Corteva (CTVA)
Materials · $53.9B market cap · SEC CIK 0001755672
fundamentals score out of 100
Next reports on Nov 2, 2026, after the close, with analysts expecting $-0.40 in earnings per share.
The case for CTVA
- Generated $2.8B of free cash flow in FY2025, 16% of revenue.
- Barely leveraged. Debt is 0.19× equity.
- Moves less than the market (beta 0.58).
- Pays a modest 1.4% dividend.
- Free-cash-flow yield of 5.2% is higher than 88% of Materials companies.
The case against
- Earnings per share down 26.4%.
- Pricey at 53.4× earnings, against a long-run market average nearer 20×.
- Return on equity of only 4%.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Materials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 45 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 24 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 48 |
| Momentumhow the price has behaved lately | 59 |
| Stabilityhow violently it moves, what it owes and what it pays you | 84 |
- Each factor except momentum is half fixed thresholds, half rank among the 26 Materials companies.
Key numbers
| Price / earnings | 53.4× |
|---|---|
| Price / book | 2.25× |
| Price / sales | 3.0× |
| Revenue growth (YoY) | +3.7% |
| EPS growth (YoY) | -26.4% |
| Gross margin | 50% |
| Operating margin | 15% |
| Net margin | 6% |
| Return on equity | 4% |
| Debt / equity | 0.19× |
| Current ratio | 1.52 |
| Dividend yield | 1.37% |
| Beta | 0.58 |
| 52-week range | $60.54 – $90.97 |
| Position in that range | 65% of the way up |
| 3-month return | +0.7% |
| 1-year return | +11.6% |
Five years of financials, as filed
Pulled from Corteva's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $17.4B | $16.9B | $17.2B | $17.5B | $15.7B |
| Net income | $1.1B | $907M | $735M | $1.1B | $1.8B |
| Operating cash flow | $3.4B | $2.1B | $1.8B | $872M | $2.7B |
| Capital expenditure | $591M | $597M | $595M | $605M | $573M |
| Total assets | $42.8B | $40.8B | $43.0B | $42.6B | $42.3B |
| Shareholder equity | $24.1B | $23.8B | $25.0B | $25.3B | $25.4B |
| Cash | $4.5B | $3.1B | $2.6B | $3.2B | $4.5B |
| Free cash flow | $2.8B | $1.5B | $1.2B | $267M | $2.2B |
| Net margin | 6.3% | 5.4% | 4.3% | 6.6% | 11.2% |
| Diluted shares | 681M | 696M | 712M | 725M | 742M |
Share count is down 8.1% over 4 years. Buybacks have been shrinking the pie.
What Corteva says it does
Unless otherwise indicated or the context otherwise requires, references in this Annual Report on Form 10-K to: • "Corteva" or "the company" refers to Corteva, Inc. and its consolidated subsidiaries (including EIDP); • "EIDP" refers to EIDP, Inc. (formerly known as E. I. du Pont de Nemours and Company) and its consolidated subsidiaries or EIDP, Inc. excluding its consolidated subsidiaries, as the context may indicate; • "DowDuPont" refers to DowDuPont Inc. and its subsidiaries prior to the Corteva Separation (as defined below); • "Historical Dow" refers to The Dow Chemical Company and its consolidated subsidiaries prior to the Internal Reorganization (as defined in Note 1 - Background and Basis of Presentation, to the Consolidated Financial Statements); • "Historical DuPont" and "Historical EID" refers to EIDP prior to the Internal Reorganization; • "Dow" refers to Dow Inc. after its separation from…
Risk factors CTVA lists in its 10-K
- Corteva may not be able to obtain or maintain the necessary regulatory approvals for some of its products, including its seed and crop protection products, which could restrict its ability to sell those products in some markets
- The successful development and commercialization of Corteva's pipeline products will be necessary for Corteva's growth
- Changes in agricultural and related policies of governments and international organizations may prove unfavorable
- Climate change and unpredictable seasonal and weather factors could impact Corteva’s sales and earnings
- Corteva participates in an industry that is highly competitive and has undergone consolidation, which could increase competitive pressures
- Recent funding and staff reductions, including at the EPA, the USDA, the FDA and the U.S. Department of Health and Human Services ("HHS"), could hinder our ability to receive timely regulatory approvals
- Corteva’s sales to its customers may be adversely affected should a company successfully establish an intermediary platform for the sale of Corteva’s products or otherwise position itself between Corteva and its customers
- Our business, financial condition and results of operations could be materially affected by disruptions in the global economy caused by geopolitical and military conflicts
- Volatility in Corteva’s input costs, which include raw materials and production costs, could have a significant impact on Corteva’s business, results of operations and financial condition
- Corteva’s operations outside the United States are subject to risks and restrictions, which could negatively affect Corteva’s business, results of operations and financial condition
- Corteva’s business, results of operations and financial condition could be adversely affected by industrial espionage and other disruptions to its supply chain, information technology or network systems
- Corteva is dependent on its relationships or contracts with third parties with respect to certain of its raw materials or licenses and commercialization
- Corteva’s customers may be unable to pay their debts to Corteva, which could adversely affect Corteva’s results
- Failure to effectively manage acquisitions, divestitures, strategic investments, restructurings, cost savings initiatives and other portfolio actions may not have the results anticipated