Corteva Inc (CTVA) is overvalued and FMC Corp (FMC) is undervalued.
Against our estimates of intrinsic value, FMC trades at the wider discount: a margin of safety of +59%, against -31% for CTVA.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.4% (average of 3 methods) values the shares at $61.32; the price of $80.34 is 31% above that value, and 78% of that value comes from beyond year five.
Leak Score 51/100 on 9 of 12 signals
Its through-the-cycle earnings (15.3% median margin), capitalised at 6.2% with no growth, values the shares at $25.73; the price of $10.57 is 59% below that value.
Leak Score 45/100 on 8 of 12 signals
| Metric | CTVA | FMC |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $80.34 | $10.57 |
| Intrinsic value | $61.32 | $25.73 |
| Margin of safety | -31% | +59% |
| Leak Score | 51/100 (9/12) | 45/100 (8/12) |
| Market cap | $53.6B | $1.3B |
| Revenue growth, 5 years | 4.1% | -5.7% |
| Operating margin | 16.7% | -1.9% |
| Net margin | 5.7% | -84.9% |
| Return on equity | 4.3% | -89.3% |
| Debt to equity | 0.19 | 2.69 |
| P/E | 53.1x | — |
| Forward P/E | 19.4x | 6.4x |
| P/B | 2.1x | 0.8x |
| Dividend yield | 0.9% | 3.4% |