Corteva Inc.
CTVAFinancial Snapshot
ticker: CTVA step: 04 generated: 2026-05-12 source: quick-research
Corteva Inc. (CTVA) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | ~$17.2B | ~$17.2B | $16.91B | -1.8% |
| Gross Margin | ~43% | ~42% | ~42% | flat |
| Operating EBITDA Margin | ~20% | ~20% | ~20% | flat |
| Net Income (GAAP) | ~$1.2B | ~$0.95B | ~$0.86B | -9% |
| GAAP EPS | ~$1.62 | $1.31 | $1.23 | -6% |
| Operating EPS | ~$2.90 | ~$2.80 | ~$2.57 | -9% |
FY2025: Revenue $17.40B (+3%); Operating EPS $3.34 (+30%); Operating EBITDA $3.85B (+14%). The significant FY2025 improvement reflects royalty economics normalizing, Seed margin expansion (+19% EBITDA), and cost discipline. FY2026 guidance: Operating EPS $3.45–$3.70 (+3–11%)
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$2.0B |
| Free Cash Flow | ~$1.5B |
| FCF Margin | ~9% |
| Cash & Equivalents | ~$2.0B |
| Total Debt | ~$3.5B |
| Net Cash |
Key Ratios (approximate, FY2025)
- P/E (operating): ~22–25x | FCF Yield: ~2.5–3.0%
- EV/EBITDA: ~15–17x | Dividend Yield: ~1.5%
- Revenue Growth (FY2025): +3% | Operating EBITDA Margin: ~22%
- Seed EBITDA margin: ~27% (premium vs. Crop Protection ~15%)
Growth Profile
Corteva's FY2023–2024 were cyclically weak: crop protection pricing was pressured by excess channel inventory (post-pandemic destocking), and commodity price normalization reduced farmer income and capital spending. FY2025 marked a recovery: organic Seed sales up 5%, Crop Protection organic up 3%, operating EBITDA up 14%. The long-term growth algorithm is 4–6% organic revenue growth + margin expansion toward 24–25% operating EBITDA. The biologicals platform (targeting $1B revenue by 2030) and hybrid wheat pipeline are the key long-term innovation drivers. The planned split into Seeds + Crop Protection by H2 2026/early 2027 is the single most important structural catalyst.
Forward Estimates
- FY2026: Operating EPS $3.45–$3.70 (management guidance); EBITDA growth ~7%; revenue growth 2–4%
- Post-split (FY2027+): Seeds company expected to trade at premium multiple (comparable to seed technology companies at 25–30x); Crop Protection at lower multiple (15–18x); sum-of-parts analysis suggests significant value unlock vs. current blended multiple
- Dividend: $0.68/share annualized (~$0.17/quarter); ~1.5% yield; modest growth expected
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $CTVA.