3.50B | $4.11B | $3.42B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| FMC FMC | $876M | -58% | -22% | -21% | 6.2× | -2.8% |
| Corteva CTVA | $7.94B | -85% | +4% | 17% | 30.4× | -16.6% |
| Bayer BAYN.DE | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% |
| Nufarm NUF.AX | $897M | +40% | -2% | 3% | 62.4× | 9.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FMC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -36.9% | -5.6% | lowest of 21 |
| 6-month return | -58.0% | -19.0% | lowest of 21 |
| Distance from 52-week high | -69.2% | -35.2% | lowest of 21 |
| Revenue growth (TTM) | -22.0% | +8.9% | 2nd lowest of 21 |
| Operating margin | -20.9% | 6.0% | lowest of 21 |
| Forward P/E | 6.2× | 10.3× | 3rd cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | -2.8% | -0.8% | 5th least demanding of 12 |
| Growth delivered (Del g) | -5.7% | +5.2% | lowest of 12 |
| Hurdle (Req g minus delivered) | +2.9 pp | -6.3 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | -18.7 pp | +0.7 pp | lowest of 21 |
| Bond spread | 675 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| FMC FMC | United States | $876M | -58% | -22% | -21% | 6.2× | -2.8% | -5.7% |
| Nufarm NUF.AX | Australia | $897M | +40% | -2% | 3% | 62.4× | 9.9% | +5.2% |
| Kunming Chuan Jin Nuo Chemical 300505.SZ | China | $838M | -34% | +14% | 10% | 9.2× | n/a | n/a |
| Kingenta Ecological Engineering 002470.SZ | China | $827M | -39% | +9% | -5% | n/a | n/a | n/a |
| Madhya Bharat Agro Products MBAPL.NS | India | $944M | +68% | +48% | 10% | n/a | n/a | n/a |
| Oil-Dri Corporation of America ODC | United States | $948M | -9% | +2% | 14% | n/a | 3.8% | +10.1% |
| Guizhou Chitianhua 600227.SS | China | $803M | -22% | -2% | -5% | n/a | 10.3% | +2.4% |
| CNSIG Anhui Hongsifang Fertilizer 603395.SS | China | $798M | -23% | +3% | 0% | n/a | n/a | n/a |
| Anhui Sierte Fertilizer Industry 002538.SZ | China | $794M | -15% | +9% | 3% | n/a | n/a | n/a |
| Oci OCI.AS | Netherlands | $967M | +8% | -81% | -4% | n/a | n/a | n/a |
| Nanjing Redsun 000525.SZ | China | $981M | -10% | +12% | -2% | n/a | 12.2% | -5.1% |
| Krishana Phoschem KRISHANA.NS | India | $781M | +79% | +73% | 11% | n/a | n/a | n/a |
| Limin 002734.SZ | China | $778M | -37% | -6% | 8% | 9.2× | -1.2% | +0.6% |
| LSB Industries LXU | United States | $763M | -24% | +13% | 11% | 13.7× | -0.8% | +11.9% |
| Nantong Jiangshan Agrochemical & Chemicals 600389.SS | China | $1.04B | -44% | +13% | 6% | 10.4× | n/a | n/a |
| Sinofert 0297.HK | Hong Kong | $1.08B | -25% | +16% | 6% | 5.5× | -18.5% | +1.0% |
| China BlueChemical 3983.HK | Hong Kong | $1.08B | -32% | +4% | 5% | 6.0× | n/a | n/a |
| Migao 9879.HK | Hong Kong | $1.08B | +16% | +27% | 8% | 10.3× | -2.8% | +23.4% |
| Sichuan Guoguang Agrochemical 002749.SZ | China | $668M | -24% | -2% | 18% | 13.3× | -8.5% | +12.2% |
| Sdic Fengle Seed 000713.SZ | China | $664M | -15% | +10% | 2% | 37.0× | 12.2% | +3.4% |
| CVR Partners, LP UAN | United States | $1.16B | -13% | +7% | 21% | 7.4× | -10.5% | +11.6% |
FMC has 6 bonds outstanding with $3.95B face value. The agencies rate it B+; its bonds trade like B. Weighted yield 11.69%, a spread of 675 bp over government bonds.