olivLaw · US equity research
FMC Corporation FMC
Chemicals & Allied Products · SIC 2800 · Vertical: Chemicals & Allied Products (SIC 2800)
FMC Corporation is a global agricultural sciences company that develops and sells insecticides, herbicides, fungicides and plant health products, and its revenue fell sharply in 2025 because of one-time commercial actions tied to the planned sale of its India business. In 2026 it announced a strategic minority investment and broad commercial actions, which makes its financial position a key issue for the crop chemicals market. Revenue fell by about 18 percent in 2025, and the net loss attributable to stockholders reached 2,238.9 million USD due to write-downs.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, FMC Corporation (FMC) stock was 6.42 USD (+5.42% on the day), with market capitalisation 998.7 m USD, dividend yield 30.84%, beta 0.93, 52-week range 4.47–18.07 USD. Latest reported quarter (Q3 2026): revenue of 105.9 m USD (−80.5% YoY), net income of -2.1 bn USD, diluted EPS -15.54 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 46.0
- neutral
- Bollinger (20, 2)
- 3.29 – 8.99
- in the upper half of the band · %B 0.55 · band width 92.9%
- SMA 50 / 200
- 8.83 / 12.32
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.84 / -1.12
- 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
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −28.7% | −1.1% | −27.6 pp | — |
| 3 months | −40.4% | −0.5% | −40.0 pp | — |
| 6 months | −56.6% | +4.4% | −61.0 pp | — |
| Year to date | −53.7% | +12.3% | −66.0 pp | — |
| 1 year | −52.1% | +13.5% | −65.7 pp | +3.3% |
| 3 years | −88.4% | +76.4% | −164.8 pp | −23.2% |
| 5 years | −94.0% | +63.7% | −157.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 791.4 m | 1.1 bn | 542.2 m | 1.1 bn | 758.6 m | 867.1 m | 105.9 m |
| Cost of revenue | 699.6 m | 474.7 m | 644.2 m | 413.3 m | 652.2 m | 512.0 m | 525.0 m | 507.5 m |
| Gross profit | 524.7 m | 316.7 m | 406.3 m | 128.9 m | 431.1 m | 246.6 m | 342.1 m | -401.6 m |
| SG&A | 156.7 m | 172.0 m | 176.8 m | 167.4 m | 168.7 m | 185.1 m | 179.1 m | 172.3 m |
| Operating income | 234.6 m | 58.2 m | 126.4 m | -396.3 m | -1.4 bn | -81.0 m | -119.7 m | -1.1 bn |
| Depreciation & amortisation | 43.1 m | 43.7 m | 43.4 m ≈ | 43.4 m ≈ | 43.1 m | 42.0 m | 41.1 m ≈ | 40.9 m ≈ |
| Interest expense | 51.8 m | 50.1 m | 61.0 m | 64.1 m | 64.4 m | 64.8 m | 71.3 m | 73.6 m |
| Pre-tax income | 177.5 m | 4.9 m | 58.8 m | -466.0 m | -1.5 bn | -149.2 m | -194.3 m | -1.2 bn |
| Income tax | 148.0 m | 13.5 m | 14.4 m | 82.2 m | 204.1 m | 112.1 m | -1.5 m | 840.6 m |
| Net income | -16.3 m | -15.5 m | 66.7 m | -569.3 m | -1.7 bn | -281.3 m | -186.6 m | -2.1 bn |
| Diluted EPS | -0.13 | -0.12 | 0.53 | -4.52 | -13.74 | -2.25 | -1.49 | -15.54 |
| Capex | 21.6 m | 31.6 m | 15.0 m ≈ | 23.7 m ≈ | 26.0 m | 16.6 m | 5.3 m ≈ | 7.8 m ≈ |
| Dividends paid | 72.7 m | 72.7 m | 72.8 m ≈ | 72.9 m ≈ | 72.9 m | 10.0 m | 10.2 m ≈ | 10.2 m ≈ |
| Share repurchases | 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 year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.7 bn | 4.6 bn | 4.6 bn | 5.0 bn | 5.8 bn | 4.5 bn | 4.2 bn | 3.5 bn |
| Revenue YoY | +64.2% | −2.5% | +0.7% | +8.7% | +15.0% | −22.7% | −5.4% | −18.3% |
| Net income | 502.1 m | 477.4 m | 552.4 m | 739.6 m | 736.5 m | 1.3 bn | 341.1 m | -2.2 bn |
| Net income YoY | −6.3% | −4.9% | +15.7% | +33.9% | −0.4% | +79.4% | −74.2% | −756.4% |
| Diluted EPS | 3.69 | 3.62 | 4.23 | 5.73 | 5.81 | 10.53 | 2.72 | -17.88 |
| Diluted EPS YoY | −7.5% | −1.9% | +16.9% | +35.5% | +1.4% | +81.2% | −74.2% | −757.4% |
| net % | 10.6% | 10.4% | 11.9% | 14.7% | 12.7% | 29.5% | 8.0% | -64.6% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 584.5 m USD
- Financial debt
- 4.1 bn USD
- Net debt
- 3.5 bn USD
- Equity
- 2.1 bn USD
- Total assets
- 9.7 bn USD
- Debt / equity
- 1.94x
- Current ratio
- 1.32x
- ROE
- -67.8%
- ROA
- -21.0%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 4.6 bn | 5.0 bn | 5.8 bn | 4.5 bn | 4.2 bn | 3.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 2.6 bn | 2.9 bn | 3.5 bn | 2.7 bn | 2.6 bn | 2.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 2.0 bn | 2.2 bn | 2.3 bn | 1.8 bn | 1.6 bn | 1.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | 729.7 m | 714.1 m | 775.2 m | 734.3 m | 644.6 m | 684.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 896.9 m | 1.0 bn | 1.1 bn | 555.6 m | 506.5 m | -1.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 162.7 m | 170.9 m | 169.4 m | 184.3 m | 176.3 m | 173.6 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 1.1 bn ≈ | 1.2 bn ≈ | 1.3 bn ≈ | 739.9 m ≈ | 682.8 m ≈ | -1.5 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Interest expense | 151.3 m | 131.1 m | 151.8 m | 237.2 m | 235.8 m | 239.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 731.0 m | 897.8 m | 983.9 m | 300.2 m | 252.5 m | -1.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 151.2 m | 92.5 m | 145.2 m | -1.1 bn | -150.9 m | 314.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 552.4 m | 739.6 m | 736.5 m | 1.3 bn | 341.1 m | -2.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 4.23 | 5.73 | 5.81 | 10.53 | 2.72 | -17.88 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 130.6 m | 129.1 m | 126.7 m | 125.5 m | 125.4 m | 125.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 1.80 | 1.96 | 2.17 | 2.32 | 2.32 | 1.82 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 568.9 m | 516.8 m | 572.0 m | 302.4 m | 357.3 m | 584.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Inventories | 1.1 bn | 1.5 bn | 1.7 bn | 1.7 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 4.4 bn | 5.1 bn | 5.4 bn | 5.1 bn | 5.0 bn | 5.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 771.7 m | 817.0 m | 849.6 m | 892.5 m | 849.7 m | 707.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 1.5 bn | 1.5 bn | 1.6 bn | 1.6 bn | 1.5 bn | 0 | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 2.6 bn | 2.5 bn | 2.5 bn | 2.5 bn | 2.4 bn | 2.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 10.2 bn | 10.7 bn | 11.2 bn | 11.9 bn | 11.7 bn | 9.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 946.7 m | 1.1 bn | 1.3 bn | 602.4 m | 768.5 m | 771.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 338.3 m | 440.8 m | 540.8 m | 934.0 m | 337.4 m | 1.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 2.9 bn | 2.7 bn | 2.7 bn | 3.0 bn | 3.0 bn | 2.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 2.8 bn | 3.5 bn | 3.8 bn | 3.4 bn | 3.0 bn | 3.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 3.1 bn | 3.1 bn | 3.4 bn | 4.4 bn | 4.5 bn | 2.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Shares outstanding at year end | 129.4 m | 125.7 m | 125.1 m | 124.8 m | 124.8 m | 124.9 m | SEC (XBRL)· 27 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Capex | 67.2 m | 100.1 m | 142.3 m | 133.9 m | 67.9 m | 96.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Investing cash flow | — | — | -266.4 m | -154.4 m | 263.6 m | -99.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -250.3 m | -747.9 m | -237.4 m | 331.5 m | -870.1 m | 386.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 228.5 m | 247.2 m | 267.5 m | 290.5 m | 290.6 m | 291.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 50.0 m | 400.0 m | 100.0 m | 75.0 m | 0 | 0 | SEC (XBRL)· 27 Feb 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 998.7 m USD
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
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: 23.92 – 32.16 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 · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)23.92 – 32.16 (Mid 27.43)
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
Insufficient data
Minimum-evidence gate: score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -40.6% | 0 (vs peers) | 25% |
| Net margin · Quality | -151.2% | 21 (vs peers) | 15% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -15.8% | 0 (on a fixed band) | 20% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -10.0x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.7x | 72 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 10.3% | 100 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet29/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality8/100 · 2/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
FMC CORPORATION (FMC). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 3.5 bn USD in 2025; YoY growth -18.3%; net margin -151.2%; ROE -226.7%.
The estimated value range is 23.92–32.16 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 27.43 USD, the price of 6.42 USD leaves a potential of 327.3% (value / price − 1) and a margin of safety of 76.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.7x
- Shareholder yield (distributions): 10.3%
- The price is below the estimated value range
What contradicts it
- ROIC: -40.6%
- Net margin: -151.2%
- Revenue CAGR 3Y: -15.8%
- Interest coverage: -10.0x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Chemicals & Allied Products (SIC 2800) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SOLSSolstice Advanced Materials Inc. | 9.1 bn | 28.3 | 13.6% | 7.8% | +3.1% | +21% / unavailable |
| BCPCBalchem Corporation | 5.8 bn | 34.4 | 13.0% | 15.4% | +8.8% | +17% / +46% |
| PRMPerimeter Solutions, Inc. | 4.6 bn | — | -30.9% | -44.9% | +16.4% | +1% / +575% |
| NGVTIngevity Corporation | 2.5 bn | 50.1 | 64.4% | 4.7% | −2.7% | +41% / +90% |
| CCThe Chemours Company | 2.1 bn | — | -339.7% | -5.2% | +0.4% | +8% / −50% |
| OLNOlin Corporation | 2.1 bn | — | -12.2% | -3.3% | +3.7% | −14% / −62% |
| IOSPInnospec Inc. | 2.0 bn | 14.2 | 10.5% | 7.5% | −3.7% | +8% / −23% |
| HUNHuntsman Corporation | 1.7 bn | — | -11.8% | -5.8% | −5.8% | −5% / −60% |
| ECVTEcovyst Inc. | 1.1 bn | — | -9.6% | -7.1% | +20.9% | +8% / +5% |
| FMCFmc Corporation | 998.7 m | — | -226.7% | -151.2% | −18.3% | −52% / −88% |
| ACNTAscent Industries Co. | 124.0 m | — | -1.1% | -1.0% | −7.2% | −3% / +68% |
| CITRCitroTech Inc. | 54.8 m | — | -431.0% | -1,788.4% | +194.6% | unavailable / unavailable |
| LOOPLoop Industries, Inc. | 13.0 m | — | — | -2,154.3% | −95.3% | −77% / −92% |
| GUREGulf Resources, Inc. | 5.6 m | — | -32.4% | -134.4% | +231.8% | +3% / −80% |
| ADURAduro Clean Technologies Inc. | — | — | -133.8% | -5,253.1% | −31.5% | −26% / unavailable |
1- and 3-year price returns: for FMC 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.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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 15 Oct 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
FMC Corporation is a global agricultural sciences company that develops and sells insecticides, herbicides, fungicides and plant health products, and its revenue fell sharply in 2025 because of one-time commercial actions tied to the planned sale of its India business. In 2026 it announced a strategic minority investment and broad commercial actions, which makes its financial position a key issue for the crop chemicals market. Revenue fell by about 18 percent in 2025, and the net loss attributable to stockholders reached 2,238.9 million USD due to write-downs.
SWOT
Strengths
- The company holds a portfolio of proprietary molecules protected by patents and data, together with a large number of active patents, which gives it a competitive edge 1.
- Its geographic balance and crop diversity allow it to sell in all four major regions 1.
- The Arc farm intelligence platform and investments through FMC Ventures extend its offer toward precision agriculture 1.
Weaknesses
Opportunities
- New herbicide and fungicide molecules could offset the decline of legacy products if they expand into new markets 1.
- Completing the India business sale and the strategic investment could reduce debt and simplify the structure 2.
- Cutting costs by exiting expensive plants could improve competitiveness against generic producers 1.
Risks
- Goodwill and asset impairmenthigh
The company recorded a major goodwill write-off in 2025 and may need a further non-cash impairment of intangible assets after its September 2026 assessment 13.
- Commercial actions and price pressurehigh
Price reductions on products held by distributors could weigh on revenue and margins in the short term 3.
- Debt and bank covenantshigh
The company expects to comply with covenants at September 30, 2026, but may need to renegotiate terms with its banks if conditions worsen 3.
- Generic competitionmedium
The presence of generic producers, especially from China, could limit prices and market share of core products 1.
- Regulatory and climate risksmedium
Regulatory changes and extreme climate conditions could raise costs or reduce demand in some regions 1.
Investment thesis
What would need to be true (bull case)
- If the strategic investment and the India business sale are completed, the company could significantly reduce debt and focus its resources on innovation 2.
- New molecules and the research pipeline could generate revenue from protected products, especially if approvals expand into new markets 1.
- The cost reduction program could improve margins as expensive plants are closed 1.
What would break the thesis
- If price pressure and generic competition persist, revenue from core products could keep falling 12.
- The risk of further impairments and covenant renegotiation could weigh on investor confidence 3.
- If price reductions do not speed up replenishment, demand through the distribution channel could remain weak 3.
What to watch
- Final third-quarter results and 2026 outlookQ3 2026
- Any intangible asset impairment and the outcome of the assessmentQ3 2026
- Preliminary expectations for 2027 and 2028 and the effect of commercial actions2027
- Talks with banks on modifying credit covenantsnext 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 15 Oct 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (29 Oct 2026 · results).
The business
FMC Corporation describes its business as a single distinct segment in which it develops, markets and sells all three major classes of crop protection chemicals, insecticides, herbicides and fungicides, plus biologicals, crop nutrition and seed treatments grouped as plant health 1. The company considers itself a tier-one leader in agrochemicals, based on technology, innovation, geographic balance and crop diversity 1. In 2025 it had 5,500 employees worldwide 1.
The portfolio is split into a core and a growth portfolio. The core includes Rynaxypyr active, with annual revenues of about 0.8 billion USD in 2025, while the growth portfolio includes Cyazypyr active, with revenues of about 0.4 billion USD in 2025 1. The company also pursues new herbicides such as Isoflex active and Dodhylex active, plus the fungicide fluindapyr and rimisoxafen 1.
In 2026 the company said it was exploring strategic options, including a possible sale, and in June 2026 it signed an agreement with Tessenderlo Group for a minority equity investment of about 400 million USD 2. The company intends to use the funds to pay down debt 2.
Segments
Market context
The three major categories of agricultural chemicals are herbicides, insecticides and fungicides, representing about 41, 30 and 27 percent of global crop protection market value 1. Six innovation companies, including FMC, represent about 76 percent of the industry's global sales 1. The market has been affected by patent expiries and growing generic competition, especially from China 1.
In the first half of 2026, demand for the company's legacy products fell, especially in North America, as growers faced strained margins 2. If channel inventories do not normalize, replenishment demand could remain weak for a period 3.
Trends
- Generic competitionheadwind
The expiry of product patents and data protection has increased generic presence, and competitors from China have a growing impact 1. This trend could continue and could limit FMC's pricing 1.
- Cost transformation through Project Foundationmixed
Project Foundation aims to exit high-cost plants and reduce structural costs, which could improve margins over the long term 1. Implementation costs and the risk of delays remain uncertain 1.
- Climate conditions and seasonalitymixed
Droughts, floods and extreme temperatures can change pest pressure and demand for certain products, and seasonality concentrates the effects of shocks in particular quarters 1. These conditions can significantly affect results 1.
- Regulatory and sustainability pressureheadwind
Pesticide rules such as the EU's REACH and re-registration requirements in many countries can raise costs or restrict permitted uses 1. Sustainability requirements from customers and investors add further costs 1.
Competitive position
FMC operates in a market dominated by a few large companies, including ChemChina through Syngenta Group, Bayer AG, BASF AG, Corteva Agriscience and UPL Ltd. 1. Competition also comes from generic producers, especially in China, and from alternative technologies bred into seeds 1.
The large companies have consolidated, giving them greater scale, diversity and market reach, which could make it harder for FMC to maintain its position 1. The company's differentiated strategy and new molecule portfolio are meant to counter this pressure 1.
- Corteva AgriscienceCTVA
Agricultural sciences company cited among the six leading innovation companies in the industry 1.
- Bayer AG
German group that acquired Monsanto in 2018 and is among the leaders of the crop protection industry 1.
- BASF AG
German chemical group named among the major crop protection companies 1.
- UPL Ltd.
Indian agrochemical company included in the group of six innovation companies 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report21 Oct 2026Departure or appointment of officers
- Current report21 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report15 Oct 2026Results of operations · Financial statements and exhibits
- Current report23 Sept 2026Material agreement · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report01 Jul 2026Material agreement · Item 3.02 · Regulation FD disclosure · Financial statements and exhibits
- Current report23 Jun 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / FMC Corporation · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / FMC Corporation · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / FMC Corporation · 15 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.