Mosaic Company (MOS)
Materials · $7.7B market cap · SEC CIK 0001285785
fundamentals score out of 100
Next reports on Nov 3, 2026, after the close, with analysts expecting $0.05 in earnings per share.
The case for MOS
- Trades at 0.59× book value, below what the balance sheet says it owns.
- Revenue growing 8.8% year over year.
- Pays a modest 2.2% dividend.
- P/E of 14.2× is lower than 95% of Materials companies.
- Price/sales of 0.6× is lower than 92% of Materials companies.
The case against
- Losing money over the last year: net margin -5.2%, return on equity -5%.
- Burned $535M of free cash in FY2025.
- Down 29.2% over the past year.
- Free-cash-flow yield of -7.0% is lower than 96% of Materials companies.
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 | 72 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 57 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 10 |
| Momentumhow the price has behaved lately | 35 |
| Stabilityhow violently it moves, what it owes and what it pays you | 61 |
- The P/E (14.2×) says it made money over the last year but its net margin (-5.2%) says it lost money, so the P/E is not counted in its favour.
- Each factor except momentum is half fixed thresholds, half rank among the 26 Materials companies.
Key numbers
| Price / earnings | 14.2× |
|---|---|
| Price / book | 0.59× |
| Price / sales | 0.6× |
| Revenue growth (YoY) | +8.8% |
| EPS growth (YoY) | — |
| Gross margin | 11% |
| Operating margin | -1% |
| Net margin | -5% |
| Return on equity | -5% |
| Debt / equity | 0.51× |
| Current ratio | 1.34 |
| Dividend yield | 2.20% |
| Beta | 0.86 |
| 52-week range | $19.80 – $36.99 |
| Position in that range | 29% of the way up |
| 3-month return | +5.1% |
| 1-year return | -29.2% |
Five years of financials, as filed
Pulled from Mosaic Company's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $12.1B | $11.1B | $13.7B | $19.1B | $12.4B |
| Gross profit | $1.9B | $1.5B | $2.2B | $5.8B | $3.2B |
| Operating income | $822M | $622M | $1.3B | $4.8B | $2.5B |
| Net income | $541M | $175M | $1.2B | $3.6B | $1.6B |
| Operating cash flow | $825M | $1.3B | $2.4B | $3.9B | $2.2B |
| Capital expenditure | $1.4B | $1.3B | $1.4B | $1.2B | $1.3B |
| Total assets | $24.5B | $22.9B | $23.0B | $23.4B | $22.0B |
| Shareholder equity | $12.1B | $11.5B | $12.3B | $12.1B | $10.6B |
| Cash | $277M | $273M | $349M | $735M | $770M |
| Free cash flow | -$535M | $47.4M | $1.0B | $2.7B | $898M |
| Gross margin | 15.8% | 13.6% | 16.1% | 30.1% | 25.9% |
| Operating margin | 6.8% | 5.6% | 9.8% | 25.0% | 20.0% |
| Net margin | 4.5% | 1.6% | 8.5% | 18.7% | 13.2% |
| Diluted shares | 319M | 321M | 333M | 356M | 382M |
Share count is down 16.4% over 4 years. Buybacks have been shrinking the pie.
What Mosaic Company says it does
OVERVIEW The Mosaic Company is the world’s leading producer and marketer of concentrated phosphate and potash crop nutrients. Through our broad product offering, we are a single source supplier of phosphate- and potash-based crop nutrients and animal feed ingredients. We serve customers in approximately 40 countries. We are the second largest integrated phosphate producer in the world and one of the largest producers and marketers of phosphate-based animal feed ingredients in North America and Brazil. We are the leading fertilizer production and distribution company in Brazil. We mine phosphate rock in Florida, Brazil and Peru. We process rock into finished phosphate products at facilities in Florida, Louisiana and Brazil. We are typically one of the top four global potash producers in the world. We mine potash in Saskatchewan and New Mexico. We have other production, blending or distribution operations in Brazil, China, India and…
Risk factors MOS lists in its 10-K
- Our business, financial condition or results of operations could be materially adversely affected by any of the risks and uncertainties described below
- U.S. tariffs on Canadian potash and retaliatory tariffs could materially adversely affect our business operations and financial condition
- Unfavorable worldwide economic and market conditions could adversely affect our business, financial condition or operating results
- Changes in transportation costs can affect our sales volumes and selling prices
- Reduced oil refinery operating rates in North America could have a material adverse impact on our business, financial condition or operating results
- Our assets outside of North America are located in countries with volatile conditions, which could subject us and our assets to significant risks
- Climate change could adversely affect us
- Strikes or other forms of work stoppage or slowdown could disrupt our business and lead to increased costs
- Our underground potash shaft mines are subject to risks of water inflows
- Accidents or equipment failures occurring in the course of our operating activities could result in significant liabilities, interruptions or shutdowns of facilities or the need for significant safety or other expenditures
- Some of our facilities are subject to potential damage from seismic activity or other geologic concerns
- Our underground potash shaft mines are subject to risk from fire. In addition, fire at one of our underground shaft mines could halt our operations at the affected mine or for longer periods for remedial work or otherwise
- We handle significant quantities of ammonia at several of our facilities
- Our business operations rely on our information systems and any material disruption or slowdown of our systems could cause operational delays or loss of revenue