Corteva, Inc. (CTVA)
割安ファンダメンタル
50
株価
$12.12
時価総額
$53.01B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
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.
競争優位性（moat）
特許・ライセンス · 狭いCorteva'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.
需要を左右する要因
景気循環型Purchases 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.
主なリスク
- 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.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 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.
貸借対照表と流動性
売上高
$17.81B
直近12か月（2026/6/30まで）
純利益
$1.01B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$2.81B
自己資本合計
$24.14B
負債合計
$18.46B
流動比率
1.52
利払い倍率
-
負債/EBITDA
0.39
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$65.04
現在株価
$12.12
安全マージン
+81.4%
適正価値レンジ
$42.27 - $87.80
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
50.75
ROE
4.5%
P/B レシオ
2.06
P/FCF
82.37
粗利益率
49.5%
ROIC
-
収益性レーダー
価値創造（経済的モート）
ROIC
-
WACC
7.8%
ROIC − WACC
-
ファンダメンタル分析基準
合格（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
不合格（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%
データなし（4）
- ROIC NaN%
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 |
監査リスク
5
取締役会リスク
3
報酬リスク
5
株主権利リスク
5
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for CTVA, sourced from Markets Gazette.
- 5h 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