Latest Ratios: P/E Ratio 50.3x · EV/EBITDA 13.6x · ROE 4.5%. (2017–2025 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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $53.8B | $45.1B | $39.6B | $34.1B | $42.6B | $35.1B | $29.1B | $22.2B | — | — |
| Enterprise Value | $51.9B | $43.2B | $39.2B | $34.0B | $40.7B | $31.7B | $26.7B | $20.5B | — | — |
| P/E Ratio → | 50.28 | 41.89 | 43.82 | 46.52 | 37.20 | 19.95 | 42.55 | — | — | — |
| P/S Ratio | 3.09 | 2.59 | 2.34 | 1.98 | 2.44 | 2.24 | 2.05 | 1.60 | — | — |
| P/B Ratio | 2.22 | 1.85 | 1.65 | 1.35 | 1.67 | 1.37 | 1.16 | 0.90 | — | — |
| P/FCF | 19.11 | 16.03 | 25.61 | 29.06 | 159.50 | 16.28 | 18.30 | — | — | — |
| P/OCF | 15.80 | 13.25 | 18.48 | 19.28 | 48.84 | 12.86 | 14.09 | 20.71 | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.48 | 2.32 | 1.97 | 2.33 | 2.03 | 1.88 | 1.48 | — | — |
| EV / EBITDA | 13.57 | 11.30 | 11.81 | 10.23 | 12.92 | 12.39 | 13.20 | 9.40 | — | — |
| EV / EBIT | 19.80 | 23.12 | 26.02 | 25.61 | 27.04 | 13.35 | 37.04 | — | — | — |
| EV / FCF | — | 15.34 | 25.35 | 28.93 | 152.44 | 14.73 | 16.78 | — | — | — |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.6% | 43.6% | 43.6% | 42.4% | 40.2% | 41.1% | 40.2% | 38.1% | 30.4% | 41.0% |
| Operating Margin | 15.1% | 15.1% | 12.4% | 12.2% | 11.0% | 8.4% | 5.9% | 4.2% | -3.1% | 1.3% |
| Net Profit Margin | 6.3% | 6.3% | 5.4% | 4.3% | 6.6% | 11.2% | 4.8% | -6.9% | -35.5% | 17.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.5% | 4.5% | 3.7% | 2.9% | 4.5% | 6.9% | 2.7% | -1.9% | -6.7% | 3.4% |
| ROA | 2.6% | 2.6% | 2.2% | 1.7% | 2.7% | 4.1% | 1.6% | -1.3% | -4.6% | 2.2% |
| ROIC | 8.5% | 8.5% | 6.4% | 6.5% | 6.3% | 4.4% | 2.8% | 0.8% | -0.4% | 0.2% |
| ROCE | 8.6% | 8.6% | 6.7% | 6.5% | 6.0% | 3.9% | 2.5% | 0.9% | -0.5% | 0.2% |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.11 | 0.11 | 0.11 | 0.10 | 0.05 | 0.04 | 0.04 | 0.01 | 0.11 | 0.17 |
| Debt / EBITDA | 0.68 | 0.68 | 0.81 | 0.75 | 0.41 | 0.44 | 0.55 | 0.06 | 3.39 | 28.54 |
| Net Debt / Equity | — | -0.08 | -0.02 | -0.01 | -0.07 | -0.13 | -0.10 | -0.07 | 0.08 | 0.07 |
| Net Debt / EBITDA | -0.51 | -0.51 | -0.12 | -0.05 | -0.60 | -1.30 | -1.20 | -0.75 | 2.42 | 11.49 |
| Debt / FCF | — | -0.69 | -0.26 | -0.13 | -7.06 | -1.55 | -1.52 | — | — | — |
| Interest Coverage | 10.38 | 10.38 | 6.47 | 5.69 | 19.05 | 79.20 | 16.00 | -1.32 | -19.20 | -4.05 |
Net cash position: cash ($4.5B) exceeds total debt ($2.6B)
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.43 | 1.43 | 1.45 | 1.56 | 1.56 | 1.63 | 1.73 | 1.64 | 1.73 | 1.90 |
| Quick Ratio | 0.96 | 0.96 | 0.93 | 0.90 | 0.93 | 1.08 | 1.16 | 1.03 | 1.33 | 1.19 |
| Cash Ratio | 0.37 | 0.37 | 0.31 | 0.26 | 0.31 | 0.48 | 0.44 | 0.21 | 0.17 | 0.72 |
| Asset Turnover | — | 0.41 | 0.41 | 0.40 | 0.41 | 0.37 | 0.33 | 0.33 | 0.13 | 0.13 |
| Inventory Turnover | 1.73 | 1.73 | 1.75 | 1.44 | 1.53 | 1.78 | 1.74 | 1.70 | 1.87 | 0.97 |
| Days Sales Outstanding | — | 133.64 | 122.53 | 116.28 | 119.21 | 112.17 | 126.47 | 145.73 | 134.38 | 134.29 |
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.9% | 1.1% | 1.2% | 1.3% | 1.0% | 1.1% | 1.3% | 2.3% | — | — |
| Payout Ratio | 43.4% | 43.4% | 50.5% | 59.7% | 36.4% | 22.6% | 57.0% | — | — | 72.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 2.4% | 2.3% | 2.1% | 2.7% | 5.0% | 2.4% | — | — | — |
| FCF Yield | 5.2% | 6.2% | 3.9% | 3.4% | 0.6% | 6.1% | 5.5% | — | — | — |
| Buyback Yield | 2.0% | 2.4% | 2.5% | 2.2% | 2.3% | 2.7% | 0.9% | 0.1% | — | — |
| Total Shareholder Yield | 2.9% | 3.4% | 3.7% | 3.5% | 3.3% | 3.8% | 2.3% | 2.4% | — | — |
| Shares Outstanding | — | $673M | $696M | $712M | $725M | $742M | $751M | $750M | $749M | $749M |
Includes 30+ ratios · 9 years · Updated daily
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Quick answers to the most common questions about buying CTVA stock.
Corteva, Inc.'s current P/E ratio is 50.3x. The historical average is 38.7x. This places it at the 100th percentile of its historical range.
Corteva, Inc.'s current EV/EBITDA is 13.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.6x.
Corteva, Inc.'s return on equity (ROE) is 4.5%. The historical average is 2.2%.
Based on historical data, Corteva, Inc. is trading at a P/E of 50.3x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Corteva, Inc.'s current dividend yield is 0.88% with a payout ratio of 43.4%.
Corteva, Inc. has 43.6% gross margin and 15.1% operating margin. Operating margin between 10-20% is typical for established companies.
Corteva, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Commodity price softening
Metrics are mathematically derived from official filings.
Premium Seed Mix Defends Margins
Gross margin expanded to 54.4% in 2026Q2 from 52.3% a year earlier, according to quarterly financials, reflecting a favorable mix shift toward proprietary traits and pricing power in seeds.
The gross margin expansion is consistent with the company's strategy of shifting toward higher-margin proprietary genetics, which appears to be offsetting softer volumes in crop protection. Operating margin surged to 30.0% in 2026Q2, up from 26.3% in 2024Q2, indicating strong operating leverage during peak season. However, the net margin of 18.2% in 2026Q2 is still below the 20.4% achieved in 2025Q2, suggesting that non-operating items or tax effects may be dampening bottom-line growth.
Seasonal ROIC Masks Underlying Stability
ROIC peaked at 5.3% in 2026Q2, up from 4.3% in 2024Q2, as per quarterly data, but remains modest due to the seasonal troughs in Q3 and Q4.
The return on invested capital is highly seasonal, with negative ROIC in Q3 and Q4 of each year, reflecting the working capital build-up ahead of the spring planting season. On a trailing twelve-month basis, ROIC appears to be in the mid-single digits, which is below the cost of capital, suggesting that the company is not yet generating economic profits. The improvement in 2026Q2 relative to 2024Q2 indicates that margin expansion is driving returns, but the absolute level remains low, warranting close monitoring of capital efficiency.
Working Capital Swings Distort Efficiency
Cash conversion cycle peaked at 330 days in 2025Q3, according to quarterly data, driven by high DSO and DIO, but normalized to 151 days in 2026Q2, reflecting seasonal unwinding.
The extreme seasonality in the cash conversion cycle is a hallmark of the agricultural inputs business, with inventory build-up and receivables stretching during the off-season. In 2026Q2, DSO improved to 127 days from 167 days in 2025Q4, and DIO dropped to 151 days from 224 days, indicating efficient working capital management during the peak selling season. However, the persistent high DSO relative to peers suggests that CTVA may be offering extended payment terms to farmers, which could be a competitive necessity but also ties up cash.
Minimal Debt Provides Strategic Flexibility
Debt-to-equity stood at 0.19 in 2026Q2, with interest coverage of 40.7x, as per balance sheet data, indicating a fortress balance sheet with ample capacity for M&A or buybacks.
CTVA's leverage is exceptionally low, with D/E averaging 0.16 over the past year and D/EBITDA at 2.16 in 2026Q2, down from 4.71 in 2025Q4. Interest coverage of 40.7x in 2026Q2 is robust, suggesting that debt service is not a concern. The low leverage provides significant financial flexibility, which is particularly valuable given the recent acquisitions in the biologicals space and the potential for further strategic investments.
Adequate Liquidity Despite Seasonal Drawdowns
Current ratio remained above 1.4 over the past year, with quick ratio at 1.10 in 2026Q2, according to quarterly data, indicating sufficient short-term coverage even during peak working capital needs.
The current ratio of 1.52 in 2026Q2 is consistent with the prior year's level, and the quick ratio of 1.10 suggests that inventory is not overly burdensome. However, the negative free cash flow in Q1 and Q2 of each year indicates that the company relies on its cash reserves and credit lines to fund working capital build-up. The fortress balance sheet, with $4.5B in cash, provides a strong buffer against any operational stress.
P/E Misleads on Seasonal Earnings
The trailing P/E of 48.0 is distorted by seasonal troughs, while forward P/E of 20.4 better reflects normalized earnings, as per valuation data, making the latter more relevant for comparison.
The trailing P/E is artificially inflated because it includes the loss-making quarters in Q3 and Q4, which are not representative of the company's earning power. The forward P/E of 20.4 is more meaningful, but it still implies a premium to the sector, likely due to the perceived quality of the seed business. Investors should focus on EV/EBITDA, which at 12.94 is more reasonable and less distorted by seasonality, and compare it to peers like FMC and Nutrien.