Revenue Performance - FMC Corporation reported full year 2025 revenue of $3.47 billion, a decline of 18% compared to 2024[13] - Fourth quarter 2025 revenue was $1.08 billion, down 12% versus fourth quarter 2024, driven by a 6% price decline mainly in Rynaxypyr®[11] - Full year 2026 revenue guidance is projected to be between $3.60 billion and $3.80 billion, reflecting a 5% decline at the midpoint compared to the prior year[7] - First quarter 2026 revenue guidance is between $725 million and $775 million, also reflecting a 5% decline at the midpoint compared to the prior year[8] - Total revenue for the three months ended December 31, 2025, was $1,083.3 million, a decrease of 12% compared to $1,224.3 million in the same period of 2024[50] - Revenue excluding the India commercial business for the twelve months ended December 31, 2025, was $3,889.3 million, down 8% from $4,246.1 million in 2024[50] Earnings and Profitability - Adjusted EBITDA for full year 2026 is expected to be between $670 million and $730 million, a decrease of 17% versus prior year[7] - Adjusted EPS for full year 2026 is expected to be between $1.63 and $1.89, a decrease of 41% versus prior year[7] - Adjusted after-tax earnings from continuing operations for Q4 2025 were $150.5 million, down from $224.6 million in Q4 2024[28] - For the twelve months ended December 31, 2025, the company reported adjusted earnings from continuing operations of $842.7 million, down from $902.6 million in 2024[43] - The company recorded a net income (loss) of $(2,237.4) million for the twelve months ended December 31, 2025, compared to a profit of $341.6 million in 2024[43] - Net income attributable to FMC stockholders for the twelve months ended December 31, 2025, was a loss of $2,238.9 million[56] Costs and Expenses - Total costs and expenses for Q4 2025 were $2,499.9 million, significantly higher than $989.7 million in Q4 2024[26] - The company incurred $288.8 million in restructuring charges for the full year 2025, related to both Project Foundation and Project Focus[31] - Restructuring charges related to "Project Foundation" amounted to $200.1 million in Q4 2025[29] - Restructuring charges totaled $303.0 million, primarily related to Project Focus, including $132.1 million for contract abandonment and $55.8 million for severance costs[32] - The company incurred $1,641.8 million in restructuring and other charges for the three months ended December 31, 2025[43] Debt and Cash Flow - The company plans to pay down $1 billion in debt through asset sales and licensing agreements, including the sale of its India commercial business[3] - Total debt as of December 31, 2025, increased to $4,074.9 million from $3,365.3 million in 2024[56] - Cash and cash equivalents at the end of the period were $584.5 million, up from $357.3 million at the end of 2024[61] - The company reported a cash outflow from operating activities of continuing operations of $6.2 million for the year ended December 31, 2025[61] Strategic Initiatives - The Board of Directors has authorized the exploration of strategic options, including the potential sale of the company to enhance shareholder value[5] - The company expects the divestiture of its India commercial business to conclude in 2026, with ongoing commercial challenges prompting the decision[33] - The India commercial business is classified as held for sale, with a carrying value of approximately $960 million and an estimated fair value of $450 million, resulting in $522 million of charges and write-downs[35] - The total adjustment related to the India business for the twelve months ended December 31, 2025, was approximately $522 million, reflecting one-time commercial actions[35] Other Financial Metrics - Gross margin for Q4 2025 was $431.1 million, down 17.7% from $524.7 million in Q4 2024[26] - Basic earnings per share for Q4 2025 was $(13.74), compared to $(0.13) in Q4 2024[28] - Capital additions for the full year 2025 were $85.1 million, an increase from $71.6 million in 2024[26] - Non-operating pension and postretirement charges for the twelve months ended December 31, 2025, were $18.7 million, slightly up from $18.2 million in 2024[43] - Adjusted Return on Invested Capital (ROIC) for the twelve months ended December 31, 2025, was 8.29%[56] - Organic revenue change (non-GAAP) for the three months ended December 31, 2025, was a decline of 13%, while for the twelve months it was down 8%[53]

Core Insights - FMC Corporation announced its 2026 operational priorities, focusing on strengthening its balance sheet and exploring strategic options to enhance shareholder value [2][3][5] Financial Performance - For the fourth quarter of 2025, FMC reported revenue of $1.08 billion, a decline of 12% compared to the fourth quarter of 2024, with a 6% price decline primarily due to Rynaxypyr® [13][14] - The full year 2025 revenue was $3.47 billion, an 18% decrease from 2024, driven by a 6% price decline and competitive pressures [16][17] - Adjusted EBITDA for 2025 was $843 million, down 7% year-over-year, with favorable costs offset by price declines and the removal of India sales [18] 2026 Outlook - FMC's revenue guidance for 2026 is projected between $3.60 billion and $3.80 billion, reflecting a 5% decline at the midpoint compared to the previous year [6] - Adjusted EBITDA for 2026 is expected to be between $670 million and $730 million, a 17% decrease from the prior year [7] - Adjusted EPS for 2026 is forecasted to be between $1.63 and $1.89, a decrease of 41% compared to the previous year [7] Strategic Initiatives - The company plans to pay down $1 billion in debt through asset sales and licensing agreements, including the sale of its India commercial business [3][4] - FMC aims to improve the competitiveness of its core portfolio and manage the post-patent transition for Rynaxypyr® while advancing the commercialization of new active ingredients [3][4] Market Dynamics - The anticipated decline in revenue is attributed to lower prices and reduced orders from diamide partners, with India representing a 2% headwind [6] - Sales of new active ingredients are expected to grow significantly, projected between $300 million and $400 million, marking over 75% growth at the midpoint compared to the previous year [6]

分组1 - Pzena Focused Value Strategy underperformed the Russell 1000® Value Index in Q4 2025, with a net return of 2.5% compared to the Index's 3.8% [1] - The firm identifies appealing valuation differences in the current market, which is seen as favorable for long-term value investors [1] - FMC Corporation (NYSE:FMC) was highlighted as a significant detractor in the Pzena Focused Value Strategy, with its stock down 71.23% over the past twelve months [2][3] 分组2 - FMC Corporation's stock closed at $15.80 per share on January 30, 2026, and delivered a 0.17% return in the past month [2] - The decline in FMC Corporation's stock was attributed to disappointing Q3 results, management's guidance and dividend cuts, delayed customer collections in Brazil, and increased generic competition [3] - FMC Corporation is not among the 30 most popular stocks among hedge funds, with 35 hedge fund portfolios holding its stock at the end of Q3 2025, down from 43 in the previous quarter [4]

Company Overview - FMC reported a total revenue of $3.61 billion and a net income of -$531.8 million for the trailing twelve months (TTM) [5] - The company's dividend yield stands at 11.4%, with the share price as of January 22 being $16.02 [5] Recent Transaction - On January 22, tru Independence sold all 152,855 shares of FMC, resulting in a complete exit from the position, with a decrease in position value of $5.14 million [2][3][7] - FMC previously represented 1.3% of tru Independence's assets under management (AUM) [4][7] Performance Analysis - FMC's share price has decreased by 69.0% over the past year, significantly underperforming the S&P 500, which gained approximately 14% in the same period [4] - The company's third-quarter results showed a 49% year-over-year revenue decline, primarily due to the India business being held for sale, while adjusted EBITDA increased by 17% to $236 million due to cost controls [11] Strategic Focus - FMC is focusing on cost management by exiting high-cost manufacturing and resizing operations in Asia following the divestiture of its India business [12] - The company aims to prioritize balance sheet repair over income, as indicated by a dividend cut to $0.08 per share and a free cash flow outlook that is expected to hover around breakeven [12] Market Position - FMC specializes in crop protection chemicals and agricultural inputs, serving commercial farmers and agricultural businesses globally [9][10] - The company combines a diverse product portfolio with a broad geographic reach, focusing on research-driven innovation and strategic distribution to enhance crop yields and promote sustainable farming practices [10]

Core Viewpoint - FMC Corporation will hold its 2026 Annual Meeting of Stockholders via live webcast on April 28, 2026, at 2:00 p.m. ET, with the record date for stockholders set for February 27, 2026 [1][2]. Company Overview - FMC Corporation is a global agricultural sciences company focused on helping growers produce food, feed, fiber, and fuel for a growing population while adapting to environmental changes [3]. - The company offers innovative crop protection solutions, including biologicals, crop nutrition, and digital agriculture, aimed at addressing challenges economically while protecting the environment [3]. - FMC is committed to discovering new active ingredients for herbicides, insecticides, and fungicides, along with product formulations and technologies that are environmentally friendly [3].

Core Viewpoint - Deere & Company is positioned as a leader in the agricultural sector, leveraging AI and automation to enhance farming efficiency, while FMC faces significant challenges due to declining demand for agricultural chemicals [1][10][11]. Group 1: Deere & Company Overview - Deere & Company, commonly known as John Deere, has been a significant player in agriculture since its founding in 1837, providing a wide range of farming equipment [3]. - The company is innovating with digital tools, AI, and autonomous driving technology to improve farming practices [4][8]. - In 2023, Deere's smart sprayers demonstrated a 50% reduction in water and chemical use, an 87% reduction in airborne drift, and a 93% reduction in chemical runoff during testing on 1 million acres [6][7]. Group 2: Financial Performance of Deere - Despite a challenging year in 2025, where net sales and revenue decreased by 12% and net income fell by 29%, Deere maintains a net income margin of 11% and has increased its dividend by 113% since 2020 [8][9]. - For Q4 2025, Deere reported an 11% increase in net sales and revenue, indicating a recovery trend as it continues to invest in technology [9]. Group 3: FMC Overview - FMC specializes in developing and producing pesticides and other agricultural chemicals, but is currently facing severe financial difficulties [11]. - In Q3 2025, FMC reported a 49% decline in revenue, dropping from over $1 billion to $542 million, and a net income loss of $569 million compared to a profit of $66 million in Q3 2024 [13][14]. Group 4: Financial Performance of FMC - FMC's earnings per share plummeted from $0.52 in Q3 2024 to a loss of $4.52 per share in Q3 2025, reflecting the company's struggles [13]. - The company's free cash flow is projected to decline from $614 million in 2024 to a loss of $100 million in 2025, coinciding with the rise of technologies that reduce pesticide use [14].

Group 1 - Top Wall Street analysts have revised their outlook on several prominent companies, indicating a shift in market sentiment [1] - The article suggests that investors consider buying HON stock based on analysts' recommendations [1]

Core Viewpoint - FMC Corporation's shares experienced a significant decline of 71.5% in 2025, prompting the CEO to declare a "reset year" for the company, indicating ongoing challenges into 2026 [2][3]. Financial Performance - FMC's revenue, profits, and cash flow decreased throughout 2025 due to high interest rates affecting customer payments in South America and increased pricing pressure from generic competition as some higher-margin chemicals went off-patent [3]. - The company missed revenue expectations in both February and October earnings reports, with a full-year revenue guidance of $4.15 billion to $4.35 billion, falling short of the $4.40 billion analyst consensus [5][8]. - In October, FMC reported a 49% decline in headline revenue due to the sale of its India business, with an adjusted revenue decrease of 10% for the quarter [7]. Strategic Actions - Management announced aggressive pricing actions to counter competition from generic brands, alongside cost-cutting measures and a shift to direct sales to large growers in South America [5]. - FMC's dividend was cut by 86%, reflecting the company's financial struggles and the need for retrenchment [4][8]. Market Position - Following the stock decline, FMC was removed from the S&P 500 index, indicating a shift in market perception and size relative to other companies [6]. - Despite the stock appearing cheap, FMC carries a significant debt load, and a turnaround is not anticipated until 2028 [8].

Group 1 - FMC Corporation is recognized as one of the best fertilizer stocks to invest in, with analysts expecting solid fourth-quarter results despite facing generic competition and softer market conditions [1][2] - The company is projected to align its fourth-quarter earnings and free cash flow with market expectations, with 2026 EBITDA guidance anticipated to be between $725 million and $775 million, which is below the current estimate of $793 million [2] - FMC Corporation's board has approved a regular quarterly dividend of 8 cents per share, marking the 20th consecutive year of rewarding shareholders despite financial challenges [3] Group 2 - The board has also approved a restructuring plan to close high-cost plants and shift production to lower-cost locations, aiming to save $175 million or more by the end of 2027 while incurring charges of $560 million to $635 million over the program's duration [4] - FMC Corporation is a global agricultural sciences company focused on reducing reliance on conventional fertilizers through biologicals, precision agriculture, and sustainable R&D, developing various crop protection products [5]

Core Insights - Investors achieved positive returns in 2025, with all three major indexes continuing to rally despite negative catalysts such as higher costs [1] Group 1: Market Performance - The major indexes have shown resilience and growth throughout the year, indicating a strong market performance [1] Group 2: Sector Focus - The analysis emphasizes the importance of timely and quick analysis of earnings and macro-related events, particularly in the retail and real estate sectors [1]