Corteva, Inc. (CTVA) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Corteva, Inc.

Updated on October 13, 2026 · accounts published on July 30, 2026

Reading of October 12, 2026: A business with record operating margins

Corteva trades at a P/E of 8.8 over the last 12 months, 52 % below its sector median of 18.4, after the stock fell 78 % in a year.

• Is Corteva expensive or cheap? At a P/E of 8.8 over the last 12 months, Corteva trades 52 % below its sector median of 18.4.
• How is the business doing? Operating margin reached 17.1 % over the last 12 months, more than double the 2016-2025 average of 7.4 %.
• How strong is the balance sheet? Corteva held net cash of $2.60 per share in fiscal 2025, about 20 % of the current share price.
• Can the balance sheet withstand the bottom of the cycle? Net debt to EBITDA was −0.6× in fiscal 2025, well inside the 3.0× ceiling considered healthy for basic materials.
• What to expect from the next earnings? Analysts cut the 2026 EPS consensus 85 % in 28 days ahead of results on November 11, 2026.

Is Corteva expensive or cheap?

Over the last 12 months Corteva trades at a P/E of 8.8, against a median of 18.4 across 221 companies in its sector. Its EV/EBITDA of 3.5× is far below its seven-year average of 13.4×. A P/B of 0.4× means the market values the company at well under its book equity. The discount follows a 78 % fall in the stock over the past year, which leaves it 85 % below its 52-week high of $90.51. These multiples rest on trailing profits, and analysts have sharply cut their 2026 forecasts, so the low P/E may make the shares look cheaper than they are.

How is the business doing?

Corteva's operating margin was 17.1 % over the last 12 months. Its average for fiscal 2016-2025 was 7.4 %, and the 15.1 % it reached in fiscal 2025 was already the best of that decade. Revenue grew only 2.9 % year on year while EPS rose 23.1 %, so the improvement came from margins rather than sales. Returns on capital are weaker. ROIC of 6.2 % is 3.1 points below the sector median of 9.3 %, and it has not cleared 10 % in any of the last ten fiscal years. ROE of 4.1 % and a net margin of 5.7 % show a wide gap between operating profit and what reaches shareholders.

How strong is the balance sheet?

At the end of fiscal 2025 Corteva had $6.66 of cash per share against $4.06 of debt. That leaves net cash equal to 19.6 % of today's price. Over the last 12 months debt to equity was 0.19 and the current ratio 1.52, both comfortable levels. The dividend yields 4.3 % and has risen for five consecutive fiscal years. In fiscal 2025 it took 43 % of earnings, and free cash flow covered it 5.9 times. A Piotroski score of 8 out of 9 points to improving fundamentals, though the Altman Z of 2.2 sits in the grey zone rather than the safe one.

Can the balance sheet withstand the bottom of the cycle?

In basic materials, earnings follow the commodity cycle, so a P/E taken near a peak can mislead. Cost position and how sustainable the dividend is matter more. Corteva passes most of these tests. Its fiscal 2025 gross margin of 47.3 % clears the 30 % healthy mark, and holding net cash means there is no leverage to strain in a downturn. Two checks fail. Free cash flow yield of 6.3 % over the last 12 months falls short of the 8 % healthy level. Capex was only 0.5× depreciation in fiscal 2025, below the 0.8× to 1.5× range, which suggests the asset base is not being fully renewed.

What to expect from the next earnings?

Corteva reports next on November 11, 2026, and expectations have dropped sharply. Over the last 28 days the 2026 EPS consensus fell 84.8 %, from $3.75 to $0.57, although only 4 analysts contribute to it. The revenue consensus fell a milder 3.0 %. For the coming quarter analysts expect EPS of −$0.06. Corteva has beaten EPS estimates in 6 of the last 8 quarters, most recently on July 30, 2026, with $2.30 against $2.24 expected. Of 37 analysts, 24 recommend buying, 11 holding and 2 selling, a stance that sits uneasily with the forecast cuts.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.