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FMC
(NYSE:FMC)
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Rating:46Neutral
Price Target:
$11.50
▼(-33.02% Downside)
Action:Reiterated
Date:07/01/26
The score is weighed down primarily by deteriorated financial performance (large recent losses, higher leverage, and negative operating/free cash flow) and a weak price trend versus key moving averages. These are partially offset by a high dividend yield and a mixed earnings-call backdrop that includes a Q1 beat and catalysts (new active momentum, Isoflex EU approval, and debt-paydown plans) but also guidance for continued near-term earnings pressure and elevated leverage.
Positive Factors
Isoflex EU approval expands addressable market
EU approval for Isoflex opens access to >55 million planted hectares across cereals, corn, oilseed rape and potato, creating a durable commercial avenue. Regulatory entry into large EU markets materially increases long-term TAM for a differentiated product and supports branded sales growth.
Negative Factors
Elevated leverage and weakened balance sheet
Leverage expansion and eroded equity reduce financial flexibility and increase sensitivity to operating volatility. High gross/net debt levels and rising interest costs constrain reinvestment, raise refinancing risk, and make covenant compliance and execution of strategic plans contingent on successful asset sales or capital raises.
Read all positive and negative factors
Positive Factors
Negative Factors
Isoflex EU approval expands addressable market
EU approval for Isoflex opens access to >55 million planted hectares across cereals, corn, oilseed rape and potato, creating a durable commercial avenue. Regulatory entry into large EU markets materially increases long-term TAM for a differentiated product and supports branded sales growth.
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
$1.42B
Dividend Yield16.68%
Average Volume (3M)3.36M
Price to Earnings (P/E)―
Beta (1Y)0.99
Revenue Growth-16.63%
EPS Growth-865.93%
CountryUS
Employees5,700
SectorBasic Materials
Sector Strength58
IndustryAgricultural Inputs
Share Statistics
EPS (TTM)-20.01
Shares Outstanding125,045,300
10 Day Avg. Volume4,146,624
30 Day Avg. Volume3,361,739
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 Cap4.06
Enterprise Value/Revenue1.68
Enterprise Value/Gross Profit4.75
Enterprise Value/Ebitda-25.90
Forecast
1Y Price Target
$16.50Price Target Upside-3.90% Downside
Rating ConsensusHold
Number of Analyst Covering12
EPS Forecast (FY)1.68
Revenue Forecast (FY)$3.70B
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:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Neutral
The call presented a balanced picture: the company beat Q1 guidance, showed meaningful growth in new active ingredients (sales doubled Y/Y), secured regulatory approval for Isoflex in the EU, and has concrete plans and partial line-of-sight to achieve targeted 2026 debt paydown. However, FMC faces material near-term headwinds including lower partner-related revenues, mid-single-digit to double-digit declines in Q2 and full-year EBITDA and EPS, elevated interest expense and leverage, negative Q1 free cash flow, and ongoing cost/tariff uncertainties. Management expects the first half to be an earnings trough with sequential improvement in H2 and stronger results in 2027, but execution risk remains.Positive Updates
Q1 Sales and Beat vs Guidance
First quarter sales of $762 million were $12 million above the midpoint of guidance. Sales were down 4% year-over-year but up 1% on a like-for-like basis after excluding India.
Negative Updates
Near-Term Revenue and EBITDA Declines
Q2 revenue outlook $850–$900 million (midpoint down ~17% YoY, driven largely by lower sales to diamide partners and removal of India). Q2 adjusted EBITDA guidance $130–$150 million (midpoint down ~32% YoY).
Read all updates
Q1-2026 Updates
Positive
Negative
Q1 Sales and Beat vs Guidance
First quarter sales of $762 million were $12 million above the midpoint of guidance. Sales were down 4% year-over-year but up 1% on a like-for-like basis after excluding India.
Read all positive updates
Company Guidance
Management reiterated Q2 revenue guidance of $850–900M (midpoint down ~17% YoY), adjusted EBITDA $130–150M (midpoint down ~32%), and adjusted EPS $0.16–$0.26 (midpoint down ~70%); full‑year 2026 guidance remains sales $3.6–3.8B (midpoint down ~5%), adjusted EBITDA $670–730M (midpoint down ~17%), adjusted EPS $1.63–1.89 (midpoint down ~41%), interest expense $255–275M, D&A $160–170M, adjusted tax rate 16–18%, and free cash flow −$65M to +$65M (breakeven midpoint) including ~$150M of restructuring cash spend. Q1 results beat guidance: sales $762M (+$12M vs midpoint), sales −4% YoY but +1% like‑for‑like ex‑India, FX +5% tailwind, adjusted EBITDA $72M (+$17M vs high end), and adjusted loss/share $(0.23) (+$0.15 vs midpoint). Balance sheet and liquidity metrics include gross debt ~$4.5B, cash $391M, net debt ~$4.1B, gross debt/TTM EBITDA 5.7x, net debt/EBITDA 5.2x, a $2B revolver maturing June 2028 (now fully secured), a secured leverage covenant of 3.5x and a total leverage covenant reinstated at 6.75x on Dec 31, 2026; management is targeting ≈$1B of debt paydown in 2026 with ~70% (~$700M) of proceeds in active negotiation, expects to market a secured high‑yield to redeem $500M of October notes, and noted operational signals supporting H2 (new AI sales doubled YoY in Q1, orders representing 32% of H2 Brazil direct sales by end‑April and ~50% expected by end‑June).FMC Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
34
Negative
Cash Flow
26
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.43B | 3.47B | 4.25B | 4.49B | 5.80B | 5.05B |
| Gross Profit | 1.21B | 1.28B | 1.58B | 1.91B | 2.39B | 2.19B |
| EBITDA | -222.50M | -84.70M | 737.40M | 786.20M | 1.30B | 1.19B |
| Net Income | -2.50B | -2.24B | 339.90M | 1.32B | 736.50M | 739.60M |
Balance Sheet | ||||||
| Total Assets | 9.42B | 9.69B | 11.65B | 11.93B | 11.17B | 10.67B |
| Cash, Cash Equivalents and Short-Term Investments | 390.90M | 584.50M | 357.30M | 302.40M | 572.00M | 516.80M |
| Total Debt | 4.66B | 4.20B | 3.50B | 4.11B | 3.42B | 3.34B |
| Total Liabilities | 7.57B | 7.59B | 7.14B | 7.49B | 7.77B | 7.53B |
| Stockholders Equity | 1.82B | 2.07B | 4.49B | 4.41B | 3.38B | 3.12B |
Cash Flow | ||||||
| Free Cash Flow | -123.50M | -176.50M | 603.20M | -520.30M | 440.10M | 720.00M |
| Operating Cash Flow | -138.50M | -80.20M | 671.10M | -386.40M | 582.40M | 820.10M |
| Investing Cash Flow | -77.90M | -108.30M | 263.60M | -154.40M | -266.40M | -112.00M |
| Financing Cash Flow | 276.20M | 394.60M | -870.10M | 331.50M | -237.40M | -747.90M |
FMC Technical Analysis
Negative
17.17
Price Trends
12.80
Negative
14.02
Negative
16.78
Negative
Market Momentum
-0.45
Negative
44.11
Neutral
30.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FMC, the sentiment is Negative. The current price of 17.17 is above the 20-day moving average (MA) of 11.37, above the 50-day MA of 12.80, and above the 200-day MA of 16.78, indicating a bearish trend. The MACD of -0.45 indicates Negative momentum. The RSI at 44.11 is Neutral, neither overbought nor oversold. The STOCH value of 30.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $16.98B | 9.91 | 35.17% | 2.56% | 20.85% | 46.79% | |
66 Neutral | $4.01B | 36.24 | -33.72% | 4.52% | -1.89% | 216.52% | |
62 Neutral | $6.63B | 25.34 | 4.32% | 3.36% | 7.80% | -32.94% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
55 Neutral | $6.72B | 9.07 | 5.92% | 3.70% | 12.34% | -87.77% | |
46 Neutral | $1.42B | -0.57 | -83.04% | 16.68% | -16.63% | -865.93% | |
44 Neutral | $126.11M | -1.07 | -114.46% | ― | ― | 88.87% |
* Basic Materials Sector Average
FMC
FMC
11.35
-30.36
-72.79%
CF
Cf Industries Holdings
110.54
17.35
18.62%
MOS
Mosaic Co
21.13
-15.28
-41.97%
SMG
Scotts Miracle-Gro Company
68.85
3.65
5.60%
ICL
Icl
5.03
-1.89
-27.31%
USBC
USBC
0.32
-2.59
-88.87%
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...
Business Operations and StrategyPrivate Placements and Financing
FMC Issues New Senior Secured Notes to Refinance Debt
Neutral
Jun 5, 2026
On June 5, 2026, FMC Corporation completed a $1.2 billion private offering of 8.000% Senior Secured Notes due 2031, issued at par and guaranteed by various international subsidiaries. The notes are secured by first-priority liens on substantially ...
Business Operations and StrategyPrivate Placements and Financing
FMC Announces $1.2 Billion Senior Secured Notes Offering
Positive
May 21, 2026
On May 21, 2026, FMC Corporation announced it had priced a $1.2 billion offering of 8.000% senior secured notes due 2031, issued at par and sold in a private placement to qualified institutional buyers under Rule 144A and to non-U.S. investors und...
Business Operations and StrategyPrivate Placements and Financing
FMC Plans $750 Million Senior Secured Notes Offering
Positive
May 19, 2026
On May 19, 2026, FMC Corporation announced plans to issue $750 million of senior secured notes due 2031 in a private offering to qualified institutional buyers and certain non-U.S. investors. The notes will be guaranteed by key subsidiaries and se...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
FMC Shareholders Weigh Governance Changes at 2026 Annual Meeting
Neutral
Apr 29, 2026
FMC held its 2026 annual shareholders’ meeting on April 28, 2026, with approximately 85% of outstanding shares represented in person or by proxy. Shareholders elected nine directors, each to serve a one-year term expiring in 2027, underscori...
Business Operations and StrategyPrivate Placements and Financing
FMC Amends Syndicated Credit Agreement, Enhancing Creditor Protections
Neutral
Apr 20, 2026
On April 16, 2026, FMC Corporation and certain subsidiaries executed a sixth amendment to their existing syndicated credit agreement, adjusting the maximum leverage ratio and minimum interest coverage ratio for specific quarters and setting a new ...
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.