Corteva, Inc. CTVA
NYSESpecialty chemicalsFinancials to Jun 30, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| $B | Dec 31 | Jun 30 |
|---|---|---|
| Cash | 3.7 | 1.9 |
| Securities | 0.0 | 0.0 |
| Restricted cash | 0.2 | 0.3 |
| Debt | 2.5 | 4.8 |
| Net cash | 1.2 | -2.8 |
| Equity | 11.2 | 8.3 |
- Debt / EBITDA
- 3.22×
- Debt / equity
- 0.57×
- Leases (12/31/25)
- $118M
- Diluted shares
- 672M
- Book value / share
- $12.38
- Price / book
- 1.0×
- Net cash / share
- −$4.24
- Market cap
- $8.1B
- Enterprise value
- $11.0B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 halves |
|---|---|---|---|
| Revenue growth | 3.2% | – | – |
| Operating margin | 13.7% | +2.9 pts | |
| FCF margin | -27.2% | -26.8 pts | |
| Capex / revenue | 2.2% | -0.4 pts | |
| Crop Protection sales volumes growth | -2% | -13 pts | |
| Crop Protection realized prices growth | -4% | -2 pts | |
| New active ingredients launched · 9/15/26 | 7 | – | – |
| Gross margin | 42.4% | +3.6 pts | |
| Net margin | 5.3% | -3.0 pts |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About CTVA
Corteva now sells crop protection chemistry, seed treatments and biological crop inputs after distributing its Seed business as Vylor on October 1, 2026. Its moat is moderate and product-specific: patents and registration data protect newer chemistry, but generic competition and price declines constrain the wider portfolio.
- IP Choke Point
Patents, protected formulations and registration data protect individual products.
- Oct 1, 2026
Corteva completed the Vylor Seed spin-off and retained Crop Protection under CTVA. Vylor became the accounting successor to the old combined group; the retained stock now has a narrower product moat and different financial scope. Source: https://www.sec.gov/Archives/edgar/data/1755672/000175567226000028/ctva-20261001.htm.
- Oct 1, 2026
Luke Kissam became Corteva CEO and Jeff Rudolph became CFO as the standalone Crop Protection company started operations, placing cost execution and capital allocation with new leadership. Source: https://www.sec.gov/Archives/edgar/data/1755672/000119312526417064/ck0001755672-20261001.htm.
- Oct 1, 2026
State plaintiffs challenged the Vylor separation as a fraudulent transfer and sought limits on future transfers, including dividends and buybacks, raising uncertainty around cash returns. The allegations are disputed; no unlawful-transfer finding is assumed. Source: https://www.sec.gov/Archives/edgar/data/1755672/000175567226000028/newcorteva-q226_25ytdcarve.htm.
- Oct 1, 2026
Vylor exchanged $1.439bn of EIDP notes and Corteva repaid its 364-day facility at separation. The June carve-out debt balance therefore does not represent post-spin obligations. Source: https://www.sec.gov/Archives/edgar/data/1755672/000175567226000028/newcorteva-q226_25ytdcarve.htm.
- Sep 25, 2026
Corteva and the FTC/state plaintiffs filed an agreed settlement that would restrict post-patent loyalty payments for ten years, increasing generic access to U.S. distributors. The filed agreement requires court approval. Source: https://www.ftc.gov/legal-library/browse/cases-proceedings/191-0031-syngenta-corteva-ftc-v.
Ownership
Go deeper on CTVA
- Compare stock research toolsFundamentals, valuation and screening platforms for CTVA.19 tools
- See CTVA's price chartNo price chart here yet. See price history and indicators.17 tools
- Read CTVA's earnings callsTranscripts and audio of results calls, with management's own words.15 tools
- Investing tool dealsCurrent discounts on research, charting and tracking tools.89 deals
On this page
Financial record
| Fiscal year | 2023 | 2024 | 2025 | TTM | Trend | Change 2023–25 |
|---|---|---|---|---|---|---|
| Per share ($) | ||||||
| Revenue | 11.34 | 10.85 | 11.51 | 11.85 | +0.7%/yr | |
| Cash flow | 1.23 | 0.28 | 0.67 | -0.87 | -26.0%/yr | |
| Earnings | -0.00 | -0.13 | 0.97 | 0.82 | – | |
| Free cash flow | 0.82 | -0.09 | 0.31 | -1.22 | -38.1%/yr | |
| Capex | 0.41 | 0.37 | 0.36 | 0.34 | -6.4%/yr | |
| Book value | 13.82 | 13.73 | 16.43 | 12.38 | +9.0%/yr | |
| Diluted shares (M) | 712 | 696 | 681 | 672 | -2.2%/yr | |
| Totals ($B) | ||||||
| Revenue | 8.1 | 7.6 | 7.8 | 8.0 | -1.4%/yr | |
| Operating income | 0.8 | 0.7 | 0.9 | 1.1 | +8.9%/yr | |
| Net income | -0.0 | -0.1 | 0.7 | 0.6 | – | |
| Free cash flow | 0.6 | -0.1 | 0.2 | -0.8 | -39.5%/yr | |
| Net cash | – | -0.0 | 1.2 | -2.8 | – | |
| Margins & returns (%) | ||||||
| Gross margin | 36.7 | 37.2 | 39.6 | 41.3 | +2.8 pts | |
| Operating margin | 9.8 | 8.7 | 11.9 | 13.3 | +2.2 pts | |
| Net margin | -0.0 | -1.2 | 8.4 | 6.9 | +8.4 pts | |
| FCF margin | 7.2 | -0.9 | 2.7 | -10.3 | -4.5 pts | |
| ROIC | – | 5.0 | 7.0 | 7.0 | – | |
| Return on equity | -0.0 | -1.0 | 5.9 | 6.6 | +5.9 pts | |
| R&D % of revenue | 6.1 | 6.4 | 6.1 | 6.0 | -0.0 pts | |
| Stock pay % of revenue | 0.3 | 0.4 | 0.4 | – | +0.2 pts | |
| Capex % of revenue | 3.6 | 3.4 | 3.1 | 2.9 | -0.5 pts | |
Change uses 2023 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2023 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- medium
- Trajectory
- stable
- Pricing power
- weak
- Crop Protection100.0%1 claim
Moat claims
- Applies to
- Crop Protection
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 9, 2026
Patents, protected formulations and registration data protect individual products. Seven new active ingredients launched over the last decade show an ability to replace older chemistry, and newer products supported first-half 2026 volumes. Protection expires product by product. Continuing price declines show that the whole portfolio cannot command a premium.
New active ingredients and demand for newer products support the existing product-level advantage. Repeated price declines and the proposed limits on post-patent loyalty payments prevent a case for wider protection. The evidence supports protected pockets alongside exposed mature chemistry.
- Crop Protection sales volumes growth-2%
- Crop Protection realized prices growth-4%
- New active ingredients launched7
- Patent expiry and generic entry lower prices on mature products.
- Registration withdrawals, residue limits or liability claims can shorten a product’s commercial life.
- Resistance or better competing active ingredients can reduce the value of protected chemistry.
- Restrictions on post-patent loyalty payments can expose older products to more distributor competition.
- FilingCorteva FY2025 Form 10-K: patents and intellectual-property limitsFeb 12, 2026
- SourceCorteva Investor Day 2026, slide 22: active ingredient launchesSep 15, 2026
- FilingCorteva Q2 2026 Form 10-Q: Crop Protection price and volumeJul 31, 2026
- SourceFTC Corteva case: agreed post-patent loyalty settlement filed September 25Sep 28, 2026
Profile change log
- Oct 9, 2026 · analyst revision
Comparable Crop Protection carve-out accounts replace the old combined-business basis. Twelve quarters of price and volume history, distinct legal/acquisition/tax items, management, the cash-return debate and a global crop protection market profile now support the retained business assessment. Repeated restructuring and tax-estimate changes stay in reported results.
- Oct 9, 2026 · analyst revision
Seed is removed from retained CTVA after its distribution, and Crop Protection revenue share changes from 28.95% of the old group to 100%. EBITDA weights are removed from operating-profit shares. Product-specific IP strength remains 3 with a stable trajectory; historical group patent counts are distinguished from the retained business. October 1 SEC separation and carve-out accounts support the scope correction.
- Oct 9, 2026 · business change
Vylor exchanged $1.439bn of EIDP notes and Corteva repaid its 364-day facility at separation. The June carve-out debt balance therefore does not represent post-spin obligations. Source: https://www.sec.gov/Archives/edgar/data/1755672/000175567226000028/newcorteva-q226_25ytdcarve.htm.
- Oct 9, 2026 · business change
State plaintiffs challenged the Vylor separation as a fraudulent transfer and sought limits on future transfers, including dividends and buybacks, raising uncertainty around cash returns. The allegations are disputed; no unlawful-transfer finding is assumed. Source: https://www.sec.gov/Archives/edgar/data/1755672/000175567226000028/newcorteva-q226_25ytdcarve.htm.
- Oct 9, 2026 · business change
Luke Kissam became Corteva CEO and Jeff Rudolph became CFO as the standalone Crop Protection company started operations, placing cost execution and capital allocation with new leadership. Source: https://www.sec.gov/Archives/edgar/data/1755672/000119312526417064/ck0001755672-20261001.htm.
- Oct 9, 2026 · business change
Corteva completed the Vylor Seed spin-off and retained Crop Protection under CTVA. Vylor became the accounting successor to the old combined group; the retained stock now has a narrower product moat and different financial scope. Source: https://www.sec.gov/Archives/edgar/data/1755672/000175567226000028/ctva-20261001.htm.
- Oct 9, 2026 · business change
Corteva and the FTC/state plaintiffs filed an agreed settlement that would restrict post-patent loyalty payments for ten years, increasing generic access to U.S. distributors. The filed agreement requires court approval. Source: https://www.ftc.gov/legal-library/browse/cases-proceedings/191-0031-syngenta-corteva-ftc-v.
- Oct 9, 2026 · business change
Corteva and Globachem established a 50/50 venture to develop selected crop protection products for Europe, the Americas and other markets, extending their product-development partnership. Source: https://globachem.com/en/globachem-and-corteva-form-a-joint-venture/.
Industry & peers
Peer map
Peers appear on the map as their numbers are collected.
Global crop protection and biological crop inputs
Worldwide farmer purchases of conventional herbicides, insecticides and fungicides, seed-applied protection and crop-health technologies, and biological crop inputs including biocontrols and biostimulants. Excludes seed genetics and traits, bulk fertilizers and farm machinery. The market includes originators, generic manufacturers and specialist biological suppliers.
- Syngenta
- Bayer
- BASF
- Corteva
- UPL
- FMC
- ADAMA
- Sumitomo Chemical
- Nufarm
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| CTVA | 48 | 41.3% | 13.3% | |
| Industry median | 11 | 75 | 43.7% | 14.8% |
| Sector median | 14 | 76 | 41.3% | 16.5% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Crop prices and farm cash margins strongly affect purchase timing, product mix and willingness to pay for yield protection. Seasonal planting makes working-capital demand uneven.
- Pest and weed resistance, variable weather and limited arable land support demand for effective new chemistry and biological solutions.
- Product registration and residue limits have a strong effect: withdrawals reduce available chemistry while creating demand for alternatives and seed treatments.
- The Brazilian real, euro and other local currencies affect dollar revenue and local affordability. Interest rates affect distributor credit and farmers’ ability to finance inputs.
- Energy, chemical feedstocks and freight affect producer costs. Channel destocking can delay the benefit from cheaper inputs; patents and verified field performance determine how much value suppliers retain.
- Patent expirations and low-cost generic capacity can turn formerly differentiated products into price competition.
- Regulators can refuse or withdraw registrations; liability for product health and environmental damage can exceed product profits.
- Drought, weak farm margins or a surplus of distributor inventory can delay purchases and cause price cuts or bad debts.
- Biological products must prove consistent field performance and storage stability; a large forecast market does not guarantee profitable adoption.
- Currency swings, expensive credit and export restrictions can disrupt demand and trade in important farming regions.
Bulls & bears
Can new chemistry and biological products turn sales into durable cash returns while replacing ageing products and funding legacy liabilities?
Arguments
What to watch
- 1Crop Protection local prices and volumes by region
- 2Sales from actual new product launches and registration approvals
- 3Reported operating profit and cash flow after recurring restructuring
- 4Pension contributions, legal cash payments and post-separation debt
- 5Generic access to distribution and the outcome of PFAS transfer claims
Next check: Q3 earnings on November 11, 2026, announced October 6, with webcast November 12. Check actual post-separation debt, standalone costs and product demand; review court action sooner if it changes distribution or shareholder-payment rights. Source: https://investors.corteva.com/news-events/news-releases.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 48/100 by <a href="https://www.findmymoat.com/stocks/XNYS:CTVA">Find My Moat</a> (as of September 2026)Curation & Accuracy
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