Latest Ratios: P/E Ratio 14.5x · EV/EBITDA 5.8x · ROE 4.5%. (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 | $7.9B | $7.7B | $7.9B | $11.9B | $15.6B | $15.0B | $8.8B | $8.3B | $11.3B | $9.0B | $10.3B |
| Enterprise Value | $12.9B | $12.7B | $12.1B | $15.6B | $18.7B | $18.6B | $13.0B | $12.6B | $15.0B | $12.1B | $13.5B |
| P/E Ratio → | 14.54 | 14.17 | 44.69 | 10.21 | 4.36 | 9.20 | 13.15 | — | 23.94 | — | 34.51 |
| P/S Ratio | 0.65 | 0.64 | 0.71 | 0.87 | 0.82 | 1.21 | 1.01 | 0.93 | 1.18 | 1.22 | 1.44 |
| P/B Ratio | 0.64 | 0.63 | 0.68 | 0.96 | 1.28 | 1.39 | 0.90 | 0.89 | 1.06 | 0.93 | 1.07 |
| P/FCF | — | — | 166.30 | 11.85 | 5.81 | 16.69 | 21.30 | — | 24.68 | 78.03 | 24.39 |
| P/OCF | 9.53 | 9.31 | 6.07 | 4.95 | 3.97 | 6.86 | 5.54 | 7.58 | 7.78 | 9.62 | 8.15 |
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 | — | 1.05 | 1.08 | 1.14 | 0.98 | 1.51 | 1.49 | 1.41 | 1.56 | 1.63 | 1.88 |
| EV / EBITDA | 5.77 | 5.69 | 7.32 | 6.77 | 3.27 | 5.68 | 10.27 | — | 8.26 | 10.68 | 13.07 |
| EV / EBIT | 12.25 | 8.85 | 22.11 | 10.27 | 3.88 | 7.70 | 32.79 | — | 19.51 | 22.15 | 35.14 |
| EV / FCF | — | — | 254.43 | 15.48 | 6.95 | 20.74 | 31.44 | — | 32.73 | 104.66 | 31.82 |
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 | 15.1% | 15.1% | 13.6% | 16.1% | 30.1% | 25.9% | 12.3% | 10.1% | 15.6% | 11.4% | 11.3% |
| Operating Margin | 8.7% | 8.7% | 5.6% | 9.8% | 25.0% | 20.0% | 4.8% | -12.3% | 9.7% | 6.3% | 4.5% |
| Net Profit Margin | 4.5% | 4.5% | 1.6% | 8.5% | 18.7% | 13.2% | 7.7% | -12.0% | 4.9% | -1.4% | 4.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.5% | 4.5% | 1.5% | 9.5% | 31.2% | 15.9% | 7.0% | -10.7% | 4.6% | -1.1% | 3.1% |
| ROA | 2.3% | 2.3% | 0.8% | 5.0% | 15.8% | 7.8% | 3.4% | -5.4% | 2.4% | -0.6% | 1.7% |
| ROIC | 4.8% | 4.8% | 2.9% | 6.4% | 24.2% | 13.1% | 2.2% | -5.9% | 5.2% | 2.7% | 1.9% |
| ROCE | 5.3% | 5.3% | 3.3% | 7.2% | 27.3% | 14.6% | 2.5% | -6.4% | 5.4% | 2.9% | 2.1% |
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 | 0.43 | 0.43 | 0.38 | 0.32 | 0.31 | 0.41 | 0.49 | 0.51 | 0.43 | 0.54 | 0.40 |
| Debt / EBITDA | 2.37 | 2.37 | 2.70 | 1.74 | 0.67 | 1.34 | 3.77 | — | 2.50 | 4.62 | 3.71 |
| Net Debt / Equity | — | 0.41 | 0.36 | 0.29 | 0.25 | 0.34 | 0.43 | 0.46 | 0.35 | 0.32 | 0.33 |
| Net Debt / EBITDA | 2.24 | 2.24 | 2.54 | 1.59 | 0.54 | 1.11 | 3.31 | — | 2.03 | 2.72 | 3.05 |
| Debt / FCF | — | — | 88.12 | 3.63 | 1.14 | 4.05 | 10.14 | — | 8.05 | 26.64 | 7.44 |
| Interest Coverage | 6.58 | 6.58 | 2.37 | 8.02 | 28.50 | 12.45 | 1.84 | -4.82 | 3.56 | 3.18 | 2.72 |
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 | 1.08 | 1.22 | 1.18 | 1.11 | 1.12 | 1.43 | 1.71 | 2.27 | 2.07 |
| Quick Ratio | 0.47 | 0.47 | 0.47 | 0.57 | 0.54 | 0.54 | 0.57 | 0.63 | 0.79 | 1.51 | 1.13 |
| Cash Ratio | 0.07 | 0.07 | 0.07 | 0.09 | 0.13 | 0.16 | 0.18 | 0.20 | 0.34 | 1.06 | 0.46 |
| Asset Turnover | — | 0.49 | 0.49 | 0.59 | 0.82 | 0.56 | 0.44 | 0.46 | 0.48 | 0.40 | 0.43 |
| Inventory Turnover | 3.04 | 3.04 | 3.77 | 4.55 | 3.77 | 3.34 | 4.38 | 3.86 | 3.56 | 4.24 | 4.57 |
| Days Sales Outstanding | — | 39.65 | 44.24 | 41.00 | 36.06 | 48.97 | 44.67 | 32.95 | 31.97 | 38.62 | 39.45 |
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 | 3.6% | 3.6% | 3.4% | 3.0% | 1.3% | 0.7% | 0.9% | 0.8% | 0.3% | 2.3% | 3.7% |
| Payout Ratio | 51.9% | 51.9% | 154.8% | 30.2% | 5.5% | 6.4% | 11.4% | — | 8.2% | — | 129.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.9% | 7.1% | 2.2% | 9.8% | 22.9% | 10.9% | 7.6% | — | 4.2% | — | 2.9% |
| FCF Yield | — | — | 0.6% | 8.4% | 17.2% | 6.0% | 4.7% | — | 4.1% | 1.3% | 4.1% |
| Buyback Yield | 0.0% | 0.0% | 3.0% | 6.4% | 10.7% | 2.7% | 0.0% | 1.8% | 0.0% | 0.0% | 0.7% |
| Total Shareholder Yield | 3.6% | 3.6% | 6.4% | 9.3% | 11.9% | 3.4% | 0.9% | 2.6% | 0.3% | 2.3% | 4.5% |
| Shares Outstanding | — | $319M | $321M | $333M | $356M | $382M | $381M | $384M | $386M | $351M | $352M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MOS stock.
The Mosaic Company's current P/E ratio is 14.5x. The historical average is 21.3x. This places it at the 48th percentile of its historical range.
The Mosaic Company's current EV/EBITDA is 5.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.8x.
The Mosaic Company's return on equity (ROE) is 4.5%. The historical average is 3.2%.
Based on historical data, The Mosaic Company is trading at a P/E of 14.5x. This is at the 48th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The Mosaic Company's current dividend yield is 3.56% with a payout ratio of 51.9%.
The Mosaic Company has 15.1% gross margin and 8.7% operating margin.
The Mosaic Company's Debt/EBITDA ratio is 2.4x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Sulfur cost shock persistence
Metrics are mathematically derived from official filings.
Margin Collapse Amid Cost Shock
Gross margin halved to 7.6% in 2026Q2 from 17.3% a year earlier, according to recent SEC filings, as sulfur and ammonia costs overwhelmed pricing power, driving operating margin to -1.3%.
The sequential deterioration from 14.2% gross margin in 2025Q4 to 7.6% in 2026Q2 indicates that the cost shock is accelerating, not stabilizing. Net margin of -9.7% in 2026Q2, versus +13.7% in 2025Q2, suggests that fixed-cost absorption has broken down, and the company is now selling below full cost. This margin profile is unsustainable if sulfur prices persist, but the cyclical nature of input costs warrants monitoring for a rebound.
Returns Decay to Sub-Cost-of-Capital
ROIC fell to -0.2% in 2026Q2 from 1.1% a year earlier, based on reported figures, indicating that Mosaic is now destroying value relative to its weighted average cost of capital.
The ten-quarter trend shows ROIC oscillating between 0.5% and 1.6% before collapsing in 2026, which suggests that even in better quarters, returns were barely above the cost of capital. The negative ROIC in 2026Q2, combined with ROE of -2.3%, implies that the capital base is not generating sufficient operating income to cover its cost. This may reflect the high fixed-cost nature of mining assets, but it also signals that the K3 potash mine's cost benefits are not yet offsetting phosphate headwinds.
Working Capital Cycle Lengthens
Cash conversion cycle extended to 123 days in 2026Q2 from 107 days a year earlier, according to financial statements, driven by a rise in days inventory outstanding to 124 days.
The increase in DIO from 97 days in 2024Q2 to 124 days in 2026Q2 suggests that inventory is building relative to sales, which may indicate weakening demand or an inability to pass through costs. DSO has improved to 39 days from 50 days, but this is offset by the inventory build, and the overall CCC is now at its highest level in the ten-quarter period. This inefficiency ties up cash in working capital, exacerbating the negative free cash flow trend.
Debt Burden Rises as Coverage Erodes
Debt-to-equity climbed to 0.50 in 2026Q2 from 0.37 a year earlier, while interest coverage fell to 2.66x from 9.54x, based on reported figures, signaling a rapidly tightening debt service cushion.
The $1.5 billion increase in total debt over the past year, combined with negative operating income, has compressed interest coverage to a level that may approach covenant thresholds. The D/EBITDA ratio is not reported for 2026Q2, but the trend from 11.59x in 2025Q4 suggests that EBITDA is shrinking relative to debt. Investors should monitor whether Mosaic can refinance maturing debt or if it will need to cut dividends to preserve liquidity.
Thin Cash Buffer Masks Current Ratio
Current ratio improved to 1.34 in 2026Q2, but cash of $294 million is minimal against $5.9 billion debt, according to recent SEC filings, indicating a fragile liquidity position.
The quick ratio of 0.43 in 2026Q2 reveals that inventory constitutes a large portion of current assets, and in a downturn, inventory may not be easily liquidated at book value. With negative free cash flow for five consecutive quarters, the company is relying on debt to fund operations and capital expenditures. The dividend yield of 3.7% may be at risk if cash preservation becomes necessary.
Misapplied EV/EBITDA in Cyclical Downturn
EV/EBITDA of 5.59x appears cheap, but with EBITDA near cyclical lows, this multiple may be misleading, as per reported figures, and should be adjusted for mid-cycle earnings power.
The market often uses EV/EBITDA to value commodity producers, but in a downturn, EBITDA is depressed, making the multiple artificially low. For Mosaic, the trailing EV/EBITDA of 5.59x is below peers like Nutrien (7.06x) and CF Industries (6.32x), but this reflects the current earnings trough, not normalized profitability. A better approach is to apply a mid-cycle EBITDA estimate, which would likely yield a higher multiple and suggest that the stock is not as undervalued as it appears. Additionally, the high fixed-cost base and asset retirement obligations are not captured in EV/EBITDA, warranting a sum-of-the-parts or DCF analysis.