# Corteva Inc. (CTVA) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CTVA/thesis · /stocks/CTVA/memo

## Financial 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 | ~Net debt neutral (~$1.5B net debt) |

#### 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CTVA/fundamental

## Navigation

- Overview: /stocks/CTVA
- Financials (this page): /stocks/CTVA/financials
- Thesis: /stocks/CTVA/thesis
- Investment Memo: /stocks/CTVA/memo
- Coverage universe: /stocks