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 | $1.3B | $1.7B | $6.1B | $7.9B | $15.8B | $14.2B | $15.0B | $13.2B | $8.7B | $11.0B | $6.6B |
| Enterprise Value | $4.9B | $5.4B | $9.2B | $11.7B | $18.7B | $17.0B | $17.9B | $16.3B | $11.3B | $13.9B | $8.4B |
| P/E Ratio → | -0.59 | — | 17.87 | 6.00 | 21.52 | 19.25 | 27.30 | 27.73 | 17.37 | 20.56 | 31.42 |
| P/S Ratio | 0.38 | 0.50 | 1.43 | 1.76 | 2.73 | 2.81 | 3.23 | 2.86 | 2.03 | 3.83 | 2.01 |
| P/B Ratio | 0.63 | 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 | 22.0% | 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 | 22.1% | 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 |
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 22.01%.
FMC Corporation has 37.0% gross margin and -54.4% operating margin.
Key Metrics
Top Statement Risk
Leverage and goodwill impairment risk
Metrics are mathematically derived from official filings.
Margin Collapse and Negative Operating Leverage
According to the latest quarterly data, FMC's operating margin fell to -13.8% in 2026Q2 from +15.6% a year earlier, reflecting severe pricing pressure and sticky costs.
The gross margin recovered to 39.5% in 2026Q2 from the 15.5% trough in 2025Q3, but operating margin remains deeply negative at -13.8%, indicating that SG&A and other operating costs have not adjusted to the lower revenue base. Net margin of -21.5% in 2026Q2, versus -37.1% in 2026Q1, suggests that below-the-line charges are amplifying the losses, but the core operations are still unprofitable. The persistence of negative operating margins across multiple quarters implies that the cost structure may be misaligned with the current demand environment, and a return to profitability may require substantial restructuring.
Return on Capital Eroded by Losses
Based on reported figures, FMC's ROIC turned negative at -1.6% in 2026Q2, down from +1.5% in 2025Q2, as operating losses and a shrinking capital base compound the deterioration.
ROE has swung from +1.5% in 2025Q2 to -10.6% in 2026Q2, while ROA has fallen to -2.0%, indicating that the company is destroying value on both equity and total assets. The decline in ROIC is driven by negative operating income, not just a shrinking denominator, as the capital base has contracted due to asset write-downs. This suggests that the company is not generating sufficient returns to cover its cost of capital, and the trend may continue unless margins recover significantly.
Working Capital Cycle Stretched to Extreme
As reported in the latest financial statements, FMC's cash conversion cycle lengthened to 327 days in 2026Q2, up from 334 days in 2025Q2, driven by DSO of 226 days and DIO of 212 days.
The cash conversion cycle has remained elevated above 300 days for most of the past year, peaking at 635 days in 2025Q3, indicating that FMC is tying up significant cash in receivables and inventory. DSO of 226 days in 2026Q2 is notably high for an agricultural inputs company, suggesting potential collection issues or extended payment terms to customers. DPO of 112 days provides some offset, but the net effect is a heavy working capital burden that exacerbates cash flow volatility, as seen in the swing from -$633M FCF in 2026Q1 to +$504M in 2026Q2.
Leverage Rising as Equity Dissolves
According to the balance sheet data, FMC's debt-to-equity ratio surged to 2.58 in 2026Q2 from 0.78 in 2024Q4, while interest coverage turned negative at -1.73, indicating strained debt service.
The increase in D/E is primarily due to equity erosion from cumulative losses, as total debt has remained near $4.3B, but equity has fallen from $4.4B to $1.6B over the same period. Interest coverage of -1.73 in 2026Q2 means operating income is insufficient to cover interest expense, which may raise refinancing risk if the company needs to access capital markets. The negative coverage ratio, combined with a dividend yield of 21.4% that may not be sustainable given the dividend suspension in 2026Q2, suggests that the balance sheet is under significant stress.
Liquidity Buffer Thin Despite Current Ratio
Based on the latest quarter, FMC's current ratio improved to 1.99 in 2026Q2, but quick ratio of 1.48 and cash of $476.6M provide a limited cushion against ongoing losses.
The current ratio improvement from 1.29 in 2026Q1 to 1.99 in 2026Q2 is partly due to a reduction in current liabilities, but the quick ratio of 1.48 indicates that inventory still represents a significant portion of current assets. With cash reserves of only $476.6M and negative operating cash flow in some quarters, the liquidity position may be vulnerable if losses persist or working capital needs spike. The company's ability to meet short-term obligations appears adequate for now, but the thin cash buffer and negative profitability suggest that liquidity could deteriorate quickly under stress.
Misapplied P/E on Negative Earnings
The most commonly misapplied ratio for FMC is the P/E, which is meaningless at -0.61 due to negative earnings; instead, EV/EBITDA or price-to-book should be used, but even those are distorted by impairments.
With TTM net income deeply negative, the P/E ratio is not interpretable, and the forward P/E of 7.80 may be overly optimistic if losses persist. EV/EBITDA is unavailable for recent quarters due to negative EBITDA, but the forward EV/EBITDA of 8.79 appears low relative to peers like CF at 6.52, yet this may not reflect the true earnings power given the operational losses. Price-to-book of 0.65 is misleading because goodwill of $2.3B exceeds equity of $1.6B, implying negative tangible book value. Investors should focus on EV/EBITDA on a normalized basis and monitor the sustainability of gross margin recovery, rather than relying on P/E or P/B in isolation.