A Business at a Glance
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Unless otherwise indicated or the context otherwise requires, references in this Annual Report on Form 10-K to: •"Corteva" or "the company" refers to Corteva, Inc. and its consolidated subsidiaries (including EIDP); •"EIDP" refers to EIDP, Inc. (formerly known as E. I. du Pont de Nemours and Company) and its consolidated subsidiaries or EIDP, Inc. excluding its consolidated subsidiaries, as the context may indicate; •"DowDuPont" refers to DowDuPont Inc. and its subsidiaries prior to the Corteva Separation (as defined below); •"Historical Dow" refers to The Dow Chemical Company and its consolidated subsidiaries prior to the Internal Reorganization (as defined in Note 1 - Background and Basis of Presentation, to the Consolidated Financial Statements); •"Historical DuPont" and "Historical EID" refers to EIDP prior to the Internal Reorganization; •"Dow" refers to Dow Inc. after its separation from DowDuPont; •"DuPont" refers to DuPont de Nemours, Inc.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 17.4B | 17.4B | 16.9B | 17.2B | 17.5B | 15.7B |
| Net Income | 1.1B | 1.1B | 907M | 735M | 1.1B | 1.8B |
| EPS | $1.60 | $1.60 | $1.30 | $1.03 | $1.58 | $2.37 |
| Free Cash Flow | 2.8B | 2.8B | 1.5B | 1.2B | 267M | 2.2B |
| ROIC | 5.3% | 5.3% | 4.4% | 3.9% | 5.3% | 7.2% |
| Gross Margin | 47.3% | 47.3% | 43.6% | 42.4% | 40.2% | 41.1% |
| Debt/Equity | 0.14 | 0.14 | 0.15 | 0.11 | 0.05 | 0.16 |
| Dividends/Share | $0.69 | $0.70 | $0.66 | $0.58 | $0.58 | $0.54 |
| Operating Income | 1.8B | 1.8B | 1.6B | 1.1B | 1.4B | 2.3B |
| Operating Margin | 10.1% | 10.1% | 9.2% | 6.5% | 8.2% | 14.8% |
| ROE | 4.5% | 4.6% | 3.8% | 2.9% | 4.5% | 6.9% |
| Shares Outstanding | 684M | 684M | 698M | 714M | 726M | 742M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 14.3B | 13.8B | 14.2B | 15.7B | 17.5B | 17.2B | 16.9B | 17.4B | 17.4B |
| Gross Margin | 30.4% | 38.1% | 40.2% | 41.1% | 40.2% | 42.4% | 43.6% | 47.3% | 47.3% |
| R&D | 1.4B | 1.1B | 1.1B | 1.2B | 1.2B | 1.3B | 1.4B | 1.5B | 1.5B |
| SG&A | 3.0B | 3.1B | 3.0B | 3.2B | 3.2B | 3.2B | 3.2B | 3.5B | 3.5B |
| EBIT | -5.0B | -869M | 645M | 2.3B | 1.4B | 1.1B | 1.6B | 1.8B | 1.8B |
| Op. Margin | -35.1% | -6.3% | 4.5% | 14.8% | 8.2% | 6.5% | 9.2% | 10.1% | 10.1% |
| Net Income | -5.1B | -959M | 681M | 1.8B | 1.1B | 735M | 907M | 1.1B | 1.1B |
| Net Margin | -35.5% | -6.9% | 4.8% | 11.2% | 6.6% | 4.3% | 5.4% | 6.3% | 6.3% |
| Non-Recurring | 5.2B | 222M | 1.1B | 0 | 363M | 336M | 300M | 148M | 148M |
| Returns on Capital | |||||||||
| ROIC | -6.3% | -3.9% | 2.6% | 7.2% | 5.3% | 3.9% | 4.4% | 5.3% | 5.3% |
| ROE | -6.8% | -3.9% | 2.7% | 6.9% | 4.5% | 2.9% | 3.8% | 4.6% | 4.5% |
| ROA | -4.7% | -2.3% | 1.6% | 4.2% | 2.7% | 1.7% | 2.2% | 2.6% | 2.6% |
| Cash Flow | |||||||||
| Op. Cash Flow | 483M | 1.1B | 2.1B | 2.7B | 872M | 1.8B | 2.1B | 3.4B | 3.4B |
| Free Cash Flow | -1.0B | -93M | 1.6B | 2.2B | 267M | 1.2B | 1.5B | 2.8B | 2.8B |
| Owner Earnings | -2.3B | -529M | 887M | 1.5B | -351M | 558M | 918M | 2.2B | 2.2B |
| CapEx | 1.5B | 1.2B | 475M | 573M | 605M | 595M | 597M | 591M | 591M |
| Maint. CapEx | 2.8B | 1.6B | 1.2B | 1.2B | 1.2B | 1.2B | 1.2B | 1.2B | 1.2B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 2.8B | 1.6B | 1.2B | 1.2B | 1.2B | 1.2B | 1.2B | 1.2B | 1.2B |
| CapEx/OCF | N/A | 108.7% | 23.0% | 21.0% | 69.4% | 33.6% | 27.8% | 17.4% | 17.4% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 194M | 388M | 397M | 418M | 439M | 458M | 475M | 475M |
| Dividend Yield | N/A | 1.0% | 1.9% | 1.3% | 1.0% | 1.2% | 1.2% | 1.1% | 0.8% |
| Share Buybacks | 0 | 25M | 275M | 950M | 1.0B | 756M | 1.0B | 1.1B | 1.1B |
| Buyback Yield | N/A | 0.1% | 1.0% | 2.8% | 2.4% | 2.3% | 2.6% | 2.3% | 1.9% |
| Stock-Based Comp | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt Repayment | 6.0B | 6.8B | 1.4B | 421M | 1.1B | 2.3B | 2.9B | 1.9B | 1.9B |
| Balance Sheet | |||||||||
| Net Debt | 7.8B | 1.4B | 310M | -428M | -2.0B | -55M | 284M | -1.1B | -1.0B |
| Cash & Equiv. | 2.3B | 1.8B | 3.5B | 4.5B | 3.2B | 2.6B | 3.1B | 4.5B | 4.5B |
| Long-Term Debt | 5.8B | 115M | 1.1B | 1.1B | 1.3B | 2.3B | 2.0B | 1.7B | 1.7B |
| Debt/Equity | 0.14 | 0.13 | 0.17 | 0.16 | 0.05 | 0.11 | 0.15 | 0.14 | 0.14 |
| Interest Coverage | -61.9 | -6.4 | 14.3 | 77.1 | 18.2 | 4.8 | 6.7 | 9.8 | 9.8 |
| Equity | 74.7B | 24.3B | 24.8B | 25.4B | 25.3B | 25.0B | 23.8B | 24.1B | 24.1B |
| Total Assets | 108.7B | 42.4B | 42.6B | 42.3B | 42.6B | 43.0B | 40.8B | 42.8B | 42.8B |
| Total Liabilities | 33.5B | 17.8B | 17.6B | 16.7B | 17.1B | 17.7B | 16.8B | 18.5B | 18.5B |
| Intangibles | 12.1B | 11.4B | 10.7B | 10.0B | 9.3B | 9.6B | 8.9B | 8.3B | 8.3B |
| Retained Earnings | 0 | -425M | 0 | 524M | 250M | -41M | 55M | -67M | -67M |
| Working Capital | 9.7B | 5.3B | 6.2B | 6.0B | 6.1B | 5.9B | 4.7B | 5.2B | 5.2B |
| Current Assets | 23.0B | 13.5B | 14.8B | 15.5B | 16.8B | 16.3B | 15.1B | 17.3B | 17.3B |
| Current Liabilities | 13.3B | 8.2B | 8.5B | 9.6B | 10.7B | 10.4B | 10.4B | 12.1B | 12.1B |
| Per Share Data | |||||||||
| EPS | -6.76 | -1.28 | 0.91 | 2.37 | 1.58 | 1.03 | 1.30 | 1.60 | 1.60 |
| Owner EPS | -3.08 | -0.71 | 1.19 | 2.00 | -0.48 | 0.78 | 1.32 | 3.22 | 3.22 |
| Book Value | 99.64 | 32.45 | 33.17 | 34.20 | 34.85 | 35.09 | 34.10 | 35.31 | 35.31 |
| Cash Flow/Share | 0.64 | 1.43 | 2.76 | 3.67 | 1.20 | 2.48 | 3.07 | 4.98 | 3.36 |
| Dividends/Share | 0.00 | 0.26 | 0.52 | 0.54 | 0.58 | 0.58 | 0.66 | 0.70 | 0.69 |
| Shares Out. | 749.3M | 749.2M | 748.4M | 742.2M | 725.9M | 713.6M | 697.7M | 683.8M | 683.8M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | 39.9 | 19.1 | 35.9 | 45.7 | 43.6 | 42.2 | 52.2 |
| P/FCF | N/A | N/A | 17.1 | 15.6 | 154.2 | 28.6 | 25.5 | 16.4 | 20.3 |
| EV/EBIT | N/A | 86.7 | 115.4 | 22.4 | N/A | N/A | N/A | N/A | 31.9 |
| Price/Book | N/A | 0.8 | 1.1 | 1.3 | 1.6 | 1.3 | 1.7 | 1.9 | 2.4 |
| Price/Sales | N/A | 1.4 | 1.4 | 2.0 | 2.3 | 2.2 | 2.2 | 2.6 | 3.3 |
| FCF Yield | N/A | -0.5% | 5.9% | 6.4% | 0.6% | 3.5% | 3.9% | 6.1% | 4.9% |
| Market Cap | N/A | 20.3B | 27.2B | 33.7B | 41.2B | 33.6B | 39.5B | 46.1B | 57.1B |
| Avg. Price | N/A | 25.47 | 27.46 | 42.52 | 55.38 | 53.49 | 54.22 | 66.01 | 83.51 |
| Year-End Price | N/A | 27.06 | 36.29 | 45.36 | 56.70 | 47.06 | 56.66 | 67.44 | 83.51 |
Corteva, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Corteva, Inc. trades at 52.2x trailing earnings, compared to its 15-year median P/E of 41.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 20.0x vs a median of 17.1x. The company's 5-year average ROIC is 5.2% with a gross margin of 42.9%. Total shareholder yield (dividends + buybacks) is 2.7%. At current prices, the estimated annualized return to fair value is +22.6%.
Corteva, Inc. (CTVA) has a current P/E ratio of 52.2, compared to its historical median P/E of 41.0. The stock is currently considered Expensive based on its historical valuation range.
Corteva, Inc. (CTVA) has a 5-year average return on invested capital (ROIC) of 5.2%. This is below average and may indicate limited pricing power.
Corteva, Inc. (CTVA) has a market capitalization of $57.1B. It is classified as a large-cap stock.
Yes, Corteva, Inc. (CTVA) pays a dividend with a trailing twelve-month yield of 0.83%. The company also returns capital through share buybacks, with a buyback yield of 1.88%.
Based on historical P/E analysis, Corteva, Inc. (CTVA) appears expensive. The current P/E of 52.2 is 27% above its historical median of 41.0. The estimated fair value CAGR (P/E method) is 20.8%.
Corteva, Inc. (CTVA) operates in the Agricultural Production-Crops industry, within the Consumer Defensive sector.
Corteva, Inc. (CTVA) reported annual revenue of $17.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Corteva, Inc. (CTVA) has a net profit margin of 6.3%. This is a modest margin.
Corteva, Inc. (CTVA) generated $2.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Corteva, Inc. (CTVA) has a debt-to-equity ratio of 0.14. This indicates a conservatively financed balance sheet.
Corteva, Inc. (CTVA) reported earnings per share (EPS) of $1.60 in its most recent fiscal year.
Corteva, Inc. (CTVA) has a return on equity (ROE) of 4.6%. This indicates moderate shareholder returns.
Corteva, Inc. (CTVA) has a 5-year average gross margin of 42.9%. This indicates decent pricing power.
The Ledger Terminal provides 8 years of financial data for Corteva, Inc. (CTVA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Corteva, Inc. (CTVA) has a book value per share of $35.31, based on its most recent annual SEC filing.