FMC Corp (FMC) is undervalued and Nutrien Ltd (NTR) is slightly undervalued.
Against our estimates of intrinsic value, FMC trades at the wider discount: a margin of safety of +59%, against +10% for NTR.
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 8.0% (average of 3 methods) values the shares at $83.76; the price of $75.43 is 10% below that value, and 79% of that value comes from beyond year five.
Leak Score 27/100 on 3 of 12 signals
| Metric | FMC | NTR |
|---|---|---|
| Verdict | Undervalued | Slightly undervalued |
| Price | $10.57 | $75.43 |
| Intrinsic value | $25.73 | $83.76 |
| Margin of safety | +59% | +10% |
| Leak Score | 45/100 (8/12) | 27/100 (3/12) |
| Market cap | $1.3B | $36.0B |
| Revenue growth, 5 years | -5.7% | 5.2% |
| Operating margin | -1.9% | 13.8% |
| Net margin | -84.9% | 8.4% |
| Return on equity | -89.3% | 9.3% |
| Debt to equity | 2.69 | 0.49 |
| P/E | — | 15.3x |
| Forward P/E | 6.4x | 15.2x |
| P/B | 0.8x | 1.4x |
| Dividend yield | 3.4% | 2.9% |