Latest Ratios: P/E Ratio -0.6x · EV/EBITDA N/A · ROE -67.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.4B | $1.7B | $6.1B | $7.9B | $15.8B | $14.2B | $15.0B | $13.2B | $8.7B | $11.0B | $6.6B |
| Enterprise Value | $5.0B | $5.4B | $9.2B | $11.7B | $18.7B | $17.0B | $17.9B | $16.3B | $11.3B | $13.9B | $8.4B |
| P/E Ratio → | -0.64 | — | 17.87 | 6.00 | 21.52 | 19.25 | 27.30 | 27.73 | 17.37 | 20.56 | 31.42 |
| P/S Ratio | 0.41 | 0.50 | 1.43 | 1.76 | 2.73 | 2.81 | 3.23 | 2.86 | 2.03 | 3.83 | 2.01 |
| P/B Ratio | 0.68 | 0.83 | 1.35 | 1.79 | 4.65 | 4.51 | 5.03 | 5.14 | 2.71 | 4.03 | 3.25 |
| P/FCF | — | — | 10.09 | — | 35.93 | 19.71 | 25.85 | 33.39 | 41.12 | 44.10 | 17.96 |
| P/OCF | — | — | 9.07 | — | 27.15 | 17.31 | 23.17 | 26.97 | 23.64 | 32.84 | 13.24 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.54 | 2.17 | 2.61 | 3.22 | 3.37 | 3.85 | 3.53 | 2.64 | 4.84 | 2.57 |
| EV / EBITDA | — | — | 10.19 | 10.76 | 12.81 | 12.82 | 13.99 | 13.38 | 10.32 | 22.66 | 17.09 |
| EV / EBIT | — | — | 18.96 | 21.90 | 16.49 | 16.60 | 20.36 | 20.00 | 15.21 | 53.37 | 34.47 |
| EV / FCF | — | — | 15.29 | — | 42.41 | 23.63 | 30.80 | 41.28 | 53.32 | 55.72 | 22.94 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 37.0% | 37.0% | 37.1% | 42.5% | 41.1% | 43.3% | 44.5% | 43.2% | 44.8% | 39.1% | 29.0% |
| Operating Margin | -54.4% | -54.4% | 15.4% | 18.7% | 22.2% | 23.1% | 24.1% | 21.2% | 21.9% | 17.5% | 11.5% |
| Net Profit Margin | -64.6% | -64.6% | 8.0% | 29.4% | 12.7% | 14.7% | 11.9% | 10.4% | 11.7% | 18.6% | 6.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -67.8% | -67.8% | 7.6% | 33.7% | 22.5% | 24.1% | 19.9% | 16.5% | 16.9% | 22.5% | 10.5% |
| ROA | -21.0% | -21.0% | 2.9% | 11.4% | 6.7% | 7.1% | 5.5% | 4.8% | 5.2% | 7.0% | 3.4% |
| ROIC | -21.2% | -21.2% | 6.2% | 8.7% | 15.9% | 14.8% | 14.6% | 12.8% | 12.3% | 8.0% | 7.2% |
| ROCE | -25.9% | -25.9% | 7.6% | 10.5% | 17.8% | 16.1% | 15.4% | 13.8% | 13.4% | 8.6% | 7.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.00 | 2.00 | 0.78 | 0.93 | 1.01 | 1.06 | 1.15 | 1.35 | 0.85 | 1.17 | 0.93 |
| Debt / EBITDA | — | — | 3.86 | 3.77 | 2.35 | 2.51 | 2.69 | 2.84 | 2.51 | 5.19 | 3.84 |
| Net Debt / Equity | — | 1.72 | 0.70 | 0.86 | 0.84 | 0.90 | 0.96 | 1.22 | 0.80 | 1.06 | 0.90 |
| Net Debt / EBITDA | — | — | 3.47 | 3.49 | 1.96 | 2.12 | 2.25 | 2.56 | 2.36 | 4.73 | 3.71 |
| Debt / FCF | — | — | 5.20 | — | 6.48 | 3.92 | 4.95 | 7.89 | 12.19 | 11.62 | 4.98 |
| Interest Coverage | -0.16 | -0.16 | 2.06 | 2.26 | 7.46 | 7.82 | 5.81 | 5.08 | 5.52 | 3.26 | 3.85 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.32 | 1.32 | 1.64 | 1.52 | 1.43 | 1.44 | 1.55 | 1.50 | 1.35 | 1.65 | 1.98 |
| Quick Ratio | 1.00 | 1.00 | 1.24 | 1.01 | 1.00 | 1.00 | 1.16 | 1.12 | 0.98 | 1.20 | 1.49 |
| Cash Ratio | 0.16 | 0.16 | 0.12 | 0.09 | 0.15 | 0.15 | 0.20 | 0.12 | 0.06 | 0.13 | 0.04 |
| Asset Turnover | — | 0.36 | 0.36 | 0.38 | 0.52 | 0.47 | 0.46 | 0.47 | 0.43 | 0.31 | 0.53 |
| Inventory Turnover | 1.79 | 1.79 | 2.22 | 1.50 | 2.07 | 1.88 | 2.35 | 2.57 | 2.16 | 1.77 | 2.26 |
| Days Sales Outstanding | — | 217.06 | 272.11 | 239.58 | 191.47 | 203.28 | 198.77 | 194.81 | 200.93 | 259.52 | 201.60 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 20.4% | 16.8% | 4.8% | 3.7% | 1.7% | 1.7% | 1.5% | 1.6% | 1.0% | 0.8% | 1.3% |
| Payout Ratio | — | — | 85.5% | 22.0% | 36.3% | 33.4% | 41.4% | 44.1% | 17.8% | 16.6% | 42.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 5.6% | 16.7% | 4.6% | 5.2% | 3.7% | 3.6% | 5.8% | 4.9% | 3.2% |
| FCF Yield | — | — | 9.9% | — | 2.8% | 5.1% | 3.9% | 3.0% | 2.4% | 2.3% | 5.6% |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 1.0% | 0.7% | 2.9% | 0.4% | 3.2% | 2.4% | 0.0% | 0.2% |
| Total Shareholder Yield | 20.6% | 16.9% | 4.8% | 4.7% | 2.4% | 4.6% | 1.9% | 4.8% | 3.4% | 0.8% | 1.5% |
| Shares Outstanding | — | $125M | $125M | $126M | $127M | $129M | $131M | $132M | $136M | $134M | $135M |
Severe channel inventory destocking
According to recent market data, FMC's trailing P/E of -0.66 and P/S of 0.42 suggest that investors are pricing in significant structural impairment, though the forward P/E of 6.85 implies a potential, albeit highly speculative, recovery in earnings power relative to current depressed levels.
The current valuation multiples appear to be heavily distorted by the recent collapse in net income, rendering traditional P/E analysis largely ineffective for assessing long-term value. Investors should monitor whether the forward P/E reflects a realistic normalization of margins or if it relies on overly optimistic assumptions regarding the speed of channel inventory clearing.
As reported in financial statements, FMC's gross margin has fluctuated significantly, reaching 32.5% in 2026Q1, which suggests that the company's ability to maintain premium pricing is under pressure compared to historical norms and the more stable margins observed in diversified agricultural peers.
The volatility in operating margins, which plummeted to -146% in 2025Q4, indicates that the company's cost structure is currently ill-equipped to handle the recent revenue contraction. This suggests that the core earning power of the diamide franchise may be temporarily obscured by inventory write-downs and high-cost production cycles.
Based on reported figures, FMC's cash conversion cycle reached an extended 348 days in 2026Q1, a trend that highlights the severe inefficiency in managing inventory and receivables compared to the company's own historical performance and broader industry standards for agricultural input providers.
The elevated Days Sales Outstanding (DSO) of 255 days suggests that the company is facing significant challenges in collecting payments from distributors, likely due to the ongoing destocking cycle in Latin America. This inefficiency in working capital management warrants further investigation into the credit quality of the company's distribution partners.
As evidenced by the surge in the debt-to-equity ratio to 2.45 in 2026Q1, FMC's balance sheet has become increasingly leveraged, which suggests that the company's capacity to absorb further operational shocks is significantly diminished compared to the more conservative leverage profiles of its primary competitors.
The negative interest coverage ratio of -1.20 in the most recent quarter indicates that the company is currently unable to service its debt obligations from operating income alone. This situation necessitates a close watch on potential covenant breaches and the company's ability to access capital markets for refinancing.
The trailing P/E ratio is the most commonly misapplied metric for FMC, as it fails to account for the non-recurring nature of recent inventory impairments and the extreme cyclicality inherent in the agricultural chemical business model during periods of severe channel destocking.
Investors should instead focus on normalized EBITDA margins and free cash flow conversion, which provide a clearer picture of the underlying business health. Relying on P/E in this context obscures the reality that the current negative earnings are a function of accounting adjustments rather than a permanent loss of competitive advantage.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying FMC stock.
FMC Corporation's current P/E ratio is -0.6x. The historical average is 18.6x.
FMC Corporation's return on equity (ROE) is -67.8%. The historical average is 13.5%.
Based on historical data, FMC Corporation is trading at a P/E of -0.6x. Compare with industry peers and growth rates for a complete picture.
FMC Corporation's current dividend yield is 20.45%.
FMC Corporation has 37.0% gross margin and -54.4% operating margin.