Corteva, Inc. (CTVA)
Sous-évaluéFondamental
50
Prix
$12.12
Capitalisation boursière
$53.01B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
Corteva sells seeds and crop-protection chemicals to farmers in about 110 countries. It was separated from DowDuPont in 2019, combining the old Pioneer seed genetics business with DuPont's agricultural chemicals. Its products help growers raise yield and fight weeds, insects and fungi on corn, soybeans and other row crops, sold mainly through independent dealers and a direct agency network built around the Pioneer brand.
Comment l'entreprise gagne de l'argent
Revenue comes from two distinct product sales: branded seed with proprietary genetics and traits (Seed), and herbicides, insecticides and fungicides (Crop Protection). Both are booked when the dealer or farmer takes delivery, concentrated in the planting seasons of each hemisphere. Seed carries higher margins thanks to patented traits; Crop Protection is more exposed to generic competition once patents expire.
Chiffre d'affaires par segment
Corn, soybean and other seed sold under the Pioneer and Brevant brands, built on decades of proprietary germplasm and licensed and owned biotech traits.
Herbicides, insecticides, fungicides and biologicals, including newer active ingredients such as Zorvec and Arylex alongside older, more commoditized products.
Avantage concurrentiel
Brevets et licences · ÉtroitCorteva's germplasm library reflects roughly 90 years of Pioneer breeding and field-testing data, and it holds thousands of patents including its own biotech traits rather than relying only on licenses. That data and IP base is hard to replicate quickly, but Bayer and Syngenta hold comparable positions, so the advantage is real but not exclusive.
Ce qui stimule la demande
CycliquePurchases follow the planting calendar and farmers' expected income: commodity crop prices, input costs and weather in a given season decide how much a grower spends on seed and chemicals that year. A drought, a flood or a slump in corn and soybean prices can compress an entire season's demand quickly.
Principaux risques
- Dependence on regulatory approvals — New seed traits and crop-protection products need approval from agencies such as the EPA, USDA and FDA and their equivalents abroad, and countries' rules on genetically modified crops differ and can change, delaying or blocking launches.
- Weather and climate variability — Abnormal weather in a major growing region — drought, excess rain, early frost — reduces both the acreage planted and the demand for crop inputs in that season, and the company cannot offset a bad season with sales elsewhere in the same window.
- Legacy environmental and litigation liabilities — Corteva carries obligations and litigation exposure inherited from its DuPont and Chemours history, including PFAS-related claims and crop-protection product liability suits, which can result in material costs unrelated to current operating performance.
- Competition from generics and major peers — Once a crop-protection active ingredient's patent expires, generic manufacturers can undercut it on price, and Corteva competes across both segments against a small number of very large rivals with comparable scale and research budgets.
- Execution risk of the planned Seed and Crop Protection separation — In October 2025 Corteva announced a plan to split into two independent listed companies. Carrying out that separation involves cost, management distraction and uncertainty over how each resulting company's shared costs and liabilities will be divided.
Les arguments en faveur
Buyers argue that Corteva's decades of proprietary germplasm and its own biotech traits let it capture more of the value chain than seed rivals who license traits from others, and that splitting Seed from Crop Protection could let each business be valued and managed on its own merits.
Les arguments contre
Sellers fear that both segments remain exposed to weather and commodity cycles outside the company's control, that generic competition keeps eroding Crop Protection margins, and that the planned separation adds execution risk and uncertain cost allocation on top of an already cyclical business.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
Bayer's Crop Science division is the only rival that matches Corteva across both of its businesses at once, selling corn and soybean seed with its own herbicide-tolerance traits alongside a full herbicide, fungicide and insecticide range to the same North and South American row-crop farmers.
Syngenta, owned by China's Sinochem and not publicly listed, competes head-on for the same farmer's wallet with a combined seed and crop-protection offer in the Americas, Europe and Asia, and is named as a competitor in Corteva's own 10-K.
BASF's Agricultural Solutions unit sells competing herbicides, fungicides and seed treatments plus its own soybean and canola seed-and-trait systems, going after the same crop-input budget on the same acres.
FMC is a pure crop-protection company whose insecticides and herbicides compete directly with Corteva's Crop Protection segment for the same treatments on corn, soybeans and specialty crops, especially in Brazil and the United States.
UPL is the largest supplier of off-patent crop-protection chemistry and undercuts Corteva's branded herbicides and fungicides once molecules lose exclusivity, particularly in Brazil, India and Eastern Europe.
KWS is a seed-only breeder that competes with Corteva's Pioneer brand for corn, sugar beet and cereal seed sales to European and North American farmers.
Bilan & Liquidités
Chiffre d'affaires
$17.81B
12 derniers mois (au 30/06/2026)
Résultat net
$1.01B
12 derniers mois (au 30/06/2026)
Flux de trésorerie libre
$2.81B
Capitaux propres totaux
$24.14B
Passif total
$18.46B
Ratio de liquidité général
1.52
Couverture des intérêts
-
Dette/EBITDA
0.39
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$65.04
Prix actuel
$12.12
Marge de sécurité
+81.4%
Fourchette de juste valeur
$42.27 - $87.80
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
50.75
ROE
4.5%
Ratio P/B
2.06
P/FCF
82.37
Marge brute
49.5%
ROIC
-
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
-
WACC
7.8%
ROIC − WACC
-
Critères d'analyse fondamentale
Réussi (14)
- EPS shows upward trend
- Price CAGR 15.37%
- Gross Margin 49.5%
- P/B Ratio 2.06
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Analyst Consensus 69% Buy
- Earnings Surprise avg 20.6%
- Earnings Quality (OCF/NI) 1.20
- Share Dilution -2.0%
- Piotroski F-Score 6/9
Échoué (9)
- P/FCF 82.37
- CapEx intensity
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- ROE 4.1%
- Revenue Growth 5Y 4.1%
- PEG Ratio 4.33
- Net Margin Trend 5.7% vs 8.2%
Indisponible (4)
- ROIC NaN%
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Charles Victor Magro B.Sc. (Chem), MBA | CEO & Director | 55 |
| Mr. David P. Johnson | Executive VP & CFO | 57 |
| Dr. Samuel R. Eathington Ph.D. | Executive VP and Chief Technology & Digital Officer | 56 |
| Mr. Cornel B. Fuerer | Senior VP & Strategic Advisor | 58 |
| Mr. Judd M. O'Connor | Executive Vice President of Seed Business Unit | 54 |
| Mr. Brian Titus | VP, Controller & Principal Accounting Officer | 52 |
| Kimberly Booth | Vice President of Investor Relations | - |
| Dr. Jennifer Amy Johnson Ph.D. | Senior VP, Chief Legal & Public Affairs Officer and Corporate Secretary | 50 |
| Ms. Audrey Grimm | Senior VP & Chief People Officer | 44 |
| Mr. Jeffrey Rudolph | Senior VP & Chief Strategy Officer | 42 |
Risque d'audit
5
Risque du conseil
3
Risque de rémunération
5
Risque droits des actionnaires
5
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-02-12
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-07-31
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-10-01
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for CTVA, sourced from Markets Gazette.
- 3h agoNEUTRALCosa sta succedendo al prezzo delle azioni Corteva oggi?
Corteva Inc. (CTVA) shares experienced a significant price adjustment on October 1st, dropping sharply post-market open. This decline is attributed to a planned corporate restructuring, specifically the spin-off of its advanced seed and genetics division into a new, independent publicly traded company named Vylor. While the spin-off itself is a strategic move to create a more focused agricultural group, the immediate market reaction reflects the reallocation of market capitalization. Investors are now evaluating the standalone entities and their future prospects, making the short-term price movement a result of structural change rather than operational performance.
- 8/20/2026NEUTRALVylor Raises $1.1 Billion in Latest Pre-Spinoff Bond Sale
Vylor Inc., a subsidiary of Corteva Inc., successfully raised $1.1 billion through an investment-grade bond sale. The proceeds are earmarked to fund a payout to Corteva Inc., its soon-to-be former parent company, as Vylor prepares for a spinoff. This transaction highlights Vylor's ability to access capital markets effectively, but the direct financial impact on Corteva is primarily related to the distribution of funds rather than operational changes. Investors will monitor the terms of the spinoff and Vylor's future performance as an independent entity.
via Markets Gazette