FMC Corp (FMC) is undervalued and ICL Group Ltd (ICL) is fairly valued.
Against our estimates of intrinsic value, FMC trades at the wider discount: a margin of safety of +59%, against -0% for ICL.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 8.5% (average of 3 methods) values the shares at $5.38; the price of $5.40 sits right on that value, and 78% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | FMC | ICL |
|---|---|---|
| Verdict | Undervalued | Fairly valued |
| Price | $10.57 | $5.40 |
| Intrinsic value | $25.73 | $5.38 |
| Margin of safety | +59% | -0% |
| Leak Score | 45/100 (8/12) | 0/100 (2/12) |
| Market cap | $1.3B | $7.0B |
| Revenue growth, 5 years | -5.7% | 7.2% |
| Operating margin | -1.9% | 10.6% |
| Net margin | -84.9% | 4.0% |
| Return on equity | -89.3% | 5.0% |
| Debt to equity | 2.69 | 0.54 |
| P/E | — | 22.9x |
| Forward P/E | 6.4x | 12.3x |
| P/B | 0.8x | 1.1x |
| Dividend yield | 3.4% | 3.7% |