Explain this page
Arphra AIPlain-English read on Corteva, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $39.51B | $45.12B | — | — | — | — |
| Enterprise value | — | — | — | $39.11B | $43.18B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 2.31 | 2.48 | — | — | — | — |
| EV / FCF | — | — | — | 25.26 | 15.34 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +2.30% | +2.42% | — | — | — | — |
| Free cash flow yield | — | — | — | +3.92% | +6.24% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +41.11% | +40.21% | +42.41% | +43.64% | +43.59% | +43.35% | +43.33% | +43.81% | +43.54% |
| Operating margin | +8.41% | +11.05% | +12.25% | +12.40% | +15.05% | +13.37% | +13.56% | +13.53% | +13.36% |
| EBITDA margin | +23.12% | +15.63% | +14.73% | +16.18% | +17.65% | +16.14% | +15.88% | +16.19% | +16.14% |
| EBIT margin | +15.18% | +8.62% | +7.70% | +8.92% | +10.74% | +9.38% | +8.92% | +9.39% | +9.32% |
| Pre-tax margin | +14.99% | +8.17% | +6.35% | +7.54% | +9.70% | +8.01% | +8.02% | +7.64% | +7.70% |
| Net margin | +11.24% | +6.57% | +4.27% | +5.36% | +6.29% | +5.15% | +5.35% | +5.39% | +5.20% |
| Cost structure | |||||||||
| Cost of revenue / sales | +58.89% | +59.79% | +57.59% | +56.36% | +56.41% | +57.42% | +58.06% | +57.26% | +55.54% |
| R&D intensity | +7.58% | +6.97% | +7.76% | +8.29% | +8.47% | +8.17% | +8.17% | +8.04% | +8.32% |
| SG&A intensity | +20.50% | +18.18% | +18.44% | +18.90% | +20.07% | +19.04% | +19.25% | +19.25% | +19.18% |
| Effective tax rate | +22.34% | +14.73% | +13.91% | +32.31% | +28.67% | +23.92% | +24.37% | +26.16% | +25.81% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +6.86% | +4.49% | +2.91% | +3.77% | +4.49% | +3.55% | +3.85% | +3.88% | +3.64% |
| Return on assets (ROA) | +4.15% | +2.69% | +1.71% | +2.22% | +2.55% | +2.04% | +2.13% | +2.26% | +2.07% |
| Return on capital (ROC) | +4.92% | +7.18% | +7.60% | +7.84% | +9.71% | +8.32% | +8.83% | +8.81% | +8.46% |
| Return on invested capital (ROIC) | +6.58% | +4.27% | +2.65% | +3.39% | +4.06% | +3.21% | +3.48% | +3.51% | +3.29% |
| Asset turnover | +36.97% | +40.96% | +40.06% | +41.42% | +40.61% | +39.60% | +39.86% | +41.89% | +39.78% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +11.24% | +6.57% | +4.27% | +5.36% | +6.29% | +5.15% | +5.35% | +5.39% | +5.20% |
| Asset turnover (× revenue / assets) | +36.97% | +40.96% | +40.06% | +41.42% | +40.61% | +39.60% | +39.86% | +41.89% | +39.78% |
| Equity multiplier (× assets / equity) | +165.26% | +166.86% | +170.09% | +169.89% | +175.70% | +173.80% | +180.61% | +172.08% | +176.21% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.37 | 0.41 | 0.40 | 0.41 | 0.41 | 0.40 | 0.40 | 0.42 | 0.40 |
| Fixed-asset turnover | 3.62 | 4.10 | 4.02 | 4.12 | 4.12 | — | — | — | — |
| Inventory turnover | 1.78 | 1.53 | 1.44 | 1.75 | 1.73 | — | — | — | — |
| Receivables turnover | 3.25 | 3.06 | 3.14 | 2.98 | 2.73 | — | — | — | — |
| Payables turnover | 2.23 | 2.13 | 2.32 | 2.36 | 2.23 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 112.17 | 119.21 | 116.28 | 122.53 | 133.64 | — | — | — | — |
| Days inventory outstanding (DIO) | 205.07 | 238.22 | 253.84 | 208.07 | 210.72 | — | — | — | — |
| Days payables outstanding (DPO) | 163.34 | 171.20 | 157.48 | 154.71 | 163.54 | — | — | — | — |
| Cash conversion cycle | 153.90 | 186.23 | 212.65 | 175.89 | 180.82 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.55 | 0.76 | 2.41 | 2.36 | 3.11 | 2.80 | 2.72 | 2.55 | 2.79 |
| FCF / Net income | 1.22 | 0.23 | 1.60 | 1.71 | 2.57 | 2.13 | 2.02 | 1.93 | 2.07 |
| FCF margin | +13.76% | +1.53% | +6.82% | +9.16% | +16.18% | +10.98% | +10.81% | +10.41% | +10.78% |
| OCF margin | +17.42% | +5.00% | +10.27% | +12.69% | +19.57% | +14.41% | +14.52% | +13.76% | +14.48% |
| CapEx / Revenue | +3.66% | +3.47% | +3.45% | +3.53% | +3.40% | +3.37% | +3.45% | +3.48% | +3.54% |
| CapEx / D&A | 0.46 | 0.49 | 0.49 | 0.49 | 0.49 | — | — | — | — |
| Stock-based comp / Revenue | 0.00% | +0.32% | 0.00% | 0.00% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 2.37 | 1.58 | 1.03 | 1.30 | 1.60 | 3.74 | 4.13 | 4.59 | 5.29 |
| EPS · basic | 2.39 | 1.59 | 1.04 | 1.31 | 1.61 | 3.74 | 4.14 | 4.64 | 5.28 |
| Book value / share | 34.55 | 35.25 | 35.51 | 34.53 | 36.23 | 39.18 | 39.50 | 40.39 | 41.84 |
| Tangible BV / share | 7.38 | 8.61 | 7.09 | 6.82 | 8.35 | 39.18 | 39.50 | 40.39 | 41.84 |
| Sales / share | 21.11 | 24.09 | 24.20 | 24.29 | 25.85 | 26.97 | 28.44 | 29.11 | 29.33 |
| Operating CF / share | 3.68 | 1.20 | 2.48 | 3.08 | 5.06 | 3.89 | 4.13 | 4.01 | 4.25 |
| Free cash flow / share | 2.90 | 0.37 | 1.65 | 2.22 | 4.18 | 2.96 | 3.07 | 3.03 | 3.16 |
| Dividends / share | 0.54 | 0.58 | 0.62 | 0.66 | 0.71 | 0.73 | 0.74 | 0.80 | 0.79 |
| Payout ratio | +22.57% | +36.44% | +59.73% | +50.50% | +43.42% | +52.49% | +48.45% | +50.84% | +51.56% |
| Retention ratio | +77.43% | +63.56% | +40.27% | +49.50% | +56.58% | +47.51% | +51.55% | +49.16% | +48.44% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +11.50% | -1.31% | -1.85% | +2.92% | +5.35% | +3.45% | +2.83% | +1.22% | +2.94% |
| Gross profit · YoY | — | +9.08% | +4.09% | +1.00% | +2.79% | +4.78% | +3.39% | +3.97% | +0.60% | +3.68% |
| Profit | ||||||||||
| Operating income · YoY | — | +46.39% | +9.44% | -0.66% | +24.95% | -6.40% | +4.94% | +2.59% | -0.05% | +9.07% |
| EBITDA · YoY | — | -24.62% | -7.00% | +7.80% | +12.29% | -3.63% | +1.75% | +4.87% | +0.89% | -1.58% |
| Net income · YoY | — | -34.79% | -35.92% | +23.40% | +20.62% | -13.65% | +7.39% | +3.53% | -2.31% | -6.52% |
| Operating | ||||||||||
| EBIT · YoY | — | -36.66% | -11.89% | +13.73% | +23.87% | -7.92% | -1.67% | +8.27% | +0.49% | -3.14% |
| R&D · YoY | — | +2.44% | +9.95% | +4.86% | +5.14% | +1.64% | +3.45% | +1.11% | +4.82% | +4.14% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -33.33% | -34.81% | +26.21% | +23.08% | +133.62% | +10.42% | +11.30% | +15.10% | +10.55% |
| EPS · basic · YoY | — | -33.47% | -34.59% | +25.96% | +22.90% | +132.53% | +10.65% | +12.02% | +13.75% | +10.41% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $1.12B | $1.31B | $2.49B | $2.7B | $2.58B | $2.83B | $2.79B | $2.89B | $3.01B |
| Net debt | -$3.34B | -$1.88B | -$155M | -$403M | -$1.94B | -$870.86M | -$932.3M | -$879.07M | -$864.95M |
| Net debt / EBITDA | -0.92 | -0.69 | -0.06 | -0.15 | -0.63 | -0.29 | -0.31 | -0.28 | -0.27 |
| Debt / equity | 0.04 | 0.05 | 0.10 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 |
| Debt / assets | +2.65% | +3.07% | +5.79% | +6.62% | +6.02% | +6.12% | +5.87% | +6.21% | +6.06% |
| Equity / assets | +60.51% | +59.93% | +58.79% | +58.86% | +56.92% | +57.54% | +55.37% | +58.11% | +56.75% |
| Coverage | |||||||||
| EBITDA / interest expense | 120.63 | 34.53 | 10.89 | 11.74 | 17.06 | 12.81 | 12.73 | 12.54 | 12.71 |
| Operating income / interest | 43.90 | 24.41 | 9.06 | 9.00 | 14.55 | 10.61 | 10.88 | 10.48 | 10.52 |
| Interest expense | $30M | $79M | $233M | $233M | $180M | $231M | $236.48M | $251.74M | $250.71M |
| Liquidity | |||||||||
| Current ratio | 1.63 | 1.56 | 1.56 | 1.45 | 1.43 | — | — | — | — |
| Quick ratio | 0.98 | 0.84 | 0.79 | 0.85 | 0.90 | — | — | — | — |
| Cash ratio | 0.47 | 0.30 | 0.25 | 0.30 | 0.37 | — | — | — | — |
| Working capital | $5.99B | $6.05B | $5.85B | $4.71B | $5.21B | — | — | — | — |
| Working capital / revenue | +38.25% | +34.67% | +33.97% | +27.86% | +29.94% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 2.48x | 2.31x |
| Earnings yield | 2.4% | 2.3% |
| FCF yield | 6.2% | 3.9% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 4.5% | 3.8% |
| ROA | 2.6% | 2.2% |
| ROIC | 5.9% | 4.5% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | -0.63 | -0.15 |
| Interest coverage | — | — |
| Current ratio | 1.43x | 1.45x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).