One-glance verdict
Undervalued
$75.20 our estimate vs market $12.90
Wall Street consensus: $17.24 (-77.1% lower than our fair-value estimate)
83% below our estimate, below the bear case
Fundamentals snapshot
Corteva, Inc.
CTVA · NYQ · Basic Materials · Agricultural Inputs
Current price
$12.90
52-week range
$9.08 - $14.62
Market cap
$8.61B
Balance sheet
Healthy
14.55x Strong cushion
Net debt $2.87B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
3 Risks
3 rewards · 3 risks
- Reward Revenue grew 2.4% last year.
- Reward Free cash flow was positive in 7/10 years.
- Risk Forward P/E (11.4x) is higher than trailing (8.0x) - earnings are expected to drop.
- Risk Stock trades 25.3% above its 5-year average P/E.
What this company does
Corteva, Inc.
Corteva is a company focused purely on agriculture, selling patented seeds and products that protect crops from things like weeds and insects. The company makes most of its revenue (the total money brought in from sales) from these two categories, helping farmers around the world grow more food. This is important because a growing global population requires a stable and efficient food supply.
How the company got here
Corteva was created from the agriculture businesses of two giant chemical companies, Dow and DuPont, which merged in 2017. [3, 13] In 2019, this combined agriculture division was separated into its own independent company, Corteva, focused on both seeds and crop protection. [2, 5] A major turning point came in late 2026, when the company split in two, spinning off its seed business into a new company. [23, 26, 31] This left Corteva as a company purely focused on the business of protecting crops.
What it actually does
Corteva is a company that helps farmers grow more food. [8] It doesn't sell food you'd buy at the grocery store, but instead sells products directly to farmers to help them protect their crops from harm. [8, 22] Think of it like medicine for plants; Corteva makes treatments that shield crops from threats like weeds, insects, and diseases. [19] The goal is to increase the farmer's yield (the amount of crop they can harvest from their fields).
Crop Protection
This is now Corteva's entire business. This segment makes and sells products that farmers use to protect their crops throughout the growing season. [26, 27] These include herbicides (which kill weeds), insecticides (which kill harmful insects), and fungicides (which stop plant diseases). [2, 8] A growing part of this business is in biologicals, which are crop protection products derived from natural sources instead of traditional chemicals. [26] Farmers pay for these products each growing season to help ensure a bigger and healthier harvest.
What management is betting on now
Management's main bet is on being a more focused company that does one thing very well: crop protection. [26, 30] They are investing heavily in innovation, planning to launch many new products, including more biologicals (pest and disease controls derived from nature). [26, 27] The strategy is to sell more unique, high-performance products that are better for the environment and can't be easily copied by competitors. [26, 27] By concentrating all its efforts on this single area, the company aims to grow faster and become more efficient.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-24.00M
FY2024 Q4
$3.99B
FY2025 Q1
$-2.20B
FY2025 Q2
$829.00M
FY2025 Q3
$36.00M
FY2025 Q4
$4.15B
FY2026 Q1
$-2.97B
FY2026 Q2
$-588.00M
Revenue
$6.38B
Net income
$1.16B
Diluted EPS
1.73
Operating cash flow
$-466.00M
Free cash flow
$-588.00M
Fetching…
Sources
Revenue
$4.91B
Net income
$720.00M
Diluted EPS
1.07
Operating cash flow
$-2.89B
Free cash flow
$-2.97B
Fetching…
Sources
Revenue
$3.91B
Net income
$-552.00M
Diluted EPS
-0.80
Operating cash flow
$4.38B
Free cash flow
$4.15B
Fetching…
Sources
Revenue
$2.62B
Net income
$-320.00M
Diluted EPS
-0.47
Operating cash flow
$193.00M
Free cash flow
$36.00M
Fetching…
Sources
Revenue
$6.46B
Net income
$1.31B
Diluted EPS
1.92
Operating cash flow
$947.00M
Free cash flow
$829.00M
Fetching…
Sources
Revenue
$4.42B
Net income
$652.00M
Diluted EPS
0.95
Operating cash flow
$-2.11B
Free cash flow
$-2.20B
Fetching…
Sources
Revenue
$3.98B
Net income
$-41.00M
Diluted EPS
-0.05
Operating cash flow
$4.17B
Free cash flow
$3.99B
Fetching…
Sources
Revenue
$2.33B
Net income
$-524.00M
Diluted EPS
-0.76
Operating cash flow
$130.00M
Free cash flow
$-24.00M
Fetching…
Sources
Is it cheap or expensive?
Fair value $75.20 vs current price $12.90
Wall Street consensus is the average analyst price target: $17.24 (-77.1% lower than our fair-value estimate).
Our most-likely fair value is $75.20 a share — about 483.0% above today's price of $12.90, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net debt $2.9B. Interest coverage 14.6x.
Net debt
$2.87B
Interest coverage
14.55x
Corteva, Inc.'s profit covers its interest bill about 14.6 times over. which is stronger than most peers shown here.
Healthy
Worse cushion
Baseline
Better cushion
CTVA
BASELINE
Corteva, Inc.
Total debt $4.77B Interest coverage 14.55x This is the baseline the peer rows are being compared against.
Total debt $43.11B Interest coverage 2.71x -81% vs CTVA Carries about 5.4x less debt cushion than CTVA.
Total debt $12.73B Interest coverage 5.31x -64% vs CTVA Carries about 2.7x less debt cushion than CTVA.
Total debt $3.61B Interest coverage 16.38x +13% vs CTVA Has roughly the same debt cushion as CTVA.
Total debt $6.08B Interest coverage 4.47x -69% vs CTVA Carries about 3.3x less debt cushion than CTVA.
Total debt $4.40B Interest coverage 1.39x -90% vs CTVA Carries about 10.5x less debt cushion than CTVA.
What you should know
The case for and against CTVA
3 Rewards
3 Risks
Rewards
-
Revenue grew 2.4% last year.
-
Free cash flow was positive in 7/10 years.
-
Trades at 8.0x P/E vs peer median 11.4x (29.9% cheaper).
Risks
-
Forward P/E (11.4x) is higher than trailing (8.0x) - earnings are expected to drop.
-
Stock trades 25.3% above its 5-year average P/E.
-
Insider ownership is only 0.2% (peer median: 0.3%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
7.96x
Forward P/E
11.40x
P/B
1.06x
P/S
1.73x
EV/EBITDA
17.27x
PEG ratio
0.62x
Profitability
How much profit each dollar creates
Gross margin
33.2%
Operating margin
12.8%
Net margin
2.8%
ROE
—
ROA
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Health
Liquidity and balance-sheet strength
Debt / equity
0.57x
Current ratio
1.78x
Quick ratio
1.23x
Total debt
$4.77B
Total cash
$1.90B
Growth
How the business has been compounding
Revenue TTM
$17.81B
Revenue 5Y CAGR
2.7%
EPS TTM
1.62
EPS 5Y CAGR
0.4%
Cash flow
How much cash the business throws off
Operating CF TTM
$1.21B
Free CF TTM
$2.81B
FCF margin
15.8%
Dividend
Shareholder payout
Yield
5.6%
Payout ratio
44.4%
Last ex-div date
2026-09-01