Corteva
CTVA on NYSE. Corteva sells seeds and crop protection products to farmers. Market value $8.3bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $6.78 of spare cash in the past 12 months. A savings account pays about $4.
You pay 6.7 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: 76 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.
$13.91 a share, 18% above its 1-year low
Over the past year the price has ranged from $11.74 to $90.97.
Dividend: 5.1% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $629 million in the past 12 months, $2.8 billion in the year to December 2025.
| Revenue | |||||
| Revenue | $15.7bn | $17.5bn | $17.2bn | $16.9bn | $17.4bn |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | 0.04 | 0.05 | 0.10 | 0.11 | 0.11 |
| Shares outstanding | |||||
| Shares outstanding | 0.71bn | 0.70bn | 0.69bn | 0.68bn | 0.67bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)7 of 9
- Profit backed by cash (accruals)Yes
- Debt0.11× equity
- Revenue growth, five yearsSlow, 4.1% a year
- Buying back its own sharesYes, 7% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $6.4 billion last quarter, down 1% on a year ago.
- Profit: $1.2 billion, down 12% on a year ago.
- Spare cash over the past 12 months: $629 million, down from $2.6 billion.
- 2% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $2.5 billion more than cash, up from $1.6 billion a year ago.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $2.3bn |
| December 2024 | $4.0bn |
| March 2025 | $4.4bn |
| June 2025 | $6.5bn |
| September 2025 | $2.6bn |
| December 2025 | $3.9bn |
| March 2026 | $4.9bn |
| June 2026 | $6.4bn |
| Quarter to | Amount |
|---|---|
| September 2024 | -$524m |
| December 2024 | -$41m |
| March 2025 | $652m |
| June 2025 | $1.3bn |
| September 2025 | -$320m |
| December 2025 | -$552m |
| March 2026 | $720m |
| June 2026 | $1.2bn |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 3 November 2026
- Last annual report (10-K)
- 12 February 2026
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
11 long-term investors we follow own it, down from 12 last quarter. 1,490 funds in all.
- Harris Associates (Oakmark)Bill Nygren
- Value
- $1.4bn
- Share of fund
- 1.8%
- Brandes Investment PartnersCharles Brandes
- Value
- $77m
- Share of fund
- 0.5%
- Auxier Asset ManagementJeff Auxier
- Value
- $4m
- Share of fund
- 0.6%
- Dodge & CoxDodge & Cox investment committee
- Value
- $2m
- Share of fund
- <0.1%
- GAMCO InvestorsMario Gabelli
- Value
- $206,813
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Aristotle Capital ManagementHoward Gleicher | $1.5bn | 3.2% | Cut |
| Harris Associates (Oakmark)Bill Nygren | $1.4bn | 1.8% | |
| Brandes Investment PartnersCharles Brandes | $77m | 0.5% | |
| Gotham Asset ManagementJoel Greenblatt | $50m | 0.1% | Added |
| GMOJeremy Grantham | $39m | <0.1% | Cut |
| Hosking PartnersJeremy Hosking | $5m | 0.2% | Cut |
| Auxier Asset ManagementJeff Auxier | $4m | 0.6% | |
| Dodge & CoxDodge & Cox investment committee | $2m | <0.1% | |
| First Manhattan Co.First Manhattan partners | $385,297 | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $206,813 | <0.1% | |
| Cambiar InvestorsBrian Barish | $205,966 | <0.1% | Cut |
Sold out this quarter
Largest holders overall
- BlackRock$4.6bn
- Vanguard Capital Management$3.7bn
- Capital World Investors$3.6bnAdded
- FMR$3.5bnAdded
- State Street$3.2bnAdded
- Vanguard Portfolio Management$2.5bn
- Franklin Resources$1.9bnAdded
- Geode Capital Management$1.6bn
- Aristotle Capital Management$1.5bnCut
- Harris Associates (Oakmark)$1.4bn
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Vanguard Capital ManagementPassive investor7.6%Since 31 March 2026
- Capital World InvestorsPassive investor6.6%+1.1 ptsSince 30 June 2026
- FMR LLCPassive investorat least 5.2%(filed with 1 related holder)Since 31 March 2026
- STATE STREET CORPORATIONPassive investor5.2%+0.2 ptsSince 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Vanguard Capital Management Passive investor | 7.6% | 31 March 2026 | |
Capital World Investors Passive investor | 6.6%+1.1 pts | 30 June 2026 | |
FMR LLC Passive investor | at least 5.2% (filed with 1 related holder) | 31 March 2026 | |
STATE STREET CORPORATION Passive investor | 5.2%+0.2 pts | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $636,213.
- TITUS BRIANSee RemarksSold
- Date
- 20 February 2026
- Shares
- 8,311
- Price
- $76.55
- Value
- $636,213
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 20 February 2026 | TITUS BRIAN See Remarks | Sold | 8,311 | $76.55 | $636,213 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Feb 2026, plus the 10-Q filed 31 Jul 2026 and 20 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
Corteva is subject to risks related to its plans to separate its seed and crop protection businesses in a spin-off that will result in two standalone public companies, including that the proposed separation may not be completed on the contemplated timeline or at all and may not achieve the intended benefits.
Could happenIf the Proposed Separation is completed, Corteva may not be able to achieve the full strategic and financial benefits that are expected to result from the Proposed Separation. Following the Proposed Separation, the Seed and Crop Protection businesses will bear the full costs and responsibilities of operating a standalone public company and these dis-synergies may exceed expectations. Moreover, the Seed and Crop Protection businesses will each be smaller, less diversified enterprises, and as a result, the separated companies may be more exposed to industry-specific risks and changing market conditions than Corteva is today. The Proposed Separation also may prompt existing stockholders to divest holdings that no longer align with their investment objectives, potentially affecting the trading value of each company’s common stock following the Proposed Separation. Further, there can be no assurance that the combined value of the common stock of the two companies will be equal to or greater than the value of Corteva’s common stock had the Proposed Separation not occurred.
Read moreCorteva’s business is subject to various competition and antitrust, rules and regulations around the world, and as the size of its business grows, scrutiny of its business by legislators and regulators in these areas may intensify.
Could happenOn December 6, 2025, President Trump issued an executive order titled “Addressing Security Risks from Price Fixing and Anti‑Competitive Behavior in the Food Supply Chain.” The order directs the U.S. Department of Justice ("DOJ") and the U.S. Federal Trade Commission ("FTC") to establish Food Supply Chain Security Task Forces focused on investigating anti‑competitive conduct across food supply sectors, including seeds, and, critically, assessing whether control by foreign entities is increasing US food prices or creating national or economic security risks. While the ultimate impact of the executive order will depend on the actions ultimately resulting from the U.S. regulatory authorities, actions taken by such authorities may increase the regulation and regulatory costs associated with the agriculture industry in the future and restrict the company from pursuing certain growth opportunities, including mergers and acquisitions.
Read moreCorteva is subject to risks related to its plans to separate its seed and crop protection businesses in a spin-off that will result in two standalone public companies, including that the proposed separation may not be completed on the contemplated timeline or at all and may not achieve the intended benefits.
Could happenincluding, among others, the filing and effectiveness of a Form 10 registration statement with the SEC, receipt of a tax opinion from external counsel to the effect that, among other things, the transaction will qualify as a tax-free spin-off, and final approval by Corteva’s Board of Directors. The ultimate timing of the Proposed Separation will depend on the readiness of each business to operate as an independent public company and the finalization of appropriate capital structures for each. The failure to satisfy all of the required conditions for the Proposed Separation, as well as unanticipated developments, could delay, prevent or otherwise adversely affect the Proposed Separation. These potential developments, many of which are outside of Corteva’s control, include, but are not limited to, disruptions in general or financial market conditions, material adverse changes in business or industry conditions, unanticipated costs, difficulties or delays in obtaining various regulatory and tax approvals or clearances, and stakeholder actions or challenges relating to the Proposed Separation or to other aspects of Corteva’s business or strategy.
Read moreCorteva is subject to risks related to its plans to separate its seed and crop protection businesses in a spin-off that will result in two standalone public companies, including that the proposed separation may not be completed on the contemplated timeline or at all and may not achieve the intended benefits.
Could happenExecuting the Proposed Separation will require significant time and attention from Corteva’s senior management and employees, which could disrupt Corteva’s ongoing business, negatively impact Corteva’s relationships with employees, suppliers, customers, distributors, licensors and other stakeholders and adversely affect Corteva’s financial results and results of operations. There can be no assurances that Corteva will be able to complete the Proposed Separation on the terms or on the timeline that was announced, if at all, or that the complexities, costs and dis-synergies associated with the Proposed Separation will not be significant or exceed expectations. Moreover, although Corteva expects to maintain an investment grade credit rating, a downgrade in Corteva’s rating may lead to increased borrowing costs for Corteva. In addition, there may be increased borrowing costs associated with the re-allocation or taking on of new debt in connection with the Proposed Separation.
Read moreRecent funding and staff reductions, including at the EPA, the USDA, the FDA and the U.S. Department of Health and Human Services ("HHS"), could hinder our ability to receive timely regulatory approvals.
Could happenSignificant staff or funding reductions, along with any extended shutdown of the federal government, may significantly impact the timelines for reviewing our regulatory submissions and re-registrations. Longer-term structural changes at relevant federal agencies, including shifts in enforcement focus, review processes, evidentiary standards and resource allocation, may extend the time it takes to commercialize our products, thereby having a material adverse effect on our business, results of operations, and the value of our intellectual property.
Read more
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
It just passed both our tests. The deep dive checks what the numbers can't.
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.