FMCFMC Corporation
Is the business good?
Margins compressing. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is FMC?
FMC Corporation earns −29% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 38 points below what the capital costs: growth destroys value
- Operating margin
- −62%
Operating margin · Agricultural Inputs median 9.6% · 12 months to Q2 2026
- Share count, year on year
- −0.13%
Share count, year on year · flat: no meaningful dilution
- R&D as % of revenue
- 7.9%
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 Q2 2026
- 35%
- Operating margin12 months to Q2 2026
- −62%
- Net margin12 months to Q2 2026
- −85%
- Free cash flow margin
- 5.0%
- R&D as % of revenue
- 7.9%
- Revenue, trailing twelve months
- $3.25B
- Free cash flow, trailing twelve months
- $163M
- Net income, trailing twelve months
- −$2.76B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −29%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.