Company Reports

We will discontinue analyst coverage of FMC on or about June 2, 2026.

FMC reported a 40% year-over-year adjusted EBITDA decline drive primarily by patent expirations in the company's diamide insecticide portfolio. FMC shares were up 8% at the time of writing as the market reacted to new products driving volume growth.

FMC's fourth-quarter earnings included 2026 guidance well below consensus and management's strategic plan to reduce debt through potential asset sales or licensing agreements. FMC may also pursue a sale of the company. FMC shares were down 20% at the time of writing on Feb. 5 on the news.

FMC is a pure-play crop chemical producer. It is one of the five largest patented crop protection companies globally. FMC built its portfolio largely through acquisition. The firm acquired Cheminova in 2015 and DuPont's crop chemical portfolio in 2017. At the same time, it divested its nonagriculture businesses. Following a multiyear downturn and patent expirations of its key product portfolio, management is considering asset sales, licensing, or a potential sale of the company.

FMC's third-quarter results reflected a challenging near-term outlook as the company deals with patent expirations in its largest product category. The shares were down 44% at the time of writing on Oct. 30 as management reduced its full-year guidance and cut the dividend.

FMC is a pure-play crop chemical producer. It is one of the five largest patented crop protection companies globally. FMC built its portfolio largely through acquisition. The firm acquired Cheminova in 2015 and DuPont's crop chemical portfolio in 2017. At the same time, it divested its nonagriculture businesses.

FMC reported second-quarter profit growth as lower raw-material costs more than offset price declines driven by diamide patent expirations. FMC shares were down slightly despite management maintaining its full-year adjusted EBITDA guidance.

FMC is a pure-play crop chemical producer. It is one of the five largest patented crop protection companies globally. FMC built its portfolio largely through acquisition. The firm acquired Cheminova in 2015 and DuPont's crop chemical portfolio in 2017, which included the diamide insecticides. At the same time, it divested its nonagriculture businesses.

FMC profits fell in 2023 and 2024 from inventory destocking due to the unwinding of excess product built up from covid-related supply chain fears. Some of the strongest destocking occurred in Brazil, FMC's largest market, leading the company to underperform its peers.

During a May 15 investor conference, FMC management said the company is on track to meet its second-quarter and full-year guidance. Management also said FMC's new premium products will surpass peak sales of diamide, which is the company's largest product today. The shares were up 5% on the day.

FMC saw lower first-quarter profits, driven by reduced diamide prices and lower volume due to the plan to normalize inventory at the retail level. Management kept its full-year outlook, but second-quarter guidance came in below FactSet consensus. The shares were down 7% intraday.

FMC is a pure-play crop chemical producer. It is one of the five largest patented crop protection companies globally. FMC built its portfolio largely through acquisition. The firm acquired Cheminova in 2015 and DuPont's crop chemical portfolio in 2017, which included the blockbuster diamide insecticides. At the same time, it divested its nonagriculture businesses.

US President Donald Trump announced sweeping tariffs, with a minimum 10% tariff on all US imports and higher rates for select countries. Shares of seed and crop chemicals producers fell in after-hours trading on the news, while fertilizer producer shares were up.

FMC is a pure-play crop chemical producer. It is one of the five largest patented crop protection companies globally. FMC built its portfolio largely through acquisition. The firm acquired Cheminova in 2015 and DuPont's crop chemical portfolio in 2017, which included the blockbuster diamide insecticides. At the same time, it divested its nonagriculture businesses.

FMC shares fell 18% in after-hours trading on Feb. 4 as 2025 guidance came in well below consensus estimates in all key financial metrics, including revenue, adjusted earnings per share, and free cash flow. FMC's elevated debt and reduced free cash flow put its dividend at risk.

FMC's results were in line with our outlook for the cadence of the year. Profits rebounded in the third quarter with adjusted EBITDA up 15% versus the prior-year quarter. This follows the inventory destocking event that weighed on profits in 2023 and the first half of 2024.

FMC is a pure-play crop chemical producer. It is one of the five largest patented crop protection companies globally. FMC acquired Cheminova in 2015, increasing exposure to Europe and expanding its portfolio of crop chemicals. In late 2017, FMC acquired DuPont's crop chemical portfolio, which included the blockbuster diamide insecticides. At the same time, it divested its nonagriculture businesses.

FMC's second-quarter results were in line with our thesis on the company. Following the profit decline from customer inventory destocking that caused double-digit profit declines from the second quarter of 2023 through the first quarter of 2024, FMC generated 8% year-over-year adjusted EBITDA growth during the second quarter driven largely by higher volumes and new premium products.

FMC is a pure-play crop chemical producer. It is one of the five largest patented crop protection companies globally. FMC acquired Cheminova in 2015, increasing exposure to Europe and expanding its portfolio of crop chemicals. In late 2017, FMC acquired DuPont's crop chemical portfolio, which included the blockbuster diamide insecticides. At the same time, it divested its nonagriculture businesses.

FMC announced the sale of its global specialty solutions business to Envu for $350 million in a deal that should close by the end of the year. FMC had announced last November that it would look to divest the business, which sells crop protection products for nonagricultural uses. The proceeds will be used to pay down debt, which should allow FMC to more quickly restore its balance sheet health. Having updated our model to incorporate the deal, we maintain our $110 fair value estimate. Our narrow moat rating is also unchanged.