FMC

FMC · NYSE · Materials · Financials, fiscal 2016 to 2025

FMC · Last close · October 26, 2026

$4.61

FMC's revenue fell 18.3% to $3.5 billion in fiscal 2025. Its operating margin was −47.0%, down from 11.9% a year earlier. Free cash flow was −$102 million, against $669 million a year earlier. It paid out $291 million in dividends and buybacks. The diluted share count fell 0.2%.

FMC CORPORATION Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0000037785-26-000041 Updated October 12, 2026

Revenue

$3.5B

18.3%

Operating margin

−47.0%

58.9 pts

Net income

−$2.2B

$341M a year earlier

Free cash flow

−$102M

$669M a year earlier

Return on capital

−19.6%

26.1 pts

Market cap

$578M

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. FMC's 2025 loss, after large write-downs, made its EBITDA negative, so net debt to EBITDA is blank that year.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2024, earnings per share grew 7.2% a year and net income 6.3% a year, as buybacks cut the share count by 7%. FMC then lost money in fiscal 2025.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value FMC yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from FMC's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from FMC's 3-year average free cash flow of $44M, net cash of −$3.5B at December 31, 2025 and 125 million diluted shares, from its filings. The scenarios are fitted to FMC: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -15.8% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 13%: 11% for a cyclical or higher-risk business (Fertilizers & Agricultural Chemicals), plus 1 point as a smaller company, worth $578M, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means FMC's net debt is larger than what that scenario's cash flows are worth today.

From the filings

Starting free cash flow, US$ millions

The average of fiscal 2023 to 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to FMC's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 14% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 13% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 12% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $4.61
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and FMC's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	517	572	302	357	584
Debt incl. finance leases	3,172	3,274	3,958	3,365	4,075
Net debt (negative means net cash)	2,656	2,702	3,655	3,008	3,490
Net debt to EBITDA	2.2x	2.1x	4.9x	4.4x	—
Debt to equity	1.0x	1.0x	0.9x	0.8x	2.0x
Interest coverage	7.9x	7.5x	2.3x	2.1x	−6.8x
Current ratio	1.4x	1.4x	1.5x	1.6x	1.3x
Quick ratio	1.0x	1.0x	1.0x	1.2x	1.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 3 insiders bought $482,328 of FMC shares on the open market, and 1 insider sold $15,988.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 9, 2026	Nicholas PfeifferCorporate Controller	Sold	1,251	$12.78	$15,988	Form 4
Mar 4, 2026	Michael F BarryDirector	Bought	18,072	$13.83	$249,938	Form 4
Nov 13, 2025	John Mitchell RainesDirector	Bought	7,000	$13.77	$96,390	Form 4
Nov 5, 2025	Carol Anthony DavidsonDirector	Bought	10,000	$13.60	$136,000	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Fail	Pass	Fail
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Fail	Fail	Fail
F-score	5 of 9	6 of 9	2 of 9
Accruals ratio	14.0%	−3.4%	−20.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put FMC side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
FMC	FY25	−18.3%	−47.0%	−3.0%	−19.6%	—	2
Scotts Miracle-Gro	FY25	−3.9%	10.5%	8.0%	13.4%	4.8x	6	Compare
CF Industries	FY25	19.3%	32.5%	25.4%	20.6%	0.4x	8	Compare
Mosaic	FY25	8.4%	6.8%	−4.4%	2.5%	2.5x	8	Compare
Corteva	FY25	2.9%	—	16.2%	5.8%	−0.6x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	2,539	2,879	4,728	4,610	4,642	5,045	5,802	4,487	4,246	3,467
Revenue growth	1.9%	13.4%	64.2%	−2.5%	0.7%	8.7%	15.0%	−22.7%	−5.4%	−18.3%
Gross profit	931	952	1,880	2,084	2,047	2,161	2,327	1,831	1,649	1,283
Research and development	134	138	288	298	288	305	314	329	278	266
Operating income	267	158	741	822	897	1,034	1,144	556	506	−1,628
Net income	209	536	502	477	552	740	736	1,322	341	−2,239
Diluted EPS (US$)	1.56	3.99	3.69	3.62	4.23	5.73	5.81	10.53	2.72	−17.88
Diluted shares (millions)	134	134	136	132	131	129	127	126	125	125
Cash flow
Cash from operations	369	232	363	556	737	899	660	−300	737	−6
Capital expenditure	91	38	83	94	67	100	142	134	68	96
Free cash flow	278	194	280	462	670	798	518	−434	669	−102
Dividends paid	89	89	89	210	228	247	268	290	291	291
Share buybacks	11	0	200	400	50	400	100	75	0	0
Acquisitions	0	1,226	20	0	66	5	198	16	5	0
Stock-based compensation	20	21	22	26	19	18	24	26	24	24
Balance sheet at fiscal year end
Cash and short-term investments	64	283	134	339	569	517	572	302	357	584
Debt incl. finance leases	1,893	3,186	2,693	3,259	3,268	3,172	3,274	3,958	3,365	4,075
Total assets	6,139	9,206	9,974	9,873	10,186	10,673	11,171	11,926	11,653	9,687
Total liabilities	4,146	6,499	6,764	7,207	7,102	7,529	7,770	7,493	7,144	7,588
Shareholders' equity	1,958	2,682	3,121	2,532	2,962	3,124	3,378	4,411	4,488	2,072
Margins and ratios
Gross margin	36.7%	33.1%	39.8%	45.2%	44.1%	42.8%	40.1%	40.8%	38.8%	37.0%
Operating margin	10.5%	5.5%	15.7%	17.8%	19.3%	20.5%	19.7%	12.4%	11.9%	−47.0%
Net margin	8.2%	18.6%	10.6%	10.4%	11.9%	14.7%	12.7%	29.4%	8.0%	−64.6%
Free cash flow margin	10.9%	6.7%	5.9%	10.0%	14.4%	15.8%	8.9%	−9.7%	15.8%	−3.0%
Return on capital	4.9%	1.7%	11.5%	12.0%	12.5%	16.0%	16.4%	7.8%	6.5%	−19.6%
Return on equity	10.9%	23.1%	17.3%	16.9%	20.1%	24.3%	22.6%	33.9%	7.7%	−68.3%
Return on assets	3.4%	7.0%	5.2%	4.8%	5.5%	7.1%	6.7%	11.4%	2.9%	−21.0%
Net debt to EBITDA	5.0x	11.3x	2.9x	3.0x	2.5x	2.2x	2.1x	4.9x	4.4x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: FMC's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with FMC.