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FMC
(NYSE:FMC)
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Rating:45Neutral
Price Target:
$12.50
▲(12.82% Upside)
Action:Reiterated
Date:07/31/26
The score is weighed down primarily by weak financial performance: large recent losses and a stressed balance sheet with elevated leverage, partially offset by positive TTM operating/free cash flow. Technicals show only a tentative near-term stabilization while the longer-term trend remains negative. Valuation is mixed (high dividend yield but negative P/E due to losses), and the latest earnings call points to an H1 trough but still-guided 2026 profit compression and execution-heavy deleveraging/recovery requirements.
Positive Factors
Positive TTM Cash Flow
Positive trailing-twelve-month operating and free cash flow provide an important liquidity buffer while FMC addresses losses and debt. Although recent cash generation has been volatile, this cash contribution can support ongoing operations and reduce dependence on external financing over the next several quarters.
Negative Factors
Very High Leverage
FMC's elevated leverage materially reduces financial flexibility and leaves a large portion of operating cash flow committed to interest and debt service. Higher interest expense and covenant requirements increase execution pressure, while delayed deleveraging could constrain investment in products and market opportunities.
Read all positive and negative factors
Positive Factors
Negative Factors
Positive TTM Cash Flow
Positive trailing-twelve-month operating and free cash flow provide an important liquidity buffer while FMC addresses losses and debt. Although recent cash generation has been volatile, this cash contribution can support ongoing operations and reduce dependence on external financing over the next several quarters.
Read all positive factors
FMC Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue across different business segments, highlighting which areas are driving growth and profitability, and revealing strategic focus or potential vulnerabilities.
Breaks down revenue across different business segments, highlighting which areas are driving growth and profitability, and revealing strategic focus or potential vulnerabilities.
Data provided by:
The Fly
The FlyFMC (FMC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.62B
Dividend Yield6.32%
Average Volume (3M)3.54M
Price to Earnings (P/E)―
Beta (1Y)0.95
Revenue Growth-21.31%
EPS Growth-2884.91%
CountryUS
Employees5,500
SectorGeneral
Sector StrengthN/A
IndustryAgricultural Inputs
Share Statistics
EPS (TTM)-22.02
Shares Outstanding125,226,840
10 Day Avg. Volume3,239,364
30 Day Avg. Volume3,542,136
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.84
Price to Sales (P/S)0.50
P/FCF Ratio-9.84
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$13.75Price Target Upside24.10% Upside
Rating ConsensusHold
Number of Analyst Covering13
EPS Forecast (FY)1.33
Revenue Forecast (FY)$3.59B
FMC Business Overview & Revenue Model
Company Description
FMC Corporation functions as an agricultural science enterprise, delivering products for crop safeguarding, plant wellness, and professional pest and turf management. The company is responsible for creating, commercializing, and selling various cr...
How the Company Makes Money
FMC primarily makes money by selling crop protection products (i.e., agricultural chemicals) to customers in the agricultural supply chain, including distributors, retailers, and other channel partners who then sell to growers. Revenue is generate...
FMC Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Neutral
The call balanced operational and strategic positives — Q1 results beat guidance, new active ingredients are gaining momentum, Isoflex EU approval and debt-reduction actions are meaningful achievements — against material near-term financial headwinds including price declines, significant Q2 and full-year profit erosion, weak Q1 free cash flow and elevated leverage. Management expects H1 to be an earnings trough with recovery in H2 and into 2027, but execution on asset sales, registrations and cost actions will be critical.Positive Updates
Q1 Sales Beat Guidance and Solid Volume
Q1 sales of $762M were $12M above the guidance midpoint; sales down 4% YoY but up 1% like-for-like after excluding India. Volume grew 2% and FX provided a 5% tailwind.
Negative Updates
Declining Prices and Competitive Pressure
Overall price decline of ~6% in Q1 driven partly by partner diamide sales and branded Rynaxypyr repositioning; non-diamide product prices down low single digits and legacy core products face intense competition, particularly in LatAm and Asia.
Read all updates
Q2-2026 Updates
Positive
Negative
Q1 Sales Beat Guidance and Solid Volume
Q1 sales of $762M were $12M above the guidance midpoint; sales down 4% YoY but up 1% like-for-like after excluding India. Volume grew 2% and FX provided a 5% tailwind.
Read all positive updates
Company Guidance
FMC reiterated full‑year 2026 guidance with sales of $3.6–$3.8 billion (midpoint ~‑5% y/y), adjusted EBITDA $670–$730 million (midpoint ~‑17%), adjusted EPS $1.63–$1.89 (midpoint ~‑41%), and free cash flow of ‑$65 million to +$65 million (breakeven midpoint) that includes roughly $150 million of restructuring cash; Q2 revenue is guided to $850–$900 million (Q2 midpoint ~‑17% y/y mainly from lower diamide partner sales and removal of India), Q2 adjusted EBITDA $130–$150 million (midpoint ~‑32% y/y) and Q2 adjusted EPS $0.16–$0.26 (midpoint ~‑70% y/y). Management expects second‑half results largely consistent with last year at the midpoint (H2 sales excl. India +1%, H2 EBITDA ~‑6%, H2 adj EPS ~‑15%), FX roughly neutral for the full year after a Q1 +5% tailwind and a minor H2 headwind, full‑year interest expense $255–$275 million, D&A $160–$170 million, and an effective tax rate of 16–18%; balance sheet targets include gross debt of ~ $4.5 billion (net debt ~ $4.1 billion), gross debt/TTM EBITDA 5.7x (net 5.2x), a secured‑leverage covenant of 3.5x, reinstatement of a total leverage covenant at 6.75x on Dec 31, 2026, and a targeted ~$1 billion of debt paydown in 2026 (with ~ $700 million of proceeds currently in active negotiations).FMC Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
30
Negative
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.25B | 3.47B | 4.25B | 4.49B | 5.80B | 5.05B |
| Gross Profit | 1.15B | 1.28B | 1.58B | 1.91B | 2.39B | 2.19B |
| EBITDA | -481.30M | -84.70M | 737.40M | 786.20M | 1.30B | 1.19B |
| Net Income | -2.76B | -2.24B | 339.90M | 1.32B | 736.50M | 739.60M |
Balance Sheet | ||||||
| Total Assets | 9.14B | 9.69B | 11.65B | 11.93B | 11.17B | 10.67B |
| Cash, Cash Equivalents and Short-Term Investments | 476.60M | 584.50M | 357.30M | 302.40M | 572.00M | 516.80M |
| Total Debt | 4.28B | 4.20B | 3.50B | 4.11B | 3.42B | 3.34B |
| Total Liabilities | 7.48B | 7.59B | 7.14B | 7.49B | 7.77B | 7.53B |
| Stockholders Equity | 1.64B | 2.07B | 4.49B | 4.41B | 3.38B | 3.12B |
Cash Flow | ||||||
| Free Cash Flow | 165.40M | -176.50M | 603.20M | -520.30M | 440.10M | 720.00M |
| Operating Cash Flow | 140.70M | -80.20M | 671.10M | -386.40M | 582.40M | 820.10M |
| Investing Cash Flow | -58.30M | -108.30M | 263.60M | -154.40M | -266.40M | -112.00M |
| Financing Cash Flow | -63.80M | 394.60M | -870.10M | 331.50M | -237.40M | -747.90M |
FMC Technical Analysis
Positive
11.08
Price Trends
11.10
Positive
12.23
Positive
13.38
Negative
Market Momentum
0.47
Negative
67.82
Neutral
87.11
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FMC, the sentiment is Positive. The current price of 11.08 is below the 20-day moving average (MA) of 11.13, below the 50-day MA of 11.10, and below the 200-day MA of 13.38, indicating a neutral trend. The MACD of 0.47 indicates Negative momentum. The RSI at 67.82 is Neutral, neither overbought nor oversold. The STOCH value of 87.11 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FMC.
FMC Risk Analysis
FMC disclosed 48 risk factors in its most recent earnings report. FMC reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
FMC Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $20.18B | 9.86 | 40.41% | 1.57% | 20.04% | 76.29% | |
57 Neutral | $7.58B | 24.27 | 5.02% | 3.51% | 10.92% | -16.91% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | $3.46B | 47.58 | -21.87% | 4.44% | -1.95% | 44.91% | |
50 Neutral | $8.22B | 129.25 | 0.36% | 3.40% | 8.84% | -167.87% | |
46 Neutral | $190.19M | -2.02 | -120.93% | ― | ― | 89.14% | |
45 Neutral | $1.62B | -0.59 | -118.57% | 6.32% | -21.31% | -2884.91% |
* General Sector Average
FMC
FMC
12.81
-22.75
-63.97%
CF
Cf Industries Holdings
134.33
51.39
61.95%
MOS
Mosaic Co
26.53
-4.75
-15.19%
SMG
Scotts Miracle-Gro Company
57.53
-0.67
-1.16%
ICL
Icl
5.86
-0.02
-0.42%
USBC
USBC
0.51
-0.24
-32.40%
FMC Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
FMC Sells 20% Stake to Tessenderlo for Deleveraging
Positive
Jul 1, 2026
On June 30, 2026, FMC Corporation agreed to sell 30.3 million shares of its common stock to Belgium’s Tessenderlo Group for about $403 million at $13.30 per share, lifting Tessenderlo’s stake from under 1% to roughly 20% on closing, su...
Business Operations and StrategyPrivate Placements and Financing
FMC Amends Credit Agreement, Adjusts Collateral Structure
Neutral
Jun 23, 2026
On June 16, 2026, FMC Corporation and certain subsidiaries executed Amendment No. 7 to their Fifth Amended and Restated Credit Agreement originally dated June 17, 2022, with Citibank, N.A. as administrative agent and a syndicate of lenders. The am...
Business Operations and StrategyM&A Transactions
FMC to Sell Part of Stine Research Campus
Positive
Jun 23, 2026
On June 18, 2026, FMC Corporation agreed to sell underutilized buildings and land on the Delaware portion of its Stine Research Center campus in Newark to Ercor Elkton, LLC for about $114 million in gross cash proceeds, subject to due diligence an...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.