Corteva, Inc.

Consumer Staples
Farming/Seeds/Milling
www.corteva.com

Earnings Score
Moat Score
Safety Score

Market Cap $41.14B
PE 59
Debt $5.72B
Cash $2.42B
EV $44.44B
FCF $1.91B

Earnings

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Sales & Net Margins

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Earnings	$695.00M
EBIT	$864.00M
ROE	3%
ROA	2%
FCF	$1.91B
Equity	$24.98B
Growth Stability	100%
PE	59.2
PEG	0
PB	1.65
P/FCF	21.51
P/S	2.47
Price/Cash	0.06
Debt/Equity	0.23
Debt/FCF	2.99
Net Margins	7%
Gross Margins	44%
Op. Margins	5%
Earnings CAGR	1K%
Sales Growth YoY	-10%
Sales Growth QoQ	-62%
Sales CAGR	7%
FCF CAGR	-3%
Equity CAGR	-11%
Earnings Stability	-0.1
Earnings Growth YoY	-153%
Earnings Growth QoQ	-150%
Earnings CAGR 5Y	65K%

Sales CAGR 5Y	7%
FCF CAGR 5Y	1%
Equity CAGR 5Y	1%
Earnings CAGR 3Y	2%
Sales CAGR 3Y	2%
FCF CAGR 3Y	10%
Equity CAGR 3Y	-1%
Market Cap	$41.14B
Revenue	$16.64B
Dividend Yield	1%
Payout Ratio	65%
Assets	$41.91B
Total Debt	$5.72B
Cash	$2.42B
Shares Outstanding	689.17M
EV	44.44B
Earnings Score	6%
Moat Score	45%
Safety Score	92%
Final Score	48%
Working Capital	5.23B
Current Ratio	1.5
Gross Profit	$7.24B
Shares Growth 3y	-13%
Equity Growth QoQ	-2%
Equity Growth YoY	-2%

Assets & ROA

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Stockholders Equity & ROE

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Corteva was formed in 2019 as the agriculture division of the DowDuPont merger and subsequent separation. The company is a leader in the development of new seed and crop chemicals products. Seeds generate a little over half of total company profits and crop protection chemicals make up the remainder. Although Corteva operates globally, around half of revenue comes from North America.

SEC Filings

Direct access to Corteva, Inc. (CTVA) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Corteva, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Corteva, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 1K%

Stability -10%

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Corteva, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Corteva, Inc..

Years

Calculation mode

= $16B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$1.9B	$1.9B	$1.8B	$1.8B	$1.7B	$1.7B	$1.6B	$1.6B	$1.5B	$1.5B	$1.5B	$15B
DCF		$1.7B	$1.5B	$1.3B	$1.2B	$1B	$917M	$811M	$717M	$634M	$561M	$5.6B
Value	$16B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-35%	-7%	0%	0%	0%	4%	7%
ROA	-7%	-1%	2%	6%	3%	3%	2%
ROE	-7%	-4%	0%	0%	0%	3%	3%

Net Margins (7.33%)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-7.83	-1.31	0.7	0.51	4.26	2.05	2.99
Debt over Equity	0.11	0	0.04	0.04	0.05	0.1	0.23
Growth Stability	-	-	-	-	-	100%	100%

Neutral Debt/FCF ratio (2.99)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Good Debt/Equity ratio (0.23)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (100%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-3%	3%	10%	11%	-1%	7%
Earnings YoY growth	-	-81%	-100%	163%	-33%	46B%	65K%
Equity YoY growth	-	-65%	2%	2%	-0%	-1%	1%
FCF YoY growth	-	-91%	-2K%	38%	-86%	295%	1%