At a glance
The Mosaic Company is worth $6.05B, about 11 times its fiscal 2025 earnings. Revenue grew 8.4% to $12.05B in fiscal 2025, with 4.5% kept as profit; over 5 years it has grown 6.8% a year. It pays a 4.62% dividend yield, and returned $4.27B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −28.1% over the past year with dividends reinvested and −10.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 63.8% in the 2020 crash (S&P 500: 33.7%) and 44.0% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Mosaic mines and processes phosphate and potash, two key crop nutrients that supply phosphorus and potassium. It calls itself the world's leading producer and marketer of concentrated phosphate and potash fertilizers. It also makes phosphate-based animal feed ingredients. Its customers include fertilizer makers, distributors, retailers and farmers in about 40 countries. Mosaic was formed in 2004 from IMC Global and Cargill's fertilizer businesses, and it is based in Tampa, Florida.
Mosaic sells these products at global market prices that rise and fall with farm demand, weather and competing supply. Its profit depends on the gap between those prices and its costs, including sulfur and ammonia. In fiscal 2025 (the year ended December 31, 2025), revenue was about $12.05 billion. The gross margin, the share of sales left after direct production costs, was 15.8%.
Mosaic reports three segments. Mosaic Fertilizantes, which Mosaic calls Brazil's leading fertilizer producer and distributor, made up about 40% of fiscal 2025 segment sales. Phosphate, with mines in Florida, plants in Florida and Louisiana and a 75% stake in a mine in Peru, made up 38%. Potash, mined in Saskatchewan and New Mexico, made up 22%. In December 2025, Mosaic agreed to sell its Carlsbad, New Mexico mine. Mosaic estimates it produces about 10% of global phosphate and 12% of global potash.
Price history
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MOS -28.1% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Mosaic Fertilizantes | $4.85B | 40.2% |
| Phosphates Segment | $4.58B | 38% |
| Potash Segment | $2.66B | 22.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.82B, down 6% from a year earlier, and net income was $-272.8M (-166.4%).
- For fiscal 2025, revenue was $12.05B (+8.4% year over year; +6.8% a year from FY2020 to FY2025) with a 4.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.8% good |
|---|---|
| Operating margin | 6.8% watch |
| Free cash flow margin | -4.4% weak |
| Return on equity (FY2025) | 4.5% weak |
| Return on assets (FY2025) | 2.2% weak |
| Net cash (cash minus debt) | $-5.56B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.68B | $666.1M | $412.0M |
| FY2021 | $12.36B | $1.63B | $898.4M |
| FY2022 | $19.13B | $3.58B | $2.69B |
| FY2023 | $13.70B | $1.16B | $1.00B |
| FY2024 | $11.12B | $174.9M | $47.4M |
| FY2025 | $12.05B | $540.7M | $-534.6M |
Valuation snapshot
| Market value | $6.05B |
|---|---|
| P/E ratio | 11.2 |
| Dividend yield | 4.62% |
Rank among 1514 US companies
Market value at each year end
The Mosaic’s market value went from $10.27B at the end of 2016 to $6.05B on Nov 2, 2026, down 41%; since the end of 2025 it is down 21%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $6.05B | -20.9% |
| 2025 | $7.65B | -2.1% |
| 2024 | $7.81B | -33.1% |
| 2023 | $11.68B | -21.8% |
| 2022 | $14.94B | +0.3% |
| 2021 | $14.89B | +70.7% |
| 2020 | $8.72B | +6.4% |
| 2019 | $8.20B | -27.2% |
| 2018 | $11.26B | +25.0% |
| 2017 | $9.01B | -12.3% |
| 2016 | $10.27B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MOS price data to Nov 2, 2026 | -18.9% | -28.1% | -14.7% | -10.5% | -0.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -18.9% |
| 2025 | +1.1% |
| 2024 | -29.1% |
| 2023 | -16.4% |
| 2022 | +12.8% |
| 2021 | +72.2% |
| 2020 | +7.6% |
| 2019 | -25.3% |
| 2018 | +14.3% |
| 2017 | -10.4% |
| 2016 | +10.8% |
| 2015 | -37.9% |
| 2014 | -1.4% |
| 2013 | -14.9% |
| 2012 | +13.7% |
| 2011 | -33.8% |
| 2010 | +28.3% |
| 2009 | +77.9% |
| 2008 | -63.3% |
| 2007 | +341.7% |
| 2006 | +46.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 27.2% over that stretch · deepest drop along the way 86.1%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 49.8% over that stretch · deepest drop along the way 63.8%, back to its old high 6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 25.6% over that stretch · deepest drop along the way 44%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 1 sales ($509K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 19, 2026 | Walter F. III Precourt SVP - Chief Admin Officer | sell | $509K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.37% | Mar 31, 2026 |
| BlackRock, Inc. | 6.7% | Mar 31, 2025 |
| AQR Capital Management, LLC | 5.76% | Jun 30, 2026 |
| FMR LLC | 4.2% | Jun 30, 2026 |
| T. Rowe Price Associates, Inc. | 0.7% | Jun 30, 2025 |
ETFs with the most weight in MOS
| RSPM Invesco S&P 500 Equal Weight Materials ETF | 4.12% |
| FXZ First Trust Materials AlphaDEX Fund | 3.75% |
| IVEG iShares Emergent Food and AgTech Multisector ETF | 3.57% |
| MOO VanEck Agribusiness ETF | 2.44% |
| FTIF First Trust Bloomberg Inflation Sensitive Equity ETF | 2.29% |
| FTAG First Trust Indxx Global Agriculture ETF | 1.97% |
| FTRI First Trust Indxx Global Natural Resources Income ETF | 1.96% |
| RPV Invesco S&P 500® Pure Value ETF | 1.93% |
What could go wrong
- Tariffs and trade rulings could turn against it. Mosaic's Canadian potash was exempted from a 25% U.S. tariff in March 2025, but tariffs could return. Separately, duties that shield it from subsidized Moroccan and Russian phosphate face court challenges.
- Flooding or fire in underground potash mines. Mosaic's underground potash shaft mines can suffer water inflows (flooding) or fires. Either could halt a mine for a long time and require costly repair work.
- Heavy reliance on Brazil and foreign currencies. Mosaic Fertilizantes in Brazil made up about 40% of fiscal 2025 segment sales. Assets outside North America are in countries with volatile conditions, and exchange-rate moves can change earnings and cash flow.
- Volatile sulfur, ammonia and energy costs. Production relies on sulfur, ammonia and energy. Their prices and availability have swung before and hurt results. Lower operating rates at North American oil refineries, a source of sulfur, also pose a risk.
- Heavy debt and cash flow strain. Mosaic had about $5.86 billion of debt against $294 million of cash and investments as of June 30, 2026. Cash after capital spending turned negative in fiscal 2025, which could strain borrowing and credit ratings.
- Fertilizer prices swing sharply. Phosphate and potash are global commodities. Prices rise and fall with weather, crop prices, farm policy and competitors' output. Net income fell from $3.58 billion in fiscal 2022 to $175 million in fiscal 2024.
Recent events
- Executive or board change
- Debt obligation accelerated
- New debt or financial obligation; Other company announcement
- Other company announcement
- Quarterly results released
- Investor presentation or announcement
- Shareholder vote results
- Quarterly results released
- Asset impairment
- Quarterly results released
For income and retirement investors
Mosaic pays a dividend, but its growth has been uneven. Dividends per share rose from $0.20 in fiscal 2020 to $0.88 in fiscal 2025, though they held at $0.85 in 2023 and 2024, so the streak of increases is one year. The yield was 4.8% as of October 28, 2026. Dividends took about 52% of fiscal 2025 earnings. But free cash flow (cash after investment spending) was negative $535 million, so it did not cover the $280 million paid. Buybacks totaled about $3.07 billion over 2021–2025, none in 2025.
Downturns hit the stock hard. It fell 86% from its June 2008 peak by November 2008. It fell 64% in the 2020 COVID crash and recovered within six months. In the 2022 market slump it gained 25.6%, yet fell 44% from its April 2022 peak by July. Neither the 2008 nor the 2022 peak had been regained by October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Mosaic make money?
Mosaic makes money by mining and processing fertilizer. It produces phosphate and potash crop nutrients, plus phosphate-based animal feed ingredients. It sells them to fertilizer makers, distributors, retailers and farmers in about 40 countries. Revenue was about $12.05 billion in fiscal 2025, the year ended December 31, 2025. Its Brazilian business, Mosaic Fertilizantes, made up about 40% of segment sales, Phosphate 38% and Potash 22%. Profit swings with global fertilizer prices and with the cost of inputs such as sulfur and ammonia.
Does Mosaic raise its dividend every year?
No. Mosaic pays a dividend but has not raised it every year. Dividends per share grew from $0.20 in fiscal 2020 to $0.88 in fiscal 2025, about 34.5% a year on average. But they held at $0.85 in 2023 and 2024, so the streak of increases is one year. The yield was 4.8% as of October 28, 2026. Dividends took about 52% of fiscal 2025 earnings. Free cash flow was negative, so cash left after investment spending did not cover them.
How much debt does Mosaic have?
Mosaic had about $5.86 billion of total debt as of June 30, 2026, against $294 million of cash and investments. That leaves net debt (debt minus cash) of about $5.56 billion. This was close to Mosaic's stock-market value of about $5.83 billion as of October 28, 2026. In November 2025, it sold $900 million of new bonds due in 2029 and 2030. Free cash flow was negative $535 million in fiscal 2025, compared with $2.69 billion in fiscal 2022, so the business produced no spare cash to reduce debt that year.
How has Mosaic stock performed?
Weakly over most periods to October 28, 2026. Based on share prices, the stock lost 35.3% over one year. It lost about 13.1% a year on average over five years and 0.7% a year over ten years. The swings are large: the price rose 72.2% in 2021 but fell 29.1% in 2024. It was down 21.8% in 2026 through October 28. In the year to that date, its largest drop from a high was 43.9%.
Which ETFs hold Mosaic stock?
Mosaic is held by 154 ETFs. It has its largest weights in the Invesco S&P 500 Equal Weight Materials ETF (RSPM), about 4.1% of the fund, and the First Trust Materials AlphaDEX Fund (FXZ), about 3.8%. Next come the iShares Emergent Food and AgTech Multisector ETF (IVEG), about 3.6%, and the VanEck Agribusiness ETF (MOO), about 2.4%. Mosaic is a small slice of each fund, so these funds spread out the risk of any one company. Sector and theme funds still rise and fall with materials or farm stocks.