MeritValue

FMC CORP

FMCdata completeness 100%19 fiscal years on file
The thesis, from the filings

FMC CORP earns about 2% on invested capital, and has bought back 3% of its shares over 5 years. The applicable estimate puts fair value near $60.98 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$5.05B1$5.8B2$4.49B3$4.25B3$3.47B3
Net income$739.6M4$736.5M5$1.32B6$341.1M6−$2.24B6
Operating cash flow$898.6M7$660M8−$300.3M9$736.7M9−$6.2M9
Capital expenditure$100.1M10$142.3M11$133.9M12$67.9M12$96.3M12
Free cash flow (derived)$798.5M7$517.7M8−$434.2M9$668.8M9−$102.5M9
Total debt$6.67B13$7.01B14$8.75B15$6.81B16$8.74B16
Cash & equivalents$516.8M17$572M18$302.4M19$357.3M20$584.5M20
Diluted shares129.1M126.7M125.5M125.4M125.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$165.51
your share of equity
Profit it earned you last year
−$178.88
Free cash flow it threw off
−$8.19
Debt you’d be carrying
$697.93

10 shares is a claim on $165.51 of net worth that earned you −$178.88 and generated −$8.19 of cash last year, against $697.93 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 5y
FY21 10%FY22 10%FY23 4%FY24 2%FY25 -15%

It earned an average 2% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 31% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$60.98
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$736.5M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000037785-24-000033 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000037785-25-000030 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000037785-26-000041 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000037785-24-000033 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000037785-25-000030 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000037785-26-000041 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000037785-24-000033 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  8. 10-K · period ending 2022-12-31 · accession 0000037785-25-000030 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  9. 10-K · period ending 2023-12-31 · accession 0000037785-26-000041 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  10. 10-K · period ending 2021-12-31 · accession 0000037785-24-000033 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000037785-25-000030 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000037785-26-000041 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000037785-23-000019 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000037785-24-000033 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000037785-25-000030 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000037785-26-000041 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000037785-23-000019 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000037785-24-000033 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000037785-25-000030 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0000037785-26-000041 (CashAndCashEquivalentsAtCarryingValue)