Mosaic

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

MOS · Last close · October 26, 2026

$17.71

Mosaic's revenue rose 8.4% to $12.1 billion in fiscal 2025. Its operating margin was 6.8%, up from 5.6% a year earlier. Free cash flow was −$535 million, against $47 million a year earlier. It paid out $280 million in dividends and buybacks. The diluted share count fell 0.6%.

MOSAIC CO Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001285785-26-000017 Updated October 9, 2026

Revenue

$12.1B

8.4%

Operating margin

6.8%

1.2 pts

Net income

$541M

209.2%

Free cash flow

−$535M

$47M a year earlier

Return on capital

2.5%

0.5 pts

Market cap

$5.6B

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.

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 2025, earnings per share grew 8.0% a year and net income 6.9% a year, as buybacks cut the share count by 9%.

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 Mosaic 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 Mosaic'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 Mosaic's 3-year average free cash flow of $173M, net cash of −$4.8B at December 31, 2025 and 319 million diluted shares, from its filings. The scenarios are fitted to Mosaic: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -14.3% 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 $5.6B, plus 1 point for unsteady results (revenue fell in two of the last five years); 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 Mosaic'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 Mosaic'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: $17.71
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 Mosaic'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	770	735	349	273	277
Debt incl. finance leases	4,282	3,622	3,761	4,225	5,054
Net debt (negative means net cash)	3,512	2,887	3,413	3,952	4,777
Net debt to EBITDA	1.1x	0.5x	1.5x	2.4x	2.5x
Debt to equity	0.4x	0.3x	0.3x	0.4x	0.4x
Interest coverage	12.7x	28.4x	7.1x	2.7x	3.4x
Current ratio	1.1x	1.2x	1.2x	1.1x	1.3x
Quick ratio	0.5x	0.5x	0.6x	0.5x	0.5x

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, 1 insider bought $17,488 of Mosaic shares on the open market, and 1 insider sold $508,760.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 19, 2026	Walter F. Precourt IIISVP - Chief Admin Officer	Sold	23,000	$22.12	$508,760	Form 4
Nov 11, 2025	Jody Lynne KuzenkoDirector	Bought	685	$25.53	$17,488	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	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Fail	Pass
Revenue rose relative to assets	Fail	Fail	Pass
F-score	5 of 9	4 of 9	8 of 9
Accruals ratio	−5.3%	−4.9%	−1.2%

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

Compare

Put Mosaic 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
Mosaic	FY25	8.4%	6.8%	−4.4%	2.5%	2.5x	8
Corteva	FY25	2.9%	—	16.2%	5.8%	−0.6x	8	Compare
CF Industries	FY25	19.3%	32.5%	25.4%	20.6%	0.4x	8	Compare
Nutrien	FY25	3.5%	13.9%	7.9%	8.0%	1.6x	9	Compare
FMC	FY25	−18.3%	−47.0%	−3.0%	−19.6%	—	2	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	7,163	7,409	9,587	8,906	8,682	12,357	19,125	13,696	11,123	12,052
Revenue growth	−19.5%	3.4%	29.4%	−7.1%	−2.5%	42.3%	54.8%	−28.4%	−18.8%	8.4%
Gross profit	810	843	1,498	897	1,065	3,200	5,756	2,211	1,512	1,902
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	319	466	928	−1,095	413	2,468	4,785	1,338	622	822
Net income	298	−107	470	−1,067	666	1,631	3,583	1,165	175	541
Diluted EPS (US$)	0.85	−0.31	1.22	−2.78	1.75	4.27	10.06	3.50	0.55	1.70
Diluted shares (millions)	352	351	386	384	381	382	356	333	321	319
Cash flow
Cash from operations	1,260	936	1,410	1,095	1,583	2,187	3,936	2,407	1,299	825
Capital expenditure	843	820	954	1,272	1,171	1,289	1,247	1,402	1,252	1,359
Free cash flow	417	115	455	−177	412	898	2,688	1,005	47	−535
Dividends paid	385	211	38	67	76	104	198	352	271	280
Share buybacks	75	0	0	150	0	411	1,665	756	235	0
Acquisitions	0	0	985	55	0	0	0	41	0	0
Stock-based compensation	30	28	28	28	18	30	28	33	32	31
Balance sheet at fiscal year end
Cash and short-term investments	673	2,154	848	519	574	770	735	349	273	277
Debt incl. finance leases	3,818	5,228	4,529	4,614	4,578	4,282	3,622	3,761	4,225	5,054
Total assets	16,841	18,633	20,119	19,298	19,790	22,036	23,386	23,033	22,924	24,480
Total liabilities	7,218	8,994	9,514	9,931	10,035	11,288	11,192	10,600	11,309	12,246
Shareholders' equity	9,585	9,618	10,397	9,186	9,581	10,604	12,055	12,290	11,482	12,085
Margins and ratios
Gross margin	11.3%	11.4%	15.6%	10.1%	12.3%	25.9%	30.1%	16.1%	13.6%	15.8%
Operating margin	4.5%	6.3%	9.7%	−12.3%	4.8%	20.0%	25.0%	9.8%	5.6%	6.8%
Net margin	4.2%	−1.4%	4.9%	−12.0%	7.7%	13.2%	18.7%	8.5%	1.6%	4.5%
Free cash flow margin	5.8%	1.6%	4.8%	−2.0%	4.8%	7.3%	14.1%	7.3%	0.4%	−4.4%
Return on capital	2.6%	1.8%	5.9%	−6.2%	3.0%	12.9%	24.0%	7.5%	2.0%	2.5%
Return on equity	3.1%	−1.1%	4.7%	−10.9%	7.1%	16.2%	31.6%	9.6%	1.5%	4.6%
Return on assets	1.7%	−0.6%	2.4%	−5.4%	3.4%	7.8%	15.8%	5.0%	0.8%	2.3%
Net debt to EBITDA	3.0x	2.7x	2.0x	—	3.2x	1.1x	0.5x	1.5x	2.4x	2.5x

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