Fmc Corp

FMC

Chemicals & Allied Products

Mkt Cap

$7.85B

PE

7.00

Debt

$4.429B

Cash

$417.8M

EV

$11.86B

FCF

$300.4M

Market Cap

$7.85B

P/E Ratio

7.00

Debt

$4.429B

Cash

$417.8M

EV

$11.86B

FCF

$300.4M

Charts data: {"Earnings":[{"time":"2014-12-30","value":307500000},{"time":"2015-12-30","value":489000000},{"time":"2016-12-30","value":209100000},{"time":"2017-12-30","value":535800000},{"time":"2018-12-30","value":502100000},{"time":"2019-12-30","value":477400000},{"time":"2020-12-30","value":550600000},{"time":"2021-12-30","value":734000000},{"time":"2022-12-30","value":736500000},{"time":"2023-12-30","value":1321000000}],"Sales":[{"time":"2014-12-30","value":4037700000},{"time":"2015-12-30","value":3276500000},{"time":"2016-12-30","value":3282400000},{"time":"2017-12-30","value":2878600000},{"time":"2018-12-30","value":4727800000},{"time":"2019-12-30","value":4609800000},{"time":"2020-12-30","value":4642100000},{"time":"2021-12-30","value":5045200000},{"time":"2022-12-30","value":5802300000},{"time":"2023-12-30","value":4486800000}],"Net Margins":[{"time":"2014-12-30","value":0.07615721821829259},{"time":"2015-12-30","value":0.14924462078437356},{"time":"2016-12-30","value":0.06370338776504997},{"time":"2017-12-30","value":0.18613214757173627},{"time":"2018-12-30","value":0.10620161597360295},{"time":"2019-12-30","value":0.10356197665842336},{"time":"2020-12-30","value":0.11861011180284785},{"time":"2021-12-30","value":0.14548481725204154},{"time":"2022-12-30","value":0.12693242334936147},{"time":"2023-12-30","value":0.29441918516537396}],"Assets":[{"time":"2014-12-30","value":5340500000},{"time":"2015-12-30","value":6325900000},{"time":"2016-12-30","value":6139300000},{"time":"2017-12-30","value":9206300000},{"time":"2018-12-30","value":9974300000},{"time":"2019-12-30","value":9872700000},{"time":"2020-12-30","value":10186400000},{"time":"2021-12-30","value":10581300000},{"time":"2022-12-30","value":11171300000},{"time":"2023-12-30","value":11926200000}],"Stockholders Equity":[{"time":"2014-12-30","value":1564000000},{"time":"2015-12-30","value":1908300000},{"time":"2016-12-30","value":1993000000},{"time":"2017-12-30","value":2707100000},{"time":"2018-12-30","value":3210400000},{"time":"2019-12-30","value":2561400000},{"time":"2020-12-30","value":2984200000},{"time":"2021-12-30","value":3051900000},{"time":"2022-12-30","value":3400900000},{"time":"2023-12-30","value":4433400000}],"ROE":[{"time":"2014-12-30","value":0.19661125319693096},{"time":"2015-12-30","value":0.2562490174500865},{"time":"2016-12-30","value":0.10491721023582538},{"time":"2017-12-30","value":0.19792397768830114},{"time":"2018-12-30","value":0.15639795664091702},{"time":"2019-12-30","value":0.1863824470992426},{"time":"2020-12-30","value":0.18450505998257488},{"time":"2021-12-30","value":0.24050591434843868},{"time":"2022-12-30","value":0.21656032226763502},{"time":"2023-12-30","value":0.2979654441286597}],"ROA":[{"time":"2014-12-30","value":0.10212526916955342},{"time":"2015-12-30","value":-0.007935629712768144},{"time":"2016-12-30","value":0.06865603570439627},{"time":"2017-12-30","value":0.02821980600241139},{"time":"2018-12-30","value":0.08827687155990896},{"time":"2019-12-30","value":0.0832193827423096},{"time":"2020-12-30","value":0.0885690724888086},{"time":"2021-12-30","value":0.09874968104108191},{"time":"2022-12-30","value":0.10243212517791125},{"time":"2023-12-30","value":0.046586507018161694}]}

FMC Corporation, an agricultural sciences company, provides crop protection, plant health, and professional pest and turf management products. It develops, markets, and sells crop protection chemicals that include insecticides, herbicides, and fungicides; and biologicals, crop nutrition, and seed treatment products, which are used in agriculture to enhance crop yield and quality by controlling a range of insects, weeds, and diseases, as well as in non-agricultural markets for pest control. The company markets its products through its own sales organization and through alliance partners, independent distributors, and sales representatives. It operates in North America, Latin America, Europe, the Middle East, Africa, and Asia. The company was founded in 1883 and is headquartered in Philadelphia, Pennsylvania.

Sector

10-Q
9/30/23
10-Q
6/30/23
10-Q
3/31/23
10-K
12/31/22
10-Q
9/30/22
10-Q
6/30/22
10-Q
3/31/22
10-K
12/31/21
10-Q
9/30/21
10-Q
6/30/21
10-Q
3/31/21
10-K
12/31/20
10-Q
9/30/20
10-Q
6/30/20
10-Q
3/31/20
10-K
12/31/19
10-Q
9/30/19
10-Q
6/30/19
10-Q
3/31/19
10-K
12/31/18
10-Q
9/30/18
10-Q
6/30/18
10-Q
3/31/18
10-K
12/31/17

DCF

Discounted Cash Flow Valuation of Fmc Corp

Calculate

Growth Years

Growth

Start

End

Discount

Start

End

Multiple

g\r	+10%	+11%	+12%	+13%	+14%
0%	10	9	8	8	7
+1%	11	10	9	8	8
+2%	13	11	10	9	8
+3%	14	13	11	10	9
+4%	17	14	12	11	10

Years	0	1	2	3	4	5	6	7	8	9	10	TV
FCF	$300.4M	$346.8M	$396.2M	$448.2M	$501.8M	$555.9M	$609.5M	$661.2M	$709.5M	$753.2M	$790.9M	$7.909B
DCF		$301.5M	$299.6M	$294.7M	$286.9M	$276.4M	$263.5M	$248.6M	$231.9M	$214.1M	$195.5M	$1.955B
Value	$4.568B

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth 14%

Earnings Stability 14%

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.

The Net Margin is high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Over time the ROA has been decreasing indicating a lower marginal ROA with respect to the calculated one, this could impede growth.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	15%	6.4%	19%	11%	10%	12%	15%	13%	29%	28%
ROA	-0.79%	6.9%	2.8%	8.8%	8.3%	8.9%	9.9%	10%	4.7%	2.7%
ROE	26%	10%	20%	16%	19%	18%	24%	22%	30%	26%

What is the average Net Margin?

The average Net Margin over the past 5 years is +14.92%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is +2.97%.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +8.46%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -0.4%.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +21.37%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is +2.44%.

Safety & Stabiliy

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.

The company has high debt with respect to the cashflow it generates.

The Graham’s stability indicate reliability of earnings, and consideration about the future are more dependable.

Years	12-2015	12-2016	12-2017	12-2018	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	-5.58	4.66	14.37	10.76	7.24	5.02	4.08	6.50	-9.34	14.75
Debt Equity	1.13	0.95	1.21	0.97	1.30	1.13	1.07	0.99	0.91	1.02
MIN
Graham Stability	-	-	100%	100%	100%	100%	100%	100%	100%	100%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 14.75.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -2.96.

What is the Graham’s Stability?

Graham’s Stability measure stands at 1.00.

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.

Earnings growth has been increasing in past years.

Years	12-2016	12-2018	12-2020	12-2022	Trend
Revenue	4.6%	-1%	-1.1%	-23%	0.13%
Net Income	30%	21%	34%	79%	0.5%
Stockholders Equity	12%	6.7%	14%	30%	-0.25%
FCF	-	-	-	-	0.19%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is -1.04%.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is +0.13%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is +21.35%.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is +0.5%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is +6.67%.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -0.25%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is +0.19%.