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olivLaw · US equity research

The Mosaic Company MOS

Agricultural Chemicals · SIC 2870 · Vertical: Agricultural Chemicals (SIC 2870)

21.62USD+17.37% · 1 dayClose 04 Nov 2026

Mosaic is the world's largest producer and marketer of concentrated phosphate and potash crop nutrients, with mining and processing operations in the US, Canada and Brazil. In 2026 it faces pressure from sulfur and ammonia costs, lower volumes and quarterly losses, which makes its production and investment adjustments relevant. Net sales in the second quarter of 2026 were 2,824.1 million USD, and the company reported a net loss of 273 million USD.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, The Mosaic Company (MOS) stock was 21.62 USD (+17.37% on the day), with market capitalisation 6.9 bn USD, dividend yield 2,035,154.67%, beta 0.72, 52-week range 17.27–31.36 USD. Latest reported quarter (Q3 2026): revenue of 3.1 bn USD (−10.2% YoY), net income of -72.1 m USD (−117.5% YoY), diluted EPS -0.23 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
6.9 bn USD
shares as of 30 Oct 2026
P/E (TTM)
unavailable
Diluted EPS TTM -3.53 · TTM to 30 Sept 2026
E/P (TTM)
-16.32%
TTM to 30 Sept 2026
Dividend yield
2,035,154.67%
DPS 12m 440,000.44
Beta (2y)
0.72
Volatility (1y) 48%
52-week range
17.2731.36

Price history

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Technical reading

RSI (14)
61.9
strong (55–70)
Bollinger (20, 2)
16.79 – 20.44
above the upper band · %B 1.32 · band width 19.6%
SMA 50 / 200
21.80 / 23.80
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.60 / -1.04
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+1.6%−1.1%+2.6 pp—
3 months−7.6%−0.5%−7.2 pp—
6 months−8.2%+4.4%−12.6 pp—
Year to date−10.3%+12.3%−22.6 pp—
1 year−18.6%+13.5%−32.1 pp−13.4%
3 years−35.2%+76.4%−111.6 pp−48.2%
5 years−42.1%+63.7%−105.8 pp—
Max drawdown (1y)
−44.9%
12 Mar 2026 → 22 Oct 2026
Max drawdown (5y)
−77.9%
18 Apr 2022 → 22 Oct 2026
Compound annual growth (5y)
−10.4%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
3.1 bn USD
−10.2% YoY
Net income
-72.1 m USD
−117.5% YoY
Diluted EPS
-0.23
−117.8% YoY
net / operating
-2.3% / -3.1%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue2.8 bn2.6 bn3.0 bn3.5 bn3.0 bn3.0 bn2.8 bn3.1 bn
Cost of revenue2.5 bn2.1 bn2.5 bn2.9 bn2.6 bn2.8 bn2.6 bn3.0 bn
Gross profit301.9 m488.4 m518.6 m552.3 m342.6 m235.6 m214.7 m84.1 m
SG&A113.5 m122.6 m167.2 m125.5 m118.6 m135.9 m131.6 m124.4 m
Operating income99.9 m338.5 m244.4 m339.8 m-101.2 m-372.9 m-35.5 m-96.6 m
Depreciation & amortisation282.1 m243.0 m261.7 m277.0 m268.2 m316.6 m292.1 m291.9 m
Pre-tax income190.4 m312.8 m564.3 m599.3 m-263.5 m-285.9 m-300.9 m-103.3 m
Income tax33.8 m63.3 m146.0 m175.5 m255.0 m-31.0 m-33.8 m-37.9 m
Net income169.0 m238.1 m410.7 m411.4 m-519.5 m-257.6 m-272.8 m-72.1 m
Diluted EPS0.53 ≈0.751.291.29-1.63 ≈-0.81-0.86-0.23
Operating cash flow219.3 m42.9 m609.5 m ≈228.5 m ≈-56.1 m104.2 m167.4 m ≈284.4 m ≈
Capex294.1 m340.8 m304.6 m ≈364.4 m ≈349.6 m356.8 m320.3 m ≈281.5 m ≈
Dividends paid66.5 m70.9 m70.1 m ≈69.5 m ≈69.9 m70.8 m69.9 m ≈69.9 m ≈
Share repurchases25.0 m00 ≈0 ≈0———

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue9.6 bn8.9 bn8.7 bn12.4 bn19.1 bn13.7 bn11.1 bn12.1 bn
Revenue YoY+29.4%−7.1%−2.5%+42.3%+54.8%−28.4%−18.8%+8.4%
Net income470.0 m-1.1 bn666.1 m1.6 bn3.6 bn1.2 bn174.9 m540.7 m
Net income YoYunavailable−327.1%unavailable+144.8%+119.7%−67.5%−85.0%+209.1%
Diluted EPS1.22-2.781.754.2710.063.500.551.70
Diluted EPS YoYunavailable−327.9%unavailable+144.0%+135.6%−65.2%−84.3%+209.1%
net %4.9%-12.0%7.7%13.2%18.7%8.5%1.6%4.5%
Free cash flow455.3 m-176.8 m412.0 m898.4 m2.7 bn1.0 bn47.4 m-534.6 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
276.6 m USD
Financial debt
759.9 m USD
Net debt
483.3 m USD
Equity
12.2 bn USD
Total assets
24.5 bn USD
Debt / equity
0.06x
Current ratio
1.32x
ROE
4.5%
ROA
2.3%
FCF margin
-4.4%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
13.7 bn
2024
11.1 bn
2025
12.1 bn

SEC (XBRL)· 27 Feb 2026verified

Cost of revenue
2023
11.5 bn
2024
9.6 bn
2025
10.2 bn

SEC (XBRL)· 27 Feb 2026verified

Gross profit
2023
2.2 bn
2024
1.5 bn
2025
1.9 bn

SEC (XBRL)· 27 Feb 2026verified

SG&A
2023
500.5 m
2024
496.9 m
2025
533.9 m

SEC (XBRL)· 27 Feb 2026verified

Operating income
2023
1.3 bn
2024
621.5 m
2025
821.5 m

SEC (XBRL)· 27 Feb 2026verified

Depreciation & amortisation
2023
960.6 m
2024
1.0 bn
2025
1.0 bn

SEC (XBRL)· 27 Feb 2026verified

EBITDA
2023
2.3 bn ≈
2024
1.6 bn ≈
2025
1.9 bn ≈

SEC (XBRL)· 27 Feb 2026derived

Interest expense
2023
189.0 m
2024
230.0 m
2025
241.5 m

SEC (XBRL)· 27 Feb 2026verified

Pre-tax income
2023
1.3 bn
2024
315.4 m
2025
1.2 bn

SEC (XBRL)· 27 Feb 2026verified

Income tax
2023
177.0 m
2024
186.7 m
2025
639.8 m

SEC (XBRL)· 27 Feb 2026verified

Net income
2023
1.2 bn
2024
174.9 m
2025
540.7 m

SEC (XBRL)· 27 Feb 2026verified

Diluted EPS
2023
3.50
2024
0.55
2025
1.70

SEC (XBRL)· 27 Feb 2026verified

Weighted average diluted shares
2023
333.2 m
2024
320.7 m
2025
318.9 m

SEC (XBRL)· 27 Feb 2026verified

Dividend per share
2023
0.85
2024
0.85
2025
0.88

SEC (XBRL)· 27 Feb 2026verified

Balance sheet · USD

Cash
2023
348.8 m
2024
272.8 m
2025
276.6 m

SEC (XBRL)· 27 Feb 2026verified

Inventories
2023
2.5 bn
2024
2.5 bn
2025
3.4 bn

SEC (XBRL)· 27 Feb 2026verified

Current assets
2023
4.7 bn
2024
4.5 bn
2025
5.2 bn

SEC (XBRL)· 27 Feb 2026verified

Property, plant & equipment, net
2023
13.6 bn
2024
13.4 bn
2025
14.0 bn

SEC (XBRL)· 27 Feb 2026verified

Goodwill
2023
1.1 bn
2024
1.1 bn
2025
1.0 bn

SEC (XBRL)· 27 Feb 2026verified

Total assets
2023
23.0 bn
2024
22.9 bn
2025
24.5 bn

SEC (XBRL)· 27 Feb 2026verified

Accounts payable
2023
1.2 bn
2024
1.2 bn
2025
1.2 bn

SEC (XBRL)· 27 Feb 2026verified

Short-term debt
2023
399.7 m
2024
847.1 m
2025
759.9 m

SEC (XBRL)· 27 Feb 2026verified

Current liabilities
2023
3.9 bn
2024
4.2 bn
2025
4.0 bn

SEC (XBRL)· 27 Feb 2026verified

Equity
2023
12.4 bn
2024
11.6 bn
2025
12.2 bn

SEC (XBRL)· 27 Feb 2026verified

Shares outstanding at year end
2023
—
2024
—
2025
317.5 m

SEC (XBRL)· 17 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
2.4 bn
2024
1.3 bn
2025
824.8 m

SEC (XBRL)· 27 Feb 2026verified

Capex
2023
1.4 bn
2024
1.3 bn
2025
1.4 bn

SEC (XBRL)· 27 Feb 2026verified

Free cash flow
2023
1.0 bn ≈
2024
47.4 m ≈
2025
-534.6 m ≈

SEC (XBRL)· 27 Feb 2026derived

Investing cash flow
2023
-1.3 bn
2024
-1.3 bn
2025
-1.3 bn

SEC (XBRL)· 27 Feb 2026verified

Financing cash flow
2023
-1.5 bn
2024
-131.9 m
2025
452.0 m

SEC (XBRL)· 27 Feb 2026verified

Dividends paid
2023
351.6 m
2024
270.7 m
2025
280.4 m

SEC (XBRL)· 27 Feb 2026verified

Share repurchases
2023
756.0 m
2024
235.4 m
2025
0

SEC (XBRL)· 27 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
8.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
-14.3%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
6.8%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
32.2%
computed by olivLawFY 2025
Net income growth (YoY)
209.1%
computed by olivLawFY 2025
Net income CAGR 3Y
-46.8%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
-4.1%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
209.1%
computed by olivLawFY 2025
EPS CAGR 3Y
-44.7%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
-0.6%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
-1,227.8%
computed by olivLawFY 2025

Profitability

Gross margin
7.4%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
4.7%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
-5.1%
computed by olivLawTTM to 30 Sept 2026
Net margin
-9.4%
computed by olivLawTTM to 30 Sept 2026
FCF margin
-6.8%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
-9.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
-4.6%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
-4.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROCE
-2.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
unavailable
the base of the ratio is not positive

Balance sheet

Net debt
-203.9 m USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
-0.4x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Debt / equity
0.0x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
-2.5x
computed by olivLawTTM to 30 Sept 2026

Liquidity

Current ratio
1.5x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
0.5x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
499.9 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
1.3 bn USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
-808.3 m USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
unavailable
insufficient data
Cash conversion
88.9%
computed by olivLawTTM to 30 Sept 2026

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
108 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days payables outstanding
35 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
6.9 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
6.7 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-16.3%
computed by olivLawTTM to 30 Sept 2026
P/B
0.6x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
0.6x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
11.9x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBIT
unavailable
insufficient data
EV/Sales
0.6x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-11.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
2,035,154.7%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
4.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Unattractive profile

Score: 31 / 100

A scoring methodology on indicators and valuation, not investment advice.

score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])

Closing price

21.62 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 6.9 bn USD

Key indicators

Market capitalisation
6.9 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.6x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
11.9x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROE
-9.3%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
-9.4%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
8.4%
computed by olivLawFY 2025
Dividend yield
2,035,154.7%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 30 Oct 2026
Source: SEC (XBRL)published 04 Nov 2026
verified 2758derived 230

Score by group

  • Valuation16
  • Returns58
  • Quality31
  • Balance sheet62
  • Growth0

Estimated value range

Low
10.10
USD per share
Mid
11.82
USD per share
High
14.18
USD per share
Price: 21.62 USD
The price is above the range
Potential to the central value: -45.4% (value / price − 1)
Margin of safety: -83.0% (1 − price / value)
Agreement between methods: high · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 8.63 – 15.55 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDA8.63 – 12.82 (Mid 10.37)
    4 companies used · median multiple 5.5x · quartiles 4.5x – 6.9x
    CF, ICL, NTR, UAN
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)11.56 – 15.55 (Mid 13.26)
Multiple comparisons use the SIC vertical: Agricultural Chemicals (SIC 2870)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Unattractive profile · Score 31/100

FactorValueScoreWeight used
ROIC · Quality-4.2%20 (vs peers)13%
Net margin · Quality-9.4%50 (vs peers)8%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-14.3%0 (on a fixed band)11%
EPS CAGR 3Y · Growth-44.7%0 (on a fixed band)11%
Net debt / EBITDA · Balance sheet-0.4x100 (on a fixed band)13%
Interest coverage · Balance sheet-2.5x0 (on a fixed band)8%
Current ratio · Balance sheet1.5x58 (on a fixed band)5%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuation11.9x29 (on a fixed band)13%
FCF yield · Valuation-11.8%0 (on a fixed band)11%
Shareholder yield (distributions) · Returns4.1%58 (on a fixed band)8%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet62/100 · 3/3 factors with a value
  • Growth0/100 · 2/2 factors with a value
  • Quality31/100 · 2/3 factors with a value
  • Returns· partial58/100 · 1/2 factors with a value
  • Valuation16/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

MOSAIC CO (MOS). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 12.1 bn USD in 2025; YoY growth 8.4%; net margin -9.4%; ROE -9.3%; net debt/EBITDA -0.4x.

The estimated value range is 10.10–14.18 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 11.82 USD, the price of 21.62 USD leaves a potential of -45.4% (value / price − 1) and a margin of safety of -83.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 31/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net debt / EBITDA: -0.4x

What contradicts it

  • ROIC: -4.2%
  • Revenue CAGR 3Y: -14.3%
  • EPS CAGR 3Y: -44.7%
  • Interest coverage: -2.5x
  • EV/EBITDA: 11.9x
  • FCF yield: -11.8%
  • The price is above the estimated value range

Not assessed (insufficient data or a ratio without meaning): FCF conversion, P/E (TTM), Payout ratio (FCF).

Versus the vertical median

Agricultural Chemicals (SIC 2870) · same industry (4-digit SIC) · compared with 10 companies

Multiples and returns vs the median

P/E
—
vertical median 13.3x
EV/EBITDA
11.9x
vertical median 5.5x
above median (+115.7%)
P/S
0.6x
vertical median 1.3x
below median (−54.5%)
P/B
0.6x
vertical median 1.0x
below median (−38.4%)
ROE
-9.3%
vertical median -19.1%
above median
Net margin
-9.4%
vertical median -4.3%
below median
EBIT margin
-5.1%
vertical median 3.7%
below median (−237.0%)
Revenue YoY
8.4%
vertical median -0.2%
above median
Net debt/EBITDA
-0.4x
vertical median 0.9x
below median (−141.6%)
Dividend yield
2,035,154.7%
vertical median 3.4%
above median (+59,976,895.6%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
NTRNutrien Ltd.41.0 bn15.59.1%8.4%+3.5%+24% / +35%
CFCf Industries Holdings, Inc.16.9 bn7.946.7%32.3%+19.3%+42% / +49%
MOSMosaic Co6.9 bn—-9.3%-9.4%+8.4%−19% / −35%
ICLIcl Group Ltd.5.9 bn25.43.9%3.2%+4.6%−18% / −9%
SMGScotts Miracle-Gro Co3.9 bn55.8—2.1%−3.9%+19% / +21%
UANCvr Partners, LP1.2 bn11.1—16.1%+15.4%+16% / +64%
AVDAmerican Vanguard Corporation28.8 m—-26.5%-10.7%−5.9%−79% / −90%
BIOXBioceres Crop Solutions Corp.16.2 m—-19.1%-16.5%−27.9%−85% / −98%
SNESSenestech, Inc.6.6 m—-107.4%-294.7%+19.6%−58% / −87%
CBUSCibus, Inc.6.2 m—-225.9%-2,258.9%−14.6%−9% / −90%
EVGNEvogene Ltd.3.1 m0.3—-220.2%−30.9%−66% / −95%

1- and 3-year price returns: for MOS from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
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What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).

    In brief

    Mosaic is the world's largest producer and marketer of concentrated phosphate and potash crop nutrients, with mining and processing operations in the US, Canada and Brazil. In 2026 it faces pressure from sulfur and ammonia costs, lower volumes and quarterly losses, which makes its production and investment adjustments relevant. Net sales in the second quarter of 2026 were 2,824.1 million USD 2, and the company reported a net loss of 273 million USD 3.

    SWOT

    Strengths

    • Leading global position in phosphate and potash with integrated operations from mining to distribution 1. Access to significant phosphate rock reserves in Florida and Peru and a strong presence in Brazil 1.
    • Geographic diversification, with a large share of sales outside the US, which reduces reliance on a single market 1. The Potash segment remained relatively stable in the second quarter of 2026 3.
    • Access to long-term financing, shown by the 2025 bond issue and recent credit facilities 13.

    Weaknesses

    • Margins are sensitive to sulfur and ammonia prices, and raw material costs outpaced selling price gains in 2026 2. The company reported a net loss in the second quarter of 2026 3.
    • Sales volumes fell in several segments, and commodity fertilizer production in Brazil is being idled 23.
    • The company recorded impairments and losses on asset sales, including in potash and phosphate mining 12.

    Opportunities

    • If sulfur and ammonia supply stabilizes, production could return to normal capacity and margins could improve 3. The company has said it can resume full production rates when markets improve 3.
    • The biosciences and animal feed businesses could grow, and the company announced new product launches in 2026 3.
    • Lower capital spending and the sale of underperforming assets could improve returns on invested capital 3.

    Threats

    • US tariffs on Canadian imports and possible retaliatory measures could raise costs and reduce demand 1.
    • Geopolitical conflicts can restrict exports of raw materials and raise input costs across the industry 2.
    • Operational risks such as outages at production and transport facilities could affect deliveries and financial results 1.

    Risks

    • Sulfur and ammonia costshigh

      Sharp increases in sulfur and ammonia prices can reduce margins if they cannot be passed on to finished product prices 12. The company has settled third-quarter sulfur contracts at a high level 3.

    • Tariffs on Canadian potashmedium

      Reintroduction of US tariffs on Canadian potash could significantly raise import costs and could reduce demand 1.

    • Operational disruptionsmedium

      Disruptions at mines, plants or ports can reduce production and deliveries, and the risk increases when facilities run at high rates 1.

    • International and currency risksmedium

      Most sales occur outside the US, and currency swings and political instability in Brazil, Canada or Peru can affect results 1.

    • Losses on investments and assetslow

      Changes in the value of Ma'aden shares and asset write-downs can affect net results, as seen in the second quarter of 2026 23.

    Investment thesis

    What would need to be true (bull case)

    • If sulfur and ammonia costs ease, margins could recover quickly, given the company's leading position and available production capacity 13.
    • Higher DAP and potash prices can support revenue, and lower capital spending could improve free cash flow 3.
    • Geographic diversification and vertical integration could help the company navigate difficult periods in specific markets 1.

    What would break the thesis

    • If sulfur and ammonia remain expensive, operating losses could continue in the Phosphate segment and in Mosaic Fertilizantes 23.
    • Tariffs and trade measures could reduce access to important markets, which could pressure revenue over the medium term 1.
    • Asset write-downs and mine sales could signal structural issues in some operations, affecting future results 12.

    What to watch

    • Trend in sulfur and ammonia costs and the effect of the 705 USD per long ton sulfur contractQ3 2026
    • Pace of restarting phosphate and Brazilian production after curtailmentsQ3 2026
    • Completion of remaining asset sales in Brazil and the broader mine portfolio2026
    • Decision on US tariffs on Canadian potash and any retaliatory measuresnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (04 Nov 2026), 8-K (03 Nov 2026 · results).

    The business

    The Mosaic Company, headquartered in Tampa, Florida and listed on the NYSE under the symbol MOS, produces and markets phosphate and potash for agriculture and animal feed ingredients 1. The company estimates it accounts for approximately 10% of global annual phosphate production and approximately 12% of potash production 1. In 2025, approximately 64% of net sales came from customers outside the US 1.

    Operations rely on mines in Florida, Brazil and Peru, processing plants in Florida, Louisiana and Brazil, and potash mines in Saskatchewan and New Mexico 1. The company serves customers in approximately 40 countries 1. Its operations also include distribution in China and India and a 75% economic interest in the Miski Mayo mine in Peru 1.

    During 2025 the company sold its Patos de Minas phosphate unit and its interest in the Taquari potash mine, and in April 2026 it completed the sale of the Carlsbad mine in New Mexico 12. In November 2025 it completed a 900 million USD bond offering, showing access to long-term financing while the market is volatile 1.

    Segments

    Phosphate

    The Phosphate segment produces DAP, MAP, MicroEssentials and animal feed ingredients, with US phosphoric acid capacity of approximately 4.5 million tonnes per year 1. In the second quarter of 2026 segment net sales were 1,246 million USD and the operating loss was 104 million USD, reflecting higher sulfur costs and reduced production 3.

    Potash

    The Potash segment sells potash mainly as fertilizer in North America and internationally, and is an important contributor to group profitability 1. In the second quarter of 2026 net sales were 650 million USD and operating earnings 195 million USD, nearly unchanged from the prior year and supported by higher average prices 3.

    Mosaic Fertilizantes

    The Mosaic Fertilizantes segment operates in Brazil and sells fertilizers and animal feed ingredients 1. In the second quarter of 2026 net sales were 1,034 million USD and the operating loss was 41 million USD, driven by lower volumes and the idling of commodity fertilizer production 3.

    Market context

    The fertilizer market is shaped by weather during application seasons, inventories, agricultural policy and international trade 1. In 2026, conflicts in the Middle East and around Russia and Ukraine restricted exports of fertilizers, sulfur and ammonia, raising input costs and reducing farmer affordability 2. Demand is seasonal, with peaks in spring and after harvest 1.

    Trends

    • Sulfur and ammonia costsheadwind

      Higher sulfur and ammonia prices eroded gross margin in the second quarter of 2026, and the company settled third-quarter sulfur contracts at a high level 23. If supply normalizes, margin pressure could ease.

    • Higher DAP and potash pricestailwind

      Average DAP and MOP prices rose compared with the prior year, supporting revenue in the Phosphate and Potash segments 3. This could partly offset higher costs, while demand remains sensitive to affordability.

    • US tariffs on Canadian potashmixed

      Tariffs on Canadian potash imports could be reintroduced, which could raise import costs and reduce demand from US farmers 1. The company notes a risk that such tariffs may be sustained for an extended period 1.

    • Production curtailments and lower capexmixed

      The company reduced its 2026 capital expenditure plan and temporarily curtailed production at several facilities to protect liquidity 3. These steps may limit short-term losses but could reduce the ability to respond quickly to stronger demand.

    Competitive position

    Mosaic competes with other integrated phosphate and potash producers, and the sources highlight its position as the second largest integrated phosphate producer in the world and one of the largest potash producers 1. Competition is shaped by raw material costs, transport access and trade tariffs 1.

    Competitors include producers in regions with different energy and sulfur costs, and cost gaps can quickly shift market position 12. Trade pressure and subsidies in other countries can affect prices in the US market, as seen with countervailing duties on Moroccan and Russian imports 1.

    • Canpotex

      Potash export joint venture in which Mosaic is a partner; competition and coordination are noted among operating risks 1.

    • Moroccan phosphate producers

      Importers into the US subject to countervailing duties, which Moroccan producers have challenged in court 1.

    • Russian phosphate producers

      Importers into the US subject to the same countervailing duty measure, which Russian producers have challenged 1.

    • Ma'aden

      Saudi mining company in which Mosaic holds shares; its market value affects the group's reported results 2.

    News & filings

    In the press

    The latest news item in our archive is from 28 Oct 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / The Mosaic Company · 27 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / The Mosaic Company · 05 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / The Mosaic Company · 04 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.