At a glance
FMC Corporation is worth $695.3M. Revenue fell 18.3% to $3.47B in fiscal 2025, at a loss; over 5 years it has grown 5.7% a year. It pays a 7.16% dividend yield, and returned $1.96B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −85.0% over the past year with dividends reinvested and −43.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.8% in the 2020 crash (S&P 500: 33.7%) and 27.9% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
FMC makes crop protection products: chemicals that protect crops from insects, weeds and fungal disease. It also sells a smaller "plant health" line of biological products, crop nutrition and seed treatments. FMC reports all of this as one business segment. It sells through distributors, retailers and co-ops, and directly to large growers in places such as Brazil. Its main rivals are Syngenta Group, Bayer, BASF, Corteva and UPL. Together with FMC, these six firms make about 76% of global crop protection sales.
Revenue was $3.47 billion in 2025. Insecticides made up 45% of sales, herbicides 36%, fungicides 10.5% and plant health 5.5%. Latin America was the largest region at 39%. North America followed at 32%, then Europe, the Middle East and Africa at 25%, and Asia at 4%. These totals were reduced by about $422 million of one-time charges tied to preparing FMC's India sales business for sale.
Two insecticide active ingredients (the chemicals that do the pest-killing work) carry much of the business. Rynaxypyr brought in about $0.8 billion in 2025 and Cyazypyr about $0.4 billion. Their main patents have expired in all major markets, which opens the door to cheaper generic copies. FMC is counting on newer ingredients, including Isoflex, fluindapyr, Dodhylex and rimisoxafen. In February 2026 the board began exploring strategic options, including a sale of the company.
Price history
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FMC -85.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Insecticides | $1.57B | 45.4% |
| Herbicides | $1.25B | 36% |
| Fungicides | $362.8M | 10.5% |
| Plant Health | $190.9M | 5.5% |
| Other | $94.1M | 2.7% |
By geography
| Latin America | $1.35B | 39% |
| North America | $1.10B | 31.8% |
| Europe, Middle East & Africa | $871.5M | 25.1% |
| Asia | $142.3M | 4.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $105.9M, down 80.5% from a year earlier, and net income was $-2.07B.
- For fiscal 2025, revenue was $3.47B (-18.3% year over year; -5.7% a year from FY2020 to FY2025) with a -64.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -5.7% weak |
|---|---|
| Operating margin | -47% weak |
| Free cash flow margin | -3% weak |
| Return on equity (FY2025) | -108.1% weak |
| Return on assets (FY2025) | -23.1% weak |
| Net cash (cash minus debt) | $-3.44B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $4.64B | $552.4M | $669.6M |
| FY2021 | $5.05B | $739.6M | $798.5M |
| FY2022 | $5.80B | $736.5M | $517.7M |
| FY2023 | $4.49B | $1.32B | $-434.2M |
| FY2024 | $4.25B | $341.1M | $668.8M |
| FY2025 | $3.47B | $-2.24B | $-102.5M |
Valuation snapshot
| Market value | $695.3M |
|---|---|
| P/E ratio | — |
| Dividend yield | 7.16% |
Rank among 1514 US companies
Market value at each year end
FMC’s market value went from $6.58B at the end of 2016 to $695.3M on Oct 28, 2026, down 89%; since the end of 2025 it is down 60%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $695.3M | -59.9% |
| 2025 | $1.73B | -71.4% |
| 2024 | $6.07B | -22.9% |
| 2023 | $7.87B | -50.0% |
| 2022 | $15.72B | +13.8% |
| 2021 | $13.81B | -7.1% |
| 2020 | $14.87B | +15.3% |
| 2019 | $12.89B | +51.5% |
| 2018 | $8.51B | -23.0% |
| 2017 | $11.05B | +67.9% |
| 2016 | $6.58B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FMC price data to Oct 28, 2026 | -67.1% | -85.0% | -55.4% | -43.7% | -18.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -67.1% |
| 2025 | -70.0% |
| 2024 | -19.8% |
| 2023 | -48.0% |
| 2022 | +15.7% |
| 2021 | -2.6% |
| 2020 | +17.3% |
| 2019 | +58.2% |
| 2018 | -21.0% |
| 2017 | +68.8% |
| 2016 | +46.7% |
| 2015 | -30.3% |
| 2014 | -23.7% |
| 2013 | +30.1% |
| 2012 | +37.1% |
| 2011 | +8.5% |
| 2010 | +44.4% |
| 2009 | +26.0% |
| 2008 | -17.3% |
| 2007 | +43.8% |
| 2006 | +44.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 32.4% over that stretch · deepest drop along the way 62.2%, back to its old high 24.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.7% over that stretch · deepest drop along the way 44.8%, back to its old high 3.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 5.6% over that stretch · deepest drop along the way 27.9%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 1 sales ($16K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 9, 2026 | Nicholas Pfeiffer Corporate Controller | sell | $16K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.4% | Sep 30, 2026 |
| AQR Capital Management, LLC | 7.41% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.2% | Jun 30, 2026 |
| Vanguard Portfolio Management | 5.03% | Sep 30, 2026 |
| Wellington Management Group LLP | 4.7% | Mar 31, 2025 |
| Vanguard Capital Management | 4.25% | Sep 30, 2026 |
ETFs with the most weight in FMC
| PSCM Invesco S&P SmallCap Materials ETF | 8.1% |
| FXZ First Trust Materials AlphaDEX Fund | 3.6% |
| WBIF WBI BullBear Value 3000 ETF | 3.5% |
| BAMD Brookstone Dividend Stock ETF | 3.22% |
| KROP Global X AgTech & Food Innovation ETF | 2.98% |
| AIEQ Amplify AI Powered Equity ETF | 2.77% |
| MOO VanEck Agribusiness ETF | 1.2% |
| FTRI First Trust Indxx Global Natural Resources Income ETF | 1.17% |
What could go wrong
- Key insecticide patents have expired. Patents on Rynaxypyr and Cyazypyr, which brought in about $0.8 billion and $0.4 billion in 2025, have expired in all major markets. Cheaper generic copies, especially from China-based makers, can squeeze prices and sales.
- Heavy debt and credit rating downgrades. As of June 30, 2026, FMC had $4.28 billion of debt and $477 million of cash. Its credit rating has been cut, and further downgrades could raise borrowing costs and limit access to capital.
- Strategic review may not produce a deal. In February 2026 the board began exploring options, including a sale of the company, but the review may not lead to any transaction. The process, or how it ends, could hurt the share price.
- India sale and cost cuts could stumble. FMC plans to sell its India commercial business and is exiting high-cost plants through a cost program, Project Foundation. Delays or shortfalls could hurt results. India sale preparations cut 2025 revenue by about $422 million.
- Weather, seasons and Latin America dependence. Demand swings with drought, floods, heat and pest pressure. Sales are seasonal and regional, and Latin America supplied 39% of 2025 revenue, so a bad season there can hit a quarter hard.
- Pesticide approvals can be limited or revoked. Each product needs a registration in every country where it is sold. Regulators in the US, Brazil, China, Argentina and the EU can demand costly new data, narrow permitted uses or cancel products.
Recent events
- Quarterly results released
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Major agreement signed; Unregistered sale of shares; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; Unregistered sale of shares; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed
- Major agreement signed; New debt or financial obligation
For income and retirement investors
The dividend record is uneven. Dividends per share rose from $1.80 in 2020 to $2.32 in 2023, held flat in 2024, then fell to $1.82 in 2025, so there is no streak of increases. In 2025 FMC lost $2.24 billion and had negative free cash flow (cash left after running and investing in the business), yet paid $291 million in dividends. The yield was 7.16% as of October 28, 2026, and FMC warns that future dividends are not guaranteed. Share buybacks totaled $575 million from 2021 to 2025, with none in 2024 or 2025.
The stock has fallen hard in downturns. It dropped 62% in the 2008 financial crisis and took about 25 months to recover. It fell 45% in the 2020 COVID crash and recovered in about four months. In the 2022 bear market it fell 28% from an April high and had not regained that level by October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does FMC make money?
FMC makes money by selling crop protection chemicals. In 2025, insecticides made up 45% of its $3.47 billion in revenue, herbicides 36%, fungicides 10.5%, and "plant health" products such as biologicals and seed treatments 5.5%. It sells through distributors, retailers and co-ops in all four of its regions, and directly to large growers in places such as Brazil. Latin America was the largest region at 39% of sales, ahead of North America at 32%.
Is FMC being sold?
Possibly, but nothing is settled. In February 2026, FMC's board authorized a review of strategic options, including a sale of the whole company. When the annual report was filed on February 27, 2026, the review was at a preliminary stage, and FMC warned it might not lead to any transaction. Separately, FMC is selling its India commercial business and expected that sale to close in 2026. It plans to keep its manufacturing in India and supply the buyer.
Did FMC cut its dividend?
Yes. Dividends per share fell to $1.82 in 2025 from $2.32 in both 2023 and 2024, after rising from $1.80 in 2020. The drop came in a year when FMC lost $2.24 billion and free cash flow was negative, while dividends paid still totaled $291 million. The dividend yield was 7.16% as of October 28, 2026, and FMC warns that future dividends are not guaranteed.
Why did FMC stock drop so much?
The shares fell as the business weakened sharply. The stock lost 70% in 2025 and 85% in the year to October 28, 2026. Revenue fell 18% in 2025 to $3.47 billion, and FMC lost $2.24 billion. Patents on its key Rynaxypyr and Cyazypyr insecticide ingredients have expired, which opens the door to generic rivals. Debt was $4.28 billion as of June 30, 2026, and credit ratings have been cut. Revenue in the quarter to that date fell 17.5% from a year earlier.
What is Rynaxypyr and why does it matter to FMC?
Rynaxypyr (chlorantraniliprole) is an insecticide ingredient that FMC calls the world's leading insect control technology. It brought in about $0.8 billion of revenue in 2025. Its composition of matter patents, the basic patents on the molecule itself, have expired in all major markets, so generic makers can sell copies. FMC is responding with about eleven new products containing Rynaxypyr, such as mixtures and lower-cost formulations. It is also moving to cheaper manufacturing so it can compete on price.