任意の製品分析
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The biggest opportunity lies in accelerated global adoption of Corteva's proprietary seed trait licensing platform, which is currently running three years ahead of management's original schedule.
Consolidated operating margin compressing below 12.0% of revenue driven by mid-single-digit price declines in Crop Protection and persistent generic chemical pricing deflation.
Corteva Inc. (CTVA) is rated Strong Buy with an intrinsic fair value of $51.73 USD, offering an implied upside of 333.98% against the October 2, 2026 share price of $11.92 USD. The market is mispricing Corteva as an undifferentiated commodity chemical producer, failing to reflect its high-margin seed trait licensing platform tracking three years ahead of plan, a renewed crop protection portfolio reaching $2.0B in patented molecule sales, and a robust balance sheet carrying $1.95B in net cash.45
At the October 2, 2026 share price of $11.92 USD, Corteva trades at an extreme 76.96% discount to our intrinsic fair value of $51.73 USD, establishing an implied upside of 333.98%. Our valuation is anchored on a multi-year cash flow model capturing normalized expansion from 15.2% in FY2026 toward 16.2% by FY2030 discounted at an authenticated 6.49% , alongside a forward earnings model capitalizing consensus forward earnings at a justified of 15.5x. The market's valuation implicitly prices in multi-year earnings contraction, overlooking Corteva's durable and expanding proprietary trait royalty streams.
Corteva's operational foundation rests on two synergistic divisions generating $17,401M in FY2025 consolidated revenue. The Seed segment ($9,898M FY2025 revenue, or 56.88% of consolidated sales) benefits from proprietary Pioneer germplasm and the Enlist trait platform, where out-licensing royalties are tracking literally three years ahead of management's original schedule. Concurrently, Crop Protection ($7,503M FY2025 revenue, or 43.12% of sales) is actively renewing its chemistry portfolio. Patented new molecules and biologicals will touch $2.0B in revenue during FY2026, supported by a pipeline of seven new active ingredients over the next decade. This shift insulates Corteva from the generic active ingredient deflation that has severely impaired commodity peers.567
Geographic diversification provides substantial counter-cyclical stabilization. In FY2025, Latin America generated $3,928M (22.57% of total sales), led by Brazil at $2,900M (16.67% of sales), complementing the United States core ($8,269M, or 47.52% of sales). Southern Hemisphere planting cycles allow Corteva to rotate working capital and sustain manufacturing asset utilization year-round. While tight Brazilian grower credit and flat safrinha corn planted area create near-term friction, Corteva's advance order books lead the industry, underpinning our projected consolidated revenue expansion toward $18,116M in FY2026.57
Corteva maintains exceptional balance sheet durability, supported by $1,950M in net cash and $3,406M in FY2025 operating cash flow. Capital expenditures of $591M in FY2025 yield robust free cash flow, comfortably funding continuous R&D reinvestment alongside aggressive share repurchases of $1,071M in FY2025. With annual repurchases significantly outpacing stock-based compensation of $54M, diluted share count is projected to contract at a 1.0% annual rate. This disciplined capital allocation cushions cyclical downturns and enhances long-term compounding per share.46
Corteva's share price of $11.92 USD as of October 2, 2026 trades at a 76.96% discount to our intrinsic fair value of $51.73 USD. The market prices CTVA at an implied 10-year earnings contraction rate of -9.66%, offering an exceptional margin of safety for a business with 15.2% operating margins and a 6.49% WACC.24
Management confirmed in Q2 2026 that high-margin seed trait licensing is tracking literally three years ahead of its original multi-year plan. The $9,898M Seed division generates recurring, high-margin royalty streams from third-party breeders that widen gross margins and enhance cash flow predictability.57
While generic agrochemical competitors suffer margin collapse and negative net earnings, Corteva's differentiated crop protection portfolio is expanding. New proprietary molecules and biologicals will reach $2.0B in FY2026 revenue, supported by seven new active molecules over the next decade.5
Corteva offers an exceptional risk-adjusted total return profile supported by high-margin proprietary seed biotechnology, disciplined capital allocation, and resilient free cash flow. With shares trading at $11.92 USD —a 76.96% discount to our intrinsic fair value of $51.73 USD —the market heavily discounts near-term agrochemical price softness while ignoring multi-year royalty compounding and structural balance sheet strength. We recommend an aggressive accumulation stance for long-horizon investors.4
The key raw materials for the Seed segment include corn and soybean seeds. To produce high-quality seeds, the company contracts with third-party growers globally. Corteva focuses on production close to the customer to provide the seed product, which is suitable for that region and its weed, insect and disease challenges, weather, soil and other conditions. Substantially all of Corteva's revenue is derived from product sales, which consist of sales of Corteva's products to farmers, distributors, and manufacturers. Corteva considers purchase orders, which in some cases are governed by master supply agreements, to be a contract with a customer.
Contracts with customers are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to or less than one year.
In a sustained cyclical stress environment, global grain price deflation across corn and soybean futures impairs farmer profitability, triggering down-trading to lower-trait seed hybrids and deferred crop protection chemical applications. Channel destocking intensifies, pulling operating margins toward the FY2023 downcycle trough of 5.46% ($941M operating income on $17,226M revenue), mirroring severe distress observed at peers like FMC (-17.5% revenue decline and net loss margin of -84.83%). In Latin America, credit tightening and halted safrinha planted area exacerbate foreign exchange drag, compressing diluted EPS toward the consensus low of $2.50 in FY2027. Under this stress scenario, intrinsic valuation falls to $35.53, anchoring the low end of the committee's fair value range.
Extended crop commodity price deflation across corn and soybean futures impairs grower liquidity, leading to reduced applications of premium chemistries and down-trading to lower-trait seed hybrids. Brazilian planting acreage stalls amidst tight credit and foreign exchange drag, while generic chemical pricing pressure accelerates. Operating margins compress toward historical downcycle levels and forward earnings contract toward the lowest tier of analyst projections.
Generic agrochemical price deflation accelerates as off-patent active ingredients flood distribution channels. Crop protection pricing declined low single digits in 1H 2026 with mid-single digit declines expected in 2H. In FY2023, consolidated operating margin collapsed to 5.46% ($941M operating income on $17,226M revenue), and direct peer FMC suffered an operating margin decline to 11.83% and net loss of -84.83%. Consolidated operating margin falling below 12.0% within 12 months generates an estimated fair value impact of -24.5%.45
投資判断を弱める5つの変化です。
Signals generic active ingredient price erosion outpacing new product portfolio additions and biological formulation adoption, triggering gross margin compression.
現在:$7,503M in FY2025 revenue
警戒条件$7,000M or below in FY2026
Corteva's narrow economic moat is anchored by proprietary seed genetics and advanced biotechnology traits within its flagship Seed segment ($9,898M FY2025 revenue, or 56.88% of consolidated sales). The company's Pioneer germplasm library and proprietary Enlist weed control system create powerful commercial switching costs, as growers rely on proven local yield performance and trait packages. Out-licensing of Enlist traits to competing seed companies is tracking three years ahead of management's original multi-year schedule, converting potential competitors into recurring royalty contributors and eliminating historic trait fee outflows.
In Crop Protection ($7,503M FY2025 revenue), Corteva defends margins against generic chemical price competition by shifting its portfolio toward newly patented active molecules and biological formulations. New product portfolio sales are touching $2.0B in FY2026 with premium pricing power, and seven new active ingredients are scheduled for commercial launch over the next decade. This systematic chemical renewal isolates Corteva from the severe margin destruction experienced by undifferentiated chemical peers such as FMC (-17.5% revenue contraction and -84.83% net margin).
Corteva's economic profit durability is further reinforced by its counter-seasonal geographic footprint, spanning North America ($8,269M US revenue) and Latin America ($3,928M revenue, led by $2,900M in Brazil). While trailing ROIC of 7.02% currently sits close to its cost of equity of 7.9368%, it exceeds WACC of 6.4875%, and the ongoing substitution of high-margin licensing royalties for commoditized active ingredients supports expanding economic returns across the 10-year moat fade horizon.
Corteva generated $1,094M in GAAP net income on $17,401M in revenue in FY2025, supporting operating cash flow of $3,406M and free cash flow of $2,815M. Corteva's return on invested capital of 7.02% modestly exceeds its computed WACC of 6.4875%, although it remains near its cost of equity of 7.9368%. Economic profit generation is expanding as high-margin seed trait licensing scales ahead of plan, eliminating external trait royalty payments and expanding operating margin toward 15.2%-16.2%.2
Each lens answers a different valuation question. Only included lenses set Fair value; floors and diagnostics provide context.
The highlighted cell is Fair value when every assumption sits at its base level ($51.73). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $1.6B after modeled reinvestment of $353.6M, with terminal value at 82.5% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
Corteva executes on its core operational strategy: Seed segment trait out-licensing continues tracking three years ahead of plan, offsetting broader crop price softening. Crop Protection new patented products touch $2.0B in FY2026, neutralizing mid-single-digit price declines in legacy chemistries. Latin American growth moderates to low-single-digit rates due to tight farmer credit. Cash generation remains robust, funding steady share repurchases and balance sheet health.5
Seed trait out-licensing royalties exceeding multi-year milestones and accelerated new crop protection sales confirm thesis acceleration, preserving maximum conviction without requiring rating adjustment.
Results consistent with baseline expectations confirm that cost productivity and new product introductions are successfully offsetting generic chemical pricing deflation.
Earnings contraction below consensus floor driven by accelerated generic pricing erosion or Brazilian credit write-offs would narrow the margin expansion trajectory, justifying a moderated stance.
Earnings quality is high, evidenced by GAAP net income of $1,094M converting into $3,406M in operating cash flow and $2,815M in free cash flow in FY2025. Depreciation and amortization of $1,203M reflects substantial tangible and intangible asset amortization post-separation. Annual stock-based compensation is modest at $54M, while cash share repurchases of $1,071M in FY2025 drove real economic share count reduction from 681.4M diluted shares.46
Core engine of gross margin expansion and out-licensing net cash inflows across corn and soybean platforms.
Operating cash flow reached $3,406M and free cash flow reached $2,815M in FY2025 on GAAP net income of $1,094M, delivering strong cash conversion. Net reinvestment rate scales from 18.0% to 25.0% of NOPAT over the five-year forecast, funding normalized maintenance capital expenditures ($502M-$591M) and working capital to support 2.5%-4.1% top-line growth. Robust cash flow cushions the company against cyclical agrochemical destocking and foreign currency translation volatility.
ROIC is poised to improve as operating margins expand from 10.74% in FY2025 toward projected levels of 15.2%-16.2% by FY2030, driven by the acceleration of high-margin seed trait licensing (tracking three years ahead of plan) and growth in patented crop protection molecules touching $2.0B in FY2026, which require minimal incremental capital reinvestment.
Corteva's return on invested capital of 7.02% exceeds its computed WACC of 6.4875% by 53 basis points, though it remains below its cost of equity of 7.9368%.
Corteva generated $3,406M in operating cash flow and $2,815M in free cash flow in FY2025, supporting $1,071M in share repurchases and an underleveraged $1.95B position.
| 売上高 | $17,401,000,000 |
|---|---|
| 売上原価 | $9,172,000,000 |
| 売上総利益 | $8,229,000,000 |
| 営業費用 | $5,610,000,000 |
| 営業利益 | $2,619,000,000 |
| 営業外項目および税金 | -$1,525,000,000 |
| 純利益 | $1,094,000,000 |
| 総資産 | $42,845,000,000 |
|---|---|
| 現金 | $4,521,000,000 |
| 流動資産 | $17,335,000,000 |
| 負債合計 | $18,459,000,000 |
| 流動負債 | $12,125,000,000 |
| 株主資本 | $24,386,000,000 |
| 純利益 | $1,094,000,000 |
|---|---|
| 営業キャッシュ流入 | $3,406,000,000 |
| 減価償却費 | $1,203,000,000 |
| その他の営業調整 | $1,109,000,000 |
| 営業キャッシュフロー | $3,406,000,000 |
| 利用可能現金 | $6,912,000,000 |
| 期首現金 | $3,422,000,000 |
| 為替レートの影響 | $84,000,000 |
| 投資キャッシュ流出 | $543,000,000 |
| 財務キャッシュ流出 | $1,644,000,000 |
| 期末現金 | $4,725,000,000 |
| 投資キャッシュフロー | -$543,000,000 |
| 財務キャッシュフロー | -$1,644,000,000 |
出典: SEC EDGAR · 提出日 2026-02-12 · SEC EDGAR
| 事業セグメント別売上高 | 売上高 | 構成比 | 前年比 |
|---|---|---|---|
| Seed | $99億 | 56.9% | 3.7% |
| Crop Protection | $75億 | 43.1% | 1.9% |
2026-10-03の分析で使用した時点財務データ。
| 期間 | 売上高 | EBITDA | 純利益 | 営業キャッシュフロー | フリーキャッシュフロー | 設備投資 | 減価償却費 | 株式報酬 | 自社株買い | 支払配当金 | 純有利子負債調達 | 投資キャッシュフロー | 財務キャッシュフロー | 期首現金 | 期末現金 | 現金および投資 | 総負債 | 営業利益率 | ROIC | WACC | ROIC−WACCスプレッド |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2017-08-31 | $68.9億 | -$3000万 | $17.3億 | -$39.5億 | -$46.4億 | $6.9億 | $15.4億 | — | $0 | $6.6億 | — | -$23.8億 | $56.3億 | $0 | $78.1億 | — | — | 2.7% | — | — | — |
| 2017-12-31 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | $87.6億 | $130.7億 | — | — | — | — |
| 2018-12-31 | $142.9億 | -$36.8億 | -$50.7億 | $4.8億 | -$10.2億 | $15億 | $27.9億 | $42.5億 | $0 | $0 | — | -$5.1億 | -$26.2億 | $78.1億 | $27.3億 | $22.8億 | $76.7億 | -3.1% | — | — | — |
| 2019-12-31 | $138.5億 | $14.2億 | -$9.6億 | $10.7億 | -$9300万 | $11.6億 | $16億 | $7.1億 | $2500万 | $1.9億 | — | -$9億 | -$29.3億 | $27.3億 | $21.7億 | $17.7億 | $1.3億 | 4.2% | — | 4.6% | — |
| 2020-12-31 | $142.2億 | $19億 | $6.8億 | $20.6億 | $15.9億 | $4.8億 | $11.8億 | -$4.1億 | $2.8億 | $3.9億 | — | -$6.7億 | $3億 | $21.7億 | $38.7億 | $38億 | $11.1億 | 5.9% | — | 3.5% | — |
| 2021-12-31 | $156.6億 | $36.2億 | $17.6億 | $27.3億 | $21.5億 | $5.7億 | $12.4億 | -$13.1億 | $9.5億 | $4億 | — | -$3.6億 | -$12.7億 | $38.7億 | $48.4億 | $45.5億 | $11.2億 | 8.4% | — | 4.8% | — |
| 2022-12-31 | $174.6億 | $27.3億 | $11.5億 | $8.7億 | $2.7億 | $6.1億 | $12.2億 | $5500万 | $10億 | $4.2億 | $2.1億 | -$6.3億 | -$11.8億 | $48.4億 | $36.2億 | $33.2億 | $13.1億 | 11.0% | — | 7.0% | — |
| 2023-12-31 | $172.3億 | $9.4億 | $7.4億 | $17.7億 | $11.7億 | $6億 | $12.1億 | $5400万 | $7.6億 | $4.4億 | $11.1億 | -$19.9億 | -$9900万 | $36.2億 | $31.6億 | $27.4億 | $24.9億 | 5.5% | — | 6.7% | — |
| 2024-12-31 | $169.1億 | $27.4億 | $9.1億 | $21.5億 | $15.5億 | $6億 | $12.3億 | — | $10.1億 | $4.6億 | $2.4億 | -$5.9億 | -$12億 | $31.6億 | $34.2億 | $31.7億 | $27億 | 12.4% | — | 7.4% | — |
| 2025-12-31 | $174億 | $30.7億 | $10.9億 | $34.1億 | $28.2億 | $5.9億 | $12億 | — | $10.7億 | $4.8億 | -$1.4億 | -$5.4億 | -$16.4億 | $34.2億 | $47.3億 | $45.3億 | $25.8億 | 15.1% | — | 6.7% | — |
Corteva Inc. (CTVA) trades at 19.1x forward earnings against a peer median of 11.9x. Its EV/EBITDA of 12.8x compares with a peer median of 10.1x. The comparison uses 4 peers: The Mosaic Company, CF Industries Holdings Inc., Freeport-McMoRan Inc. and FMC Corporation, as of 2026-10-03.
Crop protection pricing declined low single digits in 1H 2026 with mid-single-digit declines expected in 2H 2026. Agricultural chemical peers exhibit severe cyclical distress: FMC suffered a revenue contraction of -17.5% and net margin of -84.83%, while Mosaic recorded -6.0% revenue contraction and -0.12% operating margin. As industry-wide capex/revenue and capacity lead-time benchmarks are unavailable in the evidence packet, this capital cycle assessment is demand-led and evidence-limited.5
A sharp cyclical recovery driven by rising corn and soybean futures, expanding farm income, aggressive safrinha planting expansion in Brazil, and rapid adoption of premium biologicals and Enlist seed traits, expanding operating margins toward 17.5%.
A prolonged agricultural downcycle characterized by multi-year grain price deflation, tight farmer credit in Latin America halting planted acreage growth, and ongoing generic chemical price erosion compressing consolidated operating margins toward historical trough levels of 5.46%.
Corteva is uniquely positioned at the premium end of the agricultural inputs cycle due to its dual-engine structure: Seed ($9,898M FY2025 revenue) and Crop Protection ($7,503M FY2025 revenue). While chemical peers like FMC are vulnerable to generic pricing collapse, Corteva's proprietary germplasm, accelerated trait licensing (three years ahead of plan), and strong net cash position of $1.95B provide defensive resilience and operating leverage.57
High conviction is warranted by the 76.96% market price discount to our $51.73 fair value midpoint, backed by $1.95B net cash on the balance sheet, resilient seed trait out-licensing tracking three years ahead of plan, and proven $2.8B+ annual free cash flow generation.5
Position risk is governed by strict allocation caps (maximum 5-7% of equity portfolio), portfolio-level exposure limits to agricultural commodity cycles, and ongoing monitoring of South American credit terms. The company's balance sheet with $1.95B in net cash and multi-year positive free cash flow ($2,815M in FY2025) provide robust organic downside insulation against cyclical macro shocks.
Corteva provides rare exposure to global agricultural demand backed by proprietary seed biotechnology and a narrow economic moat (Score 7.2). Trading at $11.92 USD as of October 2, 2026 against a fair value of $51.73 USD, investors capture a 76.96% price discount and an underleveraged balance sheet with $1.95B net cash and $3,406M in operating cash flow.4
At $11.92 USD, the market implies an unrealistic 10-year earnings contraction of -9.66%. Our forward earnings model ($40.54 midpoint) and discounted cash flow model ($64.73 midpoint) at a 6.49% WACC indicate 333.98% upside potential, further augmented by annual share repurchases exceeding $1.0B.24
While Latin American credit tightness and off-patent agrochemical pricing pressure present near-term cyclical friction, Corteva's new product introductions reaching $2.0B and strong balance sheet cushion cyclical downside, justifying an aggressive accumulation stance at these depressed valuation levels.5
We recommend a Strong Buy on Corteva Inc. (CTVA) with an intrinsic fair value target of $51.73 USD, offering 333.98% implied upside from the October 2, 2026 share price of $11.92 USD. The company's competitive positioning in proprietary seed biotechnology, coupled with new patented crop protection chemistry reaching $2.0B in FY2026, creates a highly resilient earnings platform that the market has fundamentally mispriced as a cyclical commodity chemical producer.45
Investors should capitalize on current cyclical weakness to establish full positions. Corteva's balance sheet ($1.95B net cash) and robust operating cash flow ($3,406M in FY2025) provide complete solvency insulation against near-term Latin American credit tight spots, while accelerating seed out-licensing royalties running three years ahead of plan will drive multi-year multiple re-rating toward historical norms.
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The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Brazil generated $2,900M and Latin America $3,928M in FY2025 revenue. Brazilian farmers face tight credit and halted safrinha acreage expansion. Historical 5-year revenue CAGR was -0.10%, and consensus FY2027 EPS has already been revised down to $3.23. Latin America regional revenue contracting by more than 2% YoY over an 18-month horizon produces an estimated fair value impact of -28.0%.157
The primary model assumes a terminal P/E of 15.5x, a substantial premium over the peer median forward P/E of 11.94x (CF at 10.41x, MOS at 13.47x, FMC at 5.23x). A derating of 20% toward peer median levels occurs as FY2027 consensus EPS contracts to $3.23. A valuation multiple contraction below 12.4x over a 24-month horizon yields an estimated fair value impact of -18.5%.14
Indicates loss of hybrid pricing power and failure of out-licensing royalties to offset farmer down-trading to lower-trait varieties amid grain commodity deflation.
現在:$9,898M in FY2025 revenue
警戒条件$9,500M or below in FY2026
Signals severe Brazilian farmer credit tightening, stalled safrinha planted corn acreage expansion, and elevated foreign exchange translation drags impairing regional cash flows.
現在:$3,928M in FY2025 Latin America revenue, including $2,900M from Brazil
警戒条件$3,600M or below in FY2026
Breaches normalized operating margin trajectory (15.2% to 16.2%), indicating mid-single-digit chemical price declines in 2H 2026 overwhelmed productivity programs.
現在:10.74% reported EBIT margin in FY2025 on $17,401M revenue and $2,619M operating income
警戒条件Below 12.0% in FY2026-FY2027
Signals operational earnings compression toward consensus low, indicating that lower chemical prices and tight Brazilian farmer credit have overwhelmed trait licensing growth.
現在:$1.60 GAAP diluted EPS in FY2025
警戒条件Diluted EPS falling below $2.50 in FY2027
| medium |
| 12-36 months |
| Demonstrated multi-year yield advantages and ROI data for Pioneer hybrids and Enlist weed control systems defend pricing power and support out-licensing royalties.5 |
| Latin American Macroeconomic and Grower Credit Distress | medium | 6-18 months | Utilization of structured grain-barter contracts, credit insurance, and selective distributor financing terms in Brazil to safeguard receivables and preserve volume.5 |
Project EPS through the explicit advantage period, fade growth as competition catches up, and discount the full stream at cost of equity.
Apply a terminal P/E to the dated forward EPS path, then discount that future share value back to the analysis date.
Convert the revenue and margin path into after-tax free cash flow, discount the annual per-share amounts and terminal value at WACC, then adjust for signed net debt per current share.
Discounted forecast-period cash flows ($10.80) plus discounted terminal value ($51.02) minus signed per current share (-$2.92) equals the $64.73 lens value shown above. Negative net debt is , so subtracting it raises value.
Add depreciation to net income, subtract maintenance capex, divide by diluted shares, and apply a normalized valuation multiple.
Solve for the growth rate that makes the model value equal the report-date share price.
Multiply the peer median PEG by this stock's forecast growth to derive an implied forward P/E, then apply it to forward EPS.
Proprietary seed trait licensing expands ahead of schedule across third-party seed networks, driving substantial margin expansion. Patented crop protection molecules and biologicals exceed commercial launch targets, capturing market share from distressed commodity competitors. Brazilian safrinha corn planted area expands briskly, lifting Latin American revenue growth above historical trend and driving diluted EPS to the high end of analyst estimates.
Brazil generated $2,900M in FY2025; credit liquidity governs order placement timing and receivables risk.7
Tests whether new product volume growth can overcome pricing headwinds to grow segment EBITDA dollars.
Primary financial transmission metric validating whether licensing mix and productivity initiatives overcome cyclical price erosion.
| $19.28B |
| $19.82B |
| $20.32B |
| Revenue growth | 4.1% | 3.3% | 3.0% | 2.8% | 2.5% |
| Operating margin | 15.2% | 15.5% | 15.8% | 16.0% | 16.2% |
| Operating income | $2.75B | $2.90B | $3.05B | $3.17B | $3.29B |
| Tax rate | 28.7% | 28.7% | 28.7% | 28.7% | 28.7% |
| NOPAT | $1.96B | $2.07B | $2.17B | $2.26B | $2.35B |
| Reinvestment | $353.55M | $372.57M | $434.64M | $497.71M | $586.97M |
| Reinvestment rate (of NOPAT) | 18.0% | 18.0% | 20.0% | 22.0% | 25.0% |
| Free cash flow to firm | $1.61B | $1.70B | $1.74B | $1.76B | $1.76B |
| Seed revenue | $10.30B | $10.65B | $10.97B | $11.28B | $11.56B |
| Crop Protection revenue | $7.81B | $8.07B | $8.31B | $8.55B | $8.76B |
| Terminal growth | 2.5% | 2.5% | 2.5% | 2.5% | 2.5% |
Corteva exercises disciplined capital allocation, reinvesting $591M in FY2025 capital expenditures against $1,203M in depreciation and amortization. The company maintains an underleveraged balance sheet with $1.95B in net cash ($4,875M total debt). Capital return prioritizes share repurchases ($1,071M in FY2025), which significantly exceeded stock-based compensation of $54M, driving diluted shares down from 681.4M toward 648.0M by FY2030, alongside an approved dividend of $0.72 per share.
Seed segment generated $9,898M (56.88% of FY2025 sales), with licensing running three years ahead of baseline plan.
Higher trait licensing attach rates expand gross margins and eliminate external royalty outflows, propelling operating margin from 10.74% in FY2025 toward 16.20% by FY2030.
New product portfolio is reaching $2.0B in FY2026, counteracting mid-single-digit price declines in legacy chemistries.
Diverges from commodity peers like FMC (-17.5% revenue decline and net loss margin of -84.83%), protecting segment operating income.
| マージン |
|---|
| CTVA | Corteva Inc. | $8.0B | 19.1x | 0.5x | 12.8x | 4.3% | — |
| MOS | The Mosaic Company | $6.7B | 13.5x | 0.5x | 7.4x | -5.1% | -0.1% |
| CF | CF Industries Holdings Inc. | $17.4B | 10.4x | 2.2x | 5.6x | 29.9% | 49.3% |
| FCX | Freeport-McMoRan Inc. | $103.5B | 17.2x | 4.0x | 12.8x | 14.8% | 33.4% |
| FMC | FMC Corporation | $1.3B | 5.2x | 0.4x | 18.6x | -88.4% | 11.8% |
| Southern Hemisphere Agricultural Acreage Double-Cropping |
| positive |
| Intensive double-cropping (soybeans followed by safrinha corn) in Brazil ($2,900M FY2025 revenue) provides counter-seasonal demand and multi-year volume opportunities, despite near-term grower credit headwinds. |
| Capitalizes on temporary channel destocking headlines while seed licensing fundamentals remain intact. |
| Sub-$10.00 | Complete full target position (final 20% of target allocation) | Deep cyclical trough valuation providing maximum margin of safety relative to normalized owner earnings power. |
| Review generic agrochemical deflation impact and reduce target position sizing by one-third. |
| Latin America Regional Revenue and Credit Quality | Latin America regional sales below $3,600M | Audit Brazilian bad debt allowances and re-evaluate safrinha planted area expectations. |
| Consolidated Operating Margin Floor | Operating margin falling below 12.0% in any trailing twelve month period | Trigger comprehensive re-underwriting of cost structure and reassess terminal multiple assumptions. |
