Corteva, Inc. (CTVA)
UndervaluedFundamental
75
Price
$12.45
Market Cap
$8.59B
Part 1 · What the company is worth
Overview
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.
How it makes money
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.
Revenue by 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.
Competitive moat
Patents and licences · NarrowCorteva'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.
What drives demand
CyclicalPurchases 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.
Key risks
- 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.
The case for
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.
The case against
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 August 18, 2026
Direct competitors
Who this company fights with for the same customers
Generated with artificial intelligence on September 18, 2026, 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.
Balance Sheet & Liquidity
Revenue
$17.81B
Trailing 12 months (through 6/30/2026)
Net Income
$1.01B
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$2.81B
Total Equity
$24.14B
Total Liabilities
$18.46B
Current Ratio
1.52
Interest Coverage
-
Debt/EBITDA
2.48
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$27.60
Current Price
$12.45
Margin of Safety
+54.9%
Fair Value Range
$17.94 - $37.26
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
8.14
ROE
4.5%
P/B Ratio
0.33
P/FCF
13.21
Gross Margin
49.5%
ROIC
-
Profitability Radar
Value Creation (Economic Moat)
ROIC
-
WACC
7.0%
ROIC − WACC
-
Fundamental Analysis Criteria
Passed (17)
- EPS shows upward trend
- Price CAGR 15.37%
- Gross margin 49.5%
- P/FCF 13.21
- P/B ratio 0.33
- Debt/equity ratio
- Positive free cash flow
- Current ratio
- Debt/EBITDA
- Return on tangible assets
- Price below Graham Number
- DCF valuation (Undervalued)
- Earnings surprise, average 20.6%
- PEG ratio 0.70
- Earnings quality (operating cash flow / net income) 1.20
- Share dilution -2.0%
- Piotroski F-Score 6/9
Failed (5)
- CapEx intensity
- Low reliance on intangibles
- ROE 4.1%
- Revenue growth 5Y 4.1%
- Net margin trend 5.7% vs 8.2%
Unavailable (4)
- ROIC –
- Dividend payout –
- Operating margin –
- Interest coverage
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| 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 |
Audit Risk
5
Board Risk
3
Compensation Risk
5
Shareholder Rights Risk
5
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-12
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-07-31
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-10-13
via SEC EDGAR
Income History
via SEC EDGAR
Part 2 · The price and its context
This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Market Reaction Profile
How much CTVA moves, measured on its daily prices.
More volatile than 65% of the tracked stocks (90-day volatility).
- Volatility 30d
- 55.0%
- Volatility 90d
- 42.8%
- Beta vs S&P 500 (1y)
- 0.10Correlation 0.04
- Max drawdown (12m)
- -16.6%
- ATR (14d, % of price)
- 4.73%
Earnings reactions
How CTVA moved around its past quarterly results.
Next earnings release
Nov 11, 2026 · In 18 days · Time not known
EPS estimate: 0.11Revenue estimate: $1.8B
What usually happens
- Over the last 12 releases the stock moved a median of 5.3% the next day, up or down.
- Next-day moves: up 5, down 7 (out of 12).
Release history
| Date | When | EPS est. | EPS actual | Surprise | Gap | 1 day | 5 days |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026 | After the close | 2.27 | 2.30 | +1.4% | -6.0% | -11.9% | -14.0% |
| May 5, 2026 | After the close | 1.20 | 1.50 | +25.4% | -2.0% | -2.5% | -1.6% |
| Feb 3, 2026 | After the close | 0.22 | 0.22 | -2.1% | -2.6% | +0.1% | -1.1% |
| Nov 4, 2025 | After the close | -0.54 | -0.23 | +57.6% | +3.5% | +1.9% | +5.2% |
| Aug 6, 2025 | After the close | n/a | n/a | n/a | -0.9% | -0.2% | +1.6% |
| May 7, 2025 | After the close | n/a | n/a | n/a | +3.4% | +7.0% | +8.2% |
| Feb 5, 2025 | After the close | n/a | n/a | n/a | -0.4% | -2.3% | -2.8% |
| Nov 6, 2024 | After the close | n/a | n/a | n/a | -6.1% | -5.0% | -6.6% |
| Jul 31, 2024 | After the close | n/a | n/a | n/a | -3.8% | -5.5% | -9.5% |
| May 1, 2024 | After the close | n/a | n/a | n/a | +5.7% | +5.7% | +5.4% |
| Jan 31, 2024 | After the close | n/a | n/a | n/a | +24.2% | +18.9% | +18.9% |
| Nov 8, 2023 | After the close | n/a | n/a | n/a | +2.2% | -8.5% | -3.9% |
Release dates from SEC 8-K filings.
Updated 10/24/2026
Historical statistics for educational purposes only. They are not forecasts and not investment advice.
Price reaction to the news
Latest news on CTVA and what the price did next.
Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.
Latest News
Recent headlines for CTVA.
- 23d 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 Offers High-Grade Debt in Market’s Latest Pre-Spinoff Deal
Corteva Inc. is set to receive a payout from its subsidiary Vylor Inc., which is issuing investment-grade bonds to finance this distribution. This move precedes an anticipated spinoff of Vylor. While the bond offering itself is a financing activity, its direct impact on Corteva's stock is neutral at this stage, as it relates to a subsidiary's financial restructuring and an upcoming separation. Investors will await further details on the terms of the spinoff and the ultimate benefit to Corteva shareholders.