Corteva vs FMC
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KIRA’s take AI analyst
I put Corteva and FMC side by side, using each one’s latest annual report. Here is what stands out:
- Corteva is the larger business, with $17.4B of revenue in fiscal 2025 against $3.5B for FMC, about 5.0 times as much.
- Corteva grew revenue faster (2.9%, against −18.3%).
- Corteva turned more of its sales into free cash flow (16.2% FCF margin, against −3.0%).
- Corteva earned a higher return on the capital invested in it (5.8%, against −19.6%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Corteva
CTVA
9/9
Revenue growth5-year growthGross marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreShare count change
FMC
FMC
0/9
Side by side
Best in the row
| Latest fiscal year | CTVA FY25 | FMC FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.3B | $633M |
| Revenue | $17.4B | $3.5B |
| Free cash flow | $2.8B | −$103M |
| Net income | $1.1B | −$2.2B |
| Growth | ||
| Revenue growth | 2.9% | −18.3% |
| 5-year growth | 4.1% | −5.7% |
| Share count change | −2.1% | −0.2% |
| Profitability | ||
| Gross margin | 47.3% | 37.0% |
| Operating margin | — | −47.0% |
| Net margin | 6.3% | −64.6% |
| FCF margin | 16.2% | −3.0% |
| Return on capital | 5.8% | −19.6% |
| Return on equity | 4.6% | −68.3% |
| Balance sheet | ||
| Net debt | −$2.0B | $3.5B |
| Net debt / EBITDA | −0.6x | — |
| Dividends and buybacks | $1.5B | $291M |
| Valuation & quality | ||
| P/E | 8.2x | — |
| Piotroski F-score | 8 | 2 |
Ten years
Revenue
FY16
CTVA —
FMC $2.5B
FY17
CTVA —
FMC $2.9B
FY18
CTVA $14.3B
FMC $4.7B
FY19
CTVA $13.8B
FMC $4.6B
FY20
CTVA $14.2B
FMC $4.6B
FY21
CTVA $15.7B
FMC $5.0B
FY22
CTVA $17.5B
FMC $5.8B
FY23
CTVA $17.2B
FMC $4.5B
FY24
CTVA $16.9B
FMC $4.2B
FY25
CTVA $17.4B
FMC $3.5B
CTVA
FMC
Operating margin
FY16
CTVA —
FMC 10.5%
FY17
CTVA —
FMC 5.5%
FY18
CTVA —
FMC 15.7%
FY19
CTVA —
FMC 17.8%
FY20
CTVA —
FMC 19.3%
FY21
CTVA —
FMC 20.5%
FY22
CTVA —
FMC 19.7%
FY23
CTVA —
FMC 12.4%
FY24
CTVA —
FMC 11.9%
FY25
CTVA —
FMC −47.0%
CTVA
FMC
Free cash flow
FY16
CTVA —
FMC $278M
FY17
CTVA —
FMC $194M
FY18
CTVA −$1.0B
FMC $280M
FY19
CTVA −$93.0M
FMC $462M
FY20
CTVA $1.6B
FMC $670M
FY21
CTVA $2.2B
FMC $799M
FY22
CTVA $267M
FMC $518M
FY23
CTVA $1.2B
FMC −$434M
FY24
CTVA $1.5B
FMC $669M
FY25
CTVA $2.8B
FMC −$103M
CTVA
FMC
Return on capital
FY16
CTVA —
FMC 4.9%
FY17
CTVA —
FMC 1.7%
FY18
CTVA —
FMC 11.5%
FY19
CTVA −0.3%
FMC 12.0%
FY20
CTVA 3.2%
FMC 12.5%
FY21
CTVA 8.3%
FMC 16.0%
FY22
CTVA 5.6%
FMC 16.4%
FY23
CTVA 4.7%
FMC 7.8%
FY24
CTVA 4.2%
FMC 6.5%
FY25
CTVA 5.8%
FMC −19.6%
CTVA
FMC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.