FMC Corp (FMC) is undervalued and Scotts Miracle-Gro Company (SMG) is overvalued.
Against our estimates of intrinsic value, FMC trades at the wider discount: a margin of safety of +59%, against -82% for SMG.
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 9.5% (average of 3 methods) values the shares at $28.88; the price of $52.68 is 82% above that value, and 73% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | FMC | SMG |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $10.57 | $52.68 |
| Intrinsic value | $25.73 | $28.88 |
| Margin of safety | +59% | -82% |
| Leak Score | 45/100 (8/12) | 0/100 (2/12) |
| Market cap | $1.3B | $3.1B |
| Revenue growth, 5 years | -5.7% | -3.8% |
| Operating margin | -1.9% | 15.0% |
| Net margin | -84.9% | 2.2% |
| Return on equity | -89.3% | — |
| Debt to equity | 2.69 | — |
| P/E | — | 46.1x |
| Forward P/E | 6.4x | 10.9x |
| P/B | 0.8x | — |
| Dividend yield | 3.4% | 5.1% |