FMC Corp
FMC—
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FMC Corp AI Insights
Informational only. Not investment advice.Snapshot
- Tangible book value of 34.7M vs 3.8B equity - goodwill/intangibles are 99% of equity, creating material impairment risk[Tangible Book Value]
- Interest expense of 227M TTM exceeds EBITDA of 175.8M - debt service consuming operating cash flow entirely[Interest Expense]
- Gross profit down 66.6% YoY while revenue down 27% over 3Y - margin compression accelerating faster than revenue decline[Gross Profit 1Y Growth]
Watch Triggers
- Free Cash Flow TTM: Turns positive or deteriorates further below -500M — Determines if debt restructuring is avoidable or imminent
- Dividends Paid Per Share: Any reduction from 2.32/share — Cut would signal management acknowledges capital crisis
- Gross Margin TTM: Stabilizes above 38% or falls below 35% — Leading indicator of pricing power and volume recovery
Bull Case
P/S of 0.46x is deeply discounted vs industry median 4.1x - if margins normalize, significant multiple expansion possible
P/S RatioOperating Margin TTM
R&D spend of 270.6M (7.5% of revenue) maintains product pipeline for recovery; operating margin 12% still positive
Research and DevelopmentOperating Margin TTM
Bear Case
Capital structure crisis: 4.5B debt, negative FCF, interest > EBITDA, 1.3B current debt due vs 498M cash
Total DebtFree Cash Flow TTMCurrent Debt
Structural decline: revenue -27% over 3Y, gross profit -67% YoY, ROE -12.8%, ROIC -6.3% destroying value
Total Revenue 3Y GrowthGross Profit 1Y GrowthROIC TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
20%
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Forward Thesis
Debt refinancing or equity raise likely within 12 months as current structure is unsustainable
3-12mhigh
- 1.27B current debt due with only 498M cash
- Negative FCF of -409M TTM
- Interest expense exceeds EBITDA
Debt/equity 1.2x with net debt 4.0BFCF -409M vs 2.32 dividend/shareOperating cash flow -317.5M TTM
Dividend cut probable - current 2.32/share payout unsustainable with negative cash generation
3-12mhigh
- FCF negative 409M TTM
- EPS negative 1.26 TTM
- Cash position declining
Dividend yield implies 180M+ annual payoutNo equity issuance (0 TTM)Net short-term debt up 382M
Valuation Context
Caveats
Public Strategies Rankings
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FMC Fundamentals
Manufacturing → Chemical Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$2.21B | — | ||
$5.82B | — | ||
0.00 | — | ||
$3.47B | -18.3% | — | |
$-17.88 | — | ||
9.57% | -5.8% | — | |
-64.6% | -72.6% | — | |
$-176.5M | — | ||
-68.3% | -75.9% | — | |
Beta 5Y (Monthly) | unknown | — |
FMC Dividend History
81 dividends
2026
$0.080003/31/26$0.0800
2025
$1.820012/31/25$0.0800
09/30/25$0.5800
06/30/25$0.5800
03/31/25$0.5800
2024
$2.320012/31/24$0.5800
09/30/24$0.5800
06/28/24$0.5800
03/27/24$0.5800
2023
$2.320012/28/23$0.5800
09/28/23$0.5800
06/29/23$0.5800
03/30/23$0.5800
2022
$2.170012/29/22$0.5800
09/29/22$0.5300
06/29/22$0.5300
03/30/22$0.5300
2021
$1.970012/30/21$0.5300
09/29/21$0.4800
06/29/21$0.4800
03/30/21$0.4800
2020
$1.800012/30/20$0.4800
09/29/20$0.4400
06/29/20$0.4400
03/30/20$0.4400
2019
$1.640012/30/19$0.4400
09/27/19$0.4000
06/27/19$0.4000
03/28/19$0.4000
2018
$0.895012/27/18$0.4000
09/27/18$0.1650
06/28/18$0.1650
03/28/18$0.1650
2017
$0.660012/28/17$0.1650
09/28/17$0.1650
06/28/17$0.1650
03/29/17$0.1650
2016
$0.660012/28/16$0.1650
09/28/16$0.1650
06/28/16$0.1650
03/29/16$0.1650
2015
$0.660012/29/15$0.1650
09/28/15$0.1650
06/26/15$0.1650
03/27/15$0.1650
2014
$0.600012/29/14$0.1500
09/26/14$0.1500
06/26/14$0.1500
03/27/14$0.1500
2013
$0.540012/27/13$0.1350
09/26/13$0.1350
06/26/13$0.1350
03/26/13$0.1350
2012
$0.405012/27/12$0.1350
09/26/12$0.0900
06/27/12$0.0900
03/28/12$0.0900
2011
$0.300012/28/11$0.0750
09/28/11$0.0750
06/28/11$0.0750
03/29/11$0.0750
2010
$0.250012/29/10$0.0625
09/28/10$0.0625
06/28/10$0.0625
03/29/10$0.0625
2009
$0.250012/29/09$0.0625
09/28/09$0.0625
06/26/09$0.0625
03/27/09$0.0625
2008
$0.240012/29/08$0.0625
09/26/08$0.0625
06/26/08$0.0625
03/27/08$0.0525
2007
$0.202512/27/07$0.0525
09/26/07$0.0525
06/27/07$0.0525
03/28/07$0.0450
2006
$0.180012/27/06$0.0450
09/27/06$0.0450
06/28/06$0.0450
03/29/06$0.0450
FMC Stock Splits
2 stock splits
05/25/120.5:1 split
09/14/070.5:1 split
FMC SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/27/26 | 12/31/25 | 10-K | |
10/30/25 | 09/30/25 | 10-Q | |
07/31/25 | 06/30/25 | 10-Q | |
05/01/25 | 03/31/25 | 10-Q | |
02/28/25 | 12/31/24 | Unknown | |
10/30/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/07/24 | 03/31/24 | 10-Q | |
02/27/24 | 12/31/23 | 10-K | |
11/07/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/02/23 | 03/31/23 | 10-Q | |
02/24/23 | 12/31/22 | 10-K | |
11/02/22 | 09/30/22 | 10-Q | |
08/03/22 | 06/30/22 | 10-Q | |
05/03/22 | 03/31/22 | 10-Q | |
02/25/22 | 12/31/21 | 10-K | |
11/03/21 | 09/30/21 | 10-Q | |
08/04/21 | 06/30/21 | 10-Q | |
05/06/21 | 03/31/21 | 10-Q | |
02/25/21 | 12/31/20 | 10-K | |
11/03/20 | 09/30/20 | 10-Q | |
08/05/20 | 06/30/20 | 10-Q | |
05/06/20 | 03/31/20 | 10-Q | |
02/28/20 | 12/31/19 | 10-K | |
10/30/19 | 09/30/19 | 10-Q | |
07/31/19 | 06/30/19 | 10-Q | |
05/08/19 | 03/31/19 | 10-Q | |
02/28/19 | 12/31/18 | 10-K | |
11/06/18 | 09/30/18 | 10-Q | |
08/02/18 | 06/30/18 | 10-Q | |
05/03/18 | 03/31/18 | 10-Q | |
02/28/18 | 12/31/17 | 10-K | |
11/07/17 | 09/30/17 | 10-Q | |
08/02/17 | 06/30/17 | 10-Q | |
05/03/17 | 03/31/17 | 10-Q | |
02/28/17 | 12/31/16 | 10-K | |
11/03/16 | 09/30/16 | 10-Q | |
08/03/16 | 06/30/16 | 10-Q | |
05/03/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
11/02/15 | 09/30/15 | 10-Q | |
08/06/15 | 06/30/15 | 10-Q | |
05/11/15 | 03/31/15 | 10-Q | |
02/27/15 | 12/31/14 | 10-K | |
10/30/14 | 09/30/14 | 10-Q | |
08/01/14 | 06/30/14 | 10-Q | |
05/07/14 | 03/31/14 | 10-Q | |
02/18/14 | 12/31/13 | 10-K | |
10/29/13 | 09/30/13 | 10-Q | |
07/30/13 | 06/30/13 | 10-Q | |
05/01/13 | 03/31/13 | 10-Q | |
02/19/13 | 12/31/12 | 10-K | |
10/31/12 | 09/30/12 | 10-Q | |
08/01/12 | 06/30/12 | 10-Q | |
05/01/12 | 03/31/12 | 10-Q | |
02/21/12 | 12/31/11 | 10-K | |
11/02/11 | 09/30/11 | 10-Q | |
08/03/11 | 06/30/11 | 10-Q | |
05/05/11 | 03/31/11 | 10-Q | |
02/22/11 | 12/31/10 | 10-K | |
11/02/10 | 09/30/10 | 10-Q | |
08/04/10 | 06/30/10 | 10-Q | |
05/05/10 | 03/31/10 | 10-Q | |
02/22/10 | 12/31/09 | 10-K | |
11/04/09 | 09/30/09 | 10-Q | |
08/05/09 | 06/30/09 | 10-Q | |
05/08/09 | 03/31/09 | 10-Q | |
02/23/09 | 12/31/08 | 10-K | |
10/31/08 | 09/30/08 | 10-Q | |
08/01/08 | 06/30/08 | 10-Q | |
05/02/08 | 03/30/08 | Unknown | -- |
02/25/08 | 12/31/07 | 10-K | |
11/06/07 | 09/30/07 | 10-Q | |
08/03/07 | 06/30/07 | 10-Q | |
05/08/07 | 03/30/07 | Unknown | -- |
02/26/07 | 12/31/06 | 10-K | |
11/03/06 | 09/30/06 | 10-Q | |
08/07/06 | 06/30/06 | 10-Q | |
05/08/06 | 03/31/06 | 8-K | |
03/08/06 | 12/31/05 | 10-K | |
11/04/05 | 09/30/05 | 10-Q | |
08/05/05 | 06/30/05 | 10-Q | |
05/06/05 | 03/30/05 | Unknown | -- |
03/14/05 | 12/31/04 | 10-K | |
11/09/04 | 09/30/04 | 10-Q | |
08/06/04 | 06/30/04 | 10-Q | |
05/07/04 | 03/30/04 | Unknown | -- |
03/11/04 | 12/31/03 | 10-K | |
11/12/03 | 09/30/03 | 10-Q | |
08/13/03 | 06/30/03 | 10-Q | |
05/13/03 | 03/30/03 | Unknown | -- |
03/11/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/14/02 | 06/30/02 | 10-Q | |
05/15/02 | 03/30/02 | Unknown | -- |
03/11/02 | 12/31/01 | 10-K | |
11/07/01 | 09/30/01 | 10-Q | |
08/14/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/30/01 | Unknown | -- |
03/29/01 | 12/31/00 | 10-K405 | |
11/14/00 | 09/30/00 | 10-Q | |
08/14/00 | 06/30/00 | 10-Q | |
05/11/00 | 03/30/00 | Unknown | -- |