A Business at a Glance
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Corteva, Inc.
CTVA
$61.0B
Mkt Cap
$89.25
+0.53%
Corteva, Inc. (CTVA) has a current P/E ratio of 55.8, 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 5.4%. This is below average and may indicate limited pricing power.
Corteva, Inc. (CTVA) has a market capitalization of $60.1B. It is classified as a large-cap stock.
Yes, Corteva, Inc. (CTVA) pays a dividend with a trailing twelve-month yield of 0.80%. The company also returns capital through share buybacks, with a buyback yield of 1.75%.
Based on historical P/E analysis, Corteva, Inc. (CTVA) appears expensive. The current P/E of 55.8 is 36% above its historical median of 41.0. The estimated fair value CAGR (P/E method) is 14.1%.
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 is a leading global provider of seed and crop protection solutions serving the agriculture industry across approximately 110 countries. The company operates through two segments: Seed, which develops and supplies commercial seed combining advanced germplasm and traits to maximize yield potential, and Crop Protection, which supplies products to protect crop yields against weeds, insects, disease, and pests. The Seed segment employs a multi-channel distribution strategy including the Pioneer agency model (direct sales to farmers via independent representatives), regional seed brands, retail channels, and third-party licensing arrangements, while leveraging a network of contracted growers and owned production facilities to balance flexibility and cost efficiency. The Crop Protection segment serves farmers with herbicides, insecticides, nitrogen stabilizers, biologicals, and nature-based products, with a supply chain strategy involving regional sourcing of active and intermediate ingredients and contract manufacturing. Both segments benefit from Corteva's rich heritage of scientific achievement and robust innovation pipeline focused on progressing science-based solutions to address farmer productivity challenges, natural resistance, environmental pressures, and regulatory requirements. The company's business model emphasizes technology-based and solution-based product offerings, with sales typically strongest in the first half of the calendar year aligned with northern hemisphere planting and growing seasons.
【Modest market recovery ahead】 Management expects the crop protection industry to return to modest growth in 2026 after several years of competitive pricing pressure, with low single-digit volume gains anticipated to more than offset pricing headwinds. Corteva plans to continue capturing price for value through its differentiated technology portfolio, including new product launches and biologicals, while maintaining disciplined execution on productivity and cost benefits that have become a defining characteristic of the company's margin enhancement strategy. The company is accelerating its licensing business, with corn trait licensing expected to commence as early as 2027—five years ahead of original plans—and is expanding into cotton licensing following a recent Bayer agreement, representing significant value unlock opportunities. As the company progresses toward separation of its Seed and Crop Protection businesses into two independent publicly traded companies, management remains focused on maintaining strong operational performance and cash generation to support both standalone entities.
| Metric | Target | Period |
|---|---|---|
| Operating EBITDA | $4.0–4.2 billion | FY2026 |
| Operating EPS | $3.45–3.70 per share | FY2026 |
| Operating EBITDA | $4.1 billion | FY2026 (midpoint) |
Operating EBITDA (FY2026): “2026 operating EBITDA is expected to be in the range of $4 billion-$4.2 billion, or approximately 7% improvement over prior year at the midpoint.”
Operating EPS (FY2026): “Operating EPS is expected to be in the range of $3.45-$3.70 per share, an increase of 7% at the midpoint”
Operating EBITDA (FY2026 (midpoint)): “we're currently anticipating full year operating EBITDA in the range of $4.1 billion, which translates to mid-single digit growth year over year”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 17.9B | 17.4B | 16.9B | 17.2B | 17.5B | 15.7B |
| Net Income | 1.2B | 1.1B | 907M | 735M | 1.1B | 1.8B |
| EPS | $1.71 | $1.60 | $1.30 | $1.03 | $1.58 | $2.37 |
| Free Cash Flow | 2.0B | 2.8B | 1.5B | 1.2B | 267M | 2.2B |
| ROIC | 0.0% | 5.5% | 4.3% | 4.0% | 5.4% | 8.1% |
| Gross Margin | - | 47.3% | 43.6% | 42.4% | 40.2% | 41.1% |
| Debt/Equity | 0.12 | 0.12 | 0.13 | 0.12 | 0.07 | 0.06 |
| Dividends/Share | $0.71 | $0.70 | $0.66 | $0.62 | $0.58 | $0.52 |
| Operating Income | 0 | 1.8B | 1.6B | 1.1B | 1.4B | 2.3B |
| Operating Margin | 0.0% | 10.1% | 9.2% | 6.5% | 8.2% | 14.8% |
| ROE | 4.8% | 4.6% | 3.7% | 2.9% | 4.5% | 7.0% |
| Shares Outstanding | 674M | 684M | 698M | 714M | 726M | 742M |
| Metric | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 14.3B | 13.8B | 14.2B | 15.7B | 17.5B | 17.2B | 16.9B | 17.4B | 17.9B |
| Gross Margin | 30.4% | 38.1% | 40.2% | 41.1% | 40.2% | 42.4% | 43.6% | 47.3% | N/A |
| 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 | 3.6B |
| EBIT | -4.8B | -869M | 645M | 2.3B | 1.4B | 1.1B | 1.6B | 1.8B | 0 |
| Op. Margin | -33.3% | -6.3% | 4.5% | 14.8% | 8.2% | 6.5% | 9.2% | 10.1% | 0.0% |
| Net Income | -5.1B | -959M | 681M | 1.8B | 1.1B | 735M | 907M | 1.1B | 1.2B |
| Net Margin | -35.5% | -6.9% | 4.8% | 11.2% | 6.6% | 4.3% | 5.4% | 6.3% | 6.5% |
| Non-Recurring | 5.2B | 222M | 0 | 289M | 381M | 370M | 307M | 187M | 216M |
| Returns on Capital | |||||||||
| ROIC | -6.3% | -1.8% | 2.8% | 8.1% | 5.4% | 4.0% | 4.3% | 5.5% | 0.0% |
| ROE | -6.6% | -1.9% | 2.8% | 7.0% | 4.5% | 2.9% | 3.7% | 4.6% | 4.8% |
| ROA | -4.7% | -1.3% | 1.6% | 4.1% | 2.7% | 1.7% | 2.2% | 2.6% | 2.7% |
| Cash Flow | |||||||||
| Op. Cash Flow | 483M | 1.1B | 2.1B | 2.7B | 872M | 1.8B | 2.1B | 3.4B | 2.6B |
| Free Cash Flow | -1.0B | -93M | 1.6B | 2.2B | 267M | 1.2B | 1.5B | 2.8B | 2.0B |
| Owner Earnings | -2.4B | -632M | 828M | 1.4B | -361M | 532M | 873M | 2.1B | 1.4B |
| CapEx | 1.5B | 1.2B | 475M | 573M | 605M | 595M | 597M | 591M | 578M |
| 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% | 22.0% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 194M | 388M | 397M | 418M | 439M | 458M | 475M | 480M |
| 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% | 1.7% |
| Stock-Based Comp | 129M | 103M | 59M | 56M | 10M | 26M | 45M | 55M | 55M |
| Debt Repayment | 6.0B | 6.8B | 1.4B | 421M | 1.1B | 2.3B | 2.9B | 1.9B | 1.9B |
| Balance Sheet | |||||||||
| Net Debt | 4.2B | -1.1B | -2.2B | -3.0B | -1.6B | 225M | -187M | -1.6B | 1.0B |
| Cash & Equiv. | 2.3B | 1.8B | 3.5B | 4.5B | 3.2B | 2.6B | 3.1B | 4.5B | 2.0B |
| Long-Term Debt | 5.8B | 115M | 1.1B | 1.1B | 1.3B | 2.3B | 2.0B | 1.7B | 1.7B |
| Debt/Equity | 0.09 | 0.03 | 0.07 | 0.06 | 0.07 | 0.12 | 0.13 | 0.12 | 0.12 |
| Interest Coverage | -14.1 | -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 | 24.4B |
| Total Assets | 108.7B | 42.4B | 42.6B | 42.3B | 42.6B | 43.0B | 40.8B | 42.8B | 42.7B |
| Total Liabilities | 33.5B | 17.8B | 17.6B | 16.7B | 17.1B | 17.7B | 16.8B | 18.5B | 153M |
| Intangibles | 12.1B | 11.4B | 10.7B | 10.0B | 9.3B | 9.6B | 8.9B | 8.3B | 8.1B |
| Retained Earnings | 0 | -425M | 0 | 524M | 250M | -41M | 55M | -67M | 436M |
| Working Capital | 9.7B | 5.3B | 6.2B | 6.0B | 6.1B | 5.9B | 4.7B | 5.2B | 5.5B |
| Current Assets | 23.0B | 13.5B | 14.8B | 15.5B | 16.8B | 16.3B | 15.1B | 17.3B | 17.4B |
| Current Liabilities | 13.3B | 8.2B | 8.5B | 9.6B | 10.7B | 10.4B | 10.4B | 12.1B | 11.9B |
| Per Share Data | |||||||||
| EPS | -6.76 | -1.28 | 0.91 | 2.37 | 1.58 | 1.03 | 1.30 | 1.60 | 1.71 |
| Owner EPS | -3.25 | -0.84 | 1.11 | 1.92 | -0.50 | 0.75 | 1.25 | 3.14 | 2.03 |
| Book Value | 99.64 | 32.45 | 33.17 | 34.20 | 34.85 | 35.09 | 34.10 | 35.31 | 36.17 |
| Cash Flow/Share | 0.64 | 1.43 | 2.76 | 3.67 | 1.20 | 2.48 | 3.07 | 4.98 | 3.51 |
| Dividends/Share | 0.00 | 0.26 | 0.52 | 0.52 | 0.58 | 0.62 | 0.66 | 0.70 | 0.71 |
| Shares Out. | 749.3M | 749.2M | 748.4M | 742.2M | 725.9M | 713.6M | 697.7M | 683.8M | 673.6M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | 39.9 | 19.1 | 35.9 | 45.7 | 43.6 | 42.2 | 52.1 |
| P/FCF | N/A | N/A | 17.1 | 15.6 | 154.2 | 28.6 | 25.5 | 16.4 | 29.4 |
| EV/EBIT | N/A | 86.7 | 115.4 | 22.4 | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 0.8 | 1.1 | 1.3 | 1.6 | 1.3 | 1.7 | 1.9 | 2.5 |
| Price/Sales | N/A | 1.4 | 1.4 | 2.0 | 2.3 | 2.2 | 2.2 | 2.6 | 3.4 |
| FCF Yield | N/A | -0.5% | 5.9% | 6.4% | 0.6% | 3.5% | 3.9% | 6.1% | 3.4% |
| Market Cap | N/A | 20.3B | 27.2B | 33.7B | 41.2B | 33.6B | 39.5B | 46.1B | 60.1B |
| Avg. Price | N/A | 25.47 | 27.46 | 42.52 | 55.38 | 53.49 | 54.22 | 66.01 | 89.25 |
| Year-End Price | N/A | 27.06 | 36.29 | 45.36 | 56.70 | 47.06 | 56.66 | 67.44 | 89.25 |
Corteva, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Corteva, Inc. trades at 55.8x 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 21.3x vs a median of 17.1x. The company's 5-year average ROIC is 5.4% with a gross margin of 42.9%. Total shareholder yield (dividends + buybacks) is 2.5%. At current prices, the estimated annualized return to fair value is +18.5%.
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 0.12. 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.
Based on recent SEC filings and earnings disclosures, Management expects the crop protection industry to return to modest growth in 2026 after several years of competitive pricing pressure, with low single-digit volume gains anticipated to more than offset pricing headwinds. Corteva plans to continue capturing price for value through its differentiated technology portfolio, including new product launches and biologicals, while maintaining disciplined execution on productivity and cost benefits that have become a defining characteristic of the company's margin enhancement strategy. The company is accelerating its licensing business, with corn trait licensing expected to commence as early as 2027—five years ahead of original plans—and is expanding into cotton licensing following a recent Bayer agreement, representing significant value unlock opportunities. As the company progresses toward separation of its Seed and Crop Protection businesses into two independent publicly traded companies, management remains focused on maintaining strong operational performance and cash generation to support both standalone entities.
Based on recent SEC filings and earnings calls, Corteva, Inc. (CTVA) has provided the following forward guidance: Operating EBITDA: $4.0–4.2 billion (FY2026); Operating EPS: $3.45–3.70 per share (FY2026); Operating EBITDA: $4.1 billion (FY2026 (midpoint)).