Is the business good?
How good a business is FMC?
FMC Corporation earns −23% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−23%
Return on invested capital · cost of capital 9.0% · 32 points below what the capital costs: growth destroys value
- Operating margin
- −51%
Operating margin · Agricultural Inputs median 11% · 12 months to Q1 2026
- Share count, year on year
- +0.16%
Share count, year on year · flat: no meaningful dilution
- R&D as % of revenue
- 7.6%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 19% |
| FY2021 | 21% |
| FY2022 | 20% |
| FY2023 | 12% |
| FY2024 | 12% |
| FY2025 | −47% |
Details›
- Gross margin12 months to Q1 2026
- 35%
- Operating margin12 months to Q1 2026
- −51%
- Net margin12 months to Q1 2026
- −73%
- Free cash flow margin
- −4.2%
- R&D as % of revenue
- 7.6%
- Revenue, trailing twelve months
- $3.43B
- Free cash flow, trailing twelve months
- −$143M
- Net income, trailing twelve months
- −$2.50B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −23%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Agricultural Inputs
Ranks #7 of 7 by Smart Score