FMC Corp key statistics and ratios

In fiscal 2025, FMC Corp had return on equity of -68.3%, an operating margin of -47.0%, debt equal to 196.7% of equity and a current ratio of 1.32. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

FMC Corp: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	31.2%	33.7%	36.2%	37.2%	38.4%	37.2%	32.1%	36.7%	33.1%	39.8%	45.2%	44.1%	42.8%	40.1%	40.8%	38.8%	37.0%	22.0%
Operating margin	11.8%	12.4%	19.3%	18.7%	17.2%	12.7%	−5.9%	10.5%	5.5%	15.7%	17.8%	19.3%	20.5%	19.7%	12.4%	11.9%	−47.0%	−97.0%
Net margin	8.1%	5.5%	12.1%	12.2%	9.4%	9.4%	19.6%	8.2%	18.6%	10.6%	10.4%	11.9%	14.7%	12.7%	29.5%	8.0%	−64.6%	−151.2%
Free-cash-flow margin	6.5%	8.3%	11.5%	7.2%	3.0%	3.2%	−21.1%	10.9%	6.7%	5.9%	10.0%	14.4%	15.8%	8.9%	−9.7%	15.8%	−3.0%	13.1%
Return on equity	21.2%	15.6%	30.9%	30.6%	19.6%	20.2%	28.8%	10.9%	23.1%	17.3%	16.9%	20.1%	24.3%	22.7%	33.9%	7.7%	−68.3%	—
Return on assets	7.3%	5.3%	10.4%	10.3%	6.1%	5.8%	8.4%	3.4%	7.0%	5.2%	4.8%	5.5%	7.1%	6.7%	11.4%	2.9%	−21.0%	−48.4%
Asset turnover	0.90	0.97	0.86	0.84	0.65	0.62	0.43	0.41	0.38	0.49	0.46	0.46	0.48	0.53	0.39	0.36	0.33	0.32
Current ratio	2.10	1.71	2.03	1.92	1.48	1.54	2.04	1.98	1.65	1.35	1.50	1.55	1.44	1.43	1.52	1.64	1.32	1.66
Debt to equity	56.7%	56.4%	66.5%	65.1%	121.9%	108.7%	115.2%	96.7%	118.8%	86.3%	128.7%	110.3%	101.5%	96.9%	89.7%	75.0%	196.7%	—
Interest cover (operating income ÷ interest)	12.3x	9.8x	16.7x	15.7x	14.8x	8.1x	n/m	4.2x	2.0x	5.5x	5.1x	5.9x	7.9x	7.5x	2.3x	2.1x	n/m	n/m
Effective tax rate	—	—	—	—	—	—	—	27.7%	—	11.6%	17.0%	20.7%	10.3%	14.8%	—	—	—	—
R&D as % of revenue	3.3%	3.2%	3.3%	3.3%	3.7%	3.9%	5.5%	5.3%	4.8%	6.1%	6.5%	6.2%	6.0%	5.4%	7.3%	6.5%	7.7%	8.9%
SG&A as % of revenue	11.4%	13.2%	13.4%	14.4%	15.8%	18.1%	26.5%	17.1%	20.2%	16.7%	17.2%	15.7%	14.2%	13.4%	16.4%	15.2%	19.8%	25.1%
Capital spending as % of revenue	5.7%	4.6%	5.2%	5.2%	5.3%	5.6%	2.1%	3.6%	1.3%	1.8%	2.0%	1.4%	2.0%	2.5%	3.0%	1.6%	2.8%	2.0%
Free cash flow ÷ net income	79.8%	149.2%	95.4%	58.9%	31.7%	33.4%	−107.3%	132.8%	36.2%	55.7%	96.7%	121.2%	108.0%	70.3%	−32.9%	196.1%	—	—
Dividends ÷ net income	15.9%	21.1%	11.3%	11.5%	25.0%	25.4%	17.7%	42.4%	16.6%	17.8%	44.1%	41.4%	33.4%	36.3%	22.0%	85.2%	—	—
Dividends and buybacks ÷ free cash flow	39.1%	66.6%	59.1%	78.7%	464.6%	76.0%	—	35.9%	45.8%	103.4%	132.2%	41.6%	81.1%	71.0%	—	43.5%	—	27.9%

US$ thousands unless shown otherwise. Fiscal quarters.

FMC Corp: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	42.9%	40.0%	38.7%	23.8%	39.8%	32.5%	39.5%	—
Operating margin	19.2%	7.4%	12.0%	−73.1%	−130.8%	−10.7%	−13.8%	<−999%
Net margin	−1.3%	−2.0%	6.3%	−105.0%	−158.8%	−37.1%	−21.5%	<−999%
Free-cash-flow margin	33.2%	−72.9%	4.8%	−38.3%	58.3%	−81.4%	41.3%	−1.1%
Current ratio	1.64	1.54	1.53	1.40	1.32	1.29	1.99	1.66
Debt to equity	75.0%	91.4%	94.7%	120.4%	196.7%	248.8%	261.5%	—
R&D as % of revenue	5.9%	8.7%	6.3%	11.7%	6.2%	8.6%	7.0%	54.5%
SG&A as % of revenue	12.8%	21.7%	16.8%	30.9%	15.6%	24.4%	20.7%	162.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 4 checks passed · September 30, 2026

What it owns · $7.9bn

Short-term assets $4.6bnLonger-term assets $3.3bn

What it owes, and who funded it · $2.8bn

Short-term liabilities $2.8bnShareholders' equity $-19m

Short-term assets cover short-term liabilities $4.6bn of assets due within a year against $2.8bn of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $736m of cash against $4.2bn of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $426m of operating cash flow against $4.2bn of debt.
Operating profit covers interest at least five times over Operating income of −$2.7bn against $274m of interest.

From FMC Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

56 /100

Moderate moat

How hard FMC's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 12 / 20

Cash operating profit has been a median 9.5% of total assets over 10 years.
Pricing power 10 / 20

Gross margin has been a median 41.1%, moving by 6.3 percentage points (standard deviation) across 10 years.
Durability 5 / 20

Operating margin has been a median 16.8%; its worst year was -97.0%.
Cash conversion 12 / 20

Free cash flow was positive in 7 of 10 years, at a median 10.5% of revenue.
Discipline 17 / 20

The diluted share count fell 2.1% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from FMC Corp's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to FMC Corp.